ANNUAL REPORT 2020 ADVOCACY • COMMUNITY • KNOWLEDGE THIS ANNUAL REPORT IS DEDICATED TO OUR MEMBERS, WHO HAVE REMAINED COMMITTED TO OUR ORGANIZATION AND OUR MISSION DURING TABLE OF CONTENTS THIS MOST DIFFICULT TIME. LETTER FROM THE PRESIDENT...... 4 THE AMCHAM BOARD AND SUPERVISORY BOARD...... 5 LETTER FROM THE CEO...... 6 WHILE FACING AN UNPRECEDENTED THE AMCHAM STAFF ...... 7 CHALLENGE WITH COVID-19 ON YOUR OWN, WAY OF WORKING...... 11 POLICY TASK FORCES AND COMMITTEES ...... 14 YOU DEDICATED TIME, ENERGY AND EXPERTISE AVOCACY SUMMARY...... 16 TO THE AMCHAM COMMUNITY, PROJECTS ...... 20 AIDING OUR EFFORTS TO ALLEVIATE ADVOCACY TIMELINE SINCE COVID-19...... 22 EVENTS...... 28 THE IMPACT OF THIS PANDEMIC MEMBERSHIP...... 42 AND HELP RESTART THE ECONOMY. SECRETARY TREASURER’S REPORT...... 48 AMCHAM FOUNDATION...... 53
THANK YOU FOR YOUR Publisher: Írisz Lippai-Nagy, CEO, AmCham Hungary • Published by the American Chamber of Commerce in Hungary, 2020 • Managing editors: Péter Kovács, Communications Manager UNSWERVING DEVOTION and Robin Marshall, chief editor, JOURNAL, the Voice of AmCham Hungary • Contributor: Vivien Csernik-Tihn • Design & production: Business Publishing Services Kft. • Photos by: AND CONTINUOUS SUPPORT. Lázár Todoroff, Hajnalka Hurta • Contact information: AmCham Hungary H-1051 Budapest, Szent István tér 11., E-mail: [email protected], www.amcham.hu AmCham Hungary received a one-time grant from the Arconic Foundation in support of the Career Orientation Program and its objective to promote STEM (science, technology, engineering, and mathematics) subjects and careers among students of secondary education in 2019. The Arconic Foundation is an international organization dedicated to support programs developing the next generation of engineering and manufacturing workforce. Because of this grant, AmCham Hungary is considered a foreign-funded organization under the Act LXXVI of 2017.
3 WELCOME AmCham office contact: H-1051 Budapest, THE AMCHAM BOARD Szent István tér 11. Email: [email protected] AND SUPERVISORY BOARD Website: www.amcham.hu
LETTER FROM THE PRESIDENT
Dear Members, and cooperation are the only way to overcome this pandemic. In my previous letter at the end of 2019, on the back of an amazing Cooperation of the best minds will President First Vice President Second Vice President Secretary Treasurer Dr. Farkas BÁRSONY Edit BENCSIK Kevin A. MURRAY Mike CARLSON 30th anniversary celebration, give us the vaccine. Kondor Holding TATA Consultancy Citibank Europe PLC, KPMG Hungary I wrote jubilantly that we were Services Hungary Branch about to open a new chapter in the Cooperation can help contain proud history of our organization. the spread of the virus and protect I never expected that, at the very the vulnerable people in our community. We do not take beginning of this new chapter, communities. this for granted. we would have to face the most severe global, social and economic Cooperation between businesses, Thanks to your commitment and disruption since the financial organizations and governments continuous support, we managed crisis of 2008. drives forward the recovery of to cement our place as one of Board Member at Large Board Member at Large Board Member at Large Board Member at Large the economy. the most influential and effective Ildikó BECK, PhD Ákos BURJÁN Dr. Dávid KŐHEGYI Taira-Julia LAMMI With so many lives lost and at risk, business organizations in the Beck To Nature, LLC PwC Magyarország Kft. DLA Piper ABB healthcare systems under extreme Cooperation will lead to a global country in the most testing of duress, educational institutions economic reform for a more times. More than ever, the voice of under massive pressure, sustainable future. AmCham Hungary matters. As an businesses struggling and closing, outgoing president, I could not have causing rising unemployment, AmCham Hungary is built on asked for more. economies destabilized and the cooperation of like-minded societies divided, we are facing professionals who want to make a It was a privilege to be an unprecedented challenge difference and, once again, you have. the President of AmCham that pushes our economic, Hungary these past four years. Board Member at Large Board Member at Large Board Member at Large AmCham Chief Executive Officer social, cultural and political All of you had to work overtime to Representing such a dedicated Tímea PESTI Zoltán SZABÓ Melinda TOPOLCSIK Írisz LIPPAI-NAGY infrastructures to the limit. steady the ship at your respective and diverse community has been LeasePlan BT Regional Bridgestone Tatabánya companies while working the honor of a lifetime. Thank Hungária Operations Center Manufacturing It is in times like this, however, remotely, and coping physically you for putting your trust in me. that the human spirit shines at and mentally in an unprecedented EX OFFICIO MEMBERS its brightest. situation. And still, you spared no time, effort, or resources to William BENKŐ AmCham President (2013-2014) For all our differences, in work with your fellow AmCham Speak Academy, experiences, opinions, and members, sharing your expertise Rózsakert Medical Center background, we are all in the same and insight, combining your Dr. Farkas Bársony, Ferenc PONGRÁCZ boat, and we can only endure if knowledge to drive change for AmCham Hungary Supervisory Board Supervisory Board AmCham President (2015-2016) we work together. Solidarity the benefit of the entire business President, 2017-2020 Dr. Andrea JÁDI-NÉMETH David YOUNG Tungsram Group bpv JÁDI NÉMETH Amrop Attorneys at Law Kohlmann & Young 4 5 WELCOME AmCham office contact: H-1051 Budapest, AMCHAM STAFF Szent István tér 11. LETTER FROM THE CEO Email: [email protected] Website: www.amcham.hu
Dear Members, with you early next year. We even built a new website and a CRM system to 2020: A year that everyone will become more efficient and effective. remember! This year also gave us opportunities. As I am sitting in my home office Opportunities to stop for a while and after completing a series of online think about our future, have a fresh events and meetings, I realize I could look and make a restart. While the key write this letter in two very different questions are when will we return to ways, and both would be true! I could “normal” and when we will reach the speak about all those things we have 2019 GDP growth, I wonder if that is lost, and we miss, most importantly really what we need and want? While Chief Executive Officer Events Manager Membership Manager Irisz LIPPAI-NAGY Anita ÁRVAI Ildikó TAKÁCS-BERKA the personal contact, and the AmCham has been and is focusing [email protected] [email protected] [email protected] predictability of the future. on competitiveness, and each of our staff, are not experts in the many members has a growth and recovery fields represented by our member Equally, I could go ahead by plan, we must also think about our companies. Everything we do is highlighting what we have won children and what legacy we leave based on the professional input and what I am proud of. First for them. Our past actions led to the we receive from you. Needless and foremost, I am very proud of present, and where we find ourselves to say, we couldn’t maintain our my team who transformed our now. If the only measure of success is operation without your ongoing operation online within one day in based on revenue and market share trust and support. I am aware of March. We were able to continue our growth, we could soon find ourselves the difficult situation some of you professional discussions, provide a in a similar, or potentially even worse, face, nevertheless I do hope we can Policy Officer Policy Officer Policy Officer Zsuzsanna VARGA József GÁL Zsófia VALKÓ-JUHÁSZ platform for best practice sharing situation than that we are currently in. continue working together for the [email protected] [email protected] [email protected] and collecting your inputs for our benefit of each of us and our society. advocacy activities. Furthermore, this year not only We are thankful to be able to count gave us the opportunity, but also on you in the future as well! We could organize most of our highlighted the responsibility we events, some in a hybrid format, hold with regards to the ways in 2020: A year that everyone will such as the VI Business Meets which a sustainable economy could remember! It depends on us how we Government Summit and a couple and should be built. will look back at it in 2050: whether of business forums. We not only it was an “end” or a “beginning”. continued our existing projects but Thus far, AmCham has been a great Communications Manager Project Coordinator Finance and Office Manager launched new ones, preparing new community for uniting companies Péter KOVÁCS Vivien CSERNIK-TIHN Judit SZEMEREI recommendations in many fields and business leaders willing to work [email protected] [email protected] [email protected] from healthcare reform to the Labor together to build a more competitive Code, just to mention two. economy in Hungary. Now we aspire to be a platform where our powerful Our Policy Agenda, highlighting our community can work even harder, focus areas for 2021-2025 is being finding new ways to develop the Írisz Lippai-Nagy, prepared based on your inputs, is economy in a more responsible way. Chief Executive Officer We would also like to thank our former staff members, Rebeka Gáti and Katalin Csillag about to be finalized and will be shared I always say that we, the AmCham of AmCham Hungary as well as our interns Benedek Kiss and Réka Szalontai for their work in 2020.
6 7 Our Way of Working ▶ Working Groups ▶ Projects ▶ Advocacy During COVID-19 ▶ ADVOCACY HIGHLIGHTS ADVOCACY
THE AMCHAM WAY OF WORKING
AmCham’s advocacy activity that come out from these events such as the Business is based on an annual cycle of activities are discussed and Meets Government Summit. consultations, event highlights further developed at the regularly As the culmination of the and policy publications. Policy organized State Secretary year’s work, the “Cooperation task forces (PTFs) and committees Roundtables, Business Forums, For A More Competitive OUR VISION FOR AMCHAM provide input for the advocacy the meetings of the Competitiveness Hungary” recommendation IS TO BE AN INDISPENSABLE activity throughout the year Council (established by the package is compiled and through their projects and events. government in 2017) and also shared with the government PARTNER IN ENHANCING The advocacy recommendations at AmCham’s annual flagship each year. HUNGARY’S COMPETITIVENESS. VISION MISSION VALUES
STRATEGIC AREAS ADVOCACY NETWORK KNOWLEDGE TO BE THE MOST EFFECTIVE REPRESENTATIVE OF THE BUSINESS COMMUNITY IN HUNGARY, WHILE PROMOTING THE GLOBAL COMPETITIVENESS OF THE COUNTRY.
10 11 WELCOME
“COOPERATION FOR A MORE COMPETITIVE HUNGARY 2020” RECOMMENDATION PACKAGE
The “Cooperation For A More task forces and committees AmCham agrees with the Competitive Hungary 2020” as well as the outcomes of our government’s various recommendation package is a consultations held with various strategic goals aimed at collection of our proposals to make government officials in 2019. improving competitiveness. Hungary a more attractive destination However, the breakdown of these in which to invest and reinvest. This The annual recommendation strategies and the development, was the fifth time we have developed, package forms an integral part of implementation, monitoring, published and sent the document to AmCham’s 2017-2020 Policy Agenda and correction of the appropriate Prime Minister Viktor Orbán and his and addresses four major areas that concrete measures, including POLICY AGENDA 2021-2025 cabinet, as well as to our partners and define the direction of our advocacy: the appropriate consideration other stakeholders. of the time factor, continues to • general business and investment be a challenge and requires the As the cornerstone of our advocacy ongoing discussions with government Competitive Hungary” package. The new 20-point package environment; cooperation of actors in both work and in accordance with our partners and AmCham’s advocacy These programs have made an incorporates the input provided at • competitive workforce and Hungarian economy and society. vision, AmCham is preparing to background of more than 30 years. impact, and we are dedicated to the V. Business Meets Government education; launch its third Policy Agenda series continuing, and further developing summit, the V. Competitive • innovation, research & The pandemic situation in the in January 2021, after several months AmCham Hungary published the these endeavors. Education conference, the development; spring forced us to reconsider of preparatory work. The publication first Policy Agenda in June 2015, proposals of AmCham’s policy • digitalization. our recommendations. Most is the essence of our advocacy efforts, with a second edition following in Policy Agenda defines how the remained valid, and we submitted highlighting those pivotal points 2017. These two papers served as AmCham community can improve many new ones related to the where Hungary’s competitiveness a solid foundation for our advocacy Hungary’s competitiveness, sudden and drastically changed can further be boosted. It is not a work and were a clear indication of what is needed to make Hungary labor market and difficulties comprehensive roadmap, but rather our priorities. Since 2015, we have more attractive for international hindering the operation of the a strategic overview. It relies on the witnessed improvements through investors, and also what is required economy. Our proposals, among perspective of 1,000+ top executives our policy work in the level of our from the regulatory environment to others, focused on the regulations in our community, fine-tuned by our members’ involvement, in our achieve our common goals. for atypical employment, partnership with other organizations, simplification and speeding up as well as in our cooperation with The three focus areas are: Smart payment facilitation process the government. AmCham is proud Growth; Human Capital; and (at least on a temporary basis), to have launched flagship events (the Business Environment modifying some commitments’ Business Meets Government and deadlines and, wherever possible, Competitive Education summits), This is a living document: Please talk to switching to an online mode of meaningful partnerships and a us, share your ideas for improvement, operations and administration. robust set of recommendations challenge us and, most of all, we Many of these were taken into published annually since 2016, invite you to actively contribute by account and incorporated into called the “Cooperation For A More joining one of our working groups! government decrees.
12 13 REGULATORY Our mission is to perform a legal supporting function assisting fellow committees and the AmCham Board, and operating as a workshop for many of the most highly skilled practicing attorneys in Hungary and the representatives of AmCham member companies.
Chair: Dr. Gábor Orosz, associate general counsel, senior director, NI Hungary POLICY TASK FORCES COMMITTEES
INVESTMENT INNOVATION ELECTRONIC MANUFACTURERS’ TAX Our mission is to increase Hungary’s Our mission is to improve and recognize Our mission is to raise awareness and highlight the Our mission is to identify changes needed in the competitiveness by enhancing the country’s innovation and R&D as a driving force of economic weight and role of the electronic manufacturing Hungarian tax legislation with the aim of making attractiveness for investments. AmCham is growth and as a competitive edge for Hungary, sector in the Hungarian economy, and to find areas it more competitive and to represent the interests dedicated to make Hungary a competitive while representing the needs of businesses to of common interest for electronic manufacturing of AmCham members in consultation with the business location. enhance this development. companies and to join forces in these areas. government accordingly.
Lead: Lead: Chair: Chair: Ferenc Pongrácz, general Attila Ferik, senior director, Dr. László Ábrahám, Károly Radnai, manager of innovation, software engineering, general manager, managing partner, Tungsram GE Healthcare Sensirion Hungary Andersen in Hungary
COMPETITIVE WORKFORCE DIGITALIZATION GOVERNANCE & TRANSPARENCY WORKSPACE AND FACILITIES MANAGEMENT Our mission is to represent the needs of Our mission is to help the Hungarian business Our goal is to improve the governance, Our mission is to help Committee members keep up with fast- businesses regarding the Hungarian labor force, community realize the tremendous business value transparency and integrity of private, public and changing office market trends, give professional guidelines, especially its talent pool, to improve Hungary’s brought by digitalization and to help companies non-profit sector practices while encouraging present emerging digital technologies, and to remain a general long-term competitiveness. in this revolutionary transformation. entrepreneurship to boost competitiveness, go-to knowledge hub for discussion of topics in facilities accountability and sustainability in Hungary. management, enhanced workspace experience, agile working, and employee satisfaction management.
Lead: Lead: Róbert Dobay, Barna Erőss, Chair: Chair: managing director, IT operations head, TATA László Czirják, Tünde Kirschner, Menedzsmentor Consultancy Services partner, iEurope AFIS Hungary
14 15 ADVOCACY
ADVOCACY ACTIVITIES 2020
By March it had become clear The annual document is one of the meetings led by the Ministry for that 2020 would be a historic year most important components of our Innovation and Technology; at our due to the COVID-19 pandemic. advocacy efforts; it was sent directly business forums and working group It also significantly changed the to the prime minister, ministers, meetings; and at the VI. Business pace, course and manner of our state secretaries, and to various Meets Government summit, the advocacy activities. We transitioned government agencies on March 9. flagship event of the year. Regulatory Committee meeting Patron Event with Minister of Foreign into the virtual space and work with Minister of Justice Judit Varga. Affairs and Trade Péter Szijjártó. was focused on the two waves of Due to the rapid spread of COVID-19, Despite all difficulties, our policy the pandemic. Virtual encounters the first emergency economic task forces and committees have become commonplace; measures to mitigate its impact managed to stay on course and RESPONDING TO In June, the committee, in meetings with the Ministry of e-meetings, e-hearings, e-forums were announced by the government moved to the online space to THE ECONOMIC CRISIS partnership with the HVCA, Finance that provide excellent and e-documents defined our on March 18. There was no doubt continue their work and to tackle an COVID-19 caused massive changes HunBAN, and THBE sent a joint opportunities for progress and to way of working. that AmCham would have to step unparalleled challenge. in the investment landscape. One letter to Hiventures with comments gain a mutual understanding of up to help find solutions to keep of the main priorities in the crisis and recommendations regarding key issues. In June, we met Deputy Despite all the difficulties, AmCham the economy going; as the situation The mission of our Investment management efforts is to protect the firm’s new Rescue Packages State Secretary Botond Besesek has continued to do valuable developed, this became the prime PTF is to support the creation of investment and find ways to attract developed for SMEs and startups and his colleagues to exchange advocacy work, and made a positive focus of our advocacy activities. an investment friendly business new ones; therefore, the Investment introduced after the outbreak. views on the latest enacted and impact that contributed to keeping environment. In January, we reviewed PTF mainly focused on the prospective governmental rules businesses alive in a turbulent year. During this unprecedented global the WEF World Competitiveness government’s economic protection COVID-19 has led to a drastic increase regarding taxation and made crisis, AmCham has continued Ranking with Péter Vakhal, analyst action plan and the decrees for the in cybercrime, most notably business further suggestions on issues 2020 started off productively to represent the interests of its of Kopint-Tárki Institute, examining protection of strategic companies. In email compromise. The committee’s related to the local tax, e-invoicing, with the conclusion of the membership and the business the strengths and weaknesses of the June, experts from Baker McKenzie Compliance Conference discussed how accrued loss, non-realized foreign long process of compiling and community at large. Throughout Hungarian economy and identifying shed the light on the impact of the businesses can defend themselves in exchange gains and others. publishing “Cooperation for a More the year, we have been actively the areas where AmCham’s new rules on transactions and the the new age of sophisticated attacks. Discussions with the deputy state Competitive Hungary 2020”, our engaged in high level meetings with recommendations could help improve practical issues involved. secretary continued in November annual recommendation package. the government: at weekly strategic the country’s competitiveness. In March and April, Tax Committee to better understand the newly The Governance & Transparency members determined that the submitted tax legislation. Committee also actively monitored the recommendations addressing the government’s response to the crisis. general business environment in the The Regulatory Committee, under The experts of the group reviewed “Cooperation For A More Competitive the auspices of the Investment PTF, Decree 227/2020 (V. 25.) which aimed Hungary 2020” document are still has also done an excellent job this at protecting strategic companies highly relevant amid the pandemic and year. One of its highlights was our from foreign hostile takeovers and decided to submit further proposals on exclusive meeting with Minister of investments. The Hungarian Venture the extension of payment and reporting Justice Judit Varga in March where Capital Association, the Hungarian deadlines, new elements to be added she emphasized the importance of Business Angel Network and the to the cafeteria system, e-invoicing the professional input provided by Social Impact Investors’ Association and other areas. We are proud that AmCham to the public consultation sent a letter to the Ministry for many of them were accepted. process of legislative drafts and Innovation and Technology with thanked us for the outstanding work a list of recommendations and The chamber, led by the Tax of the chamber, and the Regulatory Business Forum with State Secretary for Economic Strategy and Regulation László György. AmCham also backed the proposals. Committee, also holds regular Committee in particular.
16 17 Throughout the year, the committee participated in consultations and made comments: on the white paper by the Digital Freedom Committee of the Ministry of Justice; the different phases of the implementation bill of the EU Directive on Copyright in the Digital Single Market (CDSM) and SatCab 2.0; the proposal for a New Competition Tool and ex ante rules in DSA; and the draft bill on Business Forum with Tax Committee Meeting with restructuring and amending certain DSS Gáborné Pölöskei Mayor Gergely Karácsony. Deputy State Secretary Besesek. Business Environment Breakout at the BMG. laws for the purposes of legal harmonization. Committee members also discussed its views on how companies may The pandemic has highlighted direction. In December, we will Meanwhile, the Healthcare Working Moreover, the pandemic has also their experiences since the want to plan their future mode of the utmost importance of invite András Levente Gál, leader of Group, operating under the aegis given a particularly strong impetus outbreak, especially the difficulty of operations, and in November it digital capacities and digital the National Data Wealth Agency to of the Innovation Policy Task Force, for our members to intensify the equipping electronic manufacturing discussed the key considerations infrastructure. The Digitalization discuss theirplans. was preoccupied with the ongoing work to elaborate modification workers with up-to-date technical and pitfalls when managing an PTF discussed how digital Healthcare Reform. AmCham, proposals to the Labor Code on knowledge and preparing trainers atypical workforce. solutions can help mitigate In the Innovation PTF, we together with other business atypical employment, especially who can teach employees effectively the impacts of the crisis, and invited the representatives of the representative organizations, on remote working. AmCham and quickly. Participants agreed to Throughout the year, the group also what Hungary must focus on to Hungarian Investment Promotion strongly advocates for the creation submitted a detailed legal draft find a way to work together and to provided valuable support to formulate transition to a higher value-added Agency in April to talk about the of a consultation platform for with sound argumentation. We look for common solutions. AmCham’s position on government economy. There is, however, an rollout of their new subsidy scheme reform-related matters. are currently waiting for decision- measures related to flexible aspect to digitalization in general to improve competitiveness and makers to take appropriate Members also met virtually to learn employment, vocational and dual and pandemic-related action in how R&D subsidy schemes would POLICY AGENDA 2021-2025 measures essential for legally about up-to-date digital products and education, adult learning, planning, specific that does not receive be impacted by the pandemic. This This year, AmCham also reviewed justified employment. applications such as manufacturing and support of corporate training. enough attention: the matter of was also a good opportunity to its strategic roadmap, the Policy operations center, remote assistance cybersecurity. It is not enough to clarify some of the initial questions Agenda for 2021-2025, one of The COVID-19 situation also and operations, project management Closely related, the Workspace take measures on the company- and uncertainty surrounding some our essential documents which accelerated an AmCham and office organization, and digital and Facilities Management level, although that is an absolute of the early economic relief and outlines our priorities and collaboration to work and advocate conferences. Committee discussed actions, requirement; a stakeholder subsidy plans by the government. defines how the membership for the consistent regulation of experiences, and solutions from platform to discuss a national In November, the focus was on works to improve Hungary’s digital signature and paperless WORKING IN THE NEW NORMAL the property management side. The cybersecurity strategy is needed, the new EU budget cycle for competitiveness. All AmCham solutions, leading to the launch of Since March, remote working pandemic has drastically changed participants of the online 2nd 2021-2027 and its impacts on R&D PTFs and committees were two new projects. (Read more on and home-office have become how we approach office spaces; Digital Sustainability Forum subsidies. We invited Balázs deeply involved in this process. pages 20-21.) part of our everyday life and, from the application of germicide agreed in September. Fürjes, representative of the During the fall, all working of course, the main subject of surfaces to the introduction of European Institute of Innovation groups held separate meetings to The Electronic Manufacturers’ the Competitive Workforce new protocols, concepts, and Another topic that AmCham has and Technology (EIT), to talk focus on the challenges and key Committee was the first to hold a PTF, which merged with the HR design, WFM Committee members advocated for in the past is the about future strategy and grant developments of their respective meeting online at the onset of the Committee in March. In May, we shared their best practices and structured collection and assembly prospects. We have also cooperated areas, and discussed the main pandemic, where they supported invited Vera Kápolnás, home the latest technologies. We also of public data into a format that with the National Research, findings of “Hungary 2030: an initiative to build a working office and remote work expert, to discussed the results of the latest can be accessed by members Development and Innovation National Economic Development” relationship with Global Solutions discuss online the challenges of surveys on the perceptions, of the business community, and Office (NKFIH) to provide input for prepared and presented by for IPC – Association Connecting working remotely, mainly from the expectations, and behaviors of we are happy to acknowledge Hungary’s Smart Specialization McKinsey & Company, in Electronics Industries. home. In July, the CW PTF shared employees after the outbreak. the government’s steps in this Strategy (S3) for 2021-2027. collaboration with AmCham.
18 19 PROJECTS
PROJECTS
BSS HUNGARY PROJECT worked on establishing university the government’s reforms for a 20+ BSCs joined forces with the cooperation and connecting with value-added healthcare sector and mission to raise awareness of the students at U.K. universities. are ready to support the process business services sector and its with their recommendations. Board Simulation Program in 2019. BSS-HIPA Partnership Announcement on September 9. attractiveness and to promote the If you are interested in being part The chambers requested that BSS as an appealing career choice of this project, please contact the the ministries responsible for for students in secondary schools AmCham staff for more details. the reform create a platform of employees, employers and of a fictitious board meeting is visits. The goal of the program is and higher education, as well as for consultation and constructive various government and external enacted by AmCham member to better connect the business and young professionals. DIGITAL SIGNATURE PROJECT dialogue for reform-related matters. bodies. Copies of documents volunteers, who draw upon education sectors while helping There are a number of legal and need to be physically stored, their own experiences. Real students discover future career This year the project focused practical uncertainties surrounding The memberships of the chambers which make them susceptible business debates are enacted, options, learn about the labor on two key areas: increasing the application of digital signatures. include many innovative healthcare to fire and water damage, and concentrating on various critical market, the competencies needed brand awareness and building For this reason, they are not widely technology, R&D, manufacturing and is, overall, a costly obligation. strategic decisions, while the to succeed and support them in one educational relations. We formed used, although once a proper service providing companies that The inefficiencies, data privacy audience observes how these of the most important decisions a partnership with the Hungarian system is in place, it would greatly can effectively support value-added, and information security risks decisions can be influenced by of their lives: choosing their Investment Promotion Agency, to speed up administrative processes patient-centric and sustainable associated with these processes various facts, personalities, and career paths. If you want to have a conduct an industry benchmark throughout the business world and healthcare reform through call for a collective effort to circumstances, and how potential positive influence in the lives of the survey and hold the annual in civil society. AmCham is currently investments, scientific research and simplify and modernize, and consequences are considered. next generation, register now at Business Services Hungary working on assembling a set of a wide range of experience. AmCham is answering this call. Through this program students karrierorientacio.hu to become conference together. Besides this, recommendations to remedy this. experience first-hand how a an ambassador. a new social media campaign PAPERLESS HR PROCESSES U .S . FINANCIAL INSTITUTES typical board meeting transpires has been launched to highlight HEALTHCARE INITIATIVE At present, the end-to-end COOPERATION and can discuss corporate Start Your Business! the values and opportunities the AmCham, together with the Joint HR processes (such as social Four AmCham members, Blackrock, governance best practices with the The Start Your Business! program sector offers, and at the end of Venture Association, the German- insurance and involuntary Citi, Morgan Stanley and MSCI, participants. The topics discussed is a panel lecture series and the year we joined the shoebox Hungarian Chamber of Commerce, deductions) are paper based and decided to launch a new initiative at the meeting are designed in a a joint effort by AmCham and charity drive of the Baptist the Swiss-Hungarian Chamber manual. These involve multiple to increase the awareness and multilayered, practical manner. the Hungarian Venture Capital Services to help children in need. of Commerce and the Swedish hand offs and movement of attractiveness of the financial sector Studies for undergraduate Association to promote the spirit The other part of the project Chamber of Commerce, welcomes employment information between and show the benefits as well as and graduate students are of entrepreneurship and to foster the opportunities it provides to the supplemented. The initiative was a new generation of domestic next generation of talent. Project created and is driven by AmCham’s entrepreneurs. It allows successful participants intend to nurture talent, Governance & Transparency entrepreneurs to share first- support universities and attract Committee. hand their passion and drive with Hungarian workers living abroad. university students, professors, Career Orientation Program existing and aspiring entrepreneurs, EDUCATIONAL PROJECTS: The program provides a free online who seek to understand the Board Simulation platform, karrierorientacio.hu, that challenges and mindset of The Board Simulation educational helps corporate volunteers, the so- entrepreneurship and are maybe program serves as an important called Career Ambassadors, and weighing different career options. pillar of engagement between the representatives of Hungarian The initiative was created and is the chamber and academia. A secondary schools nationwide driven by AmCham’s Governance & Healthcare Working Group launch meeting on March 3. Career orientation visit in 2019. scripted role-playing simulation to organize career orientation Transparency Committee.
20 21 AMCHAM’S ADVOCACY WORK SINCE THE COVID-19 OUTBREAK
AmCham staff begins home office and moves with wages covered by the government for the Recommendations sent to MIT ▶ Enquires about government decree operations online on March 12. duration of the training; on April 17, 19, 24, 30: 104/2020 (IV.09);
Recommendations sent to the Ministry for Innovation ▶ Advised limiting cross-border traffic until adequate ▶ Comments on the government’s economic ▶ New proposals regarding employee holidays, and Technology (MIT) on March 20, 25, 27: health and safety measures can be put in place; protection action plan; educational and training support;
▶ Requested the government’s support for ▶ Sent recommendations to ease taxation, the ▶ Recommendations to ease ▶ Supported the facilitation of businesses with liquidity problems to keep their regulation of employment contracts, paid and administrative burdens; electronic signatures both in the business employees on at the onset of the pandemic; unpaid holidays; and public sectors. ▶ Provided feedback and further ▶ Urged the government to examine and consider ▶ Tax committee sent recommendations proposals on the Kurzarbeit subsidy AmCham, BCCH, DUIHK, NVMT, JVSZ sent the German shortened working hours model: on payment postponements, deadline reports, system and the R&D wage subsidy joint letter to Ministers Bártfai-Mager, Kurzarbeit mit Lohnausgleich; cafeteria, e-invoicing. system, including the extension Palkovics and Varga calling for the equal of eligibility and the addition assertion of interests of SMEs and COVID-19 RELATED ACTIONS RELATED COVID-19 ▶ We recommended the training of non-essential Weekly surveys sent to membership CEOs of temporary workers; large companies in the stimulus plan. employees in production sectors within the to understand their situation and the impact framework of an education support sytem, of COVID-19 on the members.
MARCH APRIL
Regulatory Committee Meeting with Minister of AmCham LIVE! web event Justice Judit Varga, on March 3. series launched.
Healthcare working group launches on March 3. Competitive Workforce PTF and HR Committee merge under the leadership “Dawn Of The New Decade” event with Iain of Róbert Dobay. Lindsay OBE, British Ambassador to Hungary, on March 4. MILESTONES
“Cooperation For A More Competitive Hungary 2020” recommendation package sent to Prime Minister Viktor Orbán and his cabinet on March 9. Recommendations sent to MIT in May 8, 22, 29: Workspace and Facilities Management Committee Recommendations sent to MIT on June 8, 22: sharing best practices to protect employees and ▶ Proposals regarding remote preparing a safe return to the office. ▶ Proposed that the govenrment allow wages to serve as working and home office regulations the basis of reclaimed costs, with the criteria of manintaning in the Labor Code; Patron CEOs’ online roundtable about the headcount in the HIPA-managed subsidy scheme, the return to work. in the interest of extending Kurzarbeit to the BSS sector.; ▶ Asked for clarification and gave recommendations regarding the regulations Kurzarbeit F.A.Q. published. ▶ New suggestions regarding the R&D subsidy scheme were sent. after the end of the state of emergency; Investment PTF discussed new government Decree 227/2020 ▶ Raised questions regarding the Special (V. 25.) to protect strategic companies. Economic Zone(s) and the local business tax. AmCham, HVCA, HunBAN, THBE send joint letter to MIT Competitive Workforce PTF discusses on Decree 227/2020 (V. 25.) aiming to protect strategic legislative and practical challenges of remote companies from foreign hostile takeovers and investments. working and home office. AmCham, HVCA, HunBAN, THBE send recommendations to Hiventures on the firm’s new Rescue Packages.
Competitive Workforce PTF discussion on future planning and operations.
MAY JUNE JULY
Exclusive Online Roundtable with Patron CEOs’ exclusive lunch with Minister of Foreign Roundtable Discussion in State Secretary for Economic Strategy Affairs and Trade Péter Szijjártó on June 4. the Ministry of Innovation and Regulation László György, and Technology on the new Ministry for Innovation direction for regulating and Technology on May 6. Exclusive Online Roundtable Discussion with remote working on July 15. Chargé d’Affaires Marc Dillard, U.S. Embassy, Budapest on June 25. Bike Project launched AmCham co-signs to promote cycling to work. multi-industry letter Exclusive Tax Committee Meeting with in response to the European Deputy State Secretary Botond Besesek, Court of Justice’s Ministry of Finance on June 26. invalidation of EU-U.S. Privacy Shield on July 20. Recommendations sent Recommendations sent to MIT on September 11, 18, 25: Recommendations sent AmCham, DUIHK, JVSZ, SCCH and SwissCham to MIT on August 17 with to MIT on October 2, 9, 22: sent a joint request for a consultation platform proposals to revise ▶ Comments were sent regarding the 12/2020 (VI. 22.) regarding the healthcare reform to the Prime the Labor Code. government decree; ▶ Asked for clarification in Minister’s Office, Ministry for Human Capacities, the regulations and taxation Ministry for Innovation and Technology, Ministry ▶ Asked for clarifications from MIT about changes of charitable activities; of Interior, and Ministry of Finance. in the Adult Education Law; ▶ AmCham, DUIKH, JVSZ, ▶ Additional proposals were sent about remote work MGYOSZ and VOSZ sent joint regulation in the Labor Code; recommendations advising an update to the regulations ▶ Advised the consideration of childcare sick pay for for remote work and home parents who are required to stay at home with their office in the Labor Code; children in quarantine. ▶ AmCham, DUIKH, JVSZ, MGYOSZ, MKIK, VIMOSZ and VOSZ submit joint recommendations regarding modifications in the Adult Education Law.
AUGUST SEPTEMBER OCTOBER NOVEMBER-DECEMBER
Work begins Policy Task Forces and Committees preparatory meetings VI AmCham-HIPA Business Compliance Conference on Business Email Compromise on November 6. on Policy Agenda held on Policy Agenda 2021-2025. Meets Government summit 2021-2025. with a keynote from Exclusive Online Business Forum with Minister of Foreign Hybrid Business Forum with State Secretary for Economic Minister of Finance Mihály Affairs and Trade Péter Szijjártó on November 18. Strategy and Regulation László György, Ministry of Innovation Varga on October 19. and Technology on September 18. Governance and Transparency Committee’s first online Hybrid Business Forum Board Simulation program with CEU on November 19. Strategic meeting of AmCham Board, PTF and committee leaders with Mayor of Budapest and Patron CEOs on Policy Agenda 2021-2025 on September 29. Gergely Karácsony on Business Services in Hungary Conference & Award October 2.7 Ceremony with HIPA on November 25. AmCham LIVE! webinar series restarts after Summer break. New AmCham website Regulatory Committee meeting on digital signature on November 19. BSS, HIPA press conference announcing partnership launches on October 15. agreement on September 9. Tax Committee with Deputy State Secretary Botond Besesek, Ministry of Finance, on November 13. Webinar with epidemiologist Dr. Beatrix Oroszi on September 23. Innovation PTF meeting with Balázs Fürjes, MD Digital Sustainability Forum on the socially responsible approach of EIT Health Innostars on December 3 to AI and Cybersecurity on September 24. Digitalization PTF meeting with András Levente Gál, NAÜ Director on December 15 Conferences ▶ Business Forums ▶ AmCham LIVE! ▶ Patron Events ▶ EVENT HIGHLIGHTS WELCOME “HUNGARY’S GEOGRAPHICAL LOCATION, ITS FAVORABLE TAX SYSTEM AND OUTSTANDING INFRASTRUCTURE MAY BE AN EXCELLENT TARGET FOR FOREIGN INVESTMENTS. THIS IS ALSO REFLECTED IN THE FACT THAT MOODY’S IMPROVED HUNGARY’S RATING FROM STABLE TO POSITIVE. IT WAS A GOOD SIGN FROM THE BUSINESS COMMUNITY FOR BUSINESSPEOPLE.” MIHÁLY VARGA, MINISTER OF FINANCE.
VI. BUSINESS MEETS GOVERNMENT SUMMIT
At the VI. Business Meets right strategy, mindset, and technologies to green economy Government summit, our main support, we can come out of this and hiring practices. Everything hybrid event of the year, organized pandemic in better shape. This is is changing.” with the Hungarian Investment an unprecedented opportunity to Promotion Agency, we assessed modernize processes: in the way In his keynote speech, Minister the priorities of the new normal we work, how we think, how we of Finance Mihály Varga argued of the pandemic than it was during who expects a prolonged, “W”- labor market, the role of innovation in following the COVID-19 outbreak. educate, how we communicate, that because of the strong the 2008 financial crisis. shaped recovery for the economy. the restart and the use of EU funds. how we manufacture. We are in fundamentals of the Hungarian “There is a long and difficult the middle of an economic reform, economy, the country is more Some strongholds like the tourism How can we accelerate this process Afterwards, participants split into climb ahead of us, but with the from rapid advancement in digital resistant to the economic impact and the automotive industry and grow further? Levente Jánoskuti, groups moderated by our working suffered heavy losses, but to contain managing partner of McKinsey & group leaders to talk about the main these issues, immediate fiscal and Company, discussed the key engines issues affecting the business climate, monetary measures were taken. of growth which could help Hungary innovation ecosystem, the workforce close the gap to the Eurozone. (such as the regulations for remote “The measures of the government working), shortened supply chains, and of the National Bank [of Following the keynotes, HIPA CEO job creation, financing investments Hungary] constitute the largest Róbert Ésik and State Secretary for and boosting R&D activities. ever economic package, which the Utilization of EU Funds Balázs minimized the job losses and Rákossy, sat down with AmCham AmCham would like to thank ensured new jobs. The measures CEOs to discuss the key challenges our partners BT, Citi, Continental together reallocated 20% of our of the economic recovery, the Automotive, Philip Morris GDP, ensuring Hungary’s rapid importance of close cooperation International, Tata Consultancy return to a dynamic growth between the government and the Services and Tungsram for trajectory,” said Minister Varga, business community, the changing supporting the conference.
30 31 WELCOME
AmCham hosted its first hybrid Business Forum with State Secretary for Economic Strategy and Regulation László György of the Ministry of Innovation of Technology on September 18 to assess the current state of the economy, the government’s response to the first wave of the pandemic and how innovation policy was affected by the COVID-19 crisis. The state secretary assured AmCham members that they would continue to be part of the legislative process.
On October 27, Mayor of Budapest Gergely Karácsony was the guest of AmCham for the first time since his election to discuss his plans for the capital, and the state of the city’s economy after the COVID-19 outbreak. The mayor gave an insight into his plans regarding infrastructure developments, the state of public transportation, green and smart city initiatives and also explored opportunities for cooperation, agreeing that the business community and the city must work together to stimulate the economic recovery of Budapest.
On November 18, we also hosted an exclusive online forum with Minister of Foreign Affairs and Trade Péter Szijjártó to talk about the government’s measures to contain COVID-19 and support the economic BUSINESS FORUMS recovery, vaccine negotiations, the investment climate and the future of the U.S.-Hungarian relationship after the American presidential election.
32 33 AMCHAM LIVE Following that, Randstad managing director Sándor Baja and operations manager Petra Polgár elaborated on the “new normal” in HR trends and winning strategies. The BSC sector has remained stable and is performing well in these challenging times. New opportunities also arise from the pandemic situation as companies move towards a hybrid operational model combining on- COVID-19 has put our economy Attorneys at Law, we examined Regarding lease and loan site and remote working, allowing and society under extreme duress. the intricacies of virtual high-level agreements, lawyers from Baker more talent recruitment from With AmCham LIVE!, we launched corporate decision making. & McKenzie elaborated on the Hungary’s regional university cities. a new online event series to offer legal and practical issues and HIPA-BSS BUSINESS SERVICES professional insights on the most As we were entering a new opportunities every business Finally, CBRE’s research director pressing issues businesses face, normal, managements got back should look out for. HUNGARY 2020 CONFERENCE reflected on the opportunities in and to address current events. to the drawing board to replan. the office market during these The experts of KPMG Hungary With the second wave upon us, & AWARD CEREMONY turbulent times. It can be seen “Everyone Needs A Plan B”, that hosted a live session to talk about it is crucial to protect the value that the business service sector was the idea of Tamás Barathi the importance of comprehensive and intangibles of your business. AmCham’s BSS Hungary project destination for shared service has rethought office space, there (Colibri) and György Sallai when risk management and becoming With bpv Jádi Németh Attorneys was honored to be joint organizer of centers in the Central European is a new balance between remote they introduced a new initiative, resilient in the process. at Law, we analyzed how we HIPA’s Business Services Hungary region. This sector plays a key working and office-based work. called Plan B, to help people who can safeguard trade secrets and 2020 conference and award role in keeping talented young These factors will also have an were laid off due to the pandemic While we grew accustomed know how. ceremony, which this year was held Hungarian people home, with impact on the future of cities and find jobs again in what was our to working in virtual teams, online. Once again, a comprehensive considerable salaries, rapid property: these tendencies imply very first web event. preparations were underway for AmCham LIVE! also allowed us survey with the participation of 67 promotion opportunities and the changes in the residential market a safe return to the office. Blue to step away from the world of companies was conducted among daily use of foreign languages,” as homes must accommodate Remote working and home office Business Interior introduced the business. Foreign policy expert the business service centers (BSCs), the minister highlighted. workspaces and connected were one of the main challenges latest advancement in employee and commentator Botond Feledy the result of which was the focus of infrastructure, but do not for every employer and employee. protection measures and assessed talked about how COVID-19 changes the main presentations. AmCham CEO Írisz Lippai-Nagy, who necessarily need to be in central We examined the issue from how we can prepare the workspace geopolitics; Jon Decker from FOX welcomed the audience with HIPA locations or well connected. various perspectives. Dr. Andrea for an eventual return. News Radio and Dr. Dávid Kőhegyi The event was opened by Minister CEO Róbert Ésik as they introduced Juhos from LHH Hungary talked from DLA Piper talked about the for Foreign Affairs and Trade Péter the results of this year’s survey, said: The online conference concluded about remote leadership and The increasing burden of then upcoming presidential elections Szijjártó with reassuring notes “If you want to go fast, go alone. with HIPA’s prestigious BSC maintaining productivity levels, administration was another major in the United States; while Árpád regarding the current state of the If you want to go far, go together. award ceremony. We are proud Judit Ábri hosted a workshop concern for all businesses. Anikó Rab from the Corvinus University economy and the protective Cooperation. It could be the motto of that this year, three AmCham about core motivators to keep Vörös from Adecco Hungary Budapest looked at how our lives measures that have been taken so far. this year’s conference and for me this members were recognized for their you and your team engaged; and talked about how you can optimize have changed on a personal level. is the key word for 2020 itself.” extraordinary work and incentives, the ActionLab team brought an your processes to protect the “Currently there are 131 business based on the survey results and the interactive show to illustrate interests of both the employer Most importantly, one of the service centers in Hungary, they In the second part of the online opinion of an independent jury: the most important skills in and the employee in terms of main goals of the series was provide jobs for 63,892 people, conference, the future of BSCs emergency situations. labor law. Dániel Varga from to provide credible information and this number has increased by were discussed by assessing the • Center of Excellence of the Year: Schoenherr Hungary provided about the pandemic, so we 40% during the last three years. opportunities, trends and tendencies ExxonMobil Remote working proved to be a test guidance on how performing hosted two update sessions with These companies demand a highly of the sector in Hungary. First Attila • BSC Manager of the Year: of effective corporate management contractual obligations can be epidemiologist Dr. Beatrix Oroszi qualified workforce and through the Bognár, McKinsey & Company partner Eve Bader, Roche at the highest levels in several approached with a legal mindset to learn more about the virus investments of these companies, introduced this year’s global trends and • Best in Educational Cooperation: ways. With the experts of Szecskay in the times of the pandemic. and its spread. Hungary became a leading regional responses to the pandemic. NI Hungary
34 35 EVENTS
COMPLIANCE CONFERENCE In 2020, the Compliance Conference, healthcare institutions and “These cybercriminals are our annual event addressing the most businesses who are forced to move creative people with a background pressing challenges in corporate their operations online in uncertain in IT, and they are usually familiar compliance and integrity, focused and difficult circumstances. with the defense systems and on business email compromise mechanisms companies use. The (BEC), one of the most dangerous “BEC is the number one emerging methods are changing all the time; and harmful forms of cybercrime, a threat for cybercrime in the world,” they are extremely sophisticated, rapidly growing issue for businesses said keynote speaker Lance Rollins, and these people are difficult to of all sizes and sectors. FBI Agent and Assistant Legal trace,” said Dr. Dávid Kőhegyi, Attaché. BEC losses totaled USD 1.77 local partner and head of The severity of cyberattacks, billion in the United States in 2019, compliance and investigations including BEC have increased nearly half of all cybercrime damages. at DLA Piper Budapest. drastically, causing billions of dollars’ worth of damages every Our expert panel discussed how “Prevention has three pillars: Data year. Since the COVID-19 outbreak, companies can shield themselves & IT security, the protection of the the attacks have intensified as and prepare their employees for office building; policies, procedures cybercriminals attempt to exploit these attacks. and controls; and third and most important, the employees,” said DAWN OF THE NEW DECADE Dr. Annamária Nádai, Medtronic At the beginning of the year, Brexit. The ambassador spoke The ambassador also emphasized Hungary’s compliance specialist. AmCham launched a new event about what Brexit means for the that the two countries have strong series titled “The Dawn Of The New U.K.-Hungary relationship. There are links, especially as Britain now DLA Piper was a victim of NotPetya, Decade”, where we look into the three main areas of mutual interest has the largest Hungarian born a large-scale ransomware attack most important events and trends Britain is concentrating on, all with population outside of the Carpathian in 2017. Andrew Darwin, DLA Piper shaping the global and regional the potential to significantly benefit Basin, and is the third most popular global co-chairman and senior economy and geopolitics at the both countries: security; technology destination for Hungarian students partner, one of the leaders who beginning of 2020s. and innovation; and trade. Great studying overseas. coordinated the response, provided Britain will be Hungary’s biggest an overview of the background, At the first event, on March 4, Iain non-EU trading partner: one-third of We are looking forward to impact and recovery live from Lindsay, then British Ambassador to Hungary’s global trade surplus is with continuing the series next year London, highlighting the importance Hungary, gave an economic overview the United Kingdom, which is also the with more intriguing topics of resilience, vigilance and of possible trade agreements after fifth largest foreign investor here. and speakers. The online Compliance Conference was broadcast from the AmCham office. preparedness.
36 37 EVENTS OUR SPONSORS AND PARTNERS
We would like to thank the following members and partners for their generous support for this year’s events:
PATRON EVENTS
Throughout the year, AmCham Promotion Agency, at Gundel about safely returning to the office organizes several exclusive Restaurant, to discuss investment and operations during the fall. networking events for its Patron trends and plans for 2020. At Tata and TCS Marks - Stacked Artwork provided. Please do not recreate. Members in recognition of their the end of May, Patron CEOs After long months of home office For use in 2D applications Tata Consultancy Services Identity Guidelines I Jan 2007 valuable support. This year, in of AmCham had a productive and self-isolation, the summer February we held our usual Patron virtual roundtable moderated by finally gave us a chance to invite Dinner with Róbert Ésik, CEO our President Farkas Bársony our Patron CEOs for an in-person of the Hungarian International discussing strategies and policies reception on June 4, hosted by Minister Péter Szijjártó, at the Ministry of Foreign Affairs and Trade. The minister invited the chamber to discuss the government’s coronavirus defense measures and the recovery of the X .5X X economy and review the legislation X and make further proposals to 2 X .5X
create an even more business- X friendly regulatory environment. X X
X Finally, in early July we organized a small social gathering at the Budapest Marriott Hotel for Patron CEOs and AmCham Board Other partners: AmCham Foundation, Rockwell Automation, SOS Gyermekfalvak, TGI Fridays. Members, where they could discusss the latest developments in WEBINAR PARTNERS: ActionLab, Adecco Hungary, Blue Business Interior, bpv Jádi Németh the business world and learn about Attorneys at Law, Coaching Without Borders, Colibri Group, KPMG, Lee Hecht Harrison Hungary, AmCham’s planned fall activities. Schoenherr Hungary, Szecskay Attorneys at Law
Date : 31 I 01 I 2007 Title : Tata and TCS Marks - Stacked Design Magger : Gargi Sharma Project Co- ordinator : Vishal Jhunjhunwala Colour : Pantone 2427 C 38 Software Formats : CorelDraw 11, Adobe Illustrator CS2 39 IMPORTANT : COLOURS USED TO CREATE THIS MECHANICAL ARE FOR VISUAL SUGGESTION ONLY. USE PANTONE COLOUR SWATCHES TO MATCH FOR CORRECT COLOURS. EVEN THOUGH THIS MECHANICAL HAS BEEN CHECKED FOR ACCURACY, PLEASE DOUBLE CHECK PRIOR TO RELEASE TO THE VENDOR. IF INSTRUCTIONS ARE FOUND DEFICIENT, Guide-sheet developed by Design Services, Corporate Marketing PLEASE CONTACT corporate.o [email protected] Copyright © 2007 Tata Consultancy Services Limited EVENTS
• Digital Emergency: Skills • America Votes: Countdown • Plenary Meeting Development For A Pandemic To The U.S. Elections, February 13 May 20 with White House LIST OF EVENTS Correspondent Jon Decker, • Extraordinary Plenary • Labor Law And Labor FOX News Radio Meeting for CEOs Even though the COVID-19 pandemic completely changed our event Administration: How To Optimize October 6 April 16 The Processes calendar for 2020, we organized several online, hybrid and live events May 21 • Plenary Meeting with great care and precautions to provide opportunities for our PATRON EVENTS May 29 members to share information and best practices as well as • New Business Reality: Re- to continue our dialogue with the government. planning With Comprehensive • Patron Dinner with Róbert Ésik, • BSS-HIPA Press Conference Risk Management CEO, HIPA September 9 June 4 February 5 In addition, our Policy Task Forces and committees met frequently • Business Services online and whenever possible in person to monitor the COVID-19 situation • The Post-COVID Workplace: • Return To The Workplace: in Hungary and discuss the developments in their areas of expertise. Now, And In The Near And Virtual Roundtable Discussion Conference with HIPA Far Future with Patron CEOs November 25 June 9 May 28
• Will The Coronavirus Change • Patron CEOs Discuss SOCIAL EVENTS FLAGSHIP EVENT • Business Forum with State WEBINAR – AMCHAM LIVE! Geopolitics? with Botond Economic Recovery with Secretary László György, Feledy, Foreign Policy Expert Minister of Foreign Affairs • AmCham-TGI Fridays VI. AmCham-HIPA Business Ministry for Innovation • Everyone Needs A Plan B June 11 and Trade Péter Szijjártó Super Bowl Meets Government Summit and Technology April 15 June 4 LIV Watch Party October 19 September 18 • Enhance Your Company February 2 • Skills To Survive COVID-19 Value By Protecting Your • Roundtable with • Extraordinary Virtual Business April 23 Intangibles Epidemiologist • Thanksgiving BUSINESS FORUMS Forum with Mayor of Budapest June 17 Dr. Beatrix Oroszi Charity Cooking Series Gergely Karácsony • Corporate Decisions In The Time June 30 November 24, 26, 28 • The Dawn Of The New October 27 of Quarantine In Practice • How Has Our Life Changed Decade: Economic Overview April 28 Since The Coronavirus After Brexit with British • Exclusive Online Business Epidemic And What Can We SEMINAR OTHER Ambassador to Hungary Forum with Minister • The COVID-19 Crisis And Economic Learn From It? with Associate Iain Lindsay OBE of Foreign Affairs and Trade Recovery: How Is Business Across Professor Dr. Árpád Rab, • Industrial Cyber Security And • AmCham General March 4 Péter Szijjártó Europe And Eurasia Responding Corvinus University Smart Factory Solutions with Assembly and November 18 To These Challenges? of Budapest Rockwell Automation Board Elections • Exclusive State Secretary April 30 June 23 March 11 December 12, 2019 Roundtable with László György on the Action Plan to Reignite CONFERENCE • Performing Contracts, Application • COVID-19 Crisis And Economic • Digital Sustainability Forum • Strategic Meeting the Economy Of Force Majeure: A Practical Recovery, VOL II: The Business September 24 in preparation May 6 Business Email Compromise: Perspective Leaders’ Perspective of the new Policy Agenda How To Protect Your May 4 July 3 September 29 • Roundtable Discussion with Business In The New Age BSS Marc Dillard, Chargé d’Affaires, Of Sophisticated • How Do You Keep Yourself And • COVID-19 Update, with Dr. Beatrix • Board Simulation U.S. Embassy, Budapest Cyber-Attacks Your Team Motivated? Oroszi, epidemiologist • Workshop Program at CEU June 25 November 6 May 11 September 23 January 15, January 30 November 19
40 41 WELCOME PATRON MEMBERS
2020 MEMBERSHIP
42 43 MEMBERSHIP
AMCHAM MEMBERS
CORPORATE DLA Piper Posztl, Nemescsói, Mölnlycke Health Care Kft. BUSINESS Deutsche Telekom IT & Memolux Kft. 3M Hungária Kft. Györfi-Tóth and Partners MSCI AAM Management Information Telecommunications Hungary Kft. Menedzsmentor ABB Kft. Law Firm NEXON Consulting Ltd. Dr. Rose Magánkórház MILIPOL ZRT. “Complex military AbbVie Gyógyszerkereskedelmi Kft. Docler Holding NI Actionlab DunaPro Holding Hungary Kft. and law enforcement solutions” Accenture Hungary Dow Hungary Kft NNG LLC AFIS Hungary E-Word Translations MINUSPLUS custom made Adecco Hungary Dreher Sörgyárak Zrt. Noerr & Társai Iroda AGS Worldwide Movers Estée Lauder architecture Adient Hungary DXC Technology Novell PSH Ltd. Amrop Kohlmann & Young Europa Design, Herman Miller MSD Pharma Hungary Kft. Aegon Hungary Composite E.ON Hungária Zrt. O&GD Central Ltd. Andersen Adótanácsadó Zrt. Authorised Dealer Multi-Lingua Kft. Insurance Company Eaton Opten Informatics Ltd. AR Tudásmenedzsment FirstMed MVÜK Affidea Magyarország Kft. EPAM Systems Kft. OTP Bank Nyrt. Arthur Hunt Személyzeti Flowserve Hungary Services Nagy és Trócsányi Ügyvédi Iroda AGCO Hungary Kft. Forever Living Products Hungary Partner in Pet Food Tanácsadó Kft. Forgó, Damjanovic & Partners National Intruments Hungary Kft. American Express Europe S.A. Ltd. Hungária Kft. Attrecto Zrt. Law Firm NCR Magyarország Kft. (Hungary Branch) Fresenius Medical Care Hungary PepsiCo - Fővárosi Ásványvíz- Bán, S. Szabó & Partners fOrgXpert International Kft. Oppenheim Ügyvédi Iroda Avis Budget Group BSC Fusion Group és Üdítőipari Zrt. Beck To Nature, LLC Grant Thornton Hungary PAG-Professional Baker Hughes Hungary Kft. Gentherm Hungary Kft. Profession.hu Kft. Bergmann H1 Systems Mérnöki Administration Group Baker McKenzie Budapest Graphisoft SE Procter & Gamble Hungary BIB - Budapest Institute Szolgáltatások Kft. Pfizer Gyógyszerkereskedelmi Kft. Bayer Hungária Kft. Hartmann-Rico Hungária Kft. Progress Promotion Kft. of Banking Zrt. Hammel & Hochreiter Business PL3 Services Beckman Coulter Hewlett-Packard Informatikai Kft. Raiffeisen Bank Zrt. Bird & Bird International LLP & Management Consulting Kft. Process Solutions Magyarország Kft. Hilton Budapest Robert Bosch Kft. Blue Business Interior Kft. HAYS Hungary Kft. Profexec Services Kft. Biogen Hungary Hilton Budapest City Roche Services (Europe) Ltd. Borealis Consulting HB Reavis Hungary Kft. PROVARIS Varga & Partners BNP Paribas Hungrana Ltd. SANMINA bpv JÁDI NÉMETH Hungária Med-M Kft. PSP Siklossy és Partner Vezetői bp ING BANK N.V. Hungary Branch SAS Institute Kft. Attorneys at Law HungaroCAD Tanácsadó Kft Budapest Airport Zrt. INTERAG Holding Zrt. Schneider Electric Budapest Business Journal Infogroup Property Development Quality Tours Hungary Bunge Zrt. InterContinental Budapest Silveria Electronics Ltd. Budget Hungary - Group Reál Véd Vagyonvédelmi és Celanese Hungary Intrum Justitia Zrt. Sykes Central Europe Otokoc Hungary Inzelt Law Firm Szolgáltató Kft. Cloudera Hungary Kft. Invitech Synergy Construction Hungary Caterpillar Magyarország Zrt. Iron Mountain Magyarország Kft. Régens Zrt. Coca-Cola HBC Ivy Technology Hungary T-Systems Magyarország Zrt. Celgene | A Bristol Myers KCG Partners Law Firm Sándor Szegedi Szent-Ivány Magyarország Kft. Jankovits Engineering TEQBALL KFT. Squibb Company Kofax-Recognita Zrt. Komáromi Eversheds Sutherland Cognizant Technology Solutions JANSSEN Tesco Business Services CFG Paralel Vezetési KONDOR Holding Kft. Attorneys at Law Hungary Kft. JCDecaux Hungary Zrt. The Coca-Cola Company Tanácsadó Kft. Lajos Ügyvédi Iroda / Lajos Sárhegyi & Partners Law Firm Continental Group Hospitality Jobsgarden Személyzeti Thermo Fisher Scientific Cisco Hungary Law Firm Schönherr Hetényi Ügyvédi Iroda Continest Technologies Plc. Tanácsadó Kft. TMF Hungary Ltd. CMS Cameron McKenna Nabarro Lakatos, Köves and Partners Simonyi és Tóth Személyzeti CooperVision CL Kft. K&H Bank Zrt. Trenkwalder Hungary Olswang LLP Hungarian Ügyvédi Iroda Tanácsadó Kft. Corinthia Budapest Kempinski Hotel Corvinus Budapest TÜV Rheinland InterCert Kft. Branch Office Leidecker and Partner Kft. SOLVO Biotechnolgy-A Charles Covalen Solutions KPMG UniCredit Bank Hungary Zrt. Colibri HR Solutions LHH Hungary Career Consultants Kft. River Company CTP Management Hungary Lilly Hungaria Kft. Unisys Hungary Corning Hungary Kft Magicom Kft. Századvég Gazdaságkutató Zrt. DAF Hungary Kft. LogMeIn Kft. United Call Centers Kft. DARHOLDING Kft. Mansfield & Associates Szecskay Attorneys at Law Dana Hungary Kft. ManpowerGroup Hungary UPS Magyarország Kft. DBH Investment Zrt. Marsh Kockázatkezelési, Tanácsadó Szűcs és Társai Ügyvédi Iroda Dell Hungary Mastercard UTC Overseas Logisztikai Kft. Dentons és Biztosítási Alkusz Kft. Talentuno Technologies Zrt. Deloitte Magyarország MKB Bank Nyrt. Xerox Hungary Deutsche Bank Hungarian Branch Medtronic Hungary Ltd. Tapaszto Optic Ltd.
44 45 MEMBERSHIP MEMBERSHIP REPORT TGI FRIDAYS Children Cancer Foundation HONORARY MEMBERS Trust Hungary Zrt. Corvinus University of Budapest Benko, William VAR Kft. Csodalámpa Alapítvány / Magic Bienerth, Gusztáv, Dr. MEMBERSHIP IN NUMBERS MEMBERSHIP STRUCTURE AS OF NOVEMBER 26, 2020 Védelem Holding Lamp Foundation Bina, Steven VINCI Facilities DARTKE Association Blinken, Donald As of November 26*, Patron Magyarország Kft. ETOSZ - Association of Health Boone, Theodore S. 42 Vistra Corporate Services Technology Suppliers and Brinker, Nancy G. 2020 AmCham Hungary’s VLK Cresa Kft. Medical Device Manufacturers Czirják, László membership consist of Wanari Kft. Győztesek Egyesülete Fáth, Péter 324 members, Weco-Travel Kft. Happy Kids International Havas, István Corporate Wolf Theiss Faludi Erős Attorney- Kindergarten Hegedűs, Péter A. from which there are At-Law Hillel Hungary Nemzetközi Hinkle, Larry 108 Work Force Kft. Egyesület Huebner, Charles A. 42 Patron, WS Hungary HOA Knuepfer, Robert C. Jr. 108 Corporate, Xylem Water Solutions Hungarian American Fulbright Kraft, Péter, Dr. Magyarország Kft. Commission for Educational Nemethy, Les 106 Business, Business yoo WC Kft. Exchange Pongrácz, Ferenc 28 Non-profit, 106 International Republican Institute Rajki, Zsuzsa TAKE-OFF MEMBERS Müpa Budapest Sanders, Ronald and Sarah 9 Take-off, Non-profit ASB Hungary Nemzetközi Gyermekmentő Sápi, Lajos 6 Individual Individual 28 Centaer Consulting Kft. Szolgálat / International Childrens Shade, Michael J. Honorary and Honorary members. efficient solutions Safety Service Simonyi, András 25 6 Take-off 25 Gurcan Partners International Primus Private Healthcare Sugár, András 9 Law Firm Providers Association Szablya, Helen Knowledge Pyramid Quinnipiac Közép-Európai Intézet Tufo, Peter F. Leidecker and Partner Kft. Alapítvány Walker, George Herbert Sharity Innovation Kft. SOS-Gyermekfalu Magyarországi Taxually Alapítványa ZalaZONE Automotive Proving SZEGED PÓLUS Fejlesztési Ground Nonprofit Kft. KEY FIGURES OF THE AMCHAM MEMBERSHIP IN 2020** Szent István Egyetem NON-PROFIT MEMBERS MBA Központ We represented more than employees of our member companies AFS Magyarország The Institute of International 200,000 AIPM Education There is very wide and strong representation of different business sectors in the membership: American International School The Municipality of ▶ largest banks Budapest Hajdúböszörmény 6 out of the 10 British International School ▶ 15 among the largest Shared Service Centers Alapítvány INDIVIDUAL MEMBERS ▶ largest international law firms Budapest Business School – Hanák, András, Dr. 15 among the 20 University of Applied Sciences Herczeg, Imre ▶ All 4 of the largest corporate finance consultants Budapest Stock Exchange Kard, Aladár Budapest University of Technology Kelen, András *Closing of 2020 Annual Report editing and Economics Lenoci, James **To be able to report full year on reliable sources 2019 data is used Central European University Söpkéz, Sándor Sources: AmCham database, Budapest Business Journal’s Book of List, www.opten.hu, Ministry of Justice: http://e-beszamolo.kim.gov.hu/
46 47 FINANCIAL REPORT
SECRETARY TREASURER’S REPORT AMCHAM EXPENDITURE STRUCTURE (MHUF) 212.8 consulted with Process Solutions AMCHAM EXPENDITURE 2018 2019 Kft., our accounting company, STRUCTURE (MHUF) 180.2 many times. There were no issues In line with our revenues, the identified that would be included in total expenditure also increased 108.2 95.3 a management letter. by 18% compared to 2018, to 86.3 212.8 MHUF in 2019. 70 Special thanks to BDO Kft. for their three years of good cooperation The material expenditures, meaning 11.5 14.4 3.9 in providing audit services to the costs of services we provided 3.4 AmCham. I also would like to thank to our members, amounted to 86.3 Process Solutions Kft. for their MHUF, which is 23% higher than it Total Material-type Personnel Other Depreciaton high-level professional work and was in 2018. Expenditure of Expenditure Expenditure Expenditure continued help. Due to some changes in our staff, AMCHAM REVENUE the personnel costs were a bit Secretary Treasurer STRUCTURE (MHUF) more than in the previous year and Mike Carlson (KPMG) Our total revenues were 241.4 totaled 108.2 MHUF. As AmCham is MHUF, higher than in 2018 by 19%. a basically a service provider, just over half of its total expenditures As Secretary Treasurer, I am pleased Membership fees are still the most (51%) were personnel related costs to report that the financial results of important part of our revenues, including wages, contributions AmCham strengthened in 2019. reaching 154 MHUF; 8% higher than and other related payments. The that of the previous year. number of our office staff was 10 at AMCHAM REVENUE STRUCTURE (MHUF) Thanks to it being our anniversary the end of the year. year, we could reach a profit of 28.5 Our net sales revenue (including 241.4 MHUF which is slightly more than professional events, services Other expenditures, consisting of 203.7 2018 2019 it was in the previous year (23.4 provided to our members and other non-deductible VAT (7.2 MHUF), MHUF). Our members provided services connected to our basic written-off receivables, granted 142.8 154 strong support to celebrate this activity) also increased by 39%, support and cost of financial special year and we received a mainly due to organizing the 30th activity, amounted to 14.4 MHUF, 71.8 generous amount of sponsorship. Anniversary Year Gala. slightly higher than in 2018 51.8 (11.5 MHUF). 1 0 3 4 4 10.8 M-Audit Kft. audited our There was no significant change in financial statements for 2019 and the revenue from financial activities Depreciation was only 2% of total stated that the figures gave a (interest from government bonds, expenses (3.9 MHUF). Total Membership Net sales Arconic Income Other true and fair view of the financial treasury notes, etc.). Revenues Fees (events, other Grant from Financial incomes position and performance of FINANCIAL RESULT services) Activities AmCham. Before issuing its Our other revenues (reversal of In summary, 2019 was again a auditor’s report, M-Audit Kft. impairment loss and subsidies, successful year financially for thoroughly reviewed the related event related other income) AmCham as we could close our financial documentation, and totaled 10.8 MHUF. financial year with a 28.5 MHUF profit.
48 49 FINANCIAL REPORT AMCHAM HUNGARY SIMPLIFIED BALANCE SHEET DECEMBER 31, 2019 AMCHAM HUNGARY SIMPLIFIED PROFIT AND LOSS ACCOUNT THUF DECEMBER 31, 2019 ASSETS December 31, 2018 December 31, 2019 THUF Fixed assets 95,515 102,605 I Intangible Assets 3,074 1,843 2018 2019 A II Tangible Assets 10,551 14,307 Basic Entrepreneurial Basic Entrepreneurial Total Total activity activitity Activity activitity III Financial investments 81,890 86,455 1 Net sales 47,466 4,317 51,783 32,042 39,765 71,807 Current Assets 40,217 60,408 2 Capitazed value of own performance 0 0 0 0 0 0 I Inventory 0 0 3 Other income 148,041 81 148,122 160,535 4,254 164,789 B II Receivables 17,811 7,355 Thereof: 0 III Securities 0 0 - Membership fees 142,843 0 142,843 154,026 0 154,026 IV Cash and bank deposits 22,406 53,053 - Payments from Founders 0 0 0 0 0 0 C Prepayments 2,111 5,153 - Subsidies 1,312 0 1,312 6,509 0 6,509 Total Assets 137,843 168,166 - Other 3,886 81 3,967 0 0 0 4 Income from financial activities 3,677 83 3,760 4,718 41 4,759 EQUITY AND LIABILITIES December 31, 2018 December 31, 2019 A Total income (1+2+3+4) 199,184 4,481 203,665 197,295 44,060 241,355 Equity 107,727 136,252 Thereof: income of non-profit activities 0 0 0 0 0 0 I Subscribed capital 2,426 2,426 5 Material expenditures 66,214 3,873 70,087 59,494 26,793 86,287 II Capital change 81,880 105,301 6 Personal expenditures 93,307 1,981 95,288 88,900 19,343 108,243 D III Tied up reserve 0 0 Thereof: Benefits granted 20,841 469 21,310 18,395 4,002 22,397 IV Valuation reserve 0 0 to executive staff V Profit for the year from basic activity 25,077 37,723 7 Depreciation 3,329 75 3,404 3,155 704 3,859 VI Profit/(loss) for the year from Entreprenuial Activity -1,656 -9,198 8 Other expenditures 10,558 192 10,750 7,564 6,314 13,878 9 Expenditures of financial activities 699 16 715 459 103 562 E Provision 0 0 B Total expenditure (5+6+7+8+9) 174,107 6,137 180,244 159,572 53,257 212,829 Liabilities 8,733 13,813 Thereof: expenditure I Subordinated liabilities 0 0 0 0 0 0 0 0 F of non-profit activities II Long-term liabilities 0 0 C Pre-tax result (A-B) 25,077 -1,656 23,421 37,723 -9,197 28,526 III Short-term liabilities 8,733 13,813 10 Tax payable 0 0 G Accruals 21,383 18,101 D After-tax result (C-10) 25,077 -1,656 23,421 37,723 -9,197 28,526 Total Liabilities & Equity 137,843 168,166
50 51 WELCOME AMCHAM FOUNDATION
FASTER. SLEEKER. BETTER. AmCham Foundation (ACF) promotes regularly organizes volunteering corporate social responsibility and programs, especially in institutions the ethos of volunteerism in the teaching, healing, and caring for Hungarian business culture. With children. more than 30 years of experience in organizing volunteering events, Unfortunately, COVID-19 forced us ACF extends transparent and to take some hard decisions and, ethical charity services to donor with the safety of the children and amcham.hu corporations. We offer end-to-end volunteers in mind, we cancelled services; besides organization and the Code Theater performances and logistics, we also help companies all our organized volunteer days for to pre-examine and follow up on the 2020. volunteering projects and to monitor potential children’s institutions. Despite the difficult circumstances, 20 ACF volunteers from ExxonMobil YOUR DESTINATION FOR EVERYTHING AMCHAM Since the beginning, the and NCR Hungary stepped up to organization has raised around HUF help the Bliss Foundation with 405 million in donations for nearly renovations and paint jobs. 135 children’s institutions, reaching more than 15,500 children. HUF 3.5 MILLION ACF SUPPORT FOR TWO Our main pillars are: CHILDREN’S HOSPITALS protective gear and additional • Talent development: A strategic The COVID-19 outbreak is having a equipment for the intensive care unit; goal for ACF, we are dedicated massive impact on our society and to expanding the Rajki Zsuzsa puts an enormous financial and We donated HUF 2 million to the Pál Award, supporting young talented mental burden on our hospitals, Heim Children’s Hospital’s Childhood individuals who excel in their doctors, nurses, paramedics and Foundation for the purchase of INTRODUCING OUR NEW WEBSITE studies, the arts, or in sports caregivers. These professionals protective gear and ventilators. despite difficult backgrounds; sacrifice a lot by working on the This October, AmCham Hungary including a polished intuitive front lines every day, treating people We are confident that the equipment launched its completely design, faster performance, • Digital Education: Code Theater in extreme circumstances and under and tools provided through these redesigned website to provide easier navigation, improved performances, classroom high risk of infection. grants will help as many children as a better experience and more reading experience with larger lessons, and the “English Click” possible to heal and will increase effective service on a sleeker, photos, fonts and wider pages, language teach program; The ACF Board of Trustees decided the safety of their caregivers. more modern platform with a an all-in-one page for advocacy to support our healthcare workers new structure that allows visitors activities and groups, an • Corporate Volunteer Days: Spring with a HUF 3.5 million donation from For 31 years, the foundation has to find information about the upgraded online event Buzz and “A Day to Make it Happen.” the organization’s reserves to help helped institutions who care activities of the chamber more registration system, and an the following foundations: for disadvantaged children who quickly and easily. enhanced mobile experience. ACTIVITY IN 2020 require permanent care or come Scan the QR code with Anyone who has done it knows that We donated HUF 1.5 million to the from difficult backgrounds. We will your phone or tablet Designed with the needs of the To learn more about AmCham, and volunteering is not only a pleasure, Tiny People Foundation János continue to help children in need, and to open our website membership in mind, AmCham to get the latest on its events and but also part of a meaningful Hospital’s Child and Infant Care we encourage all AmCham members introduced plenty of new features, advocacy work, visit amcham.hu. and fulfilling life. Our foundation Department for the purchase of to join us in making a difference.
52 53 SPACE TO GO
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