Hundred Group
The Hundred Group is a group of British finance directors (FD), operating as the unofficial mouthpiece of the finance function of the FTSE-100. The organisation shares many attributes of a somewhat secretive gentlemans club. It has mentioned issues such as double taxation and the euro.[1]
Objectives of the Hundred Group
An activity of the group is lobbying on behalf of FDs of the UK FTSE-100. The Hundred Group only meets to discuss specific issues; it aims to comment and offer advice on issues where it feels UK government policy is misguided. It exists to pool experience and to continue to shape the changing role of the finance director.
The main purpose of The Hundred Group is to provide a forum for discussion and to make contributions and representations on issues of importance for financial management. Members are actively involved to ensure that the views of users and preparers of accounts are fully understood. Submissions are made to Government and other organisations highlighting the practical implications of existing financial procedures, related legislation and proposed changes.[2]
History of The Hundred Group
The group began life as a spin-off from the London Society of Chartered Accountants, predating the launch of the FTSE-100. Originally called the Hundred Group of Chartered Accountants, its most immediate concern was the Labour government's price control policy at a time when inflation was 2% per month. The Hundred Group soon found its feet as a forum for discussion and lobbying.
Eventually, membership was widened to include FDs who were not chartered accountants and the affiliation with the London Society of Chartered Accountants was ended. The group became the Hundred Group of Finance Directors, and non-FDs were asked to leave.
The group gained notoriety in 1993 where it effectively lobbied against the torrent of new listings rules, accounting standards, legislation and the Cadbury Report. The group convinced the authorities that more time was needed to implement all the corporate and legislative changes.
The group's paper on the euro, a united defiance against double taxation and an interest in pensions reform have appeared.
Membership of the Hundred Group
Participation in the group is by invitation only. Numbers are thought to fluctuate between 130 and 150 members, including representatives from multinationals and other companies in industries that are not part of the FTSE-100.
Past chairmen
- John Coombes of GlaxoSmithKline
- Jon Symonds, AstraZeneca, 2003;[3] set up a tax research centre at Oxford University
- Philip Broadley, Prudential plc, 2005; made the group more visible[4] and urged the SEC to accept accounts prepared under IFRS without a reconciliation to US GAAP[5]
- Ashley Almanza, BG Group (2007)
- Andy Halford, Vodafone plc (2010)[6]
References
- ↑ "New face takes over as Hundred Group chair". Accountancy Age. Retrieved 2008-08-17.
- ↑ Cadbury, Adrian (1 December 1992), The Financial Aspects of Corporate Governance (PDF), Professional Publishing Ltd, retrieved 2010-10-08
- ↑ Profile: Jonathan Symonds, FD of AstraZeneca, Accountancy Age, 30 October 2003
- ↑ Will the hundred group come out in the open?, Accountancy Age, 25 October 2007
- ↑ Hundred Group turns up the heat, Accountancy Age, 4 April 2006
- ↑ Making the Hundred count, Accountancy Age, 2 December 2010