> july 2014

inside this issue:

EZINE

share registration conference 2014●Discussingthebiggestissuesintheindustry●Boardevaluationgoesunderthespotlight●Thechangingroleofthecompanysecretary●TalkingcorporatereportingwiththeFRC

update●JohnHeatontalksshareregisteraccessrequests

essentials●EquinitiEmployeeSharePlansDiscussionForum●SAYEbonusratesettorise●FinanceBill2014-2015●HMRCemployeeshareschemesstatistics●ESPPortaldevelopments●Serviceexcellence

the equiniti share registration conference 2014

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EquINItI EZINE > JuLY 2014CONFERENCE

Another impressive line-up of stimulating and informative speakers brought the industry’s biggest issues to life at our annual conference in London

Afteranotheryearofchangeandchallengeforcompanysecretaries,theEquinitiShareRegistrationConference

2014offeredachancetocatchuponthelatestdevelopmentsandtouchbasewithcolleaguesacrosstheindustry.

Equiniti’sStuartEllen,ManagingDirector,RegistrationServicesandnewChiefExecutiveOfficer,GuyWakeley,welcomedahostofspeakerstoaddressapackedauditoriumatTheMayFairHotelinLondon.

Theagendacoveredthefutureofboardevaluation,anupdateoncorporatereportingfromtheFinancialReportingCouncilandviewsfortheevolvingroleofthecompanysecretary.AninformativekeynoteaddresswasdeliveredbyBBCjournalistTanyaBeckettonthestateoftheUKeconomyanditsimpactonUKPLCs.Inthismonth’se-zinewepickoutsomeofthekeyissuescovered.

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Who Watches the Watchmen?

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EquINItI EZINE > JuLY 2014CONFERENCE

With the board evaluation sector itself under close scrutiny, Seamus Gillen, a former Policy Director at the Institute of Chartered Secretaries and Administrators, opened the debate over plans for a new code of conduct at Equiniti’s Share Registration Conference

“Weneedtorestorethereputationoftheboardevaluationsector.Itisdamagedatthemoment,andwe

needproperoversightandaccountability,”SeamusGillentoldapackedaudienceatEquiniti’srecentShareRegistrationConference.

Seamuswasspeakingon‘TheFutureDirectionofBoardEvaluation’andthetopiccouldnothavebeenmorerelevant,astheICSAwaswithinweeksoflaunchingaconsultationintoadraftCodeofPracticeforIndependentExternalBoardEvaluations,conceivedbyAdvancedBoardroomExcellenceatthebehestofSirDavidWalker.

Thecodeisaresponsetoperceivedshortcomingsintheexternalboardevaluationsector,whichhaveresulted,insomecases,inconfusionovercosts,significantvariationinthequalityofproviders,alackofboardroomexperienceamongsomeproviders,conflictsofinterestandlossofindependence.

“Thereisnotacompellingboardevaluationofferingoutthereinthemarketandwhatthathasledtoisalossofconfidenceinthesectorandalossofreputationinthesector,”Seamustoldtheconference.

HerecountedseveralrecentcasestoillustratetheseshortcomingsincludingoneFTSE100companybeinggiventhreeinitialpricesforanevaluationrangingfrom£30,000to£170,000.Seamussaid:“Wheredocompanysecretariesorchairmengowhentheydon’tknowwhattheendorthebeginningofthelimitsofthisexerciseare?”

However,theroomwasinagreementthattheprincipleofboardevaluationswasveryimportant,regardlessofanycurrentdifficultiesinimplementation.Whendonewell,theyofferahugeopportunitytoimproveperformance,tohelpaboard‘secureassurancethatitisdeliveringassuranceofthecompany’soperations’,andtodisclosehowtheyaredischargingtheirobligations.

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EquINItI EZINE > JuLY 2014

Thenewproposedcode,whichgoesouttoconsultationthismonth,wouldprobablybethefirstofitskindintheworldandwouldpotentiallybeself-regulated.Itcomesundersixheadings:

■■ Professionalismofapproach■■ Competenciesandcapabilities■■ Expectationsoftheclientbytheconsultants■■ Clarifyingthetermsoftheengagement■■ Efficientprocess■■ Independentoversightofthecode

“Thesearesomeoftheprovisionsinthecode,whichareupforgrabs,astohowweshakeoutayoungindustry.Ayoungindustry,butonethatisengagedinsuchastrategicallyimportantactivitythatweneedtomakeitgrowupveryquickly,”saidSeamus,addingthattheconsultationwouldhelpdecideonthemorecontentiouspoints.

Hesaidheexpected“featherstofly”overapointinthedraftwhichstressesconsultantsshouldn’thavemorethantwoconsecutiveassignmentswiththesameplc,butacknowledgedthecounter-argumentthatitishardtodeveloparelationshipwithaplcifaconsultantmuststopworkingwiththemafterapossiblethree-yearperiod.Otherpotentialpointsfordebateinclude:consultantsnot

pursuinganyotherworkwithinanorganisationthatmayaffecttheboardevaluation,allprovidersrequiringprofessionalindemnityinsuranceandexecutivesearchfirmsnotbeinginvolvedinboardevaluationtoavoidconflictsofinterest.

TurningtothefutureofboardevaluationSeamuspredictedasimilarscenariotothecorporatereportingmarketwithuptoeightreallygoodproviderswithtransparentfeesbutretainingenoughflexibilitytoaccommodateboardsatdifferentstagesoftheirowndevelopment.

if you Would like more informationPlease contact doug.armour@davidvenus.com

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in conversation With the frc on corporate reporting

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EquINItI EZINE > JuLY 2014

Chris Stamp, Managing Director, Prism Cosec talked about narrative reporting and remuneration reporting with Anthony Appleton, Director of Accounting and Reporting Policy and Deepa Raval, Project Director, Accounting and Reporting Policy Team, Financial Reporting Council (FRC)

CONFERENCE

Chris Stamp: Nine months ago there were a number of things for people to consider – strategic report, remuneration reporting and also thinking about how boards look at the annual report because of new requirements in the UK Corporate Governance Code. Can you explain the FRC’s role in these areas?

Anthony Appleton:TheFRChastwomainfunctions.Onedivisionsetsstandardsandtheotherisinvolvedinmonitoringandenforcement.Wehavequiteauniqueopportunitygloballyinthatwecanseewhatitmeanstobeastandardsetterandunderstandtheconceptualissuesbutalsobealivetothepracticallimitationsbybeinginvolvedintheenforcementandmonitoringside.

IdirecttheAccountingandReportingPolicysideoftheCodesandStandardsdivision.ThatcoversUKaccountingstandardsandnarrativereporting.Asignificantpartofmyroleistryingtoinfluencedevelopmentsinternationally.Deepaleadsontheannualreportrelatedprojects,includingtherecentlyissuedGuidanceontheStrategicReport.

Theimplementationperiodforthe2013changesinregulationsincludingthoseforthestrategicreportwasrelativelyshort.InlinewiththeFRC’sdueprocessweissuedaconsultationbeforepublishingthefinalguidance.Intheinterim,thisgaveusanopportunitytohearaboutcompaniesexperiencesofapplyingtheregulations.AtthemomentweareconsultingontheCorporateGovernanceCode.Thatconsultationclosesattheendofthismonth.

CS: A lot of companies have published annual reports and had AGMs. Are you looking at what’s been produced so far and evaluating it in light of the changes?

Deepa Raval: Wehavespentthelastyeartalkingtoquiteafewcompanies,mypersonalviewisthatinthefirstyearitisquitehardtoassesswhattheimpacthasbeen.Inayear’stimewewillconsiderapost-implementationreview.Myinitialthoughtsarethatthenewregulationshavehadapositiveimpactonthewaycompaniesreport.Anumberofcompanieshaverestructuredtheirreportsbringinginformationthatisimportantforinvestorstotheforeinthestrategicreport.Othercomplementaryinformationisoftenrelocatedtothebackoftheannualreportorincludedonline.

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EquINItI EZINE > JuLY 2014

CS:The directors’ report has been raising some questions – what is the role of that report?

DR:Iseethedirectors’reportastherepositoryforresidualinformationrequiredbylaw.ItisnotthatusefulforinvestorsandideallyIwouldliketoseeitbeingmovedonline,butwehavesomewaytogoonthat.

AA:Weseethestrategicreportasacatalysttoimprovethequalityofnarrativereporting.Weoftenrefertotheterm‘cuttingclutter’andtheaimnowistoremovethosedisclosureswhicharenotaddingvaluetoshareholders.Thestrategicreportistheplaceforthatclear,relativelyhigh-level,narrativestoryoftheperformanceofthebusiness,itspositionandwhereitisgoinginthefuture.

CS: What is your view on remuneration reporting?AA: Itisabitdisappointingtofindthatremunerationreportshavegrownsignificantly.Whilstremunerationisclearlyanimportantissueforanannualreportthereisariskitbecomessoheavilyweightedtothatonesectionthatthewholeideaoffair,balancedandunderstandablereportingislost.One

ofthechallengesthatwefaceisareportingenvironmentwheretherearemultipleregulatorssettingdifferentrequirementsandthatcanchangethefocus.

if you Would like more informationPlease contact your relationship manager or

chris@prismcosec.co.uk

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Chris StampManagingDirector,PrismCosec

Anthony AppletonDirector,AccountingandReportingPolicy(FRC)

Deepa RavalProjectDirector,AccountingandReportingPolicyTeam(FRC)

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EquINItI EZINE > JuLY 2014

Do you think the role of the company secretary has evolved in recent years with a greater

emphasis on corporate governance?

Susan Swabey:Therehavebeenmanychangesinthelastfewyearsaffectingthecompanysecretary.Thereisoftennotimetoassimilateonechangebeforesomethingelsecomesdown

theline,oftenonthesametopicbutfromadifferentsource.Theroleisnolongerthesameyearin,yearout.WhenIstarted30yearsagoitwasprettymuchthesamejobeveryyear.Nowtherearenewreportingrequirements,hottopicsandpracticalitieseveryyear.

Thereisanincreasedfocusongovernance

bymajorinvestorsandthereforecompanysecretariesarecalledupontoengagewithinvestorsaheadoftheAGMmorethaninthepast.ThisyearIwascontactedbyover20investorsandinvestorbodiesaheadoftheAGM.

Thisincreasedengagementingovernancebyinvestorshaschangedtheroleofthecompanysecretary.We’renolongerjustthe‘techie’guysinthebackroom.Eventhoughwemusn’tfeelthatthisisournaturalhome,nowwehavegottogetoutandaboutandtalktopeople.Wehavetotrainourdirectorstotalkaboutgovernancetoinvestors.Theydon’twanttotalkaboutit,theywanttotalkaboutstrategyandproductsandmarketsandthingslikethat.But,wehavetotrainthemtospeakthegovernancelanguageandthat’sanewpartofourrole.

Thecompanysecretaryismovingawayfrommerelytakingtheminutesandrecording

the future role of the company secretary

Susan Swabey, Company Secretary of Smith and Nephew plc and ICSA President, David Venus outlined their vision for the rapidly changing company secretary role at Equiniti’s recent Share Registration Conference

thedecisionsothersmake,butisnowwritingpapers,guidingthediscussionsandadvisingtheboardongovernancematters.

David Venus:Notthatlongagothecompanysecretarywasamereservantoftheboard.Wellwithinlivingmemorycompanysecretariesinsomeofthetop100companiesevensat

onadifferenttabletotaketheminutes.Thingshavechanged.Whendidtheychange?TheystartedtochangebeforetheCadburyReportbutthatwastherealcatalyst.Corporategovernanceweretwowordsweprobablyhadn’theardmuchaboutbefore,anditquicklybecamepartoftheroleofthecompanysecretarytomakesureappropriatecorporategovernancewas

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EquINItI EZINE > JuLY 2014CONFERENCE

carriedoutthroughtheorganisation.Thishasbeenhastenedbythefinancial

crisis.Sowe’vecertainlyseenthecompanysecretarymoveawayfrombeingchiefadministrativeofficer.We’renowseeingthecompanysecretaryasthechiefgovernanceofficer,buttheyhavetobemuchmorethanthat.Nowtheyneedsoftskillsaswell.ThebigthingthathaschangedinthelastfiveyearsisboardroombehavioursandICSAisintheforefrontofthat,wehelpwritethepapers.Nowthecompanysecretaryneedstobepsychic,needstobeatrustedadvisor,éminencegrise,truth-speakingunderpower,bravebutdiplomaticandthebearerofunwelcomeadvice.But,you’llberespectedforit,notalwaysthanked,butrespected.Soit’saverybroadroleindeed.

What are your thoughts on the future role of the company secretary?Susan Swabey:Itisgoingtocontinuetoevolve.Theissuesofthefinancialcrisisandpublicrecognitionthatthere’ssomethingwrongwithbigbusiness(whetherrightorwrong,thereisthatperception),meangovernanceisgoingtobearoundandimpactourroles.Investorsandthepublicarefocusingongovernancemattersaswellasthestrategyandperformance,sotheboardwillbemore

interested.Itisgoingtobeuptoustomakesuretheboardisequippedtotacklethesequestionswhentheymeettheinvestors.Wewon’thavetojusthavethetechnicalskillstowritethecorporategovernancestatement,butalsothecommunicationskillstoengagewithinvestorsandexplainthetechnicalaspects,notjusttothembuttotheboard.

David Venus: GoingforwardIthinkthekeyadministrativetaskIhopewestillseethecompanysecretarydoingisminutetaking.Itwasn’tmyfavouritetask,butitisverynecessaryandIthinkcompanysecretarieshavethebreadthofknowledgeofthebusinessandthesortofnuancedskillsrequiredtowritetheminutes.IwouldliketoseemuchmoreemphasisonsoftskillsandIwouldliketosee

if you Would like more informationPlease contact your relationship manager or

doug.armour@davidvenus.com

theInstitute’sexamsincorporatesometestingofsoftskills.

Ihavealwaysbeensurprisedthatmorecompanysecretarieshaven’tprogressedtootherboardroleslikenon-executivedirector.Whobettertoknowwhatgoesonthanthecompanysecretarieswhohavebeensittingthereforyearsandunderstandhoweverythingworks?Non-execisadifferentrole,butwhatisn’tsuchadifferentroleischairman.Achairmanisafacilitatorandthat’swhatacompanysecretaryistoo.Weshouldbelookingtobenon-execsbutourendgameshouldbetoseektobechairman.

We’re now seeing the company secretary as the chief governance officer, but they have to be much more than that. Now they need soft skills as well.

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proper or improper

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EquINItI EZINE > JuLY 2014

aLL of thE LatEst INdustrY NEws from thE EquINItI groupUPfront

WhentheCompaniesAct2006cameintoforce,section117madechangestosection356ofthe

previousAct,requiringthoseseekingtoinspectorobtaincopiesoftheshareregister(knownasan‘accessrequest’)todisclosethepurposeforwhichtheinformationwastobeused.Ifthecompanythinksthatthispurposeisimproper,itcanapplytothecourtfora‘noaccessorder’.However,thenewActdidnotdefineaproperorimproperpurpose,whichwaslefttothecourtstodecide.

TheInstituteofCharteredSecretariesandAdministrators(ICSA)issuedaguidancenoteinJanuary2009,towhichEquinitiandanumberofourclientscontributed,givingexamplesofproperandimproperpurposes.However,thisremaineduntestedinthecourts.

ConsultantJohnHeatonhasalsorecentlylookedataCourtofAppealjudgementbyMrRegistrarBaisterintheHighCourt,Chancery

Division(theRegistrar),whichendorsedtheICSAguidancenote,andprovidesconsiderableclarificationonhowthelawwillbeappliedandwhatcompanysecretariesandtheirlegaladviserswillneedtoconsideriftheyreceiveanaccessrequestwhichtheybelievemightbeforanimproperpurpose.

ThekeypointsfromJohn’sarticleare:■■ ‘Properpurpose’appliesequallytomembersandnon-shareholdersseekingaccesstotheregister.■■ Thecourthaswidepowerstointerpretthetermbuttheonusisonthecompanytodemonstratetothecourtthatitshouldbesatisfiedonabalanceofprobabilitiesthattherequestisforanimproperpurpose.■■ Ifamember,therequestshouldrelatetotheshareholder’sinterestand/ortheexerciseofshareholderrights.■■ Ifaccessbyanypartyissoughtforacombinationofproperandimproperpurposes,theformershouldbeallowed,subjecttoappropriatesafeguards.■■ Itshouldberememberedthatspeedofresponseisparamountasthecompanyhasonlyfivedaysfromreceiptoftherequesttogotocourt.

Consultant John Heaton clarifies what company secretaries and their legal advisers need to know about access requests to the register which may be for an improper purpose

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EquINItI EZINE > JuLY 2014updatE

InEquiniti’sexperience,inthesevenyearssincethenewprovisionscameintoforce,companiesareveryunlikelytofaceanaccessrequestwhichisforanimproperpurpose;thereareveryfewweareawareofwhichhaveresultedinpush-backbythecompany.

Equinitihasclearprocedurestoescalateinternallyorexternallyanyrequestitreceivesimmediately.Inthefirstinstance,companiesmayseektogettherequestwithdrawnvoluntarilywhiletheyenterdiscussionswiththepersonmakingtherequest.Thedifficultyisthat,ifthatapproachfails,theclockstartstickingthemomenttherequestisreceivedandthecompanyhasamaximumoffiveworkingdaystoeithercomplywiththerequestorapplytothecourt,soithasverylimitedtimetoassessthesituationandrespondaccordingly.

ForJohn’sfullarticleincludingdetailsofthecase,pleaseclickhere.

if you Would like more informationPlease contact your relationship manager.

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industry neWs and events

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EquINItI EZINE > JuLY 2014

July has been a busy month for the industry as a whole. We take a closer look at what has got us talking this month

EssENtials

Equiniti Employee Share Plans Discussion ForumOn3rdJuly,PhilAinsley,ManagingDirector,EmployeeServices,hostedaforumtodiscuss‘WhatyouneedtoknowaboutmajorchangestoUKtaxadvantagedshareplansandthemovetoonlinefilingforallshareplans’.DiscussionswereledbyMatthewWardandJohnFranklin,NewBridgeStreet,Consulting.

19attendees,representing14companiesattendedtheeventanddiscussedthenewHMRCself-certificationandreportingrequirementsandthemanychangesthathaveimpactedshareplansoverthepastyear.GuidancewasprovidedbyMatthewandJohnabouthowtoupdateplanrulesinpreparationforself-certification.

Keymessagesfromthediscussionincluded:companieswereamendingtheirplanrulestoincorporatechanges(eveniftheywereautomatically‘written-in’)toavoidconfusionorerrorsandtoobtaintaxrelief;byupdatingrulesitwillbeeasierwhenyoucometoself-

EquINItI EZINE > JuLY 2014

certifyingyourplan;getyourregistrationright(nameandschemetypecannotbecorrected–onlysolutionistoceaseschemeandre-register)andwhereverpossibleacompany’snon-taxadvantagedplansshouldberegisteredunderoneplanname.Matthewconfirmedthatifacompanyhasan‘umbrella’planwhichhastaxadvantagedandnon-taxadvantagedelements,thetaxadvantagedelementneedstoberegisteredseparately.Hisadviceregardingwhatplannametoregisteris,‘Keepthenamesimple,generalandaboveallavoidtypingerrorsasitcannotbechanged.’

PhilAinsley,summarisingtheimportanceofthistopiccommented:“Toavoidfinesandtoensureplansremaintaxadvantaged,allcompaniesshouldhaveanagreedplanofactionandtimetabletoensuretheycompleteself-certificationintime.AlthoughthedeadlineisJuly2015,wewouldliketoseethisprocesscompletedwellbeforeApril2015inlinewithpreparationsforthecompletionofnextyear’staxreturns.”

Theslidesusedatthediscussionforumcanbefoundhere.

SAYE bonus rate set to rise HMRChasannouncedthatanewSAYEprospectuswillcomeintoforceon28July

2014,withabonusbeingappliedtofiveyearsavingscontractsforthefirsttimesince2011.

PhilAinsley,ManagingDirector,EmployeeServicessays,“TheSAYEbonusratesareautomaticallyadjustedbylinkingthemtoaveragethreeandfiveyearswaprates.Recentmarketdiscussionsandspeculationaboutwheninterestrateswillgoupisreflectedincurrentrisingswaprates,triggeringariseintheSAYEbonusrate.IseethisaspositivenewsforcompaniesofferingSharesaveasanattractiveemployeebenefitthatwillincreaseparticipationandgeneratehigherlevelsofengagement.”

SAYEinvitationdocumentationforlaunchesfrom28July,wherefiveyearsavingscontractsareoffered,willneedtobeupdatedwiththischange.Thenewprospectusmustbeusedfromthisdate.

Finance Bill 2014-2015Inpreviousyears,theFinanceBillhasusuallybeenenactedinJuly.ThecurrentBillhascompleteditscommitteestagesattheHouseofCommonsandtheHouseofLordsandisontrackforenactmentthismonth.Thiswillbringinsomeimportantemployeeshareplanchangeswhichinclude:updatingITEPA2003withthenewSIPlimitsandenablingthesetobechangedbyTreasuryOrder;replacingthe

word‘Approved’withotherterminology(seetablebelow);enablingonlinecertification,annualreturnsandpenalties;givingpowerstoHMRCtoexaminecompanies’plans.

Previous terminology

New terminology

Approvedschemes Tax advantaged schemes

Unapprovedschemes Non-tax advantaged schemes

AnapprovedSIP A Schedule 2 SIPAnapprovedSAYEoptionscheme

A Schedule 3 SAYE option scheme

AnapprovedCSOP A Schedule 4 CSOPWithdrawalofapproval

Ceasing to be a Schedule ... scheme

HMRC statisticsHMRChasjustpublishedEmployeeShareSchemesStatisticsfor2012-2013(using2012/2013taxreturndata)www.gov.uk/government/publications/employee-share-schemes-statistics-2011-to-2012

Keyfindingsforthe2012/2013taxyearinclude:thenumberofshareandoptions

EssENtials

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EquINItI EZINE > JuLY 2014EssENtials

awardsincreasedto£2.85bn;thecostofIncomeTax/NICreliefwas45%higherthanthepreviousyear(showinggreatergainsbeingmadebyemployees);theincreaseingainsisduetosharepricespickingup;andthenumberofemployeesexercisingoptionsin2012/13hasrisenby23%since2011/12andby61%since2010/11.

JenniferRudman,StrategicDevelopmentManager,AllEmployeePlans,comments:“TheHMRCEmployeeShareSchemesStatisticsreportcovering2012-2013taxyeardata,showsapositivetrendinSIPandSAYE,withemployeesseeingincreasingbenefitsfromtheircompanies’allemployeeshareplans.Resultsfromthe2013ifs ProShareannualsurveyhavenowbeenreleasedandthesepositivetrendsarereflectedinthatreporttoo.”Asummaryoftheresultsproducedbyifs ProShareisavailablehere.

ESP Portal and PDMR developments InourlasteditionoftheEzine,SarahMooreprovidedanupdateonESPPortalanditsextensiontocoverinternationalemployees.Developmentroll-outhasmeantthatthefirstphasehasbeencompletedandbotheasyJetandPearsonhavegone‘live’withtheirbrandedinternationalESPPortalservices.easyJetusedtheESPPortaltoinvitebothinternationalandUK

employeestojointheirSAYEschemeandover2,000employeesusedtheservicetosubmittheirapplication.

OtherdevelopmentsunderwayincludeenhancingPDMRandClosedPeriodfunctionality.Theaimistoimproverecording,validationandreportingprocessessothattheyaremanagedeffectivelyandconsistentlyacrossbothSIPandSAYEproducts.ThefirstchangeswereseenatthebeginningofJulywithupdatestothewayPDMRsarerecordedandadditionstoSAYEallotmentreporting.

NeilBurgess,ProjectManager,Solutions&Projectsexplainsthatthereareotherchangesinprogress:“Theseinclude‘dynamic’messaginginESPPortal,additionalIVRprompts,furtherSIPPDMRreportingandrecordingofClosedPeriods.”

Furtherdevelopmentandroll-outforbothinternationalESPPortalandPDMRserviceswillcontinuethroughouttheyear.

if you Would like more informationPlease contact your relationship manager.

Satisfaction GuaranteedServiceexcellenceisimportanttousallatEquinitiandinordertomeasurethisEmployeeServicessenda‘60secondsurvey’twiceperyeartoourclients.

Onascaleof1-5weaskclientstorateusonanumberoftopics,rangingfromaccountmanagementtodeliveryofspecificeventstothequalityofservicewedeliverthroughourcontactcentre.

OurlatestresultsshowthatServiceDeliveryManagersscoredanaverageof4.54forourAccountManagementand94%ofclientswouldrecommendus.Ouroverallservicescoredahighlycredible4.34.

PhilAinsley,ManagingDirector,EmployeeServicesreaffirmedthatcontinuousimprovementiskeytohowwerunourbusinessatEquiniti:“Clientsatisfactionisdependentuponourservicedeliveryanditisagreatresulttoseeeveryscorehasincreasedoverthelast18months.Ourcontinuedinvestmentinourpeopleandsystemswillkeepusattheforefrontasourclients’requirementscontinuetoevolve.”

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