Board EuropeA newsletter for members of The Conference Board in Europe Volume 20 • Number 1/2 • January/February 2005

OffshoringOffshoring aa TopTop PriorityPriority forfor EuropeanEuropean CEOsCEOs

In this issue ore European chief executives regard relocating operations abroad as a top priority than their counterparts in either the US or Asia, according to a new 1 CEO Challenge 2004 M Conference Board study of CEO opinions, “CEO Challenge 2004”. In a sign that European companies are beginning to recognise the inevitability of the EU KLEMS project outsourcing and offshoring trend and the consequences of an ageing workforce, 31% 2 of chief executives of European companies see relocating to cross-border labour 3 Economic Briefing: markets as one of their key business issues. This compares with 24% of CEOs in the Strategic Choices US and 21% of Asian CEOs who share a similar priority. for Global Business Sir Martin Sorrell, CEO of WPP and Trustee of The Conference Board said: “As a The Future of the AGM great many European companies have found to their cost, the slightest reluctance 4 to respond to demographic and economic change can prove painfully expensive. 5 Conference: This Conference Board research confirms that, for many European businesses, Enterprise Risk Management offshoring has become not just desirable but crucial.” 6 Council News “CEO Challenge 2004”, sponsored by Heidrick and Struggles International, Inc. and • Three new Council directors PeopleSoft, is based on the responses of over 500 global business leaders from • Strategic Manufacturing 40 countries. Initial results, “CEO’s Top Ten Challenges” were published last summer. • Global Supply Chain • Health & Safety Top three priorities for CEOs worldwide, identified in the study, are: ● Adapting to change 8 Business Information Service ● Maintaining top-line growth

● Retaining customer loyalty. (➢ 2)

www.conference-board.org 1 (➢ 1)

The report highlights a number of key trends which are shaping CEOs’ agendas:

● CEOs in Asia are more likely to see pressure from foreign investment in their home market as a top priority than are CEOs in Europe or the US. Contrary to the established view that EU KLEMS global competitive pressures are a Project one-way, East-to-West street, the report finds that only one in three US The Conference Board Europe is one of 14 research business leaders view pressure from organisations from across the European Union that are foreign investment as important consortium members of the EU KLEMS project. compared to 73% of CEOs in Asia. The European Commission has provided a budget of The increasingly common trend for € 5 million to the consortium to do research on productivity Asian manufacturers to relocate in the European Union. The consortium will be responsible operations in Europe and North for developing productivity measures for EU member states America is an example of how (as well as comparisons with the United States and Japan) offshoring has become a win-win and for conducting research in the areas of productivity, phenomenon, benefiting economies technology, labour markets, etc. The three-year project is which are traditionally seen as funded through the European Commission’s 6th Framework inevitable competitors. Programme for Research.

● Outsourcing is being driven by This project is of great importance for a better assessment of economic imperatives rather than a the goals established by the EU in the Lisbon Agenda. lack of skills in developed markets. According to this agreement, member states will need to Indeed Asian business leaders are more carry out a range of structural reforms in order to make the concerned about the availability of EU the most dynamic and competitive economy in the skilled labour (66%) than CEOs in world. Until now, adequate measures of one of the most Europe (51%) and the US (42%). important goals of the Lisbon agenda, namely the Similarly CEOs in Asia are more likely improvement of productivity growth, were lacking. to view the availability of talented managers as a top priority than are The purpose of this 3-year project is to develop productivity CEOs in the US. measures for about 60 industries for each individual member state of the Union, and to carry out an analysis of ● The dispersed nature of companies’ the causes of differences across countries. As a result it will workforces places a priority on be easier, for example, to determine in which industries transferring knowledge within the individual member states have competitive advantages, or company and managing cross- by how much an increase in expenditures on R&D cultural relations. Three out of stimulates growth. An important aim of the project is to give four CEOs of European companies support to statistical agencies in continuing the development regard sharing ideas internally as a of productivity measures after the research has been top priority and more than half of all completed. CEOs see the development of cultural understanding as a key issue. The research consortium is led by the Groningen Growth and Development Centre of the University of Groningen (The Netherlands) and the National Institute of Economic and Social Research in London. Both institutes have established an important reputation in the area of productivity analysis. The consortium also works together with research institutes outside Europe which do similar research at, for example, Harvard University (US) and Keio University (Japan). This may contribute to improved comparability of productivity measures on a world-wide scale.

For further information, contact Prof. Bart van Ark, University of Groningen (co-ordinating institute), tel. + 31 50 363 3674; email: [email protected] See also: http://www.euklems.net/

CEO Challenge 2004 Report 1353-04-RR

2 Strategic Choices for Global Business

François Cornélis, Vice Chairman of the Executive Committee, TOTAL, hosted a briefing for business leaders 1 2 3 at the company’s Brussels offices on 26 October. The speakers were Gail 1. François Cornélis, Vice Chairman of the Executive Committee, TOTAL Fosler, Executive Vice President and 2. Gail Fosler, Executive Vice President and Chief Economist, The Conference Board Chief Economist, The Conference Board, 3. Guy Quaden, Governor of the National Bank of and Member of the and Guy Quaden, Governor of the Governing Council of the . and Member of the Governing Council of the European Central Bank. thought that prices, inflation and interest Looking ahead to the coming months, rates would rise, but pointed to some early Guy Quaden said one could be Introducing Gail Fosler, François Cornélis, warning signals that the financial system cautiously optimistic, but the scenario of commented that “The Conference Board's may have “too much” liquidity. an ongoing recovery is subject to risks, work on leading economic indicators oil prices being the main one. and exchange rate fundamentals European economic challenges The European economy must be made are particularly valuable for global Guy Quaden underlined the major more resistant to external shock. businesses.” achievements of the euro and EU He observed that the Lisbon Agenda is enlargment, but said that the most excellent in terms of diagnosis, but, Gail talked specifically about challenges important challenge now was how to so far, not sufficiently powerful in for companies in the global business improve Europe’s growth potential. implementation. There has been environment. She predicted that rapid “Insufficient growth obscures these progress in structural reforms, but the US and global growth would continue major achievements and prevents people pace of reform needs to be significantly into 2005, but said that the acceleration from believing in the dynamism of stepped up if the Lisbon targets are to be phase of growth rates was over. She also European integration.” achieved.

4 5 6 4. François Cornélis, Gail Fosler 5 and 6. Business Briefing at TOTAL, Brussels, 26 October and Guy Quaden

Welcome, Vittoria

We are pleased to announce that Vittoria Presidency. She is fluent in Italian, Barbaso has recently joined the Brussels French and English with a good office as a Meetings Coordinator to work knowledge of Dutch. Vittoria worked for on the conference programme and with The Conference Board in a temporary our Human Resources Councils. Born in capacity in 2004, with special Brussels, Vittoria graduated in law from responsibility for the successful the Université Catholique de Louvain-la- conference on Productivity, Innovation 7 Neuve and has done internships with the and Value Creation organised jointly 7. Vittoria Barbaso Belgian Justice Ministry, the European with the government of The Netherlands Council of Ministers and the Italian last June. We are delighted to welcome Permanent Representation to the her as a full time member of the European Union during the last Italian European team.

3 The Future of the Annual General Meeting

Annual meetings are under attack in preferential access to board members at number of options for change within the both the United States and Europe but almost any time they wish. So for them, constraints of legal requirements and are likely to survive by becoming more most of what takes place at the annual evolving expectations among investors relevant and in step with a changing meeting is often redundant and their and corporations. governance and business environment, attendance is viewed as unnecessary. It is according to a new Conference Board also charged that very little meaningful Among the major suggestions for change report, The Future of the Annual discussion takes place at many annual presented by participants at the summit: General Meeting. meetings, especially when they are dominated by single-issue activists. ● Create a series of alternate forums The report is based on the second Some critics also question the value of where investors and corporate Corporate/Investor Summit held in open voting since institutional investors management can examine critical, London in May. The summit was already have decided most of the issues long-term issues. Formal annual initiated by The Conference Board’s with the company beforehand. meetings do not lend themselves to Global Corporate Governance Research serious, informal discussion. Centre and included major corporations Corporate Scandals drive Reform and large investors from the US, The content and purpose of the annual ● Allow shareholders to direct questions to UK and Germany. meeting was originally prescribed by the board but assure the process company law in most jurisdictions. is orderly by having questions submitted “There is considerable debate surrounding Very little changed until regulators and prior to the meeting. This, it’s suggested, annual shareholder meetings on both stock exchanges on both sides of the would allow chairmen to run meetings sides of the Atlantic,” states the report. Atlantic imposed new rules and more smoothly and avoid redundant “While new governance initiatives push requirements in the wake of a growing questions and windy speeches. toward airing certain issues at annual number of financial scandals and meetings, both companies and investors spectacular corporate failures over the ● Establish virtual online annual general have expressed concerns about their past five years. meetings with full voting rights goals, format and effectiveness.” for shareholders. Corporate governance reform has forced Some critics charge that attendance the pace of change and imposed a much at annual meetings attracts “gadflies” greater burden of compliance and rather than major institutional disclosure on a company than ever before. investors and that all the significant This has transformed expectations for communication with investors takes the annual meeting from fulfilling a place behind the scenes and well before relatively simple and straightforward formal meetings. Others say that with legal requirement into a much more the growing globalisation of shareholders complex process, covering a wide variety (some multinationals have several hundred of issues. thousand shareholders throughout the world), annual meetings should be “It is not surprising that most companies conducted online. are unhappy about having to lash onto their agendas a raft of substantial The Case for the Annual Meeting new elements that they believe do But Carolyn Brancato, Director of The not necessarily meet the needs of Conference Board's Global Corporate shareholders or companies,” says Governance Research Centre, describes Brancato. “As an entity, the annual the annual meeting as “the one occasion meeting is intended to serve many when general shareholders can meet masters at the same time. There is The Future of the Annual with the board of directors face to growing concern that it is not serving General Meeting face, question them about company any of these parties as well as it could be.” Special Report SR-04-02 performance and policy, debate any outstanding issues, and then vote on the A Widespread Call for Change motions put before them.” The Conference Board study finds a general belief that annual general Investors and executives point out that meetings need to be changed. But a key institutional investors have a major edge question is how much change can be over other shareholders, since they have implemented, since there are only a limited

4 Enterprise Risk Management

What is Enterprise Risk Management? 3. Companies are already indicating Director and Corporate According to Michael Chagares, Practice that they receive benefits from ERM Risk Officer, emphasised Leader and Senior Vice President of even though most companies are that ERM is integrated Marsh USA Inc., opening speaker at in a fairly early stage of ERM with strategic planning, the Enterprise Risk Management implementation. reflected in the company’s’ Conference held in London on 16-17 vision of risk management: November, it is probably one of the most “Norske Skog shall confusing and misunderstood concepts manage its financial, around. He described it as a “consistent hazard, operational and and continuous process that applies strategic risk exposures 9 across the company, enabling a holistic on a fully integrated 9. Atle Farstad, Director understanding of what the critical risks basis, by managing the and Corporate Risk are, how well they are monitored and net effect of correlated Officer, Norske Skog managed, and how they are linked to the risks, and aim to develop achievement of the strategic objectives”. low cost risk solution strategies and He admitted that enterprise risk thereby maximising shareholder management (ERM) takes a lot of effort, value.” Through case studies, Atle

time and resources and can be hard to 8 showed how three different risk models evaluate. Even the best ERM system is are used as powerful tools in strategic 8. Clive Winter, Director of Audit, BP not perfect. Management judgement will decision making at Norske Skog. always be a critical factor and the right Establishing the “risk tolerance level” decisions still have to be made. ERM – an integral part of is an important part of the process. “But ERM at least gives you the Corporate Strategy opportunity to make better informed Clive Winter, Director of Audit, BP, decisions abut the key issues that will referred to Rescher’s definition of the have an impact on the achievement of purpose of Risk Management: your strategic objectives. One thing is ● Maximise the expected outcome clear: ERM is not just the latest fad or ● Avoid catastrophe flavour of the month. More and more ● Dismiss extremely remote or companies are implementing enterprise- unrealistic probabilities wide risk management systems, driven partly by external factors such as the At BP, the first step in the risk increased shareholder expectation of management process is understanding good corporate governance practices. It the direction and this means being clear

is no longer good enough for companies about the values and strategies of the 10 just to do as they have always done.” company. “Without this understanding, 10. Mark Newlands, Director of Risk you can’t begin to assess the risks.” Management for the BOC Group Proof that an increasing number of The second step is ascertaining the risks companies are developing, implementing involved in the delivery of the strategic or preparing to implement ERM was objectives, and the third stage is Mark Newlands, Director of Risk given by Ellen Hexter, Programme the response, composed of a “Plan-Do- Management for the BOC Group, Director, The Conference Board. She shared Measure-Learn” cycle. At each stage, shared his company’s risk management preliminary findings of new Conference open behaviours and collaboration are model and annual strategy planning Board research, sponsored by Marsh, based vital. For BP, there is no difference cycle. He underlined the links between on interviews with 276 executives involved between risk management and running them,10 convinced that proactive rather in risk management in North America and the company, but Clive warned against than reactive ERM leads to better Europe. The three key findings were: complacency: “There is still much more informed decision-making. “At BOC, 1. ERM is here to stay to do”. risk management is part of our 2. Companies are implementing ERM culture, not a ‘bolt on’ procedure. for a variety of reasons that are both Norske Skog is the world’s second largest Top management commitment is critical internally and externally driven publication paper producer. Atle Farstad, to its success.”

11 11. Delegates sharing their experiences of ERM

5 Council News

Welcome to three 12 13 14 12. Leiv Nergaard, Director, European Council of Chief Financial Officers new Council Directors 13. Paul Tiller, Director, European Council of Controllers 14. Lutz Doblaski, Director, European Council on IT Governance and Strategy We are pleased to welcome three new Council of €2 to 20 billion. The current chairman is Lutz Doblaski is the new director of the directors to the European team: Leiv Nergaard, Jesper Brandgaard, Chief Financial Officer, European Council on IT Governance and Paul Tiller and Lutz Doblaski. Novo Nordisk A/S, Denmark and the Vice Strategy. This network of Europe’s leading Chairman is Rudolf Zemp, Chief Financial management information practitioners Leiv Nergaard directs the newly named Officer, Maus Frères, Switzerland. benchmarks best and breakthrough practices European Council of Chief Financial Officers in IT management. (formerly the European Council of Financial Paul Tiller directs the European Council of Executives). Leiv was previously a member of Controllers. The Council is for senior Lutz has been a member of The Conference the Council as President of Norsk Hydro executives and directors with responsibility Board Europe’s IT Council for 15 years, serving Germany and Senior Vice President, for financial control in international industrial on the steering committee and as chairman. EU Co-ordinator for Hydro. and commercial companies. Discussions For 23 years Lutz was CIO and Member of the focus on the operational aspects of financial Executive Board of Württembergische Members of this Council are the highest management and control that determine Versicherung AG in Germany, a $2 billion ranking CFO of each member company and company success. Paul was previously a insurance company. are part of corporate management. Both listed member of the European CFO Council in and privately held companies are eligible to his capacity as Chief Financial Officer for join this Council and typically have revenues Cargill Europe.

Eastern Location’s Impact on Plant Pioneering Performance and Competitiveness Collaboration and

Szolnok in Hungary was the venue for the Henkel network. The second day featured Visibility in the newly named European Council on a visit to Henkel’s washing powder plant Global Supply Chain Strategic Manufacturing (previously the in Szolnok. European Council for Plant Managers) on 18-19 November, hosted by Henkel. To set New logistics challenges for Hungarian Following an extremely successful meeting in the scene, Ferenc Deak, CFO and companies as a result of globalisation and South Africa four years ago, members of the President, Henkel Hungary, talked abut the EU enlargement were outlined by Kornél European Council on Global Supply Chain economic development of Hungary and Vincse of the Hungarian Logistics decided to return and continue to expand their the effect of EU membership. His Association. The round-table discussion knowledge on how global markets are being colleague, Johann Seif, then gave an focussed on the impact of different served. At their meeting in Johannesburg, overview of the Hungarian factories in the cultures on plant performance. South Africa, on 24-26 November, members had the opportunity to see and hear how the best South African companies are developing 15. Andrew Tank, Executive Director, The Conference Board Europe, and Hans Linn, Vice collaborative operations to achieve and even President Supply Chain CEE, Unilever, looking at some Henkel products. lead world class performance. 16. (From left to right): Johann Seif of Henkel; Hans Linn and Bernd Weisshaar of Unilever; and Jochen Jacobs of Henkel. Meeting host was UTi Worldwide – an international non-asset based global integrated logistics company providing supply chain management and planning and optimisation solutions. Tiger Wessels, the company’s vice chairman, talked to the group about supply chain Cupertino, and new business models for global performance.

Programme highlights were hosted visits to three leading edge developments unique to South Africa and which represent world-class leadership in supply chain thinking 15 16 and practice:

6 Council News

Safety in the Construction Industry

The European Council on Health and and said that it was clear from the statistics the results of the subsequent accident Safety held its autumn meeting in Madrid why particular attention needs to be given investigation. In the discussion that on 18-19 October. Opening speaker to Spain and Portugal, especially in the followed, members shared other methods was Alun Jones, EU Network Manager of construction industry. of accident investigation, comparing and the European Health and Safety Agency. contrasting these with the Tripod approach. He spoke about the agency’s performance Jop Grueneweg of Leiden University who explained the theory and process of the “Tripod” approach to accident investigation. The Tripod approach aims at managing the controllable aspects of human error in the working environment. This contrasts with the conventional expectation that attention should be directed at the individual workerwho performs unsafe acts, and his or her attitudes, motivations and 22 perception of risk. Hans Keijzer of DSM 22. Sally Brearley of Balfour Beauty 21 shared his company’s practical application in conversation with John Doidge 21. Yvonne van Beek of The Conference of the Tripod technique. Finally Zack of Rolls-Royce. Board Europe with Jop Groeneweg Mansdorf of L’Oréal described some of Leiden University. unusual accidents with Fork Lift trucks and Sally Brearley of Balfour Beatty was lead speaker on “Managing Safety on Construction Sites”. Balfour Beatty have a high quality client base covering a very wide range of industries on a selective global scale. While sophisticated safety approaches are not normally associated with the Construction Industry, Balfour Beatty has an approach which matches the best in any industry. This covers the definition of a safety strategy; ABC analysis;

17 18 “traction” for accident investigation and 17. (From left to right): Peter Laurence of Laboratories Serono, new Council chairman; behavioural safety. To achieve this, it was Professor Alan Waller, Council Director; Peter Baker, Division Director Marketing, UTi; necessary to have the full commitment of and Tiger Wessels, Vice Chairman, UTi Worldwide Inc. the board. The results are demonstrated in 18. (From left to right): Lara Kruiskamp, Business Analyst UTi; Peter Baker, Division Director the company’s accident statistics. Marketing, UTi; and Olivier Christ, Council Coordinator, The Conference Board Europe. The round-table discussion focussed ● International Health Care Distributors (IHD), primarily on the topic of legionella in cooling the implementation of collaborative systems oreven in sewage works. Members distribution for pharmaceutical and health also reviewed the gas pipeline explosion in care businesses. Belgium and the safety issues relating to ● Shoprite state-of-the-art Retail Distribution working from various types of ladders. Centre (RDC) and the implementation of Collaborative Planning Forecasting and 19 Replenishment (CPFR) in Fast Moving Consumer Goods (FMCG) ● Automotive Supplier Park (ASP) Rosslyn, Gauteng, the implementation of a collaborative development for major automotive manufacturers and suppliers.

These visits were based on plenary 20 23 presentations and were hosted by the senior 19. Peter Laurence (left) in conversation 23. (From left to right): Bill Robinson, management involved in developing and with Professor Jackie Walters, Rail Safety and Standards Board Ltd; implementing these innovative industrial Department of Transport and Logistics Marc Moris, Belgacom; Paul van der solutions. Delegates had the opportunity to Management, Rand Afrikaans University. Mensbrugghe, Procter & Gamble ETC; discuss the most important issues and 20. Corrie Kotze, Logistics Manager, and Hans Keijzer, DSM. challenges and how these were overcome. Automotive Supplier Park S. Africa

7 The newsletter Board Europe is published six times a year by The Conference Board Europe, 130 Chaussée de La Hulpe, box 11, 1000 Brussels, Belgium (Tel. 32/2 675 54 05, Fax 32/2 675 03 95, e-mail: [email protected]) and is edited by Sandra Lester. Opinions published in Board Europe shall not be construed as representing those of the Board's European Associates. All rights reserved. Reproduction in whole or in part permitted subject to due acknowledgement. ____// g

Meetings Diary

Volume 20 • Number 1/2 • January/February 2005

27 January 2-3 March

Listed here are some forthcoming ❒ Building Sustainable ❒ European Council on Health Conference Board events for European Enterprises Forum members. & Safety Managing Corporate Hazards Utrecht, The Netherlands If you would like to receive an and Opportunities invitation to any of them, please tick Brussels, Belgium 3-4 March the appropriate box, supply your name and company details, and send 27-28 January ❒ European Council on Human the form to: Resources ❒ European Council on Work-Life The Conference Board Europe, Antwerp, Belgium 130 Chaussée de La Hulpe, box 11, and Diversity Madrid, Spain 1000 Brussels, Belgium 7-8 March Alternatively, fax the form to 32.2/675 03 95 3-4 February ❒ European Council on IT ❒ European Council of Economists Governance and Strategy Munich, Germany Joint meeting with: European Council on Global ❒ European Council on Legal Affairs Supply Chain

Name Brussels, Belgium Munich, Germany

❒ European Council on Mergers 9-10 March Position & Acquisitions ❒ European Council on Shared Zurich, Switzerland Services

10-11 February Edinburgh, Scotland Company ❒ European Council on Strategic 10 March Manufacturing ❒ Address Eisenach, Germany Polish Council of Finance Executives 16-17 February Warsaw, Poland ❒ European Council ❒ Tel. on e-Procurement Polish Council of Human Zurich, Switzerland Resources Directors Fax Warsaw, Poland 17-18 February e-mail ❒ European Council on Purchasing 10-11 March Zurich, Switzerland ❒ European Council on Compensation and Benefits ❒ European Council on Corporate Rome, Italy Communications Brussels, Belgium ❒ European Council of Chief ❒ European Council of Controllers Financial Officers Nice, Heerlen, The Netherlands

24-25 February 16-17 March ❒ The Pensions Council ❒ European Tax Executives Council www.conference-board.org Berlin, Germany Brussels, Belgium ____// g

New Research Publications

Volume 20 • Number 1/2 • January/February 2005

1356-04-RR 1357-04-RR

❒ Measuring More Than Efficiency: ❒ Directors’ Compensation and These reports (in full or in summary) The New Role of Human Capital Board Practices in 2004 can be downloaded from the Members Reports the amount and type of Metrics Only website: compensation paid to outside www.conference- Provides both an overview of current directors in 2004 in 510 US board.org/membersonly.htm HR metrics practices and a discussion (If you experience log-on difficulties, companies in three major industry contact: rosa.correia@conference- of how these measures can be linked sectors. It also looks at practices board.org for assistance) to strategic goals and initiatives. regarding committee service, benefits The report also includes examples for outside directors, board leadership Alternatively, complete this form, of innovative metrics programmes and board composition. ticking the appropriate boxes, and send or fax it to: currently in place at a number 1355-04-RR Board Europe of companies. ❒ 130 Chaussée de La Hulpe The 2004 Corporate Contributions 1000 Brussels, Belgium SR-04-02 Report tel. 32/2 675 54 05 An annual overview of corporate fax 32/2 675 03 95 ❒ The Future of the Annual giving, based on information General Meeting supplied by the largest US corporations. The report Name Based on The Conference Board’s Global Corporate Governance disseminates annual corporate contributions data, including Research Centre’s second Corporate/ pre-tax income, sales per employee Position Investor Summit, this report and other benchmarking data. represents a unique consensus achieved on what is referred to as the 1354-04-RR Company annual general meeting (AGM) in ❒ The 2004 Top Executive Europe and the annual shareholder Compensation Report meeting in the United States. This annual report, based Address It addresses the purpose of the AGM; primarily on proxy and financial whether its format can be improved statements, details the average 2003 compensation of the five to facilitate communications between highest-paid executives in 2,896 companies and investors; Tel. companies in 14 major industry international best practices for AGMs; sectors (US). It combines long-term Fax and the shape and direction of the compensation with current pay to e-mail AGM in the future. arrive at “total compensation.” The full report includes SR-04-01 compensation breakdowns by industry category, with more ❒ Improving Communications than 400 tables and charts, between Companies and Investors as well as access to an Interactive Based on The Conference Board’s Compensation Calculator. Global Corporate Governance 1353-04-RR Research Centre’s first transnational Corporate/Investor Summit held in ❒ CEO Challenge 2004: Perspectives New York, this report represents a and Analysis Examines the top priorities and unique consensus on best practices to concerns of chief executives improve communications between worldwide and contains 11 companies and investors. It includes a www.conference-board.org in-depth interviews with CEOs discussion of comparative legal and from multinational companies, regulatory systems in the US and UK representing diverse industries.