February « 2011 « marcusevans-finance

Archive for February, 2011

CFO Summit XXII Spring 2011


Fortuna Advisors:
Driving the Company’s Value through an Ownership Mindset








 



 

Gregory Milano of Fortuna Advisors, a solution provider at the marcus evans CFO Summit XXII Spring 2011, on driving value in an organization.

Interview with: Gregory Milano, Chief Executive Officer, Fortuna Advisors



FOR IMMEDIATE RELEASE


“When senior executives embrace an ownership mindset, a culture where people think and act like shareholders develops, enabling CFOs and their teams to be more aggressive in seizing opportunities and more careful in managing risks,” says Gregory Milano, Chief Executive Officer of Fortuna Advisors, a solution provider attending the marcus evans CFO Summit XXII Spring 2011 in Hollywood, Florida, May 18-20. Milano discusses how such a state of mind rebalances the emphasis on driving returns with ensuring adequate investments in future growth of the business and why Chief Financial Officers (CFOs) must be adequately strategic and entrepreneurial to succeed.


Why do you consider an ownership mindset important to a company’s success? Is this what really makes the difference?


Gregory Milano: An ownership mindset is a different way of thinking about the business. There is a strong benefit to structuring incentives to simulate the rewards and risks of long term ownership to encourage managers to treat the company’s capital as if it were their own. We have found a dramatic difference between privately owned and publicly owned businesses. In some publicly owned businesses, people don’t drive results as much as they simply try to ensure they cannot be blamed for any mistakes.


Your organization states rebalancing the emphasis on growth and return is the key principle to create value. Why is this critical?


Gregory Milano: In the 60s and 70s, people were so consumed with growth that diversification and conglomeration started to get out of hand. In the 80s and 90s they realized they had to be careful that investments earned adequate returns. In our view, the pendulum has swung too far in this direction; companies are now too focused on maximizing near-term returns and not investing enough into long-term growth. Reinvestment rates simply are not high enough.


What should be on CFOs agendas today?


Gregory Milano: We all know markets are cyclical, yet it seems almost shocking how companies ignore these cycles and base investment decisions on how things are today. My advice to CFOs is to make strategic decisions and establish business processes in such a way that their company “wins” at all points through the cycle. CFOs need to have a plan in place but maintain flexibility to respond to the cycle and the opportunities that are created by those less prepared to deal with the cyclical realities.


Any final thoughts?


Gregory Milano: There are many misconceptions about what drives value, which often lead well-intentioned, hard-working CFOs to making sub-optimal choices that are at odds with what would be in the best interest of the company’s owners. These misconceptions often originate from the shareholders themselves. We recommend clients evaluate their internal decision processes and incentives and work to instil a culture of ownership that adequately rewards and balances the trade-off between growth and efficiency.


We recommend clients to “Go by what investors do, not what they say”. Nearly all companies face a constant clamour from investors asking or even demanding that the company use their excess cash to buy back stock. However, in our experience, companies that devote cash into buying back stocks deliver lower total shareholder returns in terms of dividends and capital gains, than those that invest more of the cash flow back into the business. Shareholders ask for dividends, but reward reinvestment.



Contact:
Sarin Kouyoumdjian-Gurunlian
Press Manager, marcus evans
Summits Division
Tel: + 357 22 849 313
Email: press@marcusevanscy.com



About the CFO Summit XXII Spring 2011


This unique forum will take place at The Westin Diplomat Resort & Spa, Hollywood, Florida, May 18-20, 2011. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The summit includes presentations on building financial strength, implementing enterprise risk management and positioning the organization for long term success.


For more information please send an email to info@marcusevanscy.com or visit the event website


marcus evans group – finance/insurance sector portal


Please note that the summit is a closed business event and the number of participants strictly limited.



About marcus evans Summits


marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-on-one business meetings. For more information, please visit www.marcusevans.com 



About Fortuna Advisors


Fortuna Advisors are experts in shareholder value and capital markets to provide clients with insightful, market-based strategic advice and performance metrics to motivate owner-like behavior.  All analyses and recommendations are state of the art, clear and understandable to assist clients in deploying capital, improving business management and driving their share price higher.
www.fortuna-advisors.com



All rights reserved. The above content may be republished or reproduced – kindly inform us by sending an email to press@marcusevanscy.com

European Tax Summit 2011


KPMG Luxembourg: Preparing for the Future Taxation Landscape







 

Georges Bock from KPMG Luxembourg, a sponsor at the marcus evans European Tax Summit 2011, on minimising risks and preparing for taxation related developments.


Interview with: Georges Bock, Partner, Head of Tax, Head of Banking, KPMG Luxembourg



FOR IMMEDIATE RELEASE


“It is absolutely essential for tax directors to have a vision of all potential tax risks, assess the level of exposure to them and make sure management is aware of any situations,” says Georges Bock, Partner, Head of Tax, Head of Banking, KPMG Luxembourg. “In the worst case scenario, ignoring a risk could cost the life of the company.” From a sponsor company attending the marcus evans European Tax Summit 2011, in Montreux, Switzerland, 13 – 15 March, Bock discusses transfer pricing, minimising tax risks and how tax directors can keep pace with a constantly evolving and challenging taxation landscape.


What is the tax landscape in Europe at the moment?


Georges Bock: There is far more scrutiny on organisations with cross-border operations further to state budget pressures in Europe. Multinationals will be challenged for their business decisions in terms of business rationale, substance requirements to run the business and transfer pricing applied. Large organisations need to scrutinise the rules and limit the risk of tax re-assessment, which almost always leads to double taxation. They have to work with tax authorities, disclose their basis of determination and try to agree upfront on a policy acceptable to both parties.


How can tax departments run more efficiently?


Georges Bock: If there is critical mass, in-house teams can be built to support the function. However, if operating internationally and unable to put up critical mass in each country, you need an interactive service provider that has built up in all those countries – a network of professionals who understand the business and have a proactive approach in making the company aware of risks before they heat up and opportunities at the right moment.


What can minimise an organisation’s exposure to tax risks?


Georges Bock: Tax directors need to ask themselves how they can ensure that all risks are known and reported. In the worst case scenario, ignoring a risk could cost the life of the company. The next step would be to decide what level of risk is acceptable – what risks they can manage and live with. If the assessment of risks is done correctly, the organisation may be able to afford the right mix of risks.


Are there any tax related developments tax directors could prepare for?


Georges Bock: The understanding and interpretation of best practices is changing constantly. This is a challenge for tax or finance directors, as it means they have to monitor the changes in perception and constantly evaluate their situation. Thus, it is very important that their thinking evolves in the same direction as the policy makers of the international tax scene. They have to remain connected to this evolution, capture those flows, take them back to their organisation and see whether and how to implement those changes. In order to set up a pre-thinking process, one must be aware of trends and the speeds at which they crystallise. Tax directors have to look at things with the eyes of tomorrow; imagine what the landscape will look like and whether what they are doing today will still be seen as a valid behaviour in the future.



Contact:
Sarin Kouyoumdjian-Gurunlian
Press Manager
marcus evans, Summits Division
Tel: + 357 22 849 313
Email:
press@marcusevanscy.com



About the European Tax Summit 2011


This unique forum will take place at the Fairmont Le Montreux Palace, Montreux, Switzerland, 13 – 15 March 2011. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on archiving essential tax documentation, boosting departmental efficiency with limited resources, and searching out favourable tax regimes.


For more information please send an email to info@marcusevanscy.com or visit the event website at www.taxsummit.com


marcus evans group – finance/insurance sector portal


Please note that the summit is a closed business event and the number of participants strictly limited.


About marcus evans summits


marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-to-one business meetings. For more information, please visit www.marcusevans.com
 
About KPMG Luxembourg


KPMG in Luxembourg is a leading provider of professional services (audit, tax, advisory).  As part of KPMG Europe LLP we are part of the largest integrated accounting firm in Europe.


Our team of 200 dedicated tax professionals advises our clients in Luxembourg and across the world. We operate within industry groups, giving you access to advisors who understand and are able to solve your tax issues.


More information: www.kpmg.com/LU



All rights reserved. The above content may be republished or reproduced – kindly inform us by sending an email to press@marcusevanscy.com

CFO Summit XXII Spring 2011


HSN, Inc: The CFO in the Driver’s Seat of Organizational Growth








 



 

Judy Schmeling, a speaker at the marcus evans CFO Summit XXII Spring 2011, on the CFOs role in driving the organization towards growth post crisis.

Interview with: Judy Schmeling, Executive Vice President and Chief Financial Officer, HSN, Inc.



FOR IMMEDIATE RELEASE


“Many Chief Financial Officers (CFOs) are in the process of helping their organizations transition back to an offensive mindset from a defensive approach after a challenging economic environment,” says Judy Schmeling, Executive Vice President and Chief Financial Officer, HSN, Inc. Whilst the past few years were about expense containment, the challenge now is to do that as well as drive the organization’s plans for growth.


Schmeling, a speaker at the marcus evans CFO Summit XXII Spring 2011 in Hollywood Florida, May 18-20, shares her thoughts for the future and what CFOs needs to do today to enhance the organization’s competitive edge.


What should the top priorities be for CFOs today?


Judy Schmeling: The past few years have been about expense containment and cost reduction to help offset sales declines. The challenge now is to manage that and have the confidence to invest in the future, whilst managing the business with a strict financial discipline, looking at risk/reward scenarios and monitoring them constantly. At HSN, we are planning to invest in new technologies and platforms that have contributed to our success, which will help set us up for future growth. Our e-commerce and mobile platforms are two areas we are looking at.


How can a CFO enhance an organization’s competitive edge?


Judy Schmeling: The CFO has a lot of visibility across the organization. He or she is involved in all revenue generating and expense management activities, and has a broader viewpoint of the organization. It is important for them to measure the overall impact of everyone’s decisions on profits and competitive advantage, as well as the customer base and value to shareholders.


This can be achieved by making a very clear strategic score card, having those measurements visible, holding people accountable and reviewing them on a timely basis. There has to be complete visibility throughout the organization. The CFO can increase the frequency of communication and constructive dialogue with peers in other departments, and make sure the message is delivered consistently.


What is your view of the future? What long-term strategies would you recommend to CFOs?


Judy Schmeling: There are going to be more regulatory changes in the future, and sales and income tax are likely to rise; costs CFOs need to be aware of.  There will be increasing shareholder activism in certain public companies.


CFOs have to stay on top of all the key drivers of the business to make sure that they are ready for future changes. They should look at the strategic plan of the business on an annual basis, but also for the next few years, and define the top three goals to communicate to the rest of the organization, define the critical success factors and assist them in achieving those goals. At HSN, we are focused on driving value by focusing on customers, employees and shareholders. The CFO is a critical member of the team and a person who can help steer the whole organization towards a common goal. 



Contact:
Sarin Kouyoumdjian-Gurunlian
Press Manager
marcus evans, Summits Division
Tel: + 357 22 849 313
Email: press@marcusevanscy.com



About the CFO Summit XXII Spring 2011


This unique forum will take place at The Westin Diplomat Resort & Spa, Hollywood, Florida, May 18-20, 2011. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The summit includes presentations on building financial strength, implementing enterprise risk management and positioning the organization for long term success.


For more information please send an email to info@marcusevanscy.com or visit the event website


marcus evans group – finance/insurance sector portal


Please note that the summit is a closed business event and the number of participants strictly limited.



About marcus evans Summits


marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-on-one business meetings. For more information, please visit www.marcusevans.com 



All rights reserved. The above content may be republished or reproduced – kindly inform us by sending an email to press@marcusevanscy.com