More about our committee-based structure
Our Committees
The 100 Group is organised through a structure of committees. Each committee meets once a quarter to debate emerging topics on the agenda of Finance Directors.
The main committee determines the overall strategic direction of The 100 Group, and delegates responsibility for action to the sub-committees. Each sub-committee is chaired by a member of the main committee. Committee meetings are held in private, and guests are invited by the committee chairman.
Main Committee
The committee’s aim is to contribute positively to the development of UK and International policy and practice on matters that affect our businesses, including taxation, pensions, financial reporting, corporate governance and capital market regulation.
The main committee is responsible for setting the strategic direction of The 100 Group. It regularly meets with representatives from the UK Government, the International Accounting Standards Board, the Institute of Chartered Accountants of England and Wales, the Financial Reporting Council, investor groups and similar bodies across Europe.
The committee communicates with its members through regular email newsletters, updates to its website and through networking events. The committee’s day-to-day activities are supported by KPMG.
Brian Gilvary is BP’s Chief Financial Officer and Board Director with over 30 years’ experience of working in the oil and gas sector. His current role has accountability for all of the typical finance functions of a large corporate, along with the Commodity Trading and Shipping Tanker divisions. He chairs the Group Financial Risk Committee.
He is a Non-Executive Director and Audit Committee member of Air Liquide, a Non-Executive Director and Chairman of the Audit Committee of The Francis Crick Institute and a Non-Executive Director and Vice Chair of the Audit Committee of the Royal Navy.
He served on the Board and Audit Committee of the Russian Joint Venture TNK-BP over 2003-06 and 2010-13. He was a member of the UK Treasury Financial Management Review Board 2014-17 and has served as a member of HRH Prince of Wales’ Business in the Community Rural Action Leadership Team and the International Employee Engagement Campaign 2007-09.
He is a member of the Trilateral Commission. He has a PhD in Mathematics from the University of Manchester and is an Honorary visiting Professorship in the faculty of Business and the faculty of Engineering & Physical Sciences. Brian is a Liverymen of the Worshipful Company of Tallow Chandlers and was made a Freemen of the City of London in 2017. He has an Honorary DSc from the University of Sheffield.
Brian is a triathlete, having represented Great Britain in the Age Group World Championship Grand Final (2015-18).
Email Brian on 100 Group matters at: brian.gilvary@the100group.co.uk.
| Name | Company |
|---|---|
| Brian Gilvary (Chair) | BP |
| Julia Wilson (Deputy Chair) | 3i |
| Graham Baker | Smith and Nephew |
| Margherita Della Valle | Vodafone |
| Mark FitzPatrick | Prudential |
| Russ Houlden | United Utilities |
| Iain MacKay | GSK |
| Kathryn Mikells | Diageo |
| Tushar Morzaria | Barclays |
| Chris O’Shea | Centrica |
| Graeme Pitkethly | Unilever |
| Jakob Stausholm | Rio Tinto |
| Alan Stewart | Tesco |
| Jessica Uhl | Royal Dutch Shell |
| Karen Witts | Compass |
Response Letters
In order to achieve our overarching objective of promoting the competitiveness of the UK, we meet with various bodies and individuals to discuss the most topical areas within tax. These include financial reporting, pensions, capital markets, and the integration of understanding between the UK, Europe and, where relevant, further afield.
Each sub-committee has further details of the most recent hot topics that we’re looking at and can be found in the sections of each of the committees.
We submit response letters to various regulatory and other announcements in the areas of tax, reporting, pensions, regulation, capital markets and corporate governance. These are submitted by The 100 Group’s sub-committees and can be found in the sections of each of the committees.
For copies of consultation responses submitted by the Main Committee, please see our news below.
Financial Reporting Committee
The committee’s aim is to promote the development of high quality, global accounting standards through contributing to the accounting standard setting process.
The committee supports accounting standards which:
- Provide relevant, reliable, comparable and understandable information to current and potential investors to assist them to make rational economic decisions about the reporting entity; and
- Provide a basis for assessment of the results of the stewardship of the management of the reporting entity of the resources entrusted to it.
The committee operates within a framework which is governed by its Statement of Principles.
The committee meets quarterly to debate emerging issues in corporate reporting and accounting standard setting.
It considers active projects of the IASB and comments formally on discussion papers and exposure drafts. The committee considers how it can enhance the standards of corporate reporting of its members, either voluntarily or through supporting bodies such as the IASB and the FRC.
We continue to maintain strong ties with the IASB and other bodies to ensure we have insight on standard setting and developments at a UK, International and European level. Two of our members are also members of the FRC's Accounting Council, have strong relationships with the FRC, and have an observer role at the ICAEW's Financial Reporting Committee.
Russ has been Chairman of The 100 Group Financial Reporting Committee since November 2013.
Russ joined the Board of United Utilities Group PLC in October 2010 as Chief Financial Officer. In addition to his executive role, he is Chairman of the Audit Committee of Orange Polska, the largest fixed and mobile telecommunications company listed on the Warsaw stock exchange.
Previously, he was the Chief Financial Officer at Telecom New Zealand and before that he was Finance Director of Lovells and various divisions of BT and ICI.
Email Russ Houlden on The 100 Group matters at: russ.houlden@the100group.co.uk
Members of the Financial Reporting Committee are drawn from finance departments of principally FTSE 100 companies, and represent a broad spectrum of industry groups.
Financial Reporting Committee
We continue to monitor developments in the IASB's major projects. We work with our other committees on cross-cutting issues, in particular on integrated and digital reporting initiatives and UK endorsement mechanism for international accounting standards following Brexit.
The committee focuses on maintaining and developing our relationships with other stakeholder bodies in the UK and internationally in order to best co-ordinate and focus efforts on areas of shared interest.
What We've Said
- All
- 2016
- 2017
- 2018
- 2019
- Archive
- Other
Letter submitted to IASB DPOC on IFRIC agenda decision not to amend IFRS 16
Internal Audit Code of Practice consultation response
FRC consultation response on updates to Ethical and Auditing Standards 2019
Investor Relations and Markets Committee
The committee’s aim is to contribute to the development of investor relations and market related regulation. Its intention is to constructively add to debates in this area, calling on stakeholders to be focused, measured and balanced in providing a regulatory framework that both protects stakeholders and encourages business growth and enterprise.
The committee meets quarterly to debate emerging issues in corporate and market regulation. It frequently comments publicly on draft regulation and maintains dialogue with UK regulators including the Financial Reporting Council, the Financial Services Authority and several HM Government departments.
Julia became Chair of the 100 Group Investor Relations and Market Committee in January 2017.
She is Group Finance Director of 3i Group having been appointed to the Board of 3i Group plc on 1 October 2008. She is a member of the Executive and Investment Committees.
Julia began her career at Arthur Andersen, and has had a variety of tax and financial roles at Hanson plc, Tomkins plc and Cable & Wireless plc before joining 3i in 2006.
Julia is also the Senior Independent Director of Legal & General Group plc, and a member of the ICAEW (ACA) and the Chartered Institute of Taxation.
Email Julia Wilson on The 100 Group matters at: Julia.wilson@the100group.co.uk
We continue to engage with investor groups, such as the Investment Association, and have met with representatives from the Investor Forum. The objectives of these groups appear broadly in line with our objectives, with topics such as good stewardship and engagement and the role of proxy advisors being high on the agenda.
The committee remains close to the debate on the evolution of narrative reporting. This is an area of focus following the development of the FRC’s Guidance on the Strategic Report, the continued development of the Integrated Reporting Framework and requirements for a viability statement.
We will continue to promote our vision of narrative reporting as being relevant, meaningful and clutter free and engage with government and regulator alike. In particular we welcome the FRC’s Clear and Concise Reporting Initiative, and the work of the Financial Reporting Lab, and engage with these and other organisations to put the perspectives of our members.
What We've Said
- All
- 2016
- 2017
- 2018
- 2019
- Archive
- Other
Letter to SEC about the Proposed Rule Permitting Foreign Private Issuers to Deregister and Terminate Their Reporting Obligations under the Securities Exchange Act of 1934
Letter to the Department of Trade and Industry about the DTI Draft Simplification Plan
Pensions Committee
The committee’s aim is to promote fair, transparent and appropriate pensions regulation for employers and employees.
The committee actively engages with the Government, the Pensions Regulator and the PPF to enhance pension regulation in the UK. It also engages with EIOPA and the European Commission to ensure appropriate regulation on a European level. It comments formally on significant relevant pension consultations and regularly advises relevant regulatory bodies on the future of pension provision.
Alan has been Chairman of The 100 Group Pensions Committee since April 2015.
Alan joined Tesco PLC on 23 September 2014 as the CFO. Alan qualified as a Chartered Accountant with Deloitte in South Africa and moved to the UK in 1985.
He has extensive financial experience in retail having been CFO at Marks & Spencer and WH Smith. He started his career in the UK in investment banking with HSBC. He became CFO at Thomas Cook Holdings in 1998 and was appointed UK CEO in 2001. From there he moved to WH Smith as Group CFO. In 2008 he was appointed CFO at AWAS, a leading aircraft leasing business, before moving to M&S in 2010. Alan is also a NED with Diageo.
Email Alan Stewart on The 100 Group matters at: alan.stewart@the100group.co.uk
The members of the Pensions Committee are drawn from Finance Directors, Group Treasurers and Pension Managers of member companies with an interest in the pension’s agenda.
The committee's current priorities are as follows:
- Pensions regulation: Arguing that any significant changes to pensions legislation should be made proportionately and after appropriate consultation.
- Brexit: Identifying any areas of pensions legislation where changes can usefully be made following withdrawal from the EU.
- Defined benefit funding: Ensuring that the funding regime for defined benefit pension schemes maintains an appropriate balance between trustees and employers.
- Pensions taxation: Continuing to make the case that major reforms to the taxation of pensions would be damaging and that the employer contribution has a key role in incentivising pension scheme membership.
The main items on the agenda for 2018 are expected to be:
- Responding to the forthcoming White Paper on defined benefit pensions, which may include proposals for new funding requirements and/or strengthened powers for the Pensions Regulator to intervene in corporate transactions involving defined benefit pensions.
- Continuing to make representations against any major reforms of the pensions taxation system.
- Monitoring developments in the defined contribution pensions regulatory landscape and ensuring that any further changes to defined contribution pensions legislation (including any arising from the auto-enrolment review) are not unduly onerous.
- Ensuring that the EU’s IORP (Institutions for Occupational Retirement Provision) II Directive is implemented proportionately in the UK, especially given the likely timing relative to Brexit (the Directive needs to be implemented by January 2019).
What We've Said
- All
- 2016
- 2017
- 2018
- 2019
- Archive
- Other
Response to TPR consultation on the Future of Trusteeship and Governance
100 Group Pensions Committee: Terms of Reference
Response to Consultation on ‘Protecting Defined Benefit Pension Schemes – A Stronger Pensions Regulator’
Tax Committee
The committee’s aim is to influence UK tax policy and administration, with a view to enhancing the UK’s competitiveness.
The committee believes that good fiscal policy is grounded upon long-term stability, simplicity and consistency. Consistency is necessary in a range of different aspects including consistency with policy objectives; consistency between different parts of the tax legislation; consistency of approach between taxpayers; and consistency with broader international tax principles and systems.
The Tax Committee’s role is to monitor and influence potential and actual changes to UK tax legislation.
Through direct engagement with HMRC, HMT at the Business Tax Forum and other fora, the committee represents the views on tax policy and administration of FTSE 100 companies. It meets representatives of the UK Government on a regular basis and comments both formally and informally on current proposals (for example concerning whether they meet the above requirements of good fiscal policy).
The committee also monitors and comments on changes in tax legislation throughout the world, conscious that its members operate globally.
The Committee supports the work of the Oxford Centre for Business Taxation (www.sbs.ox.ac.uk/tax) and sponsors the Total Tax Contribution Survey. This survey, prepared each year in association with PricewaterhouseCoopers, assesses the tax burden levied on the UK’s largest companies with the aim of assessing the competitiveness of the UK tax regime.
Chris became Chair of The 100 Group Tax Committee in November 2016.
Chris joined the Board of Centrica in 2018 as Group Chief Financial Officer. Prior to this, he held the same position at Smiths Group and Vesuvius following a number of senior finance positions at BG Group. Earlier in his career Chris had finance and tax roles at Royal Dutch Shell and Ernst & Young.
Chris is a member of the Institute of Chartered Accountants of Scotland and has degrees from the University of Glasgow and Duke University.
Email Chris O’Shea on The 100 Group matters at: chris.oshea@the100group.co.uk
Members of the Tax Committee are drawn from tax departments of principally FTSE 100 companies, and represent a broad spectrum of industry groups.
Taxation remains at the forefront of international debate. In the UK, we have seen progress in improving the taxation regime in recent years, but with the OECD Base Erosion Profit Shifting project gathering pace there has been much debate in the area of fair taxation and transparency. The Committee has been closely involved in this debate and will continue to engage on these topics.
The Tax Committee continue to promote the contribution of The 100 Group members to the UK Exchequer and the wider economy through the Total Tax Contribution Survey (see the latest results here) and other discussions.
The committee will continue to engage with HMRC and HMT and with the CBI, and will look to influence developments in country-by-country reporting with the aim of contributing positively to the development of any legislation affecting the UK.