Hundred Group
The Hundred Group is a lobby group for finance directors of the UK’s largest companies. It is described as “the most influential organisation that you’ve never heard of”.[1]
Lobbying
According to former Hundred Group Chairman Philip Broadley, who called the organisation “a peculiarly British idea”: “The Hundred Group has been around for 35 years, influencing in a quiet way. It’s a successful formula and I’m not about to radically change it.”[2]
Journalist Melanie Stern, writing in Financial Director in November 2010 challenges this approach:
- "The Hundred Group must review this strategy. Though it may be thought some sort of best practice for a group of such high-ranking FDs to keep schtum on high-ranking conversations and deals brokered, even giving the group an air of authority and mystique that reconfirms its image as a top-flight pressure group, it has always seemed bizarre that their chairman seemingly could never make the time to return calls from journalists covering those efforts on behalf of FDs everywhere."
Tax policy
It has reportedly had tax issues at the top of its agenda for years.[3]
Stern again:
- "Financial Director's 'resident tax geek David Jetuah tells me that [Chairman, Andy] Halford will be "seen as a standard-bearer for those companies unhappy with the UK's tax regime". As he says, the matter of the Treasury's stance on how multinationals use funds in low-tax countries overseas is something that causes a lot of FDs a major headache in terms of compliance and in making provisions for a hefty tax bill, as well as the associated court costs"[4]
The Telegraph reported in March 2011: "The Hundred Group said that FTSE 100 companies paid £5.9bn in corporation tax in 2010, a 43% plunge from the £10.3bn paid in 2009. The group said the recession had reduced taxable profits and companies had made use of more than £1.5bn in tax refunds to reduce their bills." Speaking to the Telegraph, vice chair, Almanza said the political and public focus on corporation tax receipts was "unsatisfactory" because it ignored the total taxes paid. "Public debate would be healthier if we looked at the whole," he said. "Companies as a whole have plenty to be proud of. They are investing substantial amounts, creating lots of employment and paying lots of tax."[5]
People
- Andy Halford, chairman (from 23 November 2010). Halford is Vodafone’s chief financial officer (CFO). He is a member of HM Treasury’s business forum on tax and competitiveness. Halford was at the centre of Vodafone’s recent, controversial battle with HM Revenue & Customs (HMRC) over tax owed from its Luxembourg subsidiary.[6] Halford has said raising the profile of the group would be one of his priorities.
- Ashley Almanza, vice chairman (and former chairman) of Hundred Group, and chairman for its tax committee. Almanza is finance director of BG Group.
Contact
Administration of The Hundred Group, Email: thehundredgroup@kpmg.co.uk
http://one-hundred-group.production.investis.com/
References
- ↑ The Hundred Group comes out of the shadows, Financial Director, 20 December 2010
- ↑ The Hundred Group comes out of the shadows, Financial Director, 20 December 2010
- ↑ The Hundred Group comes out of the shadows, Financial Director, 20 December 2010
- ↑ Melanie Stern, Vodafone CFO to chair The Hundred Group: King of a mythical castle, 23 November 2010
- ↑ Richard Tyler, FTSE 100 defends UK tax payments as report shows 37pc paid no corporation tax in 2010, Telegraph, 02 Mar 2011
- ↑ The Hundred Group comes out of the shadows, Financial Director, 20 December 2010
