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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.

100G structure - March 21

Main Committee

Our Aims

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.

Our Role

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.

Chair Julia Wilson

Julia is Group Finance Director of 3i Group, which includes responsibility for finance, investment valuations and treasury.  She was appointed to the Board of 3i Group plc on 1 October 2008 where she is a member of the Executive and Investment Committees.

Julia began her career at Arthur Andersen, and held a variety of tax and financial roles at Hanson plc, Tomkins plc and Cable & Wireless plc prior to joining 3i in 2006.  

Julia is also a non-executive director of Barclays PLC, and a member of the ICAEW (ACA) and the Chartered Institute of Taxation.  

Email Julia Wilson on 100 Group matters at: Julia.wilson@the100group.co.uk

Committee Members

NameCompany
Julia Wilson (Chair)3i
Graeme Pitkethly (Deputy Chair)Unilever
Tushar MorzariaBarclays
Murray AuchinclossBP
Julie BrownBurberry
Karen WittsCompass
Kathryn MikellsDiageo
Iain MackayGSK
Andy AggNational Grid
Mark FitzPatrickPrudential
Jessica UhlRoyal Dutch Shell
Alan StewartTesco
Margherita Della ValleVodafone

What We’re Looking At

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.

Main Committee News

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06 May 2021 |

Response to the BEIS consultation on requiring mandatory climate-related financial disclosures by large companies

01 February 2021 |

Response to the FRC consultation on The Future of Corporate Reporting

18 December 2020 |

Response to the IFRS Foundation consultation on Sustainability Reporting

Stakeholder Communications and Reporting Committee


Our Aims

The committee’s aim is to promote relevant, reliable, understandable and comparable with stakeholders including investors to allow them to make rational economic decisions.

The committee supports the development of high quality, global accounting standards and regulation that both protects stakeholders and encourages business growth and expertise.

Our Role

The committee meets quarterly to debate emerging issues in corporate reporting and accounting standard setting.

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. This includes through considering active projects of the IASB and commenting formally on relevant discussion papers and exposure drafts.

We maintain strong ties with the IASB, FRC, ICAEW and other bodies to ensure we have insight on standard setting and developments at a UK and International European level.

Chair Iain Mackay

Iain has been Chair of The 100 Group Financial Reporting Committee since March 2020.

Iain became Chief Financial Officer of GSK in April 2019. He is an Executive Director of the GSK Board and a member of the Corporate Executive Team.

Iain is responsible for Global Finance and several of the company’s key global functions including Investor Relations and Tech.

Prior to joining GSK, Iain was Group Finance Director at the global bank HSBC, a position he held for eight years. A chartered accountant, Iain has worked in Asia, the US and Europe and before HSBC was at General Electric, Schlumberger Dowell and Price Waterhouse.

Iain is a member of the Court of the University of Aberdeen and The 100 Group.

Iain holds an MA in Business Studies and Accounting, and an Honorary Doctorate from Aberdeen University in Scotland.

Email Iain Mackay on The 100 Group matters at: iain.mackay@the100group.co.uk

Committee Members

Members of the Financial Reporting Committee are CFOs of principally FTSE 100 companies. They represent a broad spectrum of industry groups.

What We’re Looking At

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, non-financial reporting metrics 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 (including submissions by the previous Financial reporting committee)


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10 February 2021 |

Response to the IFRS Interpretations Committee’s Tentative Agenda Decision on the Classification of Debt with Covenants as Current or Non-current (IAS1)

10 December 2020 |

Response to the IASB discussion paper on Business Combinations – Disclosures, Goodwill and Impairment

25 September 2020 |

Response to FCA Exposure Draft: Proposals to enhance climate-related disclosures by listed issuers and clarification of existing disclosure obligations

Pensions Committee

Our Aims

The committee’s aim is to promote fair, transparent and appropriate pensions regulation for employers and employees.

Our Role

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.

Chairman Phil Aspin

Phil became Chair of the 100 Group Pensions Committee in March 2021

Phil was appointed Chief Financial Officer of United Utilities Group PLC in July 2020. Prior to this he has held a number of senior finance leadership roles, including more recently, Group Controller and prior to that Group Treasurer.

He is a member of the ICAEW having qualified as a chartered accountant with KPMG and is a fellow of the Association of Corporate Treasurers. In March 2021, he was appointed as one of ten inaugural members of the UK Accounting Standards Endorsement Board (UKEB) having previously served a two year appointment as a member of EFRAG TEG (2015-2017). Phil holds a BSc in Mathematics from Durham University.

Email Phil Aspin on The 100 Group matters at: pensions@the100group.co.uk

Committee Members

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. 

What We’re Looking At

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

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07 April 2021 |

Pensions Committee Terms of Reference

07 October 2020 |

Response to DWP consultation on Taking action on climate risk: improving governance and reporting by occupational pension schemes

14 September 2020 |

Our response to the Pension Regulator’s Consultation on the defined benefit funding code of practice

Tax Committee

Our Aims

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.

Our Role

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.

Chair Andy Agg

Andy became Chair of The 100 Group Tax Committee in July 2020.

Andy joined the Board of National Grid in 2019 as Group Chief Financial Officer.  Prior to this he held a number of senior finance leadership roles across the Group, including Group Financial Controller, UK CFO and Group Tax and Treasury Director.  

Andy is a member of the ICAEW and graduated with a BA(Hons) degree in History from the University of Bristol.   

Members

Members of the Tax Committee are drawn from tax departments of principally FTSE 100 companies, and represent a broad spectrum of industry groups.

What We’re Looking At

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.

What We've Said

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01 December 2020 |

2020 Total Tax Contribution report

02 December 2019 |

OECD Pillar two consultation response

27 November 2019 |

2019 Total Tax Contribution Report

Previous - Investor Relations and Markets Committee

Overview

The Investor Relations and Markets Committee and Financial Reporting Committees have been replaced by the Stakeholder Communications and Reporting Committee.

What We've Said

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28 February 2018 |

FRC consultation on proposed revisions to the UK Corporate Governance Code

23 June 2017 |

FRC: Discussion Paper on Auditors and Preliminary Announcements

16 February 2017 |

BEIS Green paper on Corporate Governance reform