2014 Annual Report

Total Page:16

File Type:pdf, Size:1020Kb

2014 Annual Report MOBILITY CLOUD APPS BIG DATA CYBER DELIVERING INNOVATION TOGETHER 2014 ANNUAL REPORT “Given our rapid progress with the transformation, I am more optimistic than ever about CSC’s ability to continue establishing leadership in next-generation IT services while delivering outstanding value to our shareholders.” Rodney F. Chase Chairman FROM OUR CHAIRMAN Two years ago, CSC began a far-reaching transformation. high-growth applications-modernization market, and with Our objective was to fix the foundation of our company, AT&T to leverage its investment in cloud and networks. realign the business to capitalize on the historic changes in These actions enable CSC to broaden our market reach and our marketplace, and make rapid progress in becoming a capture additional next-generation opportunities. next-generation IT leader. As we took these significant steps to improve our capabilities, Since then, President and Chief Executive Officer Mike Lawrie the company also continued to implement delivery excellence has led CSC on a disciplined journey of change and improve- programs that enhance our responsiveness to clients. As a ment that continues to create a more efficient, innovative and result, CSC achieved significantly higher client satisfaction financially strong company today. Despite the major financial scores this year. and operational challenges we faced when the transformation began, CSC has more than doubled in value over the past In addition, our company continues to return cash to share- two years. holders. CSC repurchased 9.8 million shares for approximately $505 million, and the company declared $118 million in This year, the Board authorized action on several fronts to dividends during FY 2014. strengthen our financial position and accelerate CSC’s momentum toward market leadership. We welcomed two Through our commitment to corporate responsibility, CSC new Board members, Nancy Killefer and Brian MacDonald. continued to demonstrate our ability to act in the best interests Both bring fresh perspectives to CSC and key skill sets in of clients, shareholders, suppliers and the broader communities senior-level management and operations, international in which we work. CSC was recently recognized by CR Magazine business experience and financial literacy expertise. as one of the Top 100 Best Corporate Citizens. Strong execution by Mike and his leadership team resulted in While CSC has become much stronger in a relatively short a cost takeout of approximately $570 million during FY 2014. time, I firmly believe that even brighter days are ahead. With These savings and a strong balance sheet are enabling CSC ongoing cost discipline, further improvements in sales and to reinvest in our business to accelerate top-line growth, delivery, and strategic investment in offerings and new differentiate our offerings, develop our talent and improve capabilities, we are creating a solid foundation for growth. our internal systems. Investments in additional salespeople, We are poised to deliver better results and additional value regional hubs and training drove stronger commercial to our clients and shareholders. bookings in the second half of the year. Thank you for being a stockholder and for the trust you have The company also made a major push to assemble key placed in CSC. assets, form strategic partnerships and hone the capabilities needed to become a leader in next-generation IT services. Rodney F. Chase We acquired data analytics provider Infochimps, Inc. to bring Chairman our clients “as-a-service” big data platforms, and we acquired cloud management platform leader ServiceMesh to help clients integrate their multivendor clouds with Amazon Web Services, Microsoft, VMware and others. We also created new partnerships with HCL Technologies to lead in the CSC 2014 ANNUAL REPORT | 1 “We are assembling the key assets, capabilities and strategic partnerships to execute on our strategy of leading the next generation of IT services and solutions.” Mike Lawrie President and Chief Executive Officer A TRANSFORMATION IN THE MAKING Throughout FY 2014 CSC invested in significant change to Our carefully designed Offering Lifecycle Management improve our financial position and better align the company program launched several new offerings this year, including to lead the industry in next-generation IT services and next-generation solutions such as CSC MyWorkStyle, which solutions. Focused on our transformation, CSC has assembled redefines the modern workplace by uniting industry-leading strategic partnerships with leading technology companies to mobility, communication, and collaboration tools and technol- bring next-generation offerings to market. ogies in an integrated, easy-to-use platform. We also launched CSC Storage as a Service, new cybersecurity offerings In FY 2014, we improved profitability and cash flow. We are featuring Advanced Threat Detection, and a machine-to- transforming our offerings and investing in our talent and machine application called OmniLocation® MachinEdge. sales effectiveness to win more in the marketplace. And we made rapid progress in assembling the right assets and We continued to re-architect our sales model to be more capabilities to be the world leader in next-generation IT. responsive to business opportunities and to improve our win rates. We invested in additional salespeople and sales support Due to our successful cost-takeout initiatives, we expanded professionals throughout the company, as well as sales training our profit margins from 4.3 percent to 8.0 percent. These and tools such as Salesforce.com. These changes resulted in a initiatives included better contract management discipline, pickup in our qualified pipeline and bookings for GIS and GBS improved supply chain efficiencies, workforce optimization during the second half of FY 2014. Our plan is to continue to and reductions to overhead costs. We delivered strong invest in and pursue sales excellence throughout FY 2015 to margin expansion across each of our segments: Global enable CSC to win more in the marketplace. Business Services (GBS), Global Infrastructure Services (GIS) and North American Public Sector (NPS). Earnings per share In continuing to transform CSC, we continue to receive (EPS) from continuing operations increased by 30 percent to recognition from key industry analysts such as Gartner, IDC $4.01, while our free cash flow increased by 161 percent to and Forrester for the strengths of our offerings and our $689 million. We achieved these results despite continued service delivery. Our clients, suppliers and partners have top-line pressure in our federal business, as well as certain noticed the changes we have made in our company, and pockets of our commercial business where we are reposi- we are a stronger, more relevant IT service provider. tioning our consulting business and restructuring certain contracts to become more profitable. In addition to all the internal changes we are implementing, Credit rating agencies have noticed the positive changes it is also important to keep 55 years to our profitability and liquidity. Standard & Poor’s upgraded a finger on the pulse of the of service to the CSC’s credit rating to BBB+ while Fitch Ratings improved changes happening in the IT Global 2000 and our outlook to “stable.” The broader financial analyst industry — the shifts that are governments worldwide community has also noted our improved profitability and causing disruption and forcing acknowledged our improved competitive position. In addition, IT service providers like CSC our customers appreciate the positive changes we are making to do business in an entirely Ranked #3 in IT Services in service delivery. Our Customer Advocacy Net Promoter different way. FORTUNE 500 2014® Score rose 43 percent in FY 2014 from 7.2 to 10.3. CSC 2014 ANNUAL REPORT | 3 “CSC builds, sells and delivers innovative IT solutions with its partners. As a global independent technology services company, we have recalibrated our company to meet an ever-changing marketplace and the needs of our clients.” FREE CASH FLOW ($M) EARNINGS BEFORE INTEREST AND TAXES (EBIT) MARGIN $689 8.0% 4.3% $264 $59 (30.1%) FY 2012 FY 2013 FY 2014 FY 2012 FY 2013 FY 2014 FULLY DILUTED EARNINGS PER SHARE (EPS) TOTAL SHAREHOLDER RETURN FROM CONTINUING OPERATIONS $4.01 68.3% $3.09 24.4% ($28.44) (37.7%) FY 2012 FY 2013 FY 2014 FY 2012 FY 2013 FY 2014 CAPITAL TO SHAREHOLDERS FY 2012 $124 $124 Ranked #185 FORTUNE 500 2014® FY 2013 $123 $305 $428 79,000 Skilled Professionals FY 2014 $118 $505 $623 DIVIDENDS SHARE BUYBACKS CSC 2014 ANNUAL REPORT | 5 “Bringing together deep industry expertise, coupled with leading-edge technologies and innovation, we deliver excellence with the agility our clients expect. We pride ourselves on giving our clients the choice to draw from the best-of-breed solutions of CSC and our partners.” Every 15 to 20 years, the IT industry goes through a • We acquired ServiceMesh to bring clients an industry- significant shift in how IT systems are built, with a new leading platform to integrate and optimize their cloud assets. generation of applications that emerge for that structure. • We are offering our customers a choice of cloud environ- In the Mainframe Era, the entire IT stack from silicon to ments: Amazon Web Services, CSC BizCloud™, Microsoft consulting was completely integrated, and the market was Azure and VMware vCloud. We’ll integrate enterprise dominated by a few companies. In the Client/Server Era, workloads in multivendor hybrid clouds with the CSC the IT stack was unbundled, and new players emerged ServiceMesh Agility Platform™. with innovations in software, middleware, databases, • Our global alliance with AT&T combines its highly secure operating systems and networking. And in today’s Cloud Era, network and cloud infrastructure platform with our own cloud with the virtualization of the IT stack, new competitors are services, specialized consulting and applications expertise. emerging and incumbent providers are evolving to meet the demands of the marketplace. • We acquired Infochimps to deliver advanced data analytics and big data as a service.
Recommended publications
  • About Oliver Wyman Oliver Wyman Is a Global Leader in Management Consulting
    About Oliver Wyman Oliver Wyman is a global leader in management consulting. With offices in 50+ cities across 26 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation. Our 4700+ professionals help clients optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman’s thought leadership is evident in our agenda- setting books, white papers, research reports, and articles in the business press. Our clients are the CEOs and executive teams of the top Global 1000 companies. Visit our website for more details about Oliver Wyman: www.oliverwyman.com Job specification Job title: Research Associate or Research Analyst (Health & Life Sciences) Department: Knowledge Services - Research Office/region: Singapore Reports to: Head of Asia Pacific Research Job Overview: Candidates with more relevant research experience may join as Research Analyst. For the Research Associate role, they are expected to have developed requisite research skills and knowledge of tools to provide research independently to consulting teams. The Research Associate role is expected to perform more independently, having stronger research skills, a better understanding of management consulting business context and project environment. Role is focused on building content knowledge for the Health & Life Sciences specialization. The development focus will be to begin creating compelling synthesized end products which include basic analyses. Key Responsibilities: Conducting accurate and timely research to serve the Health & Life Sciences practice group in Asia. Providing both quick solutions and in-depth research for the Health & Life Sciences practice group in Asia.
    [Show full text]
  • Making Convenience Safe and Secure
    Making Convenience Safe and Secure Zwipe Full Year Report 2020 25 February 2021 | André Løvestam, CEO and Lars Kristian Solheim, CFO Zwipe is a biometric fintech company pioneering the next generation contactless payment experience ISO contact plate module Fingerprint sensor with biometric SE Passive inlay* Zwipe has the most widely piloted solutions in the biometric payment marketplace * A passive inlay has no components mounted on it, it only contains an antenna to do the energy harvesting and 2 communication lines to handle the encrypted communication between the sensor and the secure element. Strong operational momentum in 2020 and YTD 2021: Customers • 9 new customers: card manufacturers with a total 200 million payment cards shipped annually • Go-to-Market partnerships with TietoEvry, areeba, Inkript and Veritech Partnerships • Engaged with Idex to collaborate on Zwipe Pay ONE, as well as 4 other eco-system partners Technology • The Zwipe Pay ONE project has passed its most critical milestones and major risk points • The first two Zwipe Pay ONE pilots announced in the Nordics, with OP Bank in Finland and Vopy in Commercial Sweden piloting Zwipe Pay ONE from Q3 2021 • Zwipe and partners conducted several insights studies from the Nordics, UK and the United States showing Consumer insights strong consumer interest for safer and more secure payments with high willingness to pay Organization • Significantly strengthened the organization to meet the demand for our solutions Investor relations • Listed on Nasdaq First North Growth Market
    [Show full text]
  • MAKING a DIFFERENCE in the MOMENTS THAT MATTER 2020 Annual Report Risk & Insurance Services Consulting
    MAKING A DIFFERENCE IN THE MOMENTS THAT MATTER 2020 Annual Report Risk & Insurance Services Consulting Marsh Guy Carpenter Mercer Oliver Wyman Insurance Broking Reinsurance Health, Wealth Strategy, Economic & Risk Management & Capital Strategies & Career Consulting & Brand Consulting We are 76,000 colleagues in four global businesses united by a common purpose—to make a difference in the moments that matter. Three commitments unite us as we strive to live our purpose: SUCCEEDING TOGETHER. We are in business to expand what’s possible for our clients and each other. ACCELERATING IMPACT. We embrace change and create enduring client value. ADVANCING GOOD. We strive to serve the greater good. We work with our clients to enable enterprise around the world and secure better futures for all. TO OUR SHAREHOLDERS, COLLEAGUES AND CLIENTS, 2020 was a year when every moment mattered. Around the world, no organization was unaffected or unchanged as we all navigated the crisis of a global pandemic, a global economic crisis, another devastating year in a gathering climate crisis, and an overdue reckoning with race, equity and social justice. No one could plan for such a year, but looking back, our company was ready. 2 | Marsh McLennan 2020 Annual Report As we found smarter ways, every day, to accelerate impact for our clients, we did the same for our communities. From fundraising for medical workers, to mask-making, to one colleague who volunteered at night as an ambulance responder, we stood up for our communities when they needed it most. And we didn’t forget each other. Across our company, groups of supportive colleagues coalesced to help one another balance heightened professional and personal demands, organizing everything from online yoga 2020 was a crucible that brought out the best in classes to children’s reading programs.
    [Show full text]
  • Leading Successfully in Turbulent Times a Guide to Robust Business Continuity Planning
    Leading successfully in turbulent times A guide to robust business continuity planning kpmg.com/cn Contents Introduction 3 Business continuity checklist 4 Develop a robust cash management strategy 6 Build an agile and resilient operating model 8 Getting smart about tax 10 Be vigilant about employment matters 12 Pay attention to contracts and other legal obligations 14 About KPMG China 16 Contact us 18 2 Leading successfully in turbulent times © 2020 KPMG, a Hong Kong partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2020 KPMG, a Hong Kong partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Leading successfully in turbulent times 3 Introduction In turbulent times, how can boards, senior management and risk managers safeguard the business and discover opportunities amid a crisis? Many businesses have contingency plans that were The current environment will test most businesses’ ability to developed with an eye on disruptions to the micro- operate and manage in a crisis. An effective response by a environment, such as power outages, inability of staff to company requires transparency, accountability and above reach their workplace, and the unavailability of machinery. all, strong leadership. Businesses need to be clear about However, such plans might not be adequate for the who is making the decisions, keeping the board regularly type of macro-environmental disruption we are currently informed, and maintaining the board’s independence.
    [Show full text]
  • DFA Canada Global Sustainability Core Equity Fund - Class F (USD) As of July 31, 2021 (Updated Monthly) Source: RBC Holdings Are Subject to Change
    DFA Canada Global Sustainability Core Equity Fund - Class F (USD) As of July 31, 2021 (Updated Monthly) Source: RBC Holdings are subject to change. The information below represents the portfolio's holdings (excluding cash and cash equivalents) as of the date indicated, and may not be representative of the current or future investments of the portfolio. The information below should not be relied upon by the reader as research or investment advice regarding any security. This listing of portfolio holdings is for informational purposes only and should not be deemed a recommendation to buy the securities. The holdings information below does not constitute an offer to sell or a solicitation of an offer to buy any security. The holdings information has not been audited. By viewing this listing of portfolio holdings, you are agreeing to not redistribute the information and to not misuse this information to the detriment of portfolio shareholders. Misuse of this information includes, but is not limited to, (i) purchasing or selling any securities listed in the portfolio holdings solely in reliance upon this information; (ii) trading against any of the portfolios or (iii) knowingly engaging in any trading practices that are damaging to Dimensional or one of the portfolios. Investors should consider the portfolio's investment objectives, risks, and charges and expenses, which are contained in the Prospectus. Investors should read it carefully before investing. Your use of this website signifies that you agree to follow and be bound by the terms
    [Show full text]
  • About Oliver Wyman Group Oliver Wyman Group (OWG) Delivers Advisory Services to Clients Through Three Operating Units, Each of Which Is a Leader in Its Field
    About Oliver Wyman Group Oliver Wyman Group (OWG) delivers advisory services to clients through three operating units, each of which is a leader in its field. Oliver Wyman (www.oliverwyman.com) is the largest part. It is a top-tier global management consulting firm that combines deep industry knowledge with specialized expertise in strategy, operations, risk management, organizational transformation, and leadership development. Lippincott (www.lippincott.com) helps clients create, develop, and manage their corporate branding, identity, and image. NERA Economic Consulting (www.nera.com) advises corporations, law firms, and government entities on the economics of competition, regulation, public policy, finance, and litigation. Visit our website for more details about Oliver Wyman Group: www.oliverwymangroup.com Job specification Job title: Asia & Pacific Regional FP&A Lead Department: Finance Office/region: Asia Pacific / Hong Kong or Singapore Reports to: International FP&A lead Job Oliver Wyman is seeking an Asia & Pacific Regional FP&A Lead responsible for overview: financial reporting, analytics, and business support for the region. The Asia & Pacific Regional FP&A Lead will be expected to work with a high degree of autonomy and accountability and build trusted relationships with the region head, his management team, business leaders and partners. The role will have a strong link with the broader OWG FP&A team and is expected to establish strong coordination with region chief of staff and region / country controllers. This newly created role should progressively build strong leadership in a very fast growth environment supporting all practices in 8 offices across the region. The ideal candidate will have a strong finance background, an understanding of financial systems and possess excellent interpersonal and analytical capabilities.
    [Show full text]
  • | at a Glance | at a Glance
    | At a Glance | At a Glance INTRODUCTION With roots dating back to 1871, Marsh McLennan is at home Change is our work, and it begins with us. in moments when there are more questions than answers. Clients seek us out for our unique scope, across issues The world’s challenges are our challenges, and we are of risk, strategy and people—the fundamental challenges increasingly taking them on together as an enterprise. We’re that every organization has to get right. Our work together helping to close the world’s protection gaps to make people spans virtually every industry, making organizations more and businesses more secure. We’re advancing healthy societies successful and societies more resilient, enabling progress everywhere, building climate resilience and mitigating cyber amidst opportunity as well as uncertainty. That is the power risk for our interconnected, digital world. of what we do. Dan Glaser, President and CEO Our 76,000 colleagues around the world are united in Marsh McLennan purpose and action for the benefit of clients, shareholders and society. Today, our purpose has never been more important or more relevant: to make a difference in the moments that matter. Clients face a world being rapidly reshaped by a global health and economic crisis; new technologies that both transform and disrupt; and the mounting consequences of social injustice and a warming climate. Together, we help our clients see what’s possible, mobilize their people and manage risk as they navigate new pathways. A powerful story 150 years in the making... Marsh McLennan was founded in the aftermath of the Great Chicago Fire, on the idea that risks could be anticipated to help shape and secure a better future.
    [Show full text]
  • The Mercer Group, Inc. to Perform a Classif'ication and Compensation Study; Providing for Authorization; and Providing for an Effective Date
    RESOLUTION NO. 2019-56 A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF KEY BISCAYNE, FLORIDAO APPROVING THE MERCER GROUP, INC. TO PERFORM A CLASSIF'ICATION AND COMPENSATION STUDY; PROVIDING FOR AUTHORIZATION; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Village of Key Biscayne ("Village") Council desires to engage a consultant to conduct a classification and compensation study (the "services"); and WHEREAS, The Mercer Group, Inc. ("Contractor") submitted a proposal for the Services ("Proposal"); and WHEREAS, pursuant to Section 2-87 of the Village's Code of Ordinances, contracts for professional services are exempt from competitive bidding procedures; and WHEREAS, the Village Manager recommends that the Contractor be selected to perform the Services as Contractor offers the highest value to the Village; and WHEREAS, the Village Council desires to select Contractor to perform the Services and authorize the Village Manager to negotiate and execute a contract with the Contractor consistent with the Proposal in an amount not to exceed $24,000 (the "Contract"); and WHEREAS, the Village Council finds that this Resolution is in the best interest and welfare of the residents of the Village. NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF KEY BISCAYNE, FLORIDA, AS FOLLOWS: Section 1. Recitals. That each of the above-stated recitals are hereby adopted, confirmed, and incorporated herein. Section 2. Approval. That the Village Council approves the Contractor for the Services. Section 3. Authorization. That the Village Manager is hereby authorized to negotiate and execute an agreement with the Contractor for the Services, consistent with the o'A" Proposal attached hereto as Exhibit in an amount not to exceed $24,000, subject to approval by the Village Attorney as to form, content, and legal sufficiency.
    [Show full text]
  • CSC Computer Sciences Ltd Pension Scheme (“The Scheme”)
    CSC Computer Sciences Ltd Pension Scheme (“the Scheme”) Chair’s Statement of DC Governance for the period from 1 July 2019 to 30 June 2020 I am pleased to present the Trustee’s statement of governance, covering the period 1 July 2019 to 30 June 2020 for the money purchase benefits in the Scheme. This statement describes how the Trustee seeks to ensure that the Scheme is well-managed and delivers excellent services to members. The statement examines four key areas of the Trustee’s governance, namely: • The investment strategy relating to the Scheme’s default arrangement; • The processing of core financial transactions; • Charges and transaction costs within the Scheme including the pounds and pence illustration of the compounding effect of charges; and • The Trustee’s compliance with the statutory knowledge and understanding requirements. In doing so, we provide the various statutory disclosures required by the Occupational Pension Schemes (Charges and Governance) Regulations 2015. Monitoring the overall quality of the Scheme arrangements is a complex task that the Trustee takes seriously. The Trustee is supported in this process, as well as the day-to-day business of running the Scheme, by Willis Towers Watson (the provider of administration and communications services for the Scheme), Premier Pensions (Scheme Secretary) and Mercer Limited (an independent advisor, covering governance, investment advice and wider Defined Contribution (‘DC’) matters). Post year-end Scheme merger Following the merger of Computer Sciences Corporation and the Enterprise Services business of Hewlett Packard Enterprise, DXC Technology Inc. (the ultimate parent company of the Principal Company), has been examining how the governance arrangements of the group’s pension schemes, including the CSC Computer Sciences Ltd Pension Scheme, can be improved and operating costs reduced.
    [Show full text]
  • CPY Document
    , BOARD OF CIVIL SERVICE CITY OF LOS ANGELES PERSONNEL DEPARTMENT COMMISSIONERS PERSONNEL BUILDING CALIFORNIA 700 EAST TEMPLE STREET Room 360, PERSONNEL BUILDING LOS ANGELES, CA 90012 KAREN CHAPPELLE Margaret M. Whelan PRESIDENT GENERAL MANAGER RICHARD P. DAVIS VICE PRESIDENT LAURAGENAO CONNIE J. FRIEDMAN TIMOTHY J. YOO JAMES K. HAHN MAYOR VICTORIA SCHOOLS COMMISSION EXECUTIVE ASSIST ANT March 10, 2005 The Honorable James K. Hahn Mayor, City of Los Angeles Room 303, City Hall Los Angeles, California 90012 Attention: June Lagmay PROPOSED CONTRACT EXTENSION FOR MERCER HUMAN RESOURCE CONSULTING The City's Joint Labor-Management Benefits Committee (JL-MBC) voted at its February 17, 2005 meeting to recommend to the Personnel Department General Manager that a transmittal be submitted to the City Council for the purpose of extending the current Employee Benefits Consultant and Communications Services Contract with Mercer Human Resource Consulting for eight months beyond the 5-year contract that expires on April 26, 2005. The Second Amendment to the Third Supplemental Agreement to City Contract No. C-1 00324 will extend the term of the Contract from April 27, 2005 through December 31, 2005. A Request for Proposal (RFP) for the provision of these services was released in October 2004, but the JL-MBC was not able to reach a consensus regarding the selection of a vendor for the next three-year period. At the referenced meeting, the JL-MBC voted that it was in the best interest of the City to cancel the RFP and develop/release a new RFP. The extension of the existing Mercer contract is essential to provide continuity of employee benefits consulting services during this period.
    [Show full text]
  • MMC Annual Report 2017
    2017 Opportunity in dynamic times MARSH & McLENNAN COMPANIES ANNUAL REPORT With roots dating back to 1871, Marsh & McLennan is the world’s leading professional services firm in the areas of risk, strategy and people. Our market-leading businesses help clients WE ARE COMMITTED TO: minimize risk, maximize opportunity and ENABLING CLIENT SUCCESS energize their people to achieve great things: We anticipate the needs of our clients and act as their trusted advisors. RISK & INSURANCE SERVICES FINDING THE SMARTER WAY MARSH GUY CARPENTER We never stop searching for a Insurance broking and risk Reinsurance and capital strategies better solution. management solutions WORKING SIDE BY SIDE We collaborate to harness our CONSULTING collective intelligence. MERCER OLIVER WYMAN LIVING THE GREATER GOOD Health, wealth and Strategy, economic and We act with integrity and strive career consulting brand consulting to improve our communities around the world. This annual report contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995. Please see “Information Concerning Forward-Looking Statements” on page (i) in the Form 10-K included in this annual report. “ Marsh & McLennan’s unique range of capabilities is more important today than ever. It not only sets us apart from other professional services firms, it positions us to deliver consistently strong performance, as we did again in 2017.” DAN GLASER PRESIDENT AND CHIEF EXECUTIVE OFFICER MARSH & McLENNAN COMPANIES To our shareholders, 2017 was a year of disruption and challenge for the world. It tested the resilience of millions of people affected by extreme weather and natural disasters. It strained the limits of cooperation and diplomacy among nations and within governments.
    [Show full text]
  • Recent Enforcement Sanctions Imposed Against Audit Firms and Audit Partners
    Recent Enforcement sanctions imposed against Audit firms and Audit partners [NB: the dates referred to relate to: (1) when a settlement was approved by the Tribunal Chair (in Scheme cases); (2) when a Tribunal Report was signed (in cases which are determined by the Tribunal); or (3) when the Final Decision Notice was served (in AEP cases)] Date 17 September 2020 Member / Member Deloitte LLP (Statutory Audit Firm) Firm Role The relevant Audit Engagement Partner (Statutory Auditor) Audited Entity A publicly listed company (Company) Sanction(s) / costs Deloitte: (1) a fine of £500,000 (discounted for admissions and Imposed early disposal to £362,500); (2) a published statement, in the form of a Reprimand; and (3) a non-financial sanction requiring Deloitte to prepare a progress report setting out how under its current Engagement Quality Control Review (EQCR) work programmes such work is documented during the course of the audit of Public Interest Entities, such report to be provided within three months of the date of the Final Decision Notice. Audit Engagement Partner: a published statement, in the form of a Reprimand. The Respondents shall pay the FRC’s costs of the investigation. Summary of The Respondents have admitted breaches of Relevant Misconduct / breach of Requirements in relation to the audit of (i) the Company’s Relevant Requirement defined benefit pension scheme (DB Scheme) and (ii) the carrying value of the company’s intangible assets. The Respondents failed to ensure that the review work carried out by the EQCR was adequately documented, failed to obtain sufficient appropriate audit evidence to substantiate the cash holding of the DB Scheme and failed to obtain sufficient appropriate audit evidence in respect of its stress testing of the Company’s impairment model.
    [Show full text]