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MAGAZINE

May 2018 Issue

Financier Worldwide Magazine


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COVER STORY

Fighting back: responding to insider trading

Insider trading appears to be a rampant problem on Wall Street. Individuals at some of the US’ largest financial institutions continue to benefit from non-public information, according to a study by the University of Cambridge and Stanford...

 

FEATURES

Fiduciary to visionary: the evolving role of the PE-backed CFO

Across the length and breadth of the private equity (PE) landscape, there is consensus that the role of the chief financial officer (CFO) within PE-backed companies is undergoing an evolution. As PE firms aggressively seek new opportunities to grow...

Mezzanine funding comeback

Used to fill the gap between equity and senior debt, mezzanine funding is a useful, albeit complex form of business financing. Particularly suited to middle market companies that can demonstrate future positive growth and sales, mezzanine funding...

CECL: preparations for compliance

Despite its scheduled implementation being more than 18 months away, preparations to comply with the Financial Accounting Standards Board’s (FASB) Current Expected Credit Loss (CECL) standard are (or should be) well underway, with US...

Hard to build, easy to destroy: managing reputation risk

A good reputation is among the most important assets a company can possess. However, this asset is fragile. In the event of a scandal, disaster or accident, a reputation that has taken years of diligence to build can be damaged in the wink of an eye...

Compliance and the cloud – developing a GDPR strategy

The General Data Protection Regulation (GDPR) will have a significant impact on data protection governance in the European Union (EU). It will strengthen data protection rights for individuals, while imposing restrictions on the transfer of personal...

 

ROUNDTABLE

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Cyber risk & security

THE PANELLISTS: Great Gu, AstraZeneca China; Paul Lanois, Credit Suisse AG; Dr Jochen Lehmann, GÖRG; Jeff Bullwinkel, Microsoft Europe; Gerald Reddig, Nokia Software; and Robert J. Hanna, Tucker Ellis LLP.

Given how much they rely on technology, cyber risk and security is an increasing concern for all businesses. Protecting valuable data is now a critical issue for management, not just IT. However, many businesses neglect to update their cyber...

 

SPECIAL REPORT

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Business strategy & operations

All businesses are of course concerned about how they will grow and prosper in the future. Key to this is how effectively their business strategy – often characterised as a plan or set of intentions that will set the long-term direction of the actions needed...

FORUM: Engaging with stakeholders on long-term governance, ethics and cultural issues

FW moderates a discussion on engaging with stakeholders on long-term governance, ethics and cultural issues between J. Kevin Foster at Business Ethics Advisors, LLC, Juan Aguayo at Cuatrecasas, Simon Osborne at ICSA: The Governance Institute, Friso van der Oord at the National Association for Corporate Directors (NACD), and Melissa Sawyer at Sullivan & Cromwell LLP.

Can you afford not to be ethical?

Institute of Business Ethics ‘Does business ethics pay?’ is a common question. There is no escaping the current increasing political pressure for exemplary ethical behaviour from our businesses. Indeed, the draft new UK Corporate Governance Code contains a provision...

The authenticity leader: the lynchpin to setting the moral compass

Frank C. Bucaro & Associates Authenticity is rapidly becoming the most important aspect of effective leadership. The reason why lies in what makes an authentic leader. What are the characteristics of the authentic leader? What is the cause and effect of this type of leadership?

CFOs must be prepared to lead on new technologies or lose relevance

Association of Chartered Certified Accountants We live in an age of constantly evolving skill sets. Barely a day seems to go by without a fresh business headline announcing how technology will make whole professions obsolete or will ‘change everything’. For many years, the ethos of influential...

The regulatory challenge for disruptive business models

Cuatrecasas There can be no doubt about the irresistible penetration of digital technology into global economic models. Indeed, elements such as the proliferation of connected devices and multi-connectivity have introduced many disruptive business models that...

Local regulation as a key issue in business strategy

Guerrero Consultoria & Litigio A business strategy fails for several reasons. Some of these reasons can be controlled, while others cannot. One of those factors that can be managed is the applicable legal framework. Regardless of whether the business is an SME or a multinational company...

A simple yet effective solution for increasing women on boards

Committee for Economic Development In both Europe and the US, women make up over half of the population, nearly half of the workforce and now attain more higher education degrees than men. They also influence 70 to 80 percent of all purchasing decisions worldwide. Why, then, do women...

An uncharacteristic way to reason in favour of diversity and inclusion

Keppler Speakers Bureau For many in society, diversity and inclusion are vogue and politically correct terms that are often employed in the marketplace today. Unfortunately, based on most research reports, it is becoming increasingly clear that prescribed training programmes...

Q&A: Diversity in the boardroom and C-suite

FW moderates a discussion on diversity in the boardroom and C-suite between Janice Reals Ellig at Ellig Group, Steven Cox at Fujitsu, Rohini Anand at Sodexo, and Carl Clarke at Vodafone Group.

 

TALKINGpoint

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GDPR due diligence in M&A

FW moderates a discussion on GDPR due diligence in M&A between Mark Steele at Deloitte LLP, Philip Whitchelo at Intralinks, Gail E. Crawford at Latham & Watkins LLP, and Siân John at Microsoft.

Life settlements in 2018

FW speaks with Corwin Zass at Actuarial Risk Management, Ltd about the outlook for life settlements in 2018.

Latin America infrastructure outlook for 2018

FW moderates a discussion on the outlook for Latin America infrastructure between André Luiz Freire at Demarest Advogados and Vera De Brito de Gyarfas at King & Spalding.

 

DEALfront

mergers & acquisitions

€10.1bn deal sees AkzoNobel sell chemicals business to Carlyle and GIC

In a transaction with an enterprise value of €10.1bn, AkzoNobel has sold 100 percent of its specialty chemicals business to US private equity group Carlyle and Singapore-based investment firm GIC. AkzoNobel’s board of management and supervisory...

Salesforce to buy MuleSoft for $5.9bn

American cloud computing company Salesforce.com, Inc is to acquire software firm MuleSoft for $5.9bn in a cash and stock deal. Including existing debt, the total enterprise value of the deal will be $6.5bn, a record for the cloud software industry...

private equity & venture capital

2017 a solid year for PE

2017 was a strong year for the private equity industry, according to the new ‘Global Private Equity Report 2018’ from Bain & Company. Though global deal count was essentially flat, growing just 2 percent to 3077 deals, global buyout value, including add-on...

Advent to acquire Laird for £1bn

In a public-to-private acquisition with an approximate value of £1bn, global private equity firm Advent International Corporation is to buy UK electronics and technology business Laird PLC. AI Ladder Limited (Bidco), a wholly-owned indirect subsidiary...

bankruptcy & corporate restructuring

iHeartMedia files for Chapter 11

In an attempt to restructure its operations and reduce a debt of more than $20bn, leading global multi-platform media, entertainment and data company iHeartMedia, Inc. has filed for Chapter 11 under the US Bankruptcy Code. The company, along with...

HCR ManorCare enters bankruptcy

HCR ManorCare, the second largest nursing home operator in the US, has filed for Chapter 11 bankruptcy protection, citing debts of $7.1bn. The filing was part of a pre-packaged agreement which will see ownership transferred to the company’s...

 

SPOTlight

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The ‘Wild West’ of financing: are ICOs the end of venture capital fundraising?

Livingstone Partners LLP Start-ups today have many options to raise capital, with many needing an infusion of funds to get off the ground. Traditionally, new companies would have looked to venture capital (VC) to raise capital and to help their growth plans. Now, however, companies...

Legal framework and risks of virtual currencies

Siemens AG In 2009, and against the backdrop of the financial crisis of 2007-2008, an anonymous person or group called ‘Satoshi Nakamura’ created the first decentralised virtual currency, or cryptocurrency, the Bitcoin. Much more revolutionary than the cryptocurrency...

Bank regulatory relief under the Trump administration

Dorsey & Whitney Although not a mainstream political topic, critics of the Dodd-Frank Act have aggressively advocated for regulatory relief following the election of President Trump and his assumption of administrative control over the federal banking agencies. Commencing...

Transparency International’s Corruption Perceptions Index 2017: a synopsis

Vinson & Elkins Transparency International (TI) released its annual Corruption Perceptions Index (CPI) in February 2018, marking its 25th year. Sadly, the headlines are not encouraging. Notwithstanding numerous countries’ attempts to combat corruption, TI states...



CONTRIBUTORS

Actuarial Risk Management, Ltd

Association of Chartered Certified Accountants

AstraZeneca China

Business Ethics Advisors, LLC

Committee for Economic Development

Credit Suisse AG

Cuatrecasas

Deloitte LLP

Demarest Advogados

Dorsey & Whitney

Ellig Group

Frank C. Bucaro & Associates

Fujitsu

GÖRG

Guerrero Consultoria & Litigio

ICSA: The Governance Institute

Institute of Business Ethics

Intralinks

Keppler Speakers Bureau

King & Spalding

Latham & Watkins LLP

Livingstone Partners LLP

Microsoft

Microsoft Europe

National Association for Corporate Directors (NACD)

Nokia Software

Siemens AG

Sodexo

Sullivan & Cromwell LLP

Tucker Ellis LLP

Vinson & Elkins

Vodafone Group


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