Chris Scott, Schillings. Revenue transparency and reputation impacts

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Whilst reputation may be difficult to quantify on a balance sheet, it is impossible to deny that a damaged reputation can have an immediate and potentially long lasting effect on sales, share price …

Whilst reputation may be difficult to quantify on a balance sheet, it is impossible to deny that a damaged reputation can have an immediate and potentially long lasting effect on sales, share price and future growth. What steps can senior managers take to gain peace of mind when it comes to extraction reputation?

Chris Scott partner at Schillings, will discuss the ways that extractives companies can identify threats around revenue transparency, what happens when the press wants to get involved and how companies can take proactive steps to protect themselves.

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Transcript

  • 1. Revenue Transparency andreputation impactsChris Scott,13 June 2013chris.scott@schillings.co.uk0207 034 9000
  • 2. Trend towards transparencyTaking a different approach encompasses many areas buttransparency and revenue transparency are a good illustration tolook at because of three characteristics:1) that convergence between different functions whosedecisions will have a reputation impact;2) substantial external interest in the topic; and3) most importantly of all, the ability of businesses to heavilyinfluence what outcomes they face - and make their ownmistakes. Opposite of the situation BP and Statoildiscussed where no culpability.
  • 3. Calls for revenue transparency1) Sound, publicly disclosed anti-corruption programmes2) Precise and public information about how muchrevenue reaches state budgets, and3) Full disclosure of third party relationships to showwhere value is shared.
  • 4. What are the risks to an organisation fromembracing or not embracingTake those three limbs of revenue transparency:1) anti-corruption;2) taxes paid; and3) third parties dealt with.Many others in your organisation play significant roles indeciding how your business behaves.
  • 5. Questions to consider:1) What reputation is at risk and does it really matter?2) Are the issues and their impact fully understood bythose making decisions?3) How is the issue tracked and reviewed?
  • 6. Three take away points1) Do you have an information strategy? If yes, who ownsit? Go and have a conversation with them2) Look at the likely impact of regulatory changes(implementation, cost/risk) and have a plan for howyou mitigate the reputation consequences3) Make sure you understand the legal tools available toyou when things go wrong, and the reputationimplications of legal steps