Boardroom professional development...PwC | Boardroom professional development | 5 Board Date and...

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Boardroom professional development Non-Executive Director Programme Winter 2018/Spring 2019 www.pwc.co.uk September 2018

Transcript of Boardroom professional development...PwC | Boardroom professional development | 5 Board Date and...

Page 1: Boardroom professional development...PwC | Boardroom professional development | 5 Board Date and location This half-day workshop will be held on Wednesday 7 November from 9.30am to

Boardroom professional developmentNon-Executive Director Programme Winter 2018/Spring 2019

www.pwc.co.uk

September 2018

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Contents

Introduction .................................................................................................... 1

Meeting series ................................................................................................. 2

Registration and save the dates ....................................................................... 4

Board events .................................................................................................... 5

Audit Committee Network events .................................................................. 19

Remuneration Committee events .................................................................. 20

Industry specific events ................................................................................. 22

Further information ...................................................................................... 26

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post implementation, considering lessons learned and how data protection will need to be delivered by Code. An early evening session in April will explore technology risk and the journey to the Cloud which many organisations are now considering. Finally, in line with the revised UK Corporate Governance Code’s focus on wider stakeholders and, in particular, listening to the employee voice, a last panel discussion will look at taking care of the workforce.

The Audit Committee Network for FTSE 350 Audit Committee Chairs and members will continue to run a series of update workshops. These sessions will brief members on developments in governance, reporting and accounting, as well as other topics of relevance.

For the Remuneration Committee, the executive remuneration workshops will provide an update on current developments, including how companies are responding to the revised Corporate Governance Code recommendations relating to pay and the Remuneration Committee’s remit. Dinners and debates for FTSE 350 Remuneration Committee Chairs and members will provide additional support.

There are also separate briefing events for the financial services sector where NEDs face particular challenges.

The aim of the PwC NED programme remains the provision of expert knowledge alongside the invaluable opportunity to share experiences and ideas with peers. Beyond this core programme, we will run a number of other sessions for specific subgroups of directors by separate invitation, as well as programmes for aspiring NEDs.

I look forward to welcoming you to our events.

Andy KempChairman, Non-Executive Director Programme [email protected] September 2018

Introduction

The role of a Non-Executive Director (NED) remains challenging in a rapidly-changing, inter-connected and often complex business environment. The Board agenda continues to expand, with new regulatory and governance developments. A revised UK Corporate Governance Code was issued in July 2018, along with related guidance, which has further implications for the NED role.

Political developments, both in the UK and globally, have added uncertainty whilst trust in business has been eroded. At the same time, technological advances continue to disrupt business models, bringing both new opportunities and risks. These pressures make the ability of NEDs to input to strategy and their oversight role in relation to governance and risk more important than ever.

As demands on NEDs increase, we will continue to provide a programme of events that explore key Board issues. A number of our June/July half-day workshops were oversubscribed and we are therefore going to offer an additional running in November/December. These include our blockchain and cryptocurrencies workshop, cyber security stages 1 and 2, social media and online hygiene and, for those NEDs who also sit on a charity Board, a workshop exploring how charities can adapt and thrive in the current climate.

We will start 2019 with a couple of lunchtime briefings where Andrew Sentance, former member of the Monetary Policy Committee of the Bank of England and previously Senior Economic Adviser to PwC, will give a global and UK economic update. This will be followed in February by an early evening event with Rohitesh Dhawan, Director of Eurasia Group, discussing their view of the top 10 political risks for 2019. Another early evening event in February will explore climate change actions for Boards based on PwC’s report for the World Economic Forum which will be launched at Davos in January.

Disruption from technology is never far away and a further February evening discussion will consider rebalancing skills in the digital age. Our March lunchtime briefings will focus on GDPR

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Meeting seriesWinter 2018/Spring 2019

For the Board

Event Format Date Time Location

Blockchain and cryptocurrencies – applications and risks

Half-day workshop

Wednesday 7 November 2018

9.30-12.30 Embankment Place

Cyber security (Stage 1) – where and how NEDs can make a difference

Half-day workshop

Monday 5 November 2018

9.30-12.30 Embankment Place

Cyber security (Stage 2) – responding to typical challenges

Half-day workshop

Thursday 15 November 2018Monday 26 November 2018

9.30-12.30 Embankment Place

Social media, digital tools and online hygiene for NED

Half-day workshop

Monday 12 November 2018Wednesday 21 November 2018

9.30 – 12.30 Embankment Place

Charities – how to adapt and thrive in the current climate

Half-day workshop

Monday 3 December 2018

09.30-12.30 Embankment Place

A global and UK economic update

Lunchtime briefings

Wednesday 16 January 2019Wednesday 23 January 2019

12.00-14.30 Embankment Place

A global political update – top 10 risks for 2019

Early evening event

Monday 4 February 2019

16.30-18.30 Embankment

World Economic Forum – Climate Governance Initiative

Early evening event

Tuesday 12 February 2019

16.30-18.30 Embankment Place

Rebalancing skills in the digital age

Early evening event

Monday 18 February 2019

16.30-18.30 Embankment Place

Data protection and the ‘Journey to Code’ – GDPR one year on

Lunchtime briefings

Tuesday 12 March 2019Monday 25 March 2019

12.00-14.30 Embankment Place

Technology risk and the journey to the Cloud

Early evening event

Wednesday 10 April 2019

16.30-18.30 Embankment Place

Innovation – where to look for it and how to manage the associated risks

Early evening event

Monday 29 April 2019

16.30-18.30 Embankment Place

Taking care of the workforce Early evening event

Wednesday 1 May 2019

16.30-18.30 Embankment Place

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Audit Committee Network events

Event Format Date Time Location

Technical update Half-day workshop

Tuesday 13 November 2018Monday 19 November 2018Tuesday 27 November 2018Monday 10 December 2018

9.30 – 12.30 Embankment Place

Technical update Half-day workshop

Tuesday5 March 2019Thursday14 March 2019Tuesday19 March 2019Thursday21 March 2019

9.30 – 12.30 Embankment Place

What is an audit? (for non-auditors)

Early morning briefing

Thursday 6 December 2018

8.30-10.30 Embankment Place

Remuneration Committee events

Event Format Date Time Location

Executive remuneration

Half-day workshop

Tuesday 20 November 2018Wednesday 28 November 2018

9.30 – 12.30 Embankment Place

FTSE 350 Remuneration Committee debate

Early evening event

Wednesday 6 March 2019

16.00 – 18.30 Embankment Place

Industry specific – Financial services

Event Format Date Time Location

Operational resilience – an FS focus

Lunchtime briefing

Thursday 14 March 2019

12.00-14.30 More London

Transforming financial services through data and analytics

Lunchtime briefing

Thursday 11 April 2019

12.00-14.30 More London

Diversity and inclusion in financial services

Lunchtime briefing

Thursday 16 May 2019

12.00-14.30 More London

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Registration

Save the datesIn an effort to give as much advance notice as possible, we have set out below future dates on which events will be held and which will feature in our next Boardroom Development Programme.

Half-day workshopsThe June/July series of workshops will run on the following dates in our Embankment Place office:

Monday 10 June 2019

Tuesday 11 June 2019

Wednesday 12 June 2019

Thursday 13 June 2019

Monday 17 June 2019

Tuesday 18 June 2019

Thursday 20 June 2019

Monday 8 July 2019

Tuesday 9 July 2019

Wednesday 10 July 2019

Thursday 11 July 2019

Monday 15 July 2019

Tuesday 16 July 2019

Wednesday 17 July 2019

Lunchtime briefingsOur May lunchtime briefings on a topical issue of the day of importance to all Board members will be held at our Embankment Place seminar suite on:Monday 13 May 2019Monday 20 May 2019

The September lunchtime briefings will also take place at our Embankment Place office on: (xxx)

Registration detailsIf you would like to join us at one or more of these events, please register using the following site address:www.events.pwc.com/ned

For queries regarding the NED programme, please email:[email protected]

If you would like to speak to someone, please contact the events administrator, Sharon Gill, directly using the following details:Telephone +44 (0)7841 803711

Prior to the event, you will receive joining instructions with directions to the location. If you are subsequently unable to attend an event you have registered for, we would be grateful if you could let us know.

WebcastsThroughout the year a number of webcasts are held on topical business issues. NEDs for whom we hold email addresses are invited to participate.

PodcastsPwC is also recording a series of ‘Beyond Brexit’ podcasts looking at what businesses can do to prepare for life outside the EU. These can be accessed via the following link:https://www.pwc.co.uk/the-eu-referendum/beyond-brexit-podcast-series.html

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Date and locationThis half-day workshop will be held on Wednesday 7 November from 9.30am to 12.30pm, followed by lunch, at our Embankment Place office.

ProgrammeBlockchain has its origins in Bitcoin and is widely used for cryptocurrencies. It is a relatively new and complex technology that has the potential to disrupt many aspects of business. The core principles of the technology mean it could impact a vast number of industry sectors.

Blockchain is also known as a ‘distributed ledger technology’. The ledger part of that is the record it keeps of digital events whilst the distributed part means transactions are replicated across the network to ensure all participants have the same information. A record in the chain can only be changed if the majority agree and, once recorded on the ledger, the information can never be erased. So in theory – and in practice as far as can be ascertained to date – it’s reliable, verifiable, confidential and secure.

PwC’s recent research ‘Blockchain is here. What’s your next move?’ surveyed 600 executives in 15 countries on their development of blockchain and views on its potential. Executives across the world are keen to embrace blockchain but have concerns about trust and regulatory uncertainty.

While the Internet has created environments in which individuals and businesses can instantly share information on a global scale at minimal or no cost, the same cannot be said for payments which can take days to settle and often impose high transaction costs. This is because the fragmented, legacy infrastructure for payments is not equipped to handle the instant, low cost services that have become an expectation in the digital age.

The emergence of cryptocurrencies is one application of blockchain technology that provides financial institutions with the potential to address these challenges. Through a shared, digital ledger in which messages and payments can be posted and reconciled in near real-time across a distributed network that does not rely on costly intermediaries and is secured through a combination of network consensus and cryptography, payments can be made quickly and cheaply. However, crypto-currencies are not well-understood and regulation and governance are still catching up with developments.

The workshop will explore the application opportunities and associated risks of blockchain and cryptocurrencies including:• business applications of blockchain• the rise of cryptocurrencies and their

implications• associated risks and opportunities• the regulatory environment• expected future developments.

Wednesday 7 NovemberHalf-day workshop

Blockchain and cryptocurrencies – applications and risks

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Cyber security (Stage 1) – where and how NEDs can make a difference

Date and locationThis half-day workshop will be held on Monday 5 November, from 9.30am to 12.30pm, followed by lunch, at our Embankment Place office.

ProgrammeCyber security is now recognised by most Boards as a critical topic for which all NEDs need a good level of competence. It was the number one issue mentioned by CEOs in PwC’s 21st CEO survey launched at Davos in January.

There are many cyber security workshops around but PwC’s are different. They are led by Boardroom practitioners – not consultants – and focus on what you need to know as a NED. Almost 300 FTSE NEDs have attended at least one of our cyber workshops and they consistently receive strong feedback.

Our workshops are led by Stephen Page, an independent NED and leading Boardroom practitioner on cyber risk. He brings more than a decade’s experience of handling digital-age issues and risks around the Board table, in both commercial and government Boards. He understands the questions you, as NEDs, can use to expose cyber risk, frame decision-making and gain assurance. Alongside Stephen will be Richard Horne, a former CISO for a major bank and now a partner in PwC’s cyber practice. He brings rich practical insight – including a deep understanding of how executives interact with the Board, and the action plans you should expect executives to be following. Both Stephen and Richard have lived through some of the UK’s highest-profile cyber breaches and have many insights to share.

Monday 5 NovemberHalf-day workshop

Cyber security is a strategic risk management issue for the Board and not one to be left to the IT department. This enterprise risk is at the heart of any modern business in the digital age where companies no longer operate in isolation. Understanding cyber risk – and managing enterprise-wide mitigations which protect financial performance, safety, customer trust, and reputation – is complex, challenging, and vital to protecting shareholder value.

The cyber threat is diverse and continues to grow, from those looking to seize commercial advantage and intellectual property to those looking to destroy critical data and undermine the integrity of systems. As cyber security risks have evolved, old security models are no longer adequate. Boards need new ways of exposing risk, testing mitigations and driving the right allocation of investment.

The workshop will explore the above and focus on what NEDs can do to help their organisations take steps to reduce the cyber security threat. In the second half of the workshop a real-world case study is used to bring this to life, leading to some key questions Boards should be considering in this area.

The session will cover:

• the current cyber threat environment• the issues Boards should focus on• a framework to help assess key areas• practical steps and questions Boards can

use to help mitigate the risks.

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Cyber security (Stage 2) – responding to typical challenges

Thursday 15 November and Monday 26 NovemberHalf day workshopDate and locationThis half-day workshop will be held on Thursday 15 November and Monday 26 November, from 9.30am to 12.30pm, followed by lunch, at our Embankment Place office.

ProgrammeThe cyber security workshop on the previous page covers a broad landscape of the basics and introduces some initial frameworks. For those who have attended the Stage 1 workshop and have begun working through cyber issues with their Boards, it is time to move on and consider, in more detail, some of the typical challenges that Boards face in today’s cyber security arena. Feedback from NEDs who attended the previous runnings of this session was very positive and we are therefore offering this again.

In a small interactive format, this workshop will consider the issues that attendees most wish to explore from a list of challenges we see repeatedly at Board level. Such concerns and questions include:• how should the company organise and

govern cyber security• what is the level of insider threat• what skills are needed at Board level• what sorts of actions are other Boards

taking to reduce cyber risk• what does Board risk appetite mean in

this context• how do we measure if actual execution

fits with the above

• how do we ensure this moves beyond IT and across the organisation as a whole

• how do we know the solution we have is right for the business

• how do we measure progress• what is a good response to a breach?.

The workshop will also explore a framework of seven cyber security governance principles for having a meaningful cyber security conversation.

In addition, there are four key areas where it is worth digging deeper to increase understanding of this complex topic and the role NEDs can play. This workshop will provide the opportunity for discussion with world class experts on the issues that matter in practice, with real-life examples and practical frameworks/questions to help NEDs respond appropriately in their Boards.

The four key areas covered on the workshop are:• developing the business perspective• assessing the current state• improvement recipes• handling incidents and crisis.

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Social media, digital tools and online hygiene for NEDs

Monday 12 November and Wednesday 21 NovemberHalf day workshopDate and locationThis half-day workshop will be held on Monday 12 November and Wednesday 21 November from 9.30am to 12.30pm, followed by lunch, at our Embankment Place office.

ProgrammeThe world has changed. Social connectivity, the merging of home and work, instant access to powerful apps and new privacy risks have all changed how people live and work. Your employees will increasingly bring an expectation of ‘sharing by default’. They will participate in rich social networks and use a bewildering array of tools throughout their digital lives.

This workshop will introduce you to some of the digital tools that are second nature for the millennial and subsequent generations, perhaps equip you to use some of them yourselves and reflect on how you can bring these concepts into the Boardroom.

First, we will explore how people use social media in work and play, with a focus on how people create their own identity in the digital space. We will explain the most common platforms and how they interrelate to create ‘personal brand’.

Second, we will take a brief tour of the ‘digital toolkit’ which digitally-capable people draw from to increase productivity and to foster collaboration.

Finally, we will help NEDs to explore their online security hygiene from a personal rather than organisational perspective. NEDs often sit on multiple Boards and frequently work using their own technology. As hacking and cyber security breaches become increasingly widespread, NEDs will want to ensure they are not the ‘weakest link’ in terms of being an entry point for an attack. In addition, given that NEDs are often high net worth individuals and therefore attractive targets, protecting personal data is paramount.

The aims of the session are to equip you better as a digital-age citizen by:

• providing an understanding of some common digital platforms and tools

• considering online hygiene (password controls, etc.) specifically in the NED context.

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Charities – how to adapt and thrive in the current climate

Monday 3 DecemberHalf day workshopDate and locationThis half-day workshop will be held on Monday 3 December from 9.30am to 12.30pm, followed by lunch, at our Embankment Place office.

ProgrammeWhether it is the impact of the EU referendum vote or widespread economic, political and social change, these are times of great flux for charities. There is both an opportunity and a necessity for charities to rethink how they approach strategy, leadership and governance, as well as the resources they draw on and the relationships they build, to deliver greater impact in an increasingly complex world.

PwC co-sponsored a significant piece of research by New Philanthropy Capital (‘NPC’), entitled ‘The State of the Sector’, which sought to provide recommendations aimed at supporting charity leaders to adapt and thrive in the current climate.

https://www.thinknpc.org/our-work/projects/state-of-the-sector/

The purpose of this session will be to provide a forum for Non-Executive Directors who are also charity trustees to consider the findings from the NPC research and to discuss how relevant they are to their own charities.

The research findings are broad, but we plan to discuss some of the key considerations for any charity at the moment, including:

• impact• effective use of resources• collaboration/merger• reputation management • making difficult decisions.

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A global and UK economic update

Date and locationThis winter series of briefings will be held at our Embankment Place office at lunchtime on Wednesday 16 January and Wednesday 23 January. Each lunchtime briefing will commence formally at 12.30pm and run for no more than two hours (including a buffet lunch).

ContentPwC’s report ‘The World in 2050’ looked ahead at the likely position of the world’s 32 largest economies in 2050 and identified a number of key trends:

• A return to the dominant role of Asia in the world economy – China is expected to overtake the US by 2030 in terms of output in dollar terms. However, Chinese growth will decelerate markedly after 2020 due to an ageing population and a slowdown in its investment boom. India should hold up better provided it continues to strengthen its political, legal and economic institutions.

• Other emerging economies, such as Mexico, Turkey, Brazil, South Africa and Nigeria, whilst having great potential, have a long way to go to get their institutions up to the standards of world leaders.

• Emerging economies that rely heavily on oil and gas, such as Russia, Nigeria and the Middle East, may face longer term problems unless they can successfully diversify their economies.

• Western businesses should not neglect their home markets as average incomes are still expected to be higher in the US and Europe than in China and India in 2050, despite slow growth rates.

Other projections include:• The world economy will double in size by

2042, growing at average annual rate of 2.5% to 2050.

• Six of the seven largest economies in the world will come from emerging markets by 2050, led by China.

• With sustained economic reforms, India could overtake the US as the world’s second largest economy in PPP terms by 2050, with Indonesia rising to fourth place.

• The EU27’s share of world GDP could fall to below 10% by 2050, with France out of the top 10 and Italy out of the top 20.

• The UK could be the fastest growing economy in the G7 to 2050, with average annual growth of 1.9% but remaining open to talented workers and developing successful trade links with fast-growing emerging economies will be critical to realising the UK’s long-term growth potential.

Wednesday 16 January and Wednesday 23 JanuaryLunch briefings

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It is therefore an interesting time for businesses considering how to develop their global strategy. Boards need to understand the political, legal and regulatory risks and the dynamics of emerging consumer markets that are becoming increasingly mature, sophisticated and digitally savvy, whilst recognising that emerging markets vary greatly in their institutional strengths and need to be assessed in a nuanced way.

Global strategies therefore need to strike the right balance between mature, lower risk advanced economies and faster-growing but generally higher risk emerging economies. By looking beyond unpredictable short-term economic and political cycles and focusing on fundamentals, long-term growth projections can actually be more reliable than short-term forecasts.

The briefings will provide an overview of the global and UK economic outlook to assist with this, led by Andrew Sentance CBE, former member of the Monetary Policy Committee of the Bank of England and previously Senior Economic Adviser to PwC.

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A global political update – top 10 risks for 2019

Monday 4 FebruaryEarly evening eventDate and locationThis early evening event will be held on Monday 4 February, from 4.30pm to 6.30pm, followed by drinks and canapes, at our Embankment Place office.

ProgrammeThe geopolitical situation remains extremely volatile. It has been seven years since Eurasia Group first wrote about the coming ‘G-Zero world’ – a world with no global leader. The underlying shifts in the geopolitical environment have been clear: a US with less interest in assuming global leadership responsibilities, US allies, particularly in Europe, that are weaker, and two ‘frenemies’, Russia and China, seeking to assert themselves as (limited) alternatives to the US – Russia primarily on the security front in its extended backyard, and China primarily on the economic front regionally, and, increasingly, globally.

These trends have accelerated with the populist revolt against ‘globalism’ particularly in Europe and the US. With the election of Donald Trump as president of the US, the G-Zero world has arrived. The triumph of ‘America first’ as the primary driver of foreign policy marks a break with decades of US exceptionalism and belief in the indispensability of US leadership. Meanwhile in the UK, Theresa May’s Government is deep into the formal period of negotiation with the other European Union (EU) countries for Britain to leave the EU which brings its own political challenges here and across Europe.

At the start of each year, Eurasia Group, the leading global political risk research and consulting firm, publish their top 10 political risks forecast to play out over the next 12 months. A number of their 2018 predictions which included, inter alia, a global tech cold war, protectionism, US-Iran relations and troubling developments in North Korea and Russia, have already been borne out.

In general, political stability in the 24 countries measured by Eurasia Group’s Global Political Risk Index (GPRI) continues to change more substantially and more frequently than before, following an upward trend since the second quarter of 2014.

The importance of political risk in determining a range of business outcomes makes it an increasingly significant area of expertise and one that is featuring more often on the Board agenda. We are delighted that Rohitesh Dhawan, director of Eurasia Group, will help us explore the multiple ways politics may affect the business and economic environment.

Join us at the start of 2019 to hear what Eurasia Group predict will unfold over the course of the year and the implications for businesses and the Boards that lead them.

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Tuesday 12 FebruaryEarly evening event

World Economic Forum – Climate Governance Initiative

Date and locationThis early evening event will be held on Tuesday 12 February from 4.30pm to 6.30pm, followed by drinks and canapes, at our Embankment Place office.

ProgrammeClimate change is rising up the corporate agenda. This has been prompted by the Paris Agreement, the emergence of climate-related legislation, and the release of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) recommendations. Investors, regulators and other stakeholders are challenging companies to demonstrate an integrated, strategic approach to climate change risks and opportunities. Increasingly, Boards of directors have a key role to play in addressing these issues and ensuring they are appropriately managed.

Encouraged by various Chairpersons and Board members, the World Economic Forum has launched the Climate Governance Initiative (CGI) and is partnering with PwC to deliver it. Ultimately, the CGI seeks to ensure that Boards are equipped to develop and supervise business strategies that support the transition to a low-carbon economy, consistent with the ambition of the Paris Agreement.

More specifically, the initiative aims to:• increase Board level awareness and

ownership for responding to climate-related issues, including mandatory and voluntary requirements

• strengthen Board level competence and capacity to manage climate-related risks and opportunities and to make informed, long-term strategy and investment decisions

• motivate Boards to promote a culture of communication and engagement with key stakeholders around their response to climate issues.

The Forum is developing a set of governance principles and a toolkit of questions to guide Boards on best practices for climate governance which will be launched at Davos in January 2019. Six principles have been drafted to date and will be further developed based on feedback from key stakeholders. Each climate governance principle will be supported by an accompanying toolkit of questions to assist Boards with implementation.

Join us at this early evening discussion to learn more about the governance principles and related guidance facilitated by PwC climate change experts, third party experts operating in this area and an investor focused on a sustainable approach to climate change.

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Rebalancing skills in the digital age

Date and locationThis early evening event will be held on Monday 18 February from 4.30pm to 6.30pm, followed by drinks and canapes, at our Embankment Place office.

ProgrammeCapitalising on prospects for global growth is as much about talent as technology, if not more so. People, not systems, drive innovation and realise its full commercial potential. Artificial intelligence (AI), automation, and new ways of working offer the potential for huge benefits but they also bring anxiety for employees and threaten societal disruption.

Our last CEO survey indicated that people strategy weighs heavily on CEOs’ minds. If businesses are to attract the workers they need in a digital age to deliver the best possible performance and productivity – and concern about the availability of relevant skills has never been higher – they need to have trust on their side. Businesses and their leaders are at the frontline of the automation transition and know they will bear the consequences if the workforce feels betrayed.

The ultimate prize is workers with the critical skills that organisations need to work alongside automation. These pivotal people can contribute enormous value to their organisation but finding and keeping them will be a big challenge which is why companies will need to pay careful attention to the employee value proposition.

At the same time, between 2015 and 2050, the number of people aged 55 and above in OECD countries is forecast to grow by almost 50% to around 538 million. To offset the higher costs of an ageing population, older workers should be encouraged to remain in the workforce for longer and indeed have the potential to add significantly to the GDP of their respective countries. However, automation poses both opportunities and challenges for older workers.

This early evening panel discussion will consider how to rebalance skills in the digital age, looking at:

• the impact of automation and artificial intelligence

• attracting and retaining the right talent• coping with a multi-generational

workforce• areas for Boards to be thinking about.

Monday 18 FebruaryEarly evening event

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Tuesday 12 March and Monday 25 MarchLunch briefings

Data protection and the ‘Journey to Code’ – GDPR one year on

Date and locationThis spring series of briefings will be held at our Embankment Place office at lunchtime on Tuesday 12 March and Monday 25 March. Each lunchtime briefing will commence formally at 12.30pm and run for no more than two hours (including a buffet lunch).

ContentThese sessions will take place nearly one year after the GDPR came into effect. We will examine the developments over that time to understand more of the impacts for business and the likely trajectory of development of the law in years to come, particularly as it affects the ‘Journey to Code’.

We know that in the run up to GDPR coming into effect on 25 May 2018 many organisations invested heavily in GDPR readiness programmes. However, PwC’s evidence is that much of this work was focused only on the ‘paper’ and ‘people’ layers of data protection, not on the technology and data layer.

Data protection as a concept was born out of concerns about the effects on rights and freedoms posed by the use of modern technologies processing personal data. Therefore, in order to deliver the desired outcomes of data protection, it’s vital that the technology and data layer is equally transformed alongside paper and people-run processes.

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This means that, inevitably, organisations will need to deliver data protection through Code, so that the desired outcomes are programmed into the data itself and the software and algorithms that manage processing. This is a journey that has already been pursued for cyber security.

This session will explore:• the areas of the law that require Code-

based solutions• examples of regulatory and judicial case

law that have already identified the need for Code-based outcomes

• examples of serious operational failures that could have been avoided through a Code-based strategy

• the time-window available for business to adopt Code-based strategies and what they need to do to prepare

• why many organisations have failed to appreciate the need for Code-based strategies and the lessons for the recruitment and selection of business leaders, officers and personnel.

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Technology risk and the journey to the Cloud

Date and locationThis early evening event will be held on Wednesday 10 April, from 4.30pm to 6.30pm, followed by drinks and canapes, at our Embankment Place office.

ProgrammeTechnology risk is inherent in every business. This starts right with how a company’s IT infrastructure is set up. Has an organisation created a flat, connected structure so that all parts of the entity – wherever they are situated in the world – can access head office systems and vice versa, with all the associated cyber security risks this brings, or has there been appropriate ringfencing of riskier territories? Is this kept under review as the geopolitical situation changes? And how have acquisitions been dealt with over the years – bolted on with all the legacy systems that this introduces or migrated to core systems on acquisition?

And then there is the journey to the Cloud being made by an increasing number of organisations. Businesses need an IT capability that supports continual market shifts and a strategy where change and pro-active refinement of the business model is possible. Cloud technologies can play a role in achieving this by helping companies standardise processes, cut costs, and reduce complexity. As a result, the question now being asked by most organisations is not ‘whether’ to go to the Cloud but ‘when’ to make the transition.

There is no one-size fits all approach to Cloud adoption. Some companies want a complete transformation across most functional areas whilst others are better served by incremental modernisation. Many companies approach the Cloud thinking, ‘We want to update everything’, but this approach isn’t always practical. It is vital to first address questions such as ‘Where do we start? What are the foundational layers? In what sequence should we tackle things? Are there any dependencies?’ The responses will be different for every organisation but once these questions are answered companies will be ready to define their ideal path to the Cloud.

This early evening panel discussion will explore technology risk and the journey to the Cloud focusing on areas such as:

• why an understanding of the Cloud is important

• what the ‘old world’ of IT infrastructure might look like and how this might look in the ‘new world’

• how to transition between the two• potential risks and pitfalls highlighted by

case studies• questions for NEDs.

Panellists will include PwC technology experts, and a CIO whose organisation has transitioned to the Cloud.

Wednesday 10 AprilEarly evening event

Bo

ard

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Monday 29 AprilEarly evening event

Innovation – where to look for it and how to manage the associated risks

Date and locationThis early evening discussion event will be held on Monday 29 April, from 4.30pm to 6.30pm, followed by drinks and canapes, at our Embankment Place office.

ProgrammeWith innovation and growth so tightly linked, it’s no surprise that nearly 9 in 10 organisations are innovating in at least one of eight ways – or say they plan to do so by 2020 – according to a survey recently conducted by PwC. And because technology underpins innovation in many of its guises, it is also no surprise that the top two innovation initiatives are implementing new technologies to improve existing products (86%) and using technology to create new ones (80%).

So where are organisations looking in terms of innovation and how are they going about it? And what is the role of start-ups and alliances versus a ‘sandbox’ environment within an organisation?

Innovation without a coherent strategy can result in numerous projects being started but never properly landing or becoming commercialised. However, there are techniques that can increase the chance of innovation delivering value. To allow for more innovation and to limit risks from new initiatives as they arise, Boards should have oversight of the lifecycle of significant innovations – from high-level strategising to brainstorming, to quantifying, to executing, to taking decisions about risk appetite and performance tracking.

Bo

ard

When innovation increases, so does risk, although arguably the risk of not innovating and being overtaken by competitors is just as high, if not higher. Organisations should view innovation and risk as a double-edged sword, clearing the way for greater opportunity and increased revenue growth but, at the same time, being alert to potential and, sometimes unimaginable, risks.

Join us at this early evening panel discussion to consider:• where to look for innovation• how to stay ahead of the impact from

technology disruption• ensuring innovation effort is successful

and doesn’t become an overhead or detractor

• the role of Boards and critical questions they can ask.

Panellists will include experts operating in the innovation space, including PwC’s head of technology investments, and the CEO of a start-up/incubator.

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Taking care of the workforce

Date and locationThis early evening event will be held on Wednesday 1 May, from 4.30pm to 6.30pm, followed by drinks and canapes, at our Embankment Place office.

ProgrammeThere has been a recent drive by the Government and others to ensure that the UK workforce is given a stronger voice. The recently issued revised UK Corporate Governance Code (‘the Code’) includes reporting on how the Board has engaged with a company’s stakeholders in a way that is broadly consistent with the new Companies Act reporting regulations and with a focus on employees (except that the Code refers to ‘the workforce’ as opposed to being restricted to UK employees).

The three mechanisms suggested by the Government for workforce engagement (a director appointed from the workforce, a formal workforce advisory panel or a designated Non-Executive Director) have been retained in the Code. However, it is now clearer that one of these methods or a combination of them can be used, and that other mechanisms may also be appropriate with explanation.

There appears to be an initial response by some companies to reject certain models without due consideration, possibly as a result of prejudice. For example, few appear to favour having a worker director on the Board even though this has often worked well in other countries.

What is clear, however, is that it is time for employees to be given a voice that is heard and this needs to be a two-way process. An annual survey is not enough as there should be evidence of engagement, how matters were taken account of in decisions, and reporting back.

Join us for a discussion around how a company can best take care of its labour led by a panel comprising:

• a representative from BEIS• a NED with experience of being the

designated worker representative• a PwC employment consultant.

Wednesday 1 MayEarly evening event

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ard

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Audit Committee NetworkA

ud

it c

om

mit

tee Making sure you stay ahead

The FTSE 350 Audit Committee Network is an extension of our NED programme, with a greater focus on the role of this important Committee. Given the fast moving regulatory, governance and accounting environment, we believe that it is important for FTSE 350 Audit Committee members to have access to our governance, corporate reporting and technical accounting update workshops throughout the year.

Technical update workshopsThe workshops will cover the most recent developments in governance, corporate reporting and technical accounting for Audit Committee members across the FTSE 350. There will also be other topics relevant to the Audit Committee agenda.

Date and location

Tuesday 13 November 2018

Monday 19 November 2018

Tuesday 27 November 2018

Monday 10 December 2018

Tuesday 5 March 2019

Thursday 14 March 2019

Tuesday 19 March 2019

Thursday 21 March 2019

This half-day workshop will be held from 9.30am to 12.30pm, followed by lunch, at our Embankment Place office.

What is an audit? (for non-auditors)For those on the Audit Committee without an audit background, or for those wishing to update their understanding, this early morning presentation will consider what an audit is and does. The session will look at concepts such as materiality, key risks, scope and going concern, as well as the role technology plays in the modern audit.

Date and location

Thursday 6 December 2018

This briefing session will be held from 8.30–10.30 am, including breakfast, at our Embankment Place office.

FTSE 350 Audit Committee Network Chair dinnersA series of dinner discussions for Audit Committee Chairs will be held in our Embankment Place office throughout the year. Hosted by our UK Head of Assurance, Hemione Hudson, they provide an opportunity for debate around topics on the agenda for the Audit Committee.

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Rem

un

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Executive remuneration

Date and locationThis half-day workshop will be held on Tuesday 20 November and Wednesday 28 November from 9.30am-12.30pm, followed by lunch, at our Embankment Place office.

ProgrammeExecutive remuneration remains a matter of considerable focus for politicians, the media and the general public. There is a public perception of lack of fairness and real political impetus to respond to this.

Arguably, executive remuneration has become a signature issue in relation to the erosion of public trust in big business. The Government has been considering reforms to the governance framework in respect of executive pay in an attempt to restore trust in this area and the recently issued UK Corporate Governance Code has a number of new recommendations due to come into force in 2019 in the areas of:

• the structure of executive pay models• expansion of the Remuneration

Committee remit• listening to the employee voice• disclosures.

Additional regulation is introducing disclosures of the ratio of CEO single figure pay to that of the wider workforce and separately identifying share price movement impacts in pay charts.

Some of these sound simple in principle but, in fact, have many underlying complexities. The workshop will be an opportunity to reflect on their impact on executive remuneration and the role of Remuneration Committees, with a look at the approaches Remuneration Committees are taking in response.

In addition, the government department for Business, Energy and Industrial Strategy commissioned PwC, together with London Business School, to undertake a study to explore the potential link between share buy-backs and executive pay. This launched over the summer and the key findings will be discussed.

The workshop will therefore seek to:

• examine developments in the corporate governance arena relating to executive pay

• reflect on the implications of these and any underlying complexities

• discuss the findings of the research into the potential link between share buy-backs and executive pay

• consider what this means for Remuneration Committees in practice.

Tuesday 20 November and Wednesday 28 NovemberHalf-day workshop

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FTSE 350 Remuneration Committee Chairmen dinners and Remuneration Committee debates

Rem

un

era

tio

n c

om

mit

tee As executive remuneration is a highly

topical, sensitive and often complex area to deal with, for several years now we have run a series of FTSE 350 Remuneration Committee Chairmen dinners and Remuneration Committee debates to provide Non-Executive Directors who serve on this committee further opportunities to discuss the issues with their peers in an informal and private environment, facilitated by experts.

Remuneration Committee debatesA Remuneration Committee debate will take place on:

Wednesday 6 March 2019

Remuneration Committee dinnersWe shall also continue to host a series of dinners for Remuneration Committee Chairmen and further details regarding these will be sent to relevant parties nearer the date.

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Ind

ust

ry e

ven

ts

Industry specific events

We continue to offer industry specific NED events for industries where there is sufficient critical mass in the FTSE 350.

The Financial Services (FS) industry, in particular, is going through a period of unprecedented change with increasing demands being placed on NEDs of FS companies by the FCA and others. This has led to the need for a series of FS events focusing on regulatory and other developments.

These lunchtime briefings will help to guide NEDs through the complexity and allow them to discuss topical issues with their peers in an informal and private environment. The FS briefings take place at our More London office from 12.00 until 14.30 including a buffet lunch. The upcoming programme is:

Lunch briefings

Operational resilience – an FS focus Thursday 14 March 2019

Transforming financial services through data and analytics

Thursday 11 April 2019

Diversity and inclusion in financial services Thursday 16 May 2019

Numerous NEDs have asked if we might host other industry specific events so that particular issues affecting their sector might be discussed and addressed.

Over the coming months, we will run other industry lunchtime briefings and details and invitations to these will be sent out separately.

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Operational resilience – an FS focusIn

du

stry

eve

nts Date and location

The briefing will commence formally at 12.30pm on Thursday 14 March at our More London office and will run for no more than two hours including lunch.

ContentOperational resilience is a subject that has risen to increased prominence over recent years and this trajectory is unlikely to change in the foreseeable future. Technology advances allied to increased consumer demands create an increasingly challenging environment in which to deliver services. Meanwhile, instant and high-profile feedback through social media elevates resilience issues to a new level of scrutiny. Recent prominent and sustained incidents have made operational resilience topical, while regulators continue to enhance their expectations of resilience capabilities.

This event will consider challenges and opportunities for FS firms in achieving operational resilience including regulatory expectations, as well as the wide-reaching benefits to be achieved in delivering effective operational resilience that go far beyond mitigating the risk of regulatory sanction and limiting downside risk.

Lead presenterSimon Chard is the lead presenter. Simon is a partner within the PwC Financial Services practice in London. He has led projects in IT, risk, resilience, programme management and change across a large range of global banks. He has also worked directly with financial services regulators, including the Bank of England and the PRA, on operational resilience.

Thursday 14 MarchLunch briefing

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Transforming financial services through data and analytics

Ind

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ts Date and locationThe briefing will commence formally at 12.30pm on Thursday 11 April at our More London office and will run for no more than two hours including lunch.

ContentData is everywhere but it is the quantity, complexity, quality and relevance of data to inform actionable and accurate decisions that is critical. This growing data revolution also brings challenges of a new kind. Many businesses are struggling to cope with the exponential increases in the data they now gather along with the ever-increasing burden of regulation and compliance.

Simply storing, managing, accessing and safely maintaining data as the law requires is a major challenge. This means that the cost of turning data into intelligence is becoming a hindrance to business agility for many, as is the need for high quality data analytics to prove compliance in a more complex and tightly regulated market. Firms are struggling to safely manage, govern and operationalise their data assets to drive timely decisions and accurately meet their compliance obligations.

The ongoing regulatory agenda, and now with the increased challenge of GDPR and Brexit, are just two new areas where the importance of a data driven strategy has been highlighted but clearly the scale and reach of data analytics is far greater. This event will explore recent developments in data technologies, as well as the challenges and far reaching benefits that data driven approaches can bring for FS companies.

Lead presenter

The lead speaker will be Nick Bouch. Nick is the UK Financial Services Data and Analytics Leader and leads the Financial Services Advanced Risk and Compliance Analytics (ARCA) team in PwC. Nick has over 20 years’ experience in banking and capital markets, with specific focus on data and analytics. He specialises in regulatory compliance, transaction reporting, customer analytics, data analytics, data governance and data-driven transformation programmes.

Thursday 11 AprilLunch briefing

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Diversity and inclusion in financial services

Ind

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ts Date and locationThe briefing will commence formally at 12.30pm on Thursday 16 May at our More London office and will run for no more than two hours including lunch.

ContentFS organisations that invest in diversity attract top talent, foster greater innovation, and have improved financial performance. As diversity and inclusion comes even more under the spotlight in financial services, this event will explore what it takes to deliver a strategy that meets the needs of your business and stakeholders.

Lead presenterThe lead speaker will be Jon Terry. Jon is the PwC UK Diversity and Inclusion Consulting Leader and is a member of both PwC’s global and UK financial services leadership team. He is co-author of a recent report ‘Seeing is believing – Clearing the barriers to women’s progress in financial services’. Jon is based in our London office with responsibility for the people strategy for approximately 45,000 global financial services specialists, including 5,000 UK specialists. He specialises in all aspects of employee motivation and pay. Jon has worked for PwC for over 25 years and works exclusively advising financial services organisations on their HR and reward issues.

Thursday 16 MayLunch briefing

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Further information about PwC’s Non-Executive Director programme

This programme has been designed for NEDs of major listed companies and equivalent organisations based in the UK.

Additionally, we provide a number of other tools specifically to support the NED role, including Board and Committee effectiveness checklists and The Test, a due diligence process to assist NEDs in deciding whether to accept a new NED position. We also run full day master classes for aspiring NEDs in conjunction with the Cass Business School.

Finally, subject to certain independence constraints where applicable, we are able to provide bespoke training to individual Boards or Committees on areas relevant to their roles. We also offer Board and Audit Committee effectiveness reviews in both the public and private sectors.

If you would like more information about any of the above, please contact Andy Kemp, Chairman, Non-Executive Director programme on 07801 246976 ([email protected]) or Liz Smith, Director, on 07802 929150 ([email protected]).

Pages on the PwC website also provide further information for Non-Executive Directors and Audit Committee members respectively:

www.pwc.co.uk/ned

www.pwc.co.uk/acn

LocationAll events will be in central London at our Embankment Place or More London offices. Precise locations are included under each item in the brochure and will also be confirmed in joining instructions issued approximately 3 weeks prior to each event.

FormatAll events take place under the Chatham House rule, offering the opportunity to exchange experiences, gain new insights and strengthen personal networks in a candid and confidential atmosphere.

The two practical working formats for the winter/spring events are:

• A short two-hour briefing (at lunchtime/in the early evening)

• A more extensive, half-day workshopThere is no charge for any of the events.

Please note that alcoholic drinks will be available at the evening events. If you intend to drive to and from the venue, it is your responsibility to remain within the drink drive limit.

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RegistrationIf you would like to join us at one or more of these events, please register using the following email address: www.events.pwc.com/ned

For queries regarding the NED programme, please email [email protected]

If you would like to speak to someone, please contact the events administrator, Sharon Gill, directly using the following details: Telephone +44 (0) 7841 803711

Prior to the event, you will receive joining instructions with directions to the location. If you are subsequently unable to attend an event you have registered for, we would be grateful if you could let us know.

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Data protectionPricewaterhouseCoopers LLP (UK firm) will process your data as data controller in accordance with applicable data privacy and data protection legislation. We, and other firms in the PricewaterhouseCoopers network, may use your data to contact you with marketing information about PwC’s business, services and events, and other information which may be of interest. If you would prefer to opt-out of further communications, please email [email protected] with ‘Unsubscribe’ in the subject line.

If you do not wish to receive further information regarding the Non-Executive Director programme, please contact Sharon Gill: +44 (0) 7841 803711 or [email protected] with ‘No more NED programme invitations’ in the subject line. If you are registering as an attendee for an event, we may include your name and organisation in a list of attendees at the event and this may be circulated to other attendees.

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This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

© 2018 PricewaterhouseCoopers LLP. All rights reserved. PwC refers to the UK member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.

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