ENGAGE, INNOVATE, DELIVER. Let’s get started Julie Meyer on egos, explosive growth and getting David and Goliath to dance

INSIDE> COPING WITH GROWTH Follow our four golden rules PAGE 4 WINNING MARGINS Small changes for big business wins PAGE 18 PREMIER LEAGUE Introducing Equiniti Premier Services PAGE 26 FOREWORD CONTENTS WORDS FROM THE FRONT INSIDE THIS ISSUE of the 6best

A time for transformation BUSINESS ENGAGE, INNOVATE, DELIVER. Let’s get EQUINITI MAGAZINE started Julie Meyer on egos, explosive growth and NUMBER 11 getting David and Stuart Ellen, Managing Director, TRANSFORMATIONS Goliath to dance INSIDE> Cover photograph COPING WITH GROWTH Follow our four golden rules PAGE 4 WINNING MARGINS by Tony French Small changes for big business wins PAGE 18 PREMIER LEAGUE Registration Services, Equiniti Introducing Equiniti A change is as good as a rest – or in the Premier Services PAGE 26 case of these companies, it’s even better. Radically transforming their offerings has Managing transformation is key to any enabled these businesses to keep ahead business that wishes to grow, develop and and continue making profits. REGULARS thrive. If you consider how our business has developed over the past six years, we have 6 Thinking aloud 22 Six steps Brian White and Jon Wilson How to successfully manage an IPO undergone a huge amount of change. One Tiffany’s on returning to the top of their game change that was announced towards the end 24 My Equiniti 3 From humble to high society, Tiffany’s Nicola Pattimore discusses the of last year was John Parker’s retirement from 20 Company has achieved one of the most extraordinary importance of Equiniti’s people his role as Managing Director, Shareholder business transformations of all time by Secretary profile Meet Tate & Lyle’s Solutions. We are fortunate to still have access turning its original New York stationery store 31 What’s new at Equiniti? into a world-renowned jeweller. Famous for Company Secretary, Lucie Gilbert A round-up of the latest Equiniti news to John’s knowledge and insight through its diamonds, and immortalised in Audrey his non-executive roles with Shareholder Hepburn’s classic film, this is an exceptional FEATURES Solutions and Equiniti Group, but on behalf of transformation success story. everyone at Equiniti I would like to extend our 4 Coping with growth 26 Equiniti Premier best wishes and huge thanks to John for his CGI What do you need to consider as CGI has come a long way since two Services leadership over many years. 4 your business booms? entrepreneurs started the company in their Acquiring Killik Employee Services spells great things for our customers Our first EQ magazine of 2014 takes basement. What was originally an IT strategic 10 Signed, sealed, delivered transformation as its theme. Start-up consulting firm has transformed into a full-service Five different Equiniti experiences 27 Come fly with me Nokia IT and business process service company, by of the recent Royal Mail IPO easyJet strengthens its relationship Please contact me champion Julie Meyer has seen the impact 1 A Finnish stalwart, Nokia started life by adding systems integration and IT and business at: marketing@ of explosive growth up close and urges us all merging a rubber business, a paper mill and a process outsourcing services to its offering. Today, 12 Entrepreneur country with Equiniti equiniti.com to embrace change. Elsewhere we share our cable works together. The company then went CGI has more than 69,000 consultants across the Julie Meyer is living proof that if you 28 Telling tales on to completely transform its core products, globe, and is regarded as one of the leading IT and four golden rules for coping with business properly articulate the right ideas, the Director of Prism Cosec, Chris Stamp, growth and take a closer look at the benefits in becoming one of the largest mobile phone business process services in the world. money will find you manufacturers in the world. Whilst the recent discusses the restructured annual report implementing marginal gains. sale of its mobile business to Microsoft suggests Nintendo 16 Charting change 30 Adding value Expanding our capabilities With 30 million people benefiting from our that its skills cannot compete in today’s hyper- 5 Whilst today this Japanese giant is Equiniti Investor Analytics’ partnership competitive market, there is no denying that it best known for its high-tech gaming with Orient Capital shows off our services, a client satisfaction rate of 91% is pulled off a formidable transformation in its time. systems, its origins lie in playing 18 Winning with the 1% something that we continually work hard to cards. This company keeps itself at Small changes equal big business wins combined technological capabilities maintain. This was evident in Royal Mail’s IPO, Gap the top of its industry by constantly Believe it or not, Gap started life selling moving with the times. From playing The Equiniti Group: The following companies are registered in England and Wales. Registered Office: Aspect House, when our customer satisfaction levels remained 2 Spencer Road, Lancing, West Sussex, BN99 6DA: Equiniti Limited, no: 6226088; Equiniti Financial Services Limited, the same, despite the increased customer records and tapes, as well as jeans. In 1969, cards in 1889 to the revolutionary Wii, no: 6208699. Registered office: Sutherland House, Russell Way, Crawley, West Sussex, RH10 1UH: Equiniti Services when Doris and Donald Fisher opened their first Nintendo has always known how to Limited, no: 756582; Claybrook Computing Limited, trading as Equiniti Claybrook, no: 1287205; Paymaster (1836) enquiries. This capped a very successful year Limited, trading as Equiniti Paymaster and Hazell Carr, no: 3249700; Equiniti Solutions Limited, trading as Equiniti Gap store next to a San Francisco university, they give its customers what they want. Paymaster and Hazell Carr, no: 3335560. While every effort has been made to ensure that information is correct for us, and I hope that 2014 will be even better. wanted to appeal to the younger generation. at the time of going to print, The Equiniti Group cannot be held responsible for the outcome of any action based But they quickly decided the best way to do this IBM on information contained in this publication. The Equiniti Group does not give any warranty for the completeness If you would like to share your feedback on the or accuracy for this publication’s content. was to drop the music and concentrate on the 6 Ever heard of the Computing-Tabulating- magazine, please do get in touch. product that was proving popular with their target Recording Company? Quite possibly not, but EQ magazine is produced and published on market – jeans. This decision swiftly paid off in you’ll know the business it went on to become. behalf of Equiniti by White Light Media. Stuart Ellen spectacular style; in their first year they made Born in 1911, IBM’s original products included Creative Director: Eric Campbell $2 million in sales. Nowadays Gap is an international commercial scales and punch card tabulators Writers: White Light Media team, Lisa Labarte, Nicola Collins Designers: Islay Brown, Lauren Lee, Angela McKean EQ magazine has been printed on environmentally retailer with six brands, over 3,000 stores and – a far cry from the high-tech software and responsible paper, manufactured from well managed www.whitelightmedia.co.uk. Members of the CMA & PPA forests, controlled sources and recycled wood.

more than 133,000 employees to its name. FEATURES REX consultancy services that it offers today.

2 > EQ | winter 2014 www.equiniti.com > 3 COPING WITH GROWTH A GUIDE FOR EXPANDING BUSINESSES

EQ’s four golden rules for coping with growth

ASK ANY business owner about their aspirations then most other things If you do these eight key things, people will and you’ll no doubt find that they will fall into place. When see growth as an opportunity, and actively help dream of expanding their business, but if it isn’t businesses are growing, their managers. If you miss out parts, you aren’t well managed, growth can quickly turn into a they need to know how engaging with your staff, and you may struggle to nightmare. EQ has spoken to the experts and to count the numbers, deliver the levels of service required to capitalise compiled the very best advice on how to cope with and they need to know on market opportunities. the challenges of growth to ensure your business what the numbers are telling them. Without remains on the up. an understanding of them, you are tying one 4. Focus on customers hand behind your back in terms of your ability to Colin Mason, Professor of Entrepreneurship 1. Planning is vital grow, and you’re exposing yourself to unnecessary (Management), Adam Smith Business David Foster, MD, Winning Business risk. For all the businesses I work with, I strongly School, University of Glasgow A plan is no more than a route map. You wouldn’t recommend dashboard reports – a one-page report What struck me from working with high- drive to somewhere you have never been before which brings out the key financial measurements growth firms is how heterogeneous they are. unless you had a map or you wouldn’t know which that are unique to that organisation, relevant to the They come from all sectors of the economy, way to turn out of the drive. Without a plan, you customers they are serving and appropriate for the not only technology. For many of them, their have no idea which direction to drive in and you’ve business’s industry. philosophy is to have a deep relationship with got no chance of getting to where you want to be. Take two businesses providing the same services their customers, to understand and anticipate The need for a plan is fundamental to everything to the same market. The business with a good their needs, and to work closely with them. we do. It is as simple as having an understanding cash reserve will survive longer and be in a more Several companies, particularly in manufacturing, of where you are trying to get to, an idea of the competitive position than another which has sell themselves as solutions providers to their vehicle you are going to use, the type of business an equally good service but hasn’t got the same customers. They recognise that if they are only you are going to run or the structure you’re going financial reserves. You can run an entire business providing a product, there is a danger this would to use, and an idea of the costs and the timings on cash flow in the SME sector. You don’t have just become a commodity and then, they would involved. For all my clients, big or small, I liken it to look at the profit and loss balance sheet – not have to compete on price. Instead, they wrap to going on a trip to a new place. that these aren’t critically important – but for the service around whatever products they are You have to understand what you management of the growth of a business, you can selling. This means they have on-going mean by growth – is it growth in do all of that on cash flow. relationships with their customers terms of profitability, employee and they have multiple revenue numbers or market presence? 3. Keep your staff engaged streams from their customers. And then you have to be Peter Rogan, MD, Future Positive Consulting This business model may not realistic about it. Planning I find the challenge with growth is that so much Information, tools and resources: if work for every sector, but it is the growth of any business is changing in the business, it is so easy to lose people aren’t properly equipped, they can applicable for B2B. is vital, but you should also good people, but it is your staff who will drive become demoralised. Businesses need to be customer- know when to abandon or your growth. To fail to constructively engage with Effective processes: everybody on the front centric. What your business is change those plans. Too many your staff is to lose what I call their ‘discretionary line can use a simple tool, like root cause going to do has to be based on a people stick to plans whatever potential’ – what they would bring to the table analysis, to continuously improve processes. conversation with the customer. It happens, and that’s also had you given them the opportunity. People Skills and knowledge: do they have what they has to come first, rather than your a big risk. are natural problem solvers, so they want to be need at the right time? R&D lab deciding what to produce and involved and contribute. There are eight key things Accountability: ensure there is someone taking then figuring out who will buy it. I did 2. Know your finances to remember: an interest in employees. economics at university, and the most useful Ian Gordon, Head of Leadership Regular constructive feedback: feedback is a concept was ‘opportunity cost’: when you’ve & Management Programmes, Positive leadership: let people know how they fit process, and as the business is growing, people used an hour in the day, you can’t have that hour Lancaster University into growth and how they will benefit. will have to grow in experience, confidence back again. Businesses evolve, and you have to Management School Clear expectations: outline what will change and range. really think through your customer base. Do you Growth is another factor in the business that and what this will mean for people’s roles or the Opportunity to discuss problems and ideas: want to focus more on certain customers? Who has to be managed. If you get the cash right, structure of the business. this is the ability to discuss any of the above. are your most profitable customers?

4 > EQ | winter 2014 www.equiniti.com > 5 THINKING ALOUD BRIAN WHITE AND JON WILSON

PORTRAITS BY DAVID ANDERSON

Managing Directors of Client what Equiniti can offer and also have improved the breadth of our service. With this in mind, Relationships at Equiniti, Brian changing the structure of our teams was really White and Jon Wilson, talk returning important – as our client base broadens, we to the top of their game and what needed to make sure we have a structure that is fit for purpose and that can still deliver the this means for clients level of service our clients have come to expect from Equiniti. Transitional times JON We have come so far in the past six years. Keeping customers at the heart We have worked hard to ensure that the service BRIAN Every client is important to us and Jon we provide reflects the individual requirements will talk about this later. For me it is about of our clients. This has recently been recognised understanding our clients but also being aware by our clients as Equiniti returned to the of their niche requirements and this is where position of number one share registrar in the the Relationship Management team is really UK according to the Capital Analytics* Survey. important. Having this depth of understanding One of our differentiators is that we recognise makes Equiniti’s and the client’s lives easier. our customers as individuals and we will tailor our solutions to fit their needs. We don’t believe JON For me, it’s about listening to the voice of in a one-size-fits-all philosophy; we listen to our the client and understanding that each client clients’ needs. has different requirements. We look after a whole breadth of clients from those that have BRIAN As part of our commitment to keep millions of shareholders, to those that have very delivering the very best service for our few, and we recognise that. We care about our customers, we have recently changed the clients’ businesses and keep our customers at Relationship Management structure. In a the heart of what we do, and in doing that we market and business that is fast changing, our can’t apply just one approach. It needs to be new approach will allow us to better cater our more proactive than that and this new approach offering and service delivery to our clients. allows us to deliver on this.

JON As Managing Directors of Client Relationships Complementary acquisitions Brian and I have as our primary focus ensuring JON Shareholder Solutions is at the heart of that we continue to deliver the best possible what Equiniti stands for and the acquisitions service to customers. To ensure this happens we we have made over the last five years have are continuously working with our Relationship complemented and broadened our offering. teams making sure that our clients’ needs are fully met, and where possible, exceeding our clients’ expectations. We have recently refocused our approach and we are delighted with the way this is starting to take shape.

BRIAN Equiniti has also made a number of acquisitions in recent years, particularly in the Shareholder Solutions environment, which have delivered benefits to our clients, in terms of

*Overall satisfaction results in the Capital Analytics UK Registrars Benchmarking Survey 2013.

6 > EQ | winter 2014 www.equiniti.com > 7 THINKING ALOUD ALL CHANGE >BRIAN WHITE AND JON WILSON ONWARDS AND UPWARDS

Our recent purchase of Killik Employee Services JON We absolutely strive to be number one, Equiniti David Venus Managing (KES), now Equiniti Premier Services, has given so even though we are there at the moment, us the opportunity to offer further services to we won’t become complacent – we will keep Director Doug Armour looks our clients in international markets. Equiniti working with our clients to ensure our service forward to another busy year Premier Services helps us to present a service continues to improve. in company law offering to our corporates that we couldn’t this time last year, so it’s definitely a good thing. A year to remember BRIAN From a business perspective, being AS IS OFTEN the case at the start of a BRIAN Our clients have a huge impact on the appointed to handle Royal Mail Group’s IPO For more information, new year in company law, acquisitions that we look to make. Every against a competitive tender was a real highlight please contact your the only thing company secretaries can be acquisition that we have completed in the last in 2013. The all-round delivery from across the Relationship certain of is that nothing will stand still. six years has complemented Equiniti and helped Equiniti teams was outstanding in such a short Manager The march towards mandatory in delivering to our clients and growing and delivery timescale. Our relationship with easyJet dematerialisation of share certificates taking the business forward. has also developed this year and we now handle continues apace. As discussed in our all of its services in registration and employee last issue, this must be seen now as a Gaining capital share plans. I’m also really proud of our case of when, not if. But the when is still JON When the Capital Analytics results were handling of the Barclays rights issue, a corporate not entirely clear. The draft guidance published six years ago, we were ranked pretty low action over a very tight timescale, where we had says only that it will happen some time – in fact we were last. As a result of this, as you to communicate with 700,000 shareholders and between now and 2025, but there is may expect, an action plan was developed which deal with their varying requests. general agreement that 11 years is too along with other initiatives used working groups long to wait and it remains to be seen and the principle of continuous improvement to JON There have been many highlights this what end-date for dematerialisation is in tackle each category. Plans and workstreams were year but for me the biggest achievement is the final text. The likelihood now seems “There is general agreement that 11 years is too put in place that we worked through each year having returned to the top spot in the Capital that the Government will make the final until we got back to the top spot. Analytics Survey. We couldn’t have done this decision on timing in the UK subject to long to wait and it remains to be seen what end- without the help of all our colleagues across the the EU’s mandatory date. The trilogue BRIAN We also looked at the root causes of where business that are also being recognised within began late in 2013 with the intention of date for dematerialisation is in the final text.” we were making errors or where we weren’t their own sectors. As an example, the Contact finishing it by the end of the year, and getting the best feedback and we eradicated those. Centre has retained its Customer Contact until we know what comes out of that, any That really helped us to turn around the areas of Association (CCA) accreditation for the fourth new UK model cannot be fixed in stone. impact on public listed companies as to the Shareholder Rights Directive, the business where we weren’t performing as well year in a row. It has been a real team effort to Concerns have been expressed about the details of ownership are already known proposals on gender and other diversity, as we could. We enjoy being number one and our get to where we are now, and we only intend to implications for company mailings and and shareholders already have to disclose changes to the Securities Law Directive ambition is to stay there. do better with every year that follows. communication with shareholders. interests of over 3%. But, for the smaller and guidance on legal certainty relating On 2 December Euroclear UK & unlisted companies it could be quite to investor cooperation, but with no draft Ireland announced the move of standard onerous, particularly for those set up with proposals ready yet it is unlikely the settlement from T+3 to T+2 with effect structures to keep ownership secret where impact of any of these will be felt in 2014. from 6 October 2014. Currently there they have nominee shareholders. We The year will kick off for many with remains a carve-out allowing extended may also see proposals on employment the new requirements in narrative and settlement and as a consequence agencies and whistleblowing. remuneration reporting (for more on T+2 settlement will not require The Government is planning changes this, see page 28). We know what the dematerialisation of all shares. For issuers proposed to annual returns, simplifying content has to be but it is the style and the only change will be to the standard company filings, particularly for the level of detail that are in question and dividend timetable where the record date companies where there haven’t been any everyone is eagerly anticipating the first will remain as Fridays but the ex-dividend changes. There are also to be changes half dozen that file and publicise what date will now move to Thursdays. to the statement of capital to tidy up they have done. The best advice to those The results of the Government’s a long-standing problem which means filing later in the year is to go through consultation on ‘Transparency and Trust’ some companies can’t properly complete all the guidance from the GC100, the should be made available soon. There if they have bought back shares issued at ICSA and the Department for Business, has been discussion about Companies different amounts over the years and can’t Innovation and Skills and to act as early House having a register of beneficial be sure of the price they were issued at. as you can. From next year everyone will ownership and whether or not this There are a number of EU initiatives have a year’s experience behind them and should be made public in the interests which could re-surface, including a a consensus will start to form around the of transparency. This would have little roadmap on share ownership, amendment best style of report.

8 > EQ | winter 2014 www.equiniti.com > 9 ROYAL MAIL IPO

s organisations go, external workstreams, as well as multiple though our call numbers almost doubled, and responding quickly as the client’s Royal Mail is one of third-party suppliers to establish timelines, we still retained our excellent customer requirements evolved. As a team, we were the most recognisable implement infrastructure, coordinate satisfaction rate of 92–93%. That was really flexible and adaptable and I was very proud in Great Britain. For data exchanges and align delivery of down to the commitment of staff across the of how committed my team was. years, this company has various components. Contact Centre. Signed, delivered our parcels, We provided the marketing and Gavin Lane, Senior Manager, popped letters through application websites, which needed to Neill Sullivan, Senior Manager, Corporate Actions our letterboxes and helped get messages cater to high volumes of users and surges Investment Services After 17 years of working within the Ato businesses across the world. So it’s no in demand. As well as the websites that On the back of the Royal Mail IPO, we Corporate Actions team, it was a fantastic surprise that when government took the the public and Royal Mail employees used, provided a number of different share opportunity to be responsible for the decision to privatise this very public service, there was also a great deal of work going on dealing services for shareholders, one of operational design and delivery of the sealed, it became one of the highest-profile Initial to provide back-end systems. We needed to which was a new facility, an automated Royal Mail IPO. Our team’s combined Public Offerings (IPO) that Equiniti has deliver solutions to scan paper applications telephone instruction (ATI) channel. This experience of delivering a number of ever processed. Here are five different received and capture the PDF applications service allowed shareholders to sell their large corporate events over the past five Equiniti perspectives on the project and downloaded from the website. We also had shares by placing an instruction through an years meant that we had the expertise what it meant for them to be involved. to make sure our systems provided the automated telephone service. to successfully manage this project. delivered functionality to reconcile the applications ATI was established as Royal Mail With no major online IPO precedence Bob Birkhead, Senior Service and online payments, apply the correct was keen to offer shareholders a range to assist with forecasting application Delivery Manager, Employee allocations and produce all of the print volumes, we needed to take full advantage Benefit Solutions files for the email notifications, share of our online capabilities to be operationally Equiniti did so much more than successfully Working on a project as high profile as certificates, refund cheques and effective. Our dynamic web system handle the privatisation of Royal Mail. It also this was very rewarding. When the project welcome packs. resulted in thousands of online applications started, a lot of the finer details needed This was the biggest online share offer Ultimately, this per second with real-time 24/7 application opened doors for the future to be established, including around the that we have ever done and great teamwork data being available. We also applied Employee Priority Offer and exactly how and dedication ensured its success. was the biggest scanning technology with character Royal Mail employees would be awarded recognition software to record new 10% of the business in shares. So we had Darren Charles, Contact online share offer shareholder registration details for to work simultaneously on four different Centre Manager all paper applications. scenarios, until our client the Government The Contact Centre was involved in the in the UK and great We welcomed a very strong team of decided on using the Share Incentive Plan Royal Mail IPO process from tender right individuals from a number of different (SIP). Following this, I was the lead on the through to completion of the project. teamwork and areas of our business, and around 130 employee share plan dealing, so I worked Given the size of the task, we didn’t have agency staff members joined us. This closely with different Royal Mail work a point of reference in the marketplace dedication ensured ensured we were adequately resourced streams to coordinate the process. when planning for potential call volumes, to successfully deliver this task. In addition to written communications, so we had to use the expertise we have at its success This IPO culminated in the creation of we participated in drop-in clinics over a Equiniti to build models and work with our a new FTSE 100 share register with over three-week period at 109 Royal Mail sites. client, the Government, to make reasonable 400,000 shareholders. Being involved To accommodate employees’ shift patterns, assumptions as to what the interest and call in such a large task and seeing the great we worked with Royal Mail representatives volumes would be following the floatation. partnerships formed was incredibly to hold these clinics from early in the This task provided us with the of ways to place their share instructions. rewarding. The exceptional teamwork morning until late in the evening. In total opportunity to implement new ways of We responded with ATI, which as well as and our technology offering were what we saw around 8,000 people. customer contact. Royal Mail was keen helping with the huge volume of calls we made this project such a great success. This project went really well and we have to have a web chat feature, which was anticipated, was also designed to be easy had some great feedback from our client. something we hadn’t used before, however to use, especially for people who had little A bright future lies ahead This was the biggest privatisation we have we implemented it and staffed the facility experience in share dealing services. By Winning the Royal Mail IPO allowed worked on in a very long time, and the from 6am until 11pm to accommodate the end of the task we had successfully Equiniti to demonstrate that it could cope success of it is sure to open doors for us. Royal Mail staff’s working hours. We also processed over 56,000 sale instructions, with a task on such a grand scale. Not only created a social media presence via Twitter, selling over 14 million shares. did it meet the demands of a high-profile Claire Vaughan, Senior IT open for eligible employees wanting We are renowned for our customer client, but Equiniti also showed that it Project Manager information on the ESO (employee share service. To make sure that our service levels could balance a very demanding project The IT team was made up of a number offering) and fielded vital enquiries via remained high, we reviewed our operational and still deliver the levels of service that of workstreams to deliver the systems this channel. structure and took on additional resource its customers have come to expect. supporting this project. It was vital that Naturally, our call volumes increased to support us throughout this project. Teamwork, commitment and Equiniti’s milestones were met in each area to significantly. We normally handle 160,000 ATI also helped minimise the impact expertise has resulted in the Royal Mail provide an integrated system solution for calls a month, but when the IPO was on business as usual. IPO being a huge success and will each stage of the offer. This meant working in progress, we answered an additional This was a really exciting project and undoubtedly create further opportunities closely with a number of internal and 140,000 calls in a single month. Even there was a lot of thinking on your feet of this scale in the future.

10 > EQ | winter 2014 www.equiniti.com > 11 INTERVIEW PORTRAITS BY TONY FRENCH

Don’t go west,f go to Entrepreneur Country Start-up champion Julie Meyer talks matchmaking David and Goliath, respecting the ego and coping with explosive growth

ulie Meyer steps out of the boardroom to go where you don’t know anybody, figure it out, mid-interview to freshen up. She is and really understand how the market values what not gone longer than five minutes you do. Without home turf advantage, you have to but when she returns she is wrestling figure out quickly how you’re going to make your with a currency sum. Her client livelihood, how the market perceives you.” Seamless has landed more than 300 And after moving to London (which she million Swedish krona in funding and, describes as the “centre of the anglosphere”) in when armed with the exchange rate, she does one 1998 it did not take her long to find her niche. Jterrifyingly quick calculation and announces that Within months she was working with a venture her company Ariadne Capital has made £300,000. capital firm and had established networking It seems a striking confirmation of her maxim organisation First Tuesday, which allowed that if you have the right ideas and articulate them Internet start-ups and financial backers to meet. well, the money will find you. Ariadne Capital is an It eventually sold for $50 million in cash and investment and advisory firm formed by Meyer in shares, allowing Meyer to set up Ariadne Capital. 2000 that matches tech start-ups with established Still London-based today, she is evangelical entrepreneurs and corporates so they can grow about the strength of British tech firms and how and share revenues. She has form when it comes borders are irrelevant to the success of start-ups. to championing tech entrepreneurs having been “Having just had breakfast with the great Greek involved in deals with Skype, Monitise and Zopa. entrepreneur behind Matternet, who’s building a Meyer, who was raised in Palo Alto, California, whole new ‘go aerial’ strategy in the transportation first came to the UK in 1986 to study for a year industry, aka drones, I know great entrepreneurs at Cambridge University as part of a degree in can come from anywhere. Niklas Zennström Humanities and English Literature and returned to [co-founder of Skype] was an obscure Swedish Europe to live in Paris at the age of 21. “I tried to entrepreneur with a base in Estonia when we study French and I couldn’t handle the fact I tried started working with him 10 years ago. to do something and it was unsuccessful,” she says. “And yet, the structure and infrastructure haven’t “So, I said ‘it’s over to Paris you go and figure out caught up. It is a sizeable market opportunity to the language’. The experience gave me confidence build that structuring opportunity so entrepreneurs

12 > EQ | winter 2014 INTERVIEW

high-priced employees making a cut for providing finance. That readjustment “What I do in my role is try to appreciate, and reattaching financial services to industry are the positives coming out of and respect the ego of the entrepreneur and the financial crisis. But there shouldn’t be say ‘hey, I think you can do it too’.” a question in anyone’s mind at this point that you have to create wealth.” And when the recovery does kick in, can not only come from anywhere, but can where will the big growth areas be? be successful anywhere. That’s what we’re “Transportation is an industry we doing. I want to be on that side of history.” are very interested in. I’m interested Meyer published her book Welcome to in drones and the impact an aerial Entrepreneur Country in 2012 in which strategy could have when you look at the she attempts to explain how society is re- economics of building roads,” Meyer says. organising itself and encourages everyone “I also think that areas which have to embrace these changes. Ariadne Capital been the bastion of the state – health helps entrepreneurs back entrepreneurs and education – are being transformed and has 60 leading businesspeople as by entrepreneurs right now. If I fast core shareholders. In September 2013 she forward, there is no way in which I can launched the entrepreneurcountry global foresee these areas being constructed network with representatives in 15 regions, as industries as they are today in the establishing a community connecting public sector. They will be driven by corporates and start-ups and building a entrepreneurs transforming them for searchable database. the common good by leveraging “Our vision is that great entrepreneur- disruptive economics, consumer data led start-ups – the Davids – and large and ecosystem economics in order to companies – the Goliaths – must dance. serve the people better.” David brings new digital revenues to When Meyer speaks of her father you Goliath; he brings distribution to David. know why she is so keen to become “I wouldn’t pigeon-hole it as venture involved in health. She describes him as capital. I would say I am there to facilitate her business hero who created a whole the success of entrepreneurs that I believe world. If you are a bog-standard bank seen the bad stuff and have an idea how to “Strong people have a responsibility to industry in America. He was a doctor really have something positive to add or retailer, and are not thinking about build a positive architecture for a business care for weaker people. But I don’t believe but created the first pulmonary medical to the world and who work towards the disruptive economics, if you’re not kept that has to get into rapid growth mode, that the Government, as it is currently practice and while Meyer says it played common good. I think that is one of the awake by that, you’ve got a big problem.” and if it doesn’t get those foundations in structured, does that effectively. I see the “havoc” with his marriage, she says he set most profitable things you can do. This She sees their role as a delicate balance place by the time it’s hurling through the entrepreneurs as problem solvers and her a great model for how hard you have is not CSR; the best thing you can do of backing entrepreneurs but also often atmosphere – talk about explosive!” when I see people tackling social problems to work to be successful. is create value for the common good. providing a moderating influence. Away from Ariadne Capital, Meyer effectively with an entrepreneurial mind, I “I have never gone into anything as When you do that, you create sustainable, “The dominant thing that entrepreneurs Meyer has seen what it takes for a small starred in the online version of the BBC’s get really excited. I’d rather see that than a businessperson and thought, ‘this is profitable, valuable businesses. have is an ego not under check. Most of business to survive explosive growth and Dragon’s Den and is currently setting watch the Government pump more public going to be easy’. My father showed me “Every entrepreneur has a customer society learns to keep it in check. We don’t says a balance must be struck between up a Dads and Daughters Foundation to money into solving the problem. I believe that much.” But the challenges and the acquisition problem: how are they going to allow people with big egos to run things the skills of the entrepreneur, chairman, support her thesis that women’s identities if you reduce that percentage of tax overall, ups and downs of working with new acquire customers? Are they just going to because we will bop them down to size. product techs and business salespeople. are shaped – for good or bad – by the you’re going to get more revenue. There businesses have done nothing to dampen deal with an app marketplace, or can they What I do in my role is try to appreciate “You need people around you that messages they receive from their fathers are many things we can do for SMEs.” her infectious enthusiasm. actually work with the local mobile carrier and respect the ego of the entrepreneur believe in you and care about the company. as children. She sits on Vince Cable’s Meyer sees these SMEs and their wealth “It doesn’t get better than this; even and the bank and the retail shop and all and say ‘hey, I think you can do it too’. But When you think of children turning into Entrepreneurs Panel, but, as with many in creation as the key to recovering from a bad day is a good day. I never have to those non-tech companies? It is clear that I also act as the voice of reality on how we good adults, how does that happen? business, would prefer politicians to keep the global financial crisis alongside a go to ‘work’, I get to talk to and work technology businesses are taking over the can be successful.” Through a good family,” she says. “I’ve their interference to a minimum. readjustment of the relationship between with such amazing people. When you “For me it’s interesting, but not essential financial services and industry. see an entrepreneur do something in the to follow what the Government does. I “I’m a financier, but financial services market, which they ought not to be able think the positive thing that is happening is not an industry, it’s a service industry. to do, it is the best ringside seat you can Women’s work: one of the Wall Street Journal’s 30 most is that technology is helping create Throughout history, capital has followed ever have.” influential women in Europe on the feminisation of business collective action and social justice. We ideas. Queen Isabella put Christopher For Ariadne Capital, the focus is on can decide that we want to see a specific Columbus on a retainer but he’s the guy building capacity and helping more I believe the world is becoming to think, “Is everybody with me?” I think what the 30 Percent Club is differently. You could be a woman, school infrastructure, or a homeless that found the New World. It’s not about entrepreneurs grow faster. Meyer talks of more feminine because we are In reality, good leaders have doing is very interesting but I work who is the most traditional person, shelter or whatever we want for our the Medici family, it’s about Michelangelo turning their work with seven explosive working more in networks. Women both gender characteristics and with entrepreneurs because I love who hasn’t had a diverse thought local environments and we can, as a and Leonardo da Vinci. growth businesses to 70. As for her book, are wired to think of the group – it is becoming clear to me that people that are a bit odd and who in her life. I believe in diversity, but community, leverage a lot of things driven “For a while we lost the concept of Welcome to Entrepreneur Country, she not to say men can’t – but because companies do well when there is a think differently. You could be a I don’t think that it is defined by by new technological services and create what is business. It’s about the people views it merely as a first installment. The of history, women naturally have balance of different kinds of skills. bog-standard white guy and think colour of skin, sexuality or gender. that same collective action. And we can do who are building the business and not second will perhaps deal with the next 10 that more cheaply, and more effectively. the financiers who are essentially very years of their own explosive growth.

14 > EQ | winter 2014 www.equiniti.com > 15 CHARTING CHANGE For a combined 212 years we have been Dividend service supporting the UK’s leading businesses and £267m turnover public sector institutions. Our capabilities +10% year on year growth General meeting management and solutions have changed and expanded Willingness to recommend registrar into new areas and we now help more £31.4m Account management than 1,600 organisations. But, as the recent + operating profit Service to the company Capital Analytics Survey demonstrated, Overall satisfaction one thing that won’t be changing is our Service to shareholders commitment to our clients. £92.6m Call Centre knowledge about company + 47 operating cashflow * Overall Satisfaction results in the Capital Analytics UK Capital Analytics Registrars Benchmarking Survey 2013. £72bn 18m 2010 2011 2012 2013 30m in payments shareholders’ people benefit from our services processed each year records held 23 UK Registrar for and off-shore specialist service centres and longest client a London HQ 176 relationship Paymaster 1836 Xafinity 49% years of FTSE 100 Hazell Carr Our History companies staff Client satisfaction rating Killik (corporate), satisfied or ProSearch David ICS 360 NatWest myCSP peterevans Prism Employee retention 91% Venus Computing Clinical Exec Dealing Mutual JV Cosec Services 87% very satisfied

would recommend Capabilities development 2,737 colleagues 89% to others Equiniti 2007 Group 2013 Solutions development 27% of UK work-based pension scheme Sirus Equiniti Data Global ESP Auto Paymaster Bank Platform Services Share Portal enrolment International residuals members Alliance Payments

Our Values Trust Excellence Client Focus Belief People

16 > EQ | winter 2014 www.equiniti.com > 17 MARK GUNTER/AFP/GETTY IMAGES MARGINAL GAINS

When it comes to making major improvements, sometimes it pays to sweat over the small stuff

ou cannot improve one thing by 1,000% but you can improve 1,000 little things by 1%.” Wise words from Jan Carlzon, a Swedish businessman ‘‘Ywho famously lived and breathed this approach to help turn Scandinavian Airlines from one of the industry’s worst performers to one of the best. The Great British Cycling Team is perhaps the most celebrated advert for this approach – commonly known as ‘marginal gains’. We all watched as it scooped medal after medal at the London 2012 Olympics. Rigorous training plans and unrivalled commitment are obvious factors in its success, but this is something that all athletes at that level possess. What we were all looking for were answers as to how the GB Cycling Team stood head and shoulders above the rest. And it would seem that its secret was to sweat over the small stuff. Performance Director of British Cycling, Sir Dave Brailsford, clearly had the words of Jan Carlzon Small ringing in his ears when he implemented a programme of marginal gains that would see the GB Cycling Team achieve great success. “Essentially, the approach is one of accumulating change performance gains by making small, i.e. marginal, gains in all or many of the processes that contribute towards the final outputs of achieving the desired aim,” explains Dr David Hall, Principal Lecturer at for big the University of Portsmouth Business School. Sir Dave thought of every possible area where a marginal gain could be made and took action. Taking this approach away from the cycling track, it can wins :: also prove to be effective in the world of business “IT’S PART OF OUR ETHOS” as Dr Hall explains: “Marginal gains have the same principles as the ‘lean’ approach, a well-known business strategy, which has its roots in Total Quality “It’s a great example Once the organisation has committed to marginal manufacturer, Toyota. “Many manufacturing “There is always room for improvement. Continuous improvement is something Management (TQM), a systematic management of an approach that gains and the areas for improvement have been companies, particularly where advanced There is always a way to make things Equiniti lives and breathes, along with approach to continuous improvement born out of crosses boundaries identified, small wins should start to accumulate. technologies make an important contribution, better,” says Fiona De Antonis, Head a number of other related strategies, Japanese manufacturing in the 1950s and 1960s. The between business and But as with any plan, there should be measurement use a marginal gains approach in their of Operational Excellence at Equiniti, all of which involve establishing the sport,” says Dr Hall. most well-known TQM system is Kaizen, which is criteria in place to make sure it is working. “Any continuous improvement management,” where continuous improvement is built root cause of any issues to prevent most widely deployed in manufacturing, but it can business that wants to use the marginal gains Dr Hall says. into the company’s ethos. “We have them from re-occurring. “Across the be used in all business environments.” approach, but has lots of processes involved in Adopting this approach spells potentially huge subject matter experts and process company we use CAPA – Corrective When implementing a marginal gains approach, the day-to-day running of the organisation should improvements in efficiency and effectiveness, and owners throughout the organisation Action, Preventative Action – as a it is important that the whole organisation takes consider Pareto Analysis, which will help it to following the London 2012 Olympics it is gaining who take responsibility for reviewing way of getting to the root cause and a unified approach. It’s not something that can be prioritise,” Dr Hall says. “Furthermore, valid metrics popularity again as a business tool. “The story and improving processes across the thus preventing future issues. This isolated to one specific person or team. play an important part in monitoring progress. behind the success of the GB Cycling Team put business. As a result, we have an is a company-wide initiative, which “People are the most fundamental part of marginal Making use of Statistical Process Control (SPC) marginal gains under the spotlight,” Dr Hall says. incredibly low number of complaints – has really paid off. We have even had gains,” says Dr Hall. “To make it work, everyone is a technique that is well known in business for “It’s a great example of an approach that crosses 0.02% of transactions processed. This customers complimenting us on our should believe in it and be committed to it. The analysing the measurement of improvements, and boundaries between business and sport and there is down to continually improving our complaints resolution process, which approach also needs to feed into everything the one that I would recommend.” is no doubt that it has caught the imagination processes to make sure the customer tells me that we are doing something organisation does, from recruiting the right people, A number of organisations have used this of more people and is perhaps an ‘unintended journey is the best that it can be.” right,” Fiona says. to rewarding people in the right way.” approach to great effect, including the car legacy’ of the London 2012 Olympics.”

18 > EQ | winter 2014 www.equiniti.com > 19 COMPANY SECRETARY PROFILE LUCIE GILBERT TATE & LYLE

1995 – 2000 CV Eagle Star Re/GE Frankona Reinsurance – various posts including Graduate Trainee, Marketing Officer and Company Administrator 2000 – 2001 Independent Insurance PLC, Assistant Company Secretary 2002 – 2006 Brit Insurance Holdings PLC, Deputy Company Secretary 2007 Out with the old Experian PLC, Interim Deputy Company Secretary 2008 – 2012 Tate & Lyle PLC, Deputy Company What made Tate & Lyle stand growing the business in emerging Company Secretary Secretary out when you were looking for markets as well, so alongside managing Lucie Gilbert tells us a new opportunity? the economic downturn, we’ve been 2012 – date Tate & Lyle PLC, more about Tate & Lyle’s I didn’t target company secretariat as a broadening our horizons and managing Company Secretary ongoing transformation, and career specifically, I moved into it as a a major transformation. graduate at Eagle Star. Before I joined the importance of never Tate & Lyle, my career was spent in What are your current priorities? making assumptions financial services, principally insurance There’s a lot going on at the moment, and re-insurance. It is a transferable role, so staying on top of governance and Tell us a bit about your role so I was able to move out of financial regulatory changes is a big priority. One with Tate & Lyle services and into a different industry. of my key deliverables is the annual I’ve structured my department into four When I started to research Tate & Lyle report to shareholders and there have key areas: the first is PLC, board and I realised it was so much more than a been a lot of changes to narrative corporate governance, which is my key company that produces sugar. It had reporting requirements, so it’s important focus and where I spend the largest much bigger interests than that and it that our annual reporting evolves to proportion of my time: secondly, listed was really interesting to see how those reflect these changes. It’s also essential company regulation and shareholder had developed. that we evolve as individuals – I’m very services, which includes the various For me personally, taking on the role keen for my team to continue to be requirements we need to adhere to within Tate & Lyle was an opportunity to challenged and for individual members as a company on the London Stock create something that wasn’t there before, to continue to develop. Exchange. The two other areas are group build a team and develop a function. If you could invite three people subsidiaries and executive share incentive What are Tate & Lyle’s strengths? to dinner, living or otherwise, schemes – a number of secretariats don’t Has the recent economic downturn Our people are a huge strength. We have who would they be? have the latter in their remit, but it’s had an impact on the company? some very dedicated people across the The first would be Thomas Jefferson. I something we really enjoy as it gives us It’s hard to think of a company that business who really care about what they studied him at university and when you an opportunity to interact with colleagues hasn’t been affected. But Tate & Lyle do. We have a set of company values that study a president in that way, I think you from different areas of the business. has continued to grow, despite the fact our people really believe in and act upon. always end up wanting to ask them why We’re a central department with a that it has been challenging. Our current We’ve also got a strong leadership team, they made certain decisions. The second very central role, which is what I love CEO joined the business in 2009 and which has outlined a very clear vision, is a lady called Becky Higgins. One of my about the job. he implemented a new strategy to focus which everyone supports. hobbies is scrap-booking and memory- on speciality food ingredients. We took keeping, and she revolutionised this You’ve been Company Secretary a number of actions to reposition our What are the benefits of working industry. And the third is Gary Barlow – at Tate & Lyle for just over a year. business to enable us to grow within with Equiniti? really taken the time to get to know us as How important is transformation I’ve been a Take That fan for years. How has the past year been? this market. Part of our transformation We’ve had a long relationship with a client and work with us to develop our for a company to grow? I’ve really enjoyed it. I was very lucky as process also involved us moving Equiniti, and we’re not its biggest client offering and make sure that we do what we It’s absolutely vital and not just for How do you like to relax outside when I was Deputy Company Secretary away from our sugar business, by any stretch of the imagination, but can to deliver a first-class service to all of growth. In today’s market things are of work? I attended all of the board meetings and which we sold in 2010, but that from a service perspective, we are never our customers. moving so quickly that companies My biggest hobby is making handmade committee meetings – not all deputies is still what people in the UK made to feel like we are one of its smaller constantly need to change to ensure greetings cards. I find it really helps me get the opportunity to do this. Since I associate us with the most. We clients. Equiniti is always willing to What would you say is the single they remain competitive. to relax, as I can’t focus on anything else was already operating with the board a have also become much more share emerging and best practice with biggest lesson you have learned when I’m making cards. I also really enjoy lot, I was used to this aspect of the role, focused on working closely us and I see it very much as a business throughout your career? If you were able to choose a photography - I have recently bought my but what I had to adapt to was the level with our customers partner. Equiniti also supported Never assume anything. You can’t assume completely different career, what first DSLR camera, and I’m learning to of visibility that comes with being and on delivering the us in delivering a similar level that everyone understands what’s going would it be? use it properly. a Company Secretary. I’m now on the innovative solutions of service to our overseas on and you can’t assume that everyone This is a really hard question because stage at the AGM and I’m in the annual that meet their needs. employee shareholders as understands a particular process. If I love my job. But, I am really interested Do you have any secret talents? report, whereas deputies tend to be more We’ve committed we do to our UK employee something doesn’t feel right, never be in volcanoes, so a career as a geologist is If I told you what they were, they would

in the background. to investing in shareholders. So Equiniti has FRENCH TONY BY PORTRAIT afraid to check and always ask questions. something I’m sure I would enjoy. no longer be secret!

20 > EQ | winter 2014 www.equiniti.com > 21 FEATURESIX STEPS TO A SUCCESSFUL IPO FEATURE

The road to an Initial Public Offering (IPO) can be challenging and preparing for a float requires resources, commitment, time and trusted partners. As the UK’s market leader in share registration, Equiniti has unrivalled experience in the IPO market. This allows us to provide expert guidance, direction and support to a company as it takes its first steps towards listed status. ADVICE ON POST IPO Although market conditions tend to define where and when it’s a good time to float, there are other fundamental elements that need to MANAGEMENT be considered when a company is looking to list, which is why we’ve put together our six steps to help towards a successful IPO. DON’T UNDERESTIMATE THE IPO PROCESS AND THE TIME IT TAKES MANAGEMENT GET THE RIGHT OF THE SUPPORT EXISTING PRIVATE AND ADVICE 6 SHARE REGISTER APPOINT THE RIGHT EMPLOYEE PEOPLE The first year following an IPO can be challenging with lots of 2 SHARE changes. This is why Equiniti provides its clients with a dedicated SCHEMES Relationship Management team 5 who are there to offer guidance A company should start adopting and support. In addition to plc disciplines and practices regular meetings, there is also ahead of the IPO, as this will put the opportunity for Equiniti’s it in a good position post float. Remember you still have to clients to participate in customer Establishing plc-standard Board and run your business alongside collaborative events aimed at Committee processes – for example, the IPO. Preparation is key for sharing best practice, as well as 1 terms of reference, schedule of things to run smoothly, so it’s Equiniti-led focus groups, while of matters reserved to the Board, a wise to carefully allocate your course providing on-going company proper Board calendar and Board 4 responsibilities and work streams. secretarial support and advice. Leading up to an IPO, a company papers processes – is a good idea. may undertake placings (pre-IPO Implementing Audit Remuneration, fund raisings) and restructures of Nomination Committees and other 3 its share capital. Having a registrar appropriate committees should also Selecting the right management in place at this point will help to be considered, alongside getting team to coordinate resources is make it a smooth and efficient policies and procedures in place crucial. Your investors will need to ::EQUINITI’S IPO SUPPORT process, as they will look after the that are relevant to a listed Many companies will want to have full confidence in this team. day-to-day maintenance of the company, such as disclosure incentivise and retain their At least 50% of the Board should register, including AGM mailings procedures and the share dealing employees leading up to the IPO be made up of Non-Executive Equiniti has the capability to provide If you would like to find out more and shareholder communications code. This could feed into the or at the IPO stage. This can be Directors, excluding the Chairman. and support a full end-to-end online about this, please contact Karen (including promotion of e-comms). Financial Review process, therefore achieved by offering employee You should also bear in mind that IPO offering or a hybrid offering as Bolding, Head of Business Development, This will allow the company to it is important that the company share schemes, which promote financial due diligence will uncover well as getting involved much earlier in Registration Services, on 0207 469 run its share register as a plc, chooses its advisers carefully employee ownership and can everything, so make sure you the IPO process with administering the 1873. Alternatively, you can email Karen. promote good practice, remove the to ensure it receives the correct greatly assist with staff retention identify any issues or risks which private share register. [email protected]. More information administrative burden and feel more support and guidance throughout and recruitment, as well as improve may impact on the IPO so that is available on Equiniti’s website, comfortable when it does float. the IPO process. performance levels. these can be addressed. www.equiniti.com.

22 > EQ | winter 2014 www.equiniti.com > 23 MY EQUINITI: NICOLA PATTIMORE

Three quick questions Head of HR, Nicola Pattimore, tells EQ Tell us something surprising why Equiniti’s people are at the heart about yourself. of everything it does and how the HR I completed the GRIM last year: a 10-mile off-road run, through team is recognising all their hard work waist-high icy puddles and mud!

What are your passions outside of work? “Working in HR is very Cooking with my girls (who are 10 and 8) is a real passion of mine. I love rewarding because you can experimenting and coming up with new help the business be successful ideas. I’m also addicted to cookery books I often describe HR as a contact sport; – my house is filled with them. as Head of HR, I’m always in contact through its people.” What’s the best piece of advice with people, whether it’s supporting and you’ve ever been given? leading the HR team, meeting managers or Things don’t always have to go to plan to running workshops. I’m very proud of how work out well. It’s important not to panic, the HR team has grown and flourished and instead re-strategise and come up since I joined Equiniti two years ago. with an alternative approach when things Working in HR is very rewarding because aren’t going to plan. you can help the business be successful through its people.

A big part of my role involves working closely with People & Change Director Clancy Murphy to develop our people strategy, which outlines how our people are fundamental in achieving the overall business strategy. I then work with the business and the HR team to implement the strategy and shape and refine it as necessary.

One of the key themes of the people strategy is employee engagement. An engaged workforce, that understands what the business is trying to achieve and why, is more motivated. So, the business will achieve its goals more efficiently. To encourage employee engagement, we have focused on how to best recognise the work of our employees, and as a result, we re-launched a recognition scheme employees from across the group to work nominations must clearly show how best possible service. The ICON Awards are to focus entirely on voluntary employee called the ICON Awards. together. A way of articulating the rebrand, the values and behaviours have been a great way to say thank you. benefits. Winning the award proves we are the values – Trust, Excellence, People, demonstrated. Our people are critical committed to our employees and value the The ICON Awards were refreshed Belief and Client Focus – bring our people to what we do, and they are often the We recently won the Best Recognition work they do. We not only recognise our around Equiniti’s new set of values and together and help to drive the success of difference between our competitors and Strategy at the Benefits Excellence employees through the ICON Awards, we behaviours, which the HR team rolled out the business. us. I believe that having a motivated and Awards for our ICON Awards. also invest in their training and support as part of Equiniti’s rebrand, One Equiniti. happy workforce has a massive impact on It was a very proud moment for Equiniti, their charity work – we want Equiniti to be Nicola and Helen Mills with the award for The rebrand aimed to integrate different Employees are nominated by their our clients’ businesses. Our people want particularly because the Benefits a great place to work and a great place for the Best Recognition Strategy at the Benefits Excellence Awards parts of the business and encourage colleagues for the ICON Awards and the to do their best and strive to offer the THEINER MICHA BY PORTRAIT Excellence Awards are the first in the world our customers to do business.

24 > EQ | winter 2014 www.equiniti.com > 25 EQUINITI PREMIER SERVICES EASYJET GETTY IMAGES

Equiniti Premier Services offers our corporate Come fly with me clients a great deal more from their share plans A dedicated project manager and sophisticated technology are just two of the reasons why easyJet chose Equiniti to manage its employee share plans

ne of the most dynamic “The technology that Equiniti has is and recognisable FTSE 100 really impressive and is providing a much companies, easyJet is hailed better experience for all of our employees Get promoted to the for being fast-paced, lean who have share plans. It is so much easier and innovative. So when it to use, which has had a really positive Ocame to streamlining the management impact on employee engagement,” of its employee share plans, having an says Bruce. premier league organisation on board that could tailor its Since easyJet’s relationship with offering to suit easyJet’s needs was very Equiniti has developed, not only has important. “We work in a streamlined way the feedback from staff been positive quiniti Premier Services was successfully migrated across to Equiniti The technology that Equiniti Premier and we wanted to take the same approach around the improved functionality of launched following the purchase Premier Services, whilst maintaining the Services now has spells great things for to our employee share plans,” explains the technological offering, but easyJet’s of Killik Employee Services service levels they are used to. We will Equiniti’s Employee Benefit Solutions Ken Lawrie, Head of Reward at easyJet. staff have also been impressed with the (KES) in October 2013, merging then extend this across the Equiniti client (EBS). “A priority for the future is growth, Prior to Equiniti winning a bid to level of service they have received. “In the expertise of both companies base, who will benefit from our bespoke which this system will help us to do in a manage easyJet’s employee share plans, the instances that our people have had to Eto offer corporate clients a great deal more approach and leading technological controlled way, which won’t compromise two different providers had responsibility speak to Equiniti directly, they have found from their discretionary, executive and platform. Our systems are customisable, client service levels. The technology that we for this area. “We’ve always had a good the staff to be helpful and the process global share plans. have user-friendly web interfaces, and are bring will provide us with a great platform relationship with Equiniti, and as we’ve overall to be speedier,” explains Ken. Martin Osborne-Shaw, former Managing always tailored to our clients’ needs. Now to help us grow into this very specialist grown as a company, it has made every As well as staff praising the improved Director of KES and Director of Equiniti that Equiniti and KES have come together, area,” Martin says. effort to get to know us better, and adapt service, Bruce and Ken have also been Premier Services, founded KES in 2000 as our wider client base will be able to make As well as benefiting from the new to our needs as they have evolved,” impressed with Equiniti’s offering: part of one of the largest stockbrokers in the most of our enhanced offering.” technology systems, clients will also see the explains Bruce James, Group Company “Equiniti has a real can-do attitude, the UK specialising in executive and global KES’s sophisticated technology system advantages of the combined expertise that Secretary at easyJet. which we admire at easyJet,” says Bruce. share plan administration. “Now that KES will be fully integrated with Equiniti’s Equiniti Premier offers. “Feedback from Earlier this year, easyJet was looking “The level of knowledge and expertise is is part of Equiniti, the proposition we can existing systems and provide a number our current clients is very positive,” Martin for better efficiencies, and one way of clear and Equiniti is very good at passing offer clients remains focused on our core of benefits. “We had to implement a says. “They have told us they are happy achieving this lay in combining its share on any learnings gained from working strengths but has been greatly enhanced,” flexible system that could manage the with what we are doing and how we are registration with its employee share with other companies,” Ken says. “The says Martin. complexities of executive share plans and doing it, so that’s a very positive message plans. “As well as streamlining our migration process also went well given KES was renowned for the superior so we developed a bespoke administration for us. And since Equiniti EBS is already an processes, we were keen to make things the volume of data we had amassed. We level of service it provided its executive platform that very much caters to our award-winning, industry-leading service, more straightforward for our employees, had a dedicated project manager to see us share plan clients, which can often be clients’ needs,” says Martin. “We’ve combining our knowledge and expertise will of which 91% are shareholders. So we through this period, who had experienced complicated in nature, due to the variety recently improved the front-end, so when allow us to deliver a more enhanced overall held a competitive tender and selected this scenario before and was able to guide of client and participant demands. As employees log in, they have a much clearer proposition to clients, whilst retaining the Equiniti to manage both areas. We were us through it. If anyone finds themselves Director of Equiniti Premier Services, view of what they’ve got, they’re able to personalised level of service we provide.” really impressed by their ability to offer a in our position, I would strongly Martin intends to deliver the same level of transact online and they’re able to see broader service for all of our shareholders, recommend getting a project manager on service to Equiniti clients. “Principally, I’m their share plan history. We’re really For more information on Equiniti including our employees, and an overall board. Having this dedicated person with responsible for making sure that the clients trying to use technology to bring us Premier Services, please contact your improved level of service made Equiniti us all the way through the process was a we looked after when we were at KES are closer to the individual.” Relationship Manager. stand out.” real help.”

26 > EQ | winter 2014 www.equiniti.com > 27 FEATURE REGULATIONFEATURE

he first of the annual reports prepared in ::THE NEW REPORT FORMAT accordance with new regulations are set to be published soon and, What’s Front half Back half for those reporting later, planning well and Strategic Report Directors’ Report making time to think through what’s Company strategy, Supporting information plus business model and the corporate governance required this year will reap rewards. T information on social report and reports of the story? As those who have been wrestling with and community issues board committees the new format for the end of 2013 will already know, new regulations require the ‘front half’ of the annual report to include a Strategic Report, featuring, among their own story” and report “smarter” governance reporting. Again boards are other things, company strategy, business rather than just adding more layers of likely to want to look at drafts of the report model, and information on social and information to comply with requirements. earlier and, indeed, plan their whole community issues; while the back Avoid boilerplate text and consider how approach to reviewing it at an earlier stage. half must include a Directors’ Report you can incorporate the new information These changes are unlikely to be the incorporating supporting information. required into what you already do. final word on annual reports. Lessons will As before, there will also need to be Try to be as concise and structured as be learned from the 2013 annual report, a governance section, including the possible and where applicable make the and there will be some taking stock at corporate governance report and reports information more easily digestible by the end of the year-end reporting season of board committees. using graphics, graphs and tables. from both the regulatory and corporate With new requirements applying to The area causing the most angst among points of view. There may not be further annual reports after 30 September 2013, many company secretaries is the Directors’ major structural changes but after the the main wave of new reports is expected Remuneration Report, which is expected first year’s reports have been published to be the December year-ends coming to be split into three main sections and under the new regulations, there may be through from March to May this year. is, overall, expected to show a clear link more guidance provided to companies. But for now it is important to start the between strategy and remuneration policy Also on the horizon is an initiative process earlier than usual. Traditionally and will be subject to two votes at the next coming out of the European Parliament people have left it until after the end of annual general meeting. The policy should on corporate governance reporting and year to start work on the annual report include a table setting out a three-year that could have an impact in two or three but the trend is to bring it forward. policy for each element, subject to a binding years’ time. So, watch this space. Design agencies working on annual vote every three years. The annual report on For those who feel they need assistance reports have been working on pitches remuneration (subject to an annual advisory there are a number of players in this field much earlier this year. vote) covers implementation of the policy depending on where help is required. To a certain extent the creation of the during the year. Whilst investor groups will There are design agencies, which can help Strategic Report appears to be more respect good “honest” disclosure under the with the structure and layout and there about form than substance; however, new regulations, it is likely that they will are remuneration consultants specifically Company Secretaries must act fast to ensure there are still challenges in deciding take a dim view of companies that do not focusing on remuneration reporting. what information needs to be presented embrace the spirit of the new remuneration But for company secretaries who need their restructured annual report is well thought where in the front half of the annual reporting regulations. a resource to assist in assessing and report. Therefore, by acting early and Another new requirement to consider for implementing the new requirements, help through and value-adding, says Chris Stamp, giving it a bit of thought, there is a good premium listed companies is the new UK with drafting and proofing, or advice on opportunity to differentiate your business Corporate Governance Code requirement, the new corporate governance report, Director of Prism Cosec from its competitors and communicate which challenges boards to approach Prism Cosec can assist, bringing all our something of its story to shareholders their review of the new annual report so company secretarial knowledge and and stakeholders, thus making your as to ensure that it is fair, balanced and experience to bear. annual report a marketing document as understandable. Company secretaries, much as a regulatory document. among others, will need to think through For more on this subject, please contact The Financial Reporting Council how the board satisfies itself of this and Chris Stamp at Prism Cosec, 020 3008 guidance encourages companies to “tell how it communicates this in its corporate 6446 or [email protected].

28 > EQ | winter 2014 www.equiniti.com > 29 INVESTOR ANALYTICS WE TAKE A LOOK AT THE LATEST NEWS FROM ACROSS EQUINITI Adding GETTY IMAGES WHAT’S NEW AT EQUINITI?

value AWARD If you have any

WINNERS ENGAGE, INNOVATE, DELIVER. A new partnership feedback Let’s get started Julie Meyer on egos, explosive growth and getting David and November was a fantastic on EQ Goliath to dance INSIDE> COPING WITH GROWTH between Equiniti and Orient Follow our four golden rules PAGE 4 month for Equiniti with WINNING MARGINS Magazine Small changes for big business wins PAGE 18 PREMIER LEAGUE Introducing Equiniti three tremendous achievements Premier Services Capital gives clients access or would PAGE 26 that show our commitment to to the best share analysis continuous improvement and like to system on the market reinforce our position as the take part number one share registrar. in future editions please We were crowned ‘Best email marketing@ s modern technology Shareholder Services Provider’ equiniti.com. To find continues to develop, the at the Shares Awards 2013 for demand for readily available the second year in a row. The out more, please speak information is growing. This event is one of the most widely to your Relationship has extended into the share acknowledged benchmarks Ceri Charles (left) winning the ‘One to Watch’ award Manager. Aanalysis world, where clients are keen of excellence and innovation at the ICSA Awards 2013 to see technology working with them across the financial services The Process launches to provide a quicker and more succinct community, and the awards are Venus was recognised at the achieved the CCA Global approach to share analysis reporting. particularly prestigious as they ICSA Awards 2013, winning Standard award for the fourth Equiniti Pension Solutions has Investor Analytics is an area of the are voted for by the investors the ‘One to Watch’ award. The year running, making Equiniti launched The Process, a sister Equiniti business that has recently and shareholders of our client judges were impressed by Ceri’s the only business in our sector magazine transformed its client offering by companies. We’re commitment to her to do so. Furthermore, the to EQ. partnering with Orient Capital, a global delighted to receive this colleagues’ professional Contact Centre was shortlisted The new leader in share ownership analysis. positive endorsement development and the for two additional awards at publication not “Equiniti was really keen to enhance Leading-edge technology enhances the services Equiniti provides directly from them. feedback from her the CCA Excellence Award only focuses the suite of services it was offering to its On an individual secondments. Ceremony 2013 for Training on the world of clients in the Investor Analytics space, and markets and in maintaining the highest “We’re really proud of getting the Office note, Ceri Charles And finally, our Approach and Complaint pensions but leading edge technology was key to being standards of corporate governance. for National Statistics (ONS) on board, from Equiniti David Contact Centre has Handling. also discusses able to offer this,” explains Louise Rutter, Knowing who owns their shares holds which is testament to the strength of news and Investor Analytics Manager at Equiniti. real value when a company wants to be our offering.” views from “We already had a good relationship a proactive communicator, and similarly, The partnership between Equiniti and Celebrating 10 Director, commented: “Aside Management report in the wider outsourcing sector. with Orient Capital and we were aware if there is potential for a contentious vote, Orient Capital is an important element of from knowledge sharing, it is a collaboration with The magazine is available of its strengths on the technology front. having as much information as possible the Global Share Alliance (GSA). years of the EBS great opportunity to catch up thought-leaders to explore to view online at www. By partnering with them we were able to as to voting intentions and outcomes “For clients with dual-listed companies, Forum and network with our clients the challenges in more detail. equinitipaymaster.com. combine our strengths as share registrars can be critical – this is the sort of looking at each company’s share analysis and advisors. I am delighted Although regulation is the with Orient Capital’s unique technology knowledge that is held in Orient separately is time-consuming and far The annual Employee Benefit that so many were able to most-touted challenge, Happy birthday, offering, to provide our clients with the Capital’s miraqle system.” from practical,” Paul says. “The GSA, Solutions Forum celebrated join us in this special 10th rapidly changing customer Equiniti best analytics service in the marketplace. David and his team’s expertise in this miraqle and our combined offering with its 10th anniversary with a anniversary year.” expectations are also placing This partnership also allows us to turn area appealed to Equiniti. “We wanted to Orient Capital allows our clients to look one-day CPD accredited event. Bookings for the 2014 EBS increased pressure on UK We celebrated our sixth things around much more quickly for our partner with someone that could help us at one joined-up piece of information Throughout the day, attendees Forum are currently being wealth managers. The report birthday last October, and clients,” says Louise. enhance our offering to our clients. Now that is stored in one place. This is a enjoyed presentations and taken. If you’re interested aims to help senior-level we are extremely proud of Orient Capital’s online system, miraqle, that we have Orient Capital on board, we really powerful tool for our clients.” panel sessions from advisors, in attending, please email executives consider the how far we’ve come. We now available to Equiniti clients through have a greater depth of experience in the Clients will also see benefits around Equiniti employees and [email protected]. need to focus on proposition employ 2,700 employees the Equiniti Selector portal, allows marketplace to offer our clients,” says both the speed and clarity of the clients, including BT, Centrica, and brand, the position across 23 locations, process clients across the world instant access Paul Matthews, Managing Director of information available to them. “The Edwards and Smith & Nephew. Equiniti’s Wealth of the middle and back office £72 million in payments each to their share analysis reports, which is Corporate Markets at Equiniti. share register changes every single day, Informative updates on in the equation of business year, and we were named an important factor as David Geddes, The positive aspects of this partnership so allowing our clients and brokers to OTS reforms, AGM insights, Management report development and outsourcing the UK’s number one share CEO of Orient Capital, explains: “Listed are already being realised and in the keep up to date with this means they international share plans and As significant changes impact as a potential solution. registrar for Overall Satisfaction companies are increasingly hungry for future, growth is a priority. “In recent are aware of any potential large or other global issues affecting the the wealth management You can find a full results in the Capital Analytics the sort of information we can capture: months we have really fine-tuned our new movements on a register, meaning share plan world were all up for industry, Equiniti has copy of the report at UK Registrars Benchmarking they recognise its importance in managing proposal, which our customers are already they can be aware and act sooner if debate. Phil Ainsley, Managing prepared the Wealth www.equiniti.com. Survey 2013. effective communications with the capital seeing the benefits of,” explains Paul. they wish to,” says Paul.

30 > EQ | winter 2014 www.equiniti.com > 31 Better connected, but still best practice

Equiniti Premier Services, formerly Killik Services: Employee Services is a Global share plan • Outsourced Share Plan Administration provider, offering the fl exibility and in-house • In-House Administration Solutions technology to deliver tailor-made solutions • Employee Web Interface for complex global share plans. • Global Share Dealing & Nominee Services • KESmedia Communications

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