This document analyzes Paychex, Inc. as an investment opportunity. It finds that increasing US economic growth and small business growth will drive Paychex's revenue growth from its payroll and HR outsourcing services. Paychex is also developing new products that capitalize on growing demand for outsourcing. The analyst recommends Paychex as an "outperform" investment and sets a price target above the current stock price due to Paychex's superior products and competitors facing difficulties.
- IPSO was established in 2014 to regulate over 1500 print titles and 1100 online titles in the UK, replacing the Press Complaints Commission which received criticism over its handling of the phone hacking scandal.
- It is funded by the Regulatory Funding Company through an industry levy to ensure its financial security and independence.
- IPSO handles complaints, investigates breaches of standards, and can require prominent corrections, adjudications, or fine publications for serious failings. It gives the public a way to report issues with news reporting.
The annual report summarizes Cholamandalam Investment and Finance Company Limited's performance for the 2016-17 fiscal year. It notes that despite temporary slowdown due to demonetization, the company performed well with profit after tax growing 26% to Rs. 719 crore. Total assets grew 15% to Rs. 36,984 crore and disbursements increased 13% to Rs. 18,591 crore. The vehicle finance business disbursed Rs. 14,471 crore, a 17% growth, with profit before tax up 23%. The report discusses the company's expansion of branches, new digital initiatives, and growth of other business segments including home loans and SME financing.
What are the digital and transparency implications of the FSA regulating the future agenda. I look at several in this months food issue of the CIEH environmental health news.
Transfer pricing is no longer just a tax compliance issue but has far-reaching implications for any cross-border transactions between related parties. As businesses globalize and governments seek more revenue, transfer pricing is undergoing rapid changes and increased scrutiny from regulators. Experts advise companies to take a strategic, holistic view of transfer pricing and ensure their policies and practices are properly aligned with their business realities to avoid penalties from tax authorities.
The document discusses issues with electronic voting machines and argues they should be moved away from. It provides reasons why electronic voting is wrong, noting electronic machines are prone to errors and hacking since many do not keep paper records of votes. They can also have outdated technology vulnerable to security risks. The document recommends finding an alternate voting method that is more precise and secure.
The document discusses several topics related to healthcare in the UK, including:
1) New models of care need strong tax controls to avoid costly mistakes like the collapse of the UnitingCare Partnership due to unplanned VAT costs.
2) Bridging the gap between contract award and implementation is key to realizing procurement savings, and requires collaboration between stakeholders and dedicated resources.
3) Reducing temporary staffing is a challenge that requires tackling behaviors, improving recruitment and retention, governance over procurement, and service improvements to reduce need for extra staffing.
This document analyzes Paychex, Inc. as an investment opportunity. It finds that increasing US economic growth and small business growth will drive Paychex's revenue growth from its payroll and HR outsourcing services. Paychex is also developing new products that capitalize on growing demand for outsourcing. The analyst recommends Paychex as an "outperform" investment and sets a price target above the current stock price due to Paychex's superior products and competitors facing difficulties.
- IPSO was established in 2014 to regulate over 1500 print titles and 1100 online titles in the UK, replacing the Press Complaints Commission which received criticism over its handling of the phone hacking scandal.
- It is funded by the Regulatory Funding Company through an industry levy to ensure its financial security and independence.
- IPSO handles complaints, investigates breaches of standards, and can require prominent corrections, adjudications, or fine publications for serious failings. It gives the public a way to report issues with news reporting.
The annual report summarizes Cholamandalam Investment and Finance Company Limited's performance for the 2016-17 fiscal year. It notes that despite temporary slowdown due to demonetization, the company performed well with profit after tax growing 26% to Rs. 719 crore. Total assets grew 15% to Rs. 36,984 crore and disbursements increased 13% to Rs. 18,591 crore. The vehicle finance business disbursed Rs. 14,471 crore, a 17% growth, with profit before tax up 23%. The report discusses the company's expansion of branches, new digital initiatives, and growth of other business segments including home loans and SME financing.
What are the digital and transparency implications of the FSA regulating the future agenda. I look at several in this months food issue of the CIEH environmental health news.
Transfer pricing is no longer just a tax compliance issue but has far-reaching implications for any cross-border transactions between related parties. As businesses globalize and governments seek more revenue, transfer pricing is undergoing rapid changes and increased scrutiny from regulators. Experts advise companies to take a strategic, holistic view of transfer pricing and ensure their policies and practices are properly aligned with their business realities to avoid penalties from tax authorities.
The document discusses issues with electronic voting machines and argues they should be moved away from. It provides reasons why electronic voting is wrong, noting electronic machines are prone to errors and hacking since many do not keep paper records of votes. They can also have outdated technology vulnerable to security risks. The document recommends finding an alternate voting method that is more precise and secure.
The document discusses several topics related to healthcare in the UK, including:
1) New models of care need strong tax controls to avoid costly mistakes like the collapse of the UnitingCare Partnership due to unplanned VAT costs.
2) Bridging the gap between contract award and implementation is key to realizing procurement savings, and requires collaboration between stakeholders and dedicated resources.
3) Reducing temporary staffing is a challenge that requires tackling behaviors, improving recruitment and retention, governance over procurement, and service improvements to reduce need for extra staffing.
Ahead of the marcus evans National Healthcare CFO Summit 2022, read here an interview with Rick Reid where he discusses what strategies healthcare CFOs can implement to improve the financial situation of their facilities.
PwC is a professional services firm that aims to be the largest accounting and advisory firm worldwide. They have increased annual revenues to $29.2 billion by focusing on growing their advisory services. PwC has strong corporate social responsibility programs and uses technology like social media to better serve clients. They successfully merged with another firm in 1998 to become a leader in the industry.
Cp1230 FSA consultation paper summary: complaints against the regulatorsCompliance Consultant
This will be of interest to all firms and individuals that will come under the new UK regulators as regulated, registered or authorised.
Background
The FSA are currently required to make arrangements for the “investigation of complaints arising in connection with the exercise of, or failure to exercise, any of its functions (other than its legislative functions)” under the Financial Services and Markets Act 2000 (FSMA).
The latest version of the Financial Services Bill requires the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA), and the Bank of England to establish how they will investigate complaints against themselves.
The Bank of England and the Financial Services Authority (FSA) jointly published a 34-page Consultation Paper (CP) 12/30 entitled ‘Complaints against the regulators – (The Bank of England, Financial Conduct Authority and Prudential Regulation Authority)’, on 6 November 2012.
Making Analytics Actionable for Financial Institutions (Part I of III)Cognizant
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The document outlines the Financial Conduct Authority's (FCA) strategy. It discusses:
1) Achievements since the FCA's creation including enforcement actions and new initiatives.
2) Challenges facing regulation like an aging population, increased debt, and advancing technology.
3) Key aspects of the new strategy including sharpening focus on large firms/sectors, integrating authorization and supervision, and creating a common FCA view across markets and sectors.
4) Organizational changes to implement the strategy like consolidating market intervention work and prioritizing resources more effectively.
The document outlines the Financial Conduct Authority's (FCA) strategic review and plans for the future. Key points include:
1. The FCA has achieved successes like enforcing rules on LIBOR and payday lending caps, but faces increasing demands on its resources.
2. The FCA will prioritize large firms, sectors, and risk-based small firm supervision. It will merge market intervention work and take a more strategic, data-driven approach.
3. The FCA will create a common view of markets and sectors, bring risk and oversight functions together, and align communications more closely with strategy to influence at an earlier stage. It will also review processes to enable faster decision making.
1) Murphy argues that IASB acts in the interests of large accounting firms rather than the public, but others believe IASB establishes standards to benefit all stakeholders and ensures transparency.
2) While the big four accounting firms have some influence, there is no evidence of a cartel, as they compete against each other and IASB consults a wide range of groups.
3) Adopting IFRS has benefits for transparency and comparability between countries, though implementation challenges vary between local authorities depending on their operations and accounting expertise.
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This document summarizes a report on human capital reporting. It finds that while intangible assets like human capital are increasingly important for companies, reporting on human capital management strategies and metrics is still lacking. The report explores investor views on human capital information and barriers to better reporting. It recommends that companies provide clearer human capital narratives and metrics in their reports. It also recommends that investors demand this data to make more informed decisions. Overall, the report argues both companies and investors could benefit from improved human capital reporting.
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This document provides an agenda for the "Effective Supply Chain Finance" conference happening on June 3, 2015 in Amsterdam. The agenda includes sessions on supply chain finance regulations, using SCF as part of working capital strategies, engaging procurement and treasury teams, financing capital expenditures through SCF, and technologies that could enable future SCF programs. The conference aims to help treasurers and procurement professionals learn how to enhance working capital, increase liquidity, and mitigate risks through effective supply chain finance programs.
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Your Healthcare CIC is a social enterprise that delivers healthcare services in partnership with GP practices serving 187,000 patients in Kingston and Richmond. It successfully transferred from the NHS via TUPE in 2010 and is now governed by elected staff and community members. It has established robust governance systems and quality of services above local averages according to surveys. The social enterprise model allows for reinvesting surpluses to continuously improve services for patients and communities.
The document discusses how audit and fraud examination functions can more effectively work together to combat fraud. It argues that partnering these functions could help address underfunding, improve detection of non-ethical behaviors, and change prevalent practices of self-serving greed. By embracing ongoing monitoring and working together, audit and fraud examination could positively impact organizations and help maintain strong controls. The document promotes the idea that these functions are not adversaries and that finding issues is an opportunity to correct problems, not a negative. It suggests that existing technology allows measuring the effectiveness of anti-fraud efforts.
- The document summarizes a speech given at AFI's 2011 Global Policy Forum discussing increasing financial inclusion around the world through cooperation between central bankers and governments.
- Central bankers are increasingly incorporating financial inclusion into their core mandates of assuring stability in financial systems in addition to traditional roles like monetary policy and regulation.
- Financial inclusion and stability are mutually reinforcing, as broader access to financial services helps build a more diverse and stable financial system overall.
- Regulators face challenges of expanding access while also ensuring responsible lending, consumer protection, and maintaining stability as these new systems grow. Close supervision, data collection, and innovative solutions tailored to each context are needed.
Here are the key points regarding the differences between GAAP regulatory frameworks in the US and UK:
- US GAAP is rules-based while UK GAAP and IFRS are more principles-based, leading to potential differences in interpretation.
- A rules-based approach provides less ambiguity and more defined actions, reducing risks and potential litigation costs from non-compliance. However, it allows less flexibility.
- Principles-based standards can lead to different interpretations, but provide more flexibility.
- Studies have found that convergence of US GAAP and IFRS led to more comparable and value-relevant financial reporting internationally.
- However, full convergence is difficult to achieve as standard setters must balance goals and
Compliance issues surrounding employee travel and expense management include the need for transparency, control, and auditability to prove adherence to policies. Industries like financial services and pharmaceuticals face specific regulations requiring oversight and reporting of expenses. Companies can improve controls and compliance by automating expense processes using solutions that enforce policies, facilitate exception reporting, and serve as the system of record for audits. On-demand travel and expense management providers can help achieve these goals through standardized core functionality with customization of business rules.
More Related Content
Similar to Regulating The Future Carrot or Stick ?
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PwC is a professional services firm that aims to be the largest accounting and advisory firm worldwide. They have increased annual revenues to $29.2 billion by focusing on growing their advisory services. PwC has strong corporate social responsibility programs and uses technology like social media to better serve clients. They successfully merged with another firm in 1998 to become a leader in the industry.
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The document outlines the Financial Conduct Authority's (FCA) strategy. It discusses:
1) Achievements since the FCA's creation including enforcement actions and new initiatives.
2) Challenges facing regulation like an aging population, increased debt, and advancing technology.
3) Key aspects of the new strategy including sharpening focus on large firms/sectors, integrating authorization and supervision, and creating a common FCA view across markets and sectors.
4) Organizational changes to implement the strategy like consolidating market intervention work and prioritizing resources more effectively.
The document outlines the Financial Conduct Authority's (FCA) strategic review and plans for the future. Key points include:
1. The FCA has achieved successes like enforcing rules on LIBOR and payday lending caps, but faces increasing demands on its resources.
2. The FCA will prioritize large firms, sectors, and risk-based small firm supervision. It will merge market intervention work and take a more strategic, data-driven approach.
3. The FCA will create a common view of markets and sectors, bring risk and oversight functions together, and align communications more closely with strategy to influence at an earlier stage. It will also review processes to enable faster decision making.
1) Murphy argues that IASB acts in the interests of large accounting firms rather than the public, but others believe IASB establishes standards to benefit all stakeholders and ensures transparency.
2) While the big four accounting firms have some influence, there is no evidence of a cartel, as they compete against each other and IASB consults a wide range of groups.
3) Adopting IFRS has benefits for transparency and comparability between countries, though implementation challenges vary between local authorities depending on their operations and accounting expertise.
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This document summarizes a report on human capital reporting. It finds that while intangible assets like human capital are increasingly important for companies, reporting on human capital management strategies and metrics is still lacking. The report explores investor views on human capital information and barriers to better reporting. It recommends that companies provide clearer human capital narratives and metrics in their reports. It also recommends that investors demand this data to make more informed decisions. Overall, the report argues both companies and investors could benefit from improved human capital reporting.
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The document discusses how audit and fraud examination functions can more effectively work together to combat fraud. It argues that partnering these functions could help address underfunding, improve detection of non-ethical behaviors, and change prevalent practices of self-serving greed. By embracing ongoing monitoring and working together, audit and fraud examination could positively impact organizations and help maintain strong controls. The document promotes the idea that these functions are not adversaries and that finding issues is an opportunity to correct problems, not a negative. It suggests that existing technology allows measuring the effectiveness of anti-fraud efforts.
- The document summarizes a speech given at AFI's 2011 Global Policy Forum discussing increasing financial inclusion around the world through cooperation between central bankers and governments.
- Central bankers are increasingly incorporating financial inclusion into their core mandates of assuring stability in financial systems in addition to traditional roles like monetary policy and regulation.
- Financial inclusion and stability are mutually reinforcing, as broader access to financial services helps build a more diverse and stable financial system overall.
- Regulators face challenges of expanding access while also ensuring responsible lending, consumer protection, and maintaining stability as these new systems grow. Close supervision, data collection, and innovative solutions tailored to each context are needed.
Here are the key points regarding the differences between GAAP regulatory frameworks in the US and UK:
- US GAAP is rules-based while UK GAAP and IFRS are more principles-based, leading to potential differences in interpretation.
- A rules-based approach provides less ambiguity and more defined actions, reducing risks and potential litigation costs from non-compliance. However, it allows less flexibility.
- Principles-based standards can lead to different interpretations, but provide more flexibility.
- Studies have found that convergence of US GAAP and IFRS led to more comparable and value-relevant financial reporting internationally.
- However, full convergence is difficult to achieve as standard setters must balance goals and
Compliance issues surrounding employee travel and expense management include the need for transparency, control, and auditability to prove adherence to policies. Industries like financial services and pharmaceuticals face specific regulations requiring oversight and reporting of expenses. Companies can improve controls and compliance by automating expense processes using solutions that enforce policies, facilitate exception reporting, and serve as the system of record for audits. On-demand travel and expense management providers can help achieve these goals through standardized core functionality with customization of business rules.
Similar to Regulating The Future Carrot or Stick ? (20)
1. Practice
14 • Environmental Health News • September 2017
David Edwards is
a member of the
government’s better
regulation panel
E
arlier this year, I drew
attention in EHN to several
issues with two elements of
the Food Standards Agency
(FSA)’s ‘regulating our
future’ progamme – permit
to trade (PTT) and the
introduction of the certified
regulatory auditor (CRA).
I argued that the PTT proposal had the
potential to be inherently unfair since it would
force start-ups into a regulatory straightjacket
before they can even trade, potentially
starving them of cash flow at a time in the
business lifecycle when SMEs in particular
are vulnerable. At the same time, existing
businesses and potential competitors would
be allowed to trade well below those same
standards. This can be evidenced from the
FSA’s own data and its flagship food hygiene
rating scheme (FHRS).
A recent Freedom of Information Act request
confirmed that in March, as many as 1,610
foodservice businesses were operating without
apparent fear of closure or enforcement, at a
level considered unsatisfactory by the FHRS
rating system, being rated two or less. In all
cases, they have traded for more than two
years without rerating — quite how consumers
can have confidence in ratings that old is
another matter and is something the FSA will
need to address.
What any start-up needs is clear,
unambiguous, low-cost advice and support;
probably more importantly, though, they need
good signposting to that information. There
is a wealth of good material out there at low
or no cost from both the public and private
sector. The FSA’s ‘safer food, better business’
project has been a great success and is a
shining example of what can be done, but there
are also many commercial online tools and
telephone advice services, often developed by
entrepreneurial EHOs, that are good value and
well produced. The commercial sector is also
bringing forward exciting training innovations
such as the just-released EyeSucceed initiative,
developed with Google, which combines
augmented reality with wearable technology
and, in the near future, artificial intelligence.
The more business-friendly local authorities
have also been providing innovative help for
several years. Cornwall Council is probably the
leading light in this respect, having successfully
switched to a service based on charging for
assured advice (EHN, August 2016, page 18).
Instead of wielding the heavy hand of yet
more regulation and centralised control, the
government and the FSA should be working
more closely with those local authorities,
commercial companies and — in particular
— trade bodies to enhance and signpost the
help available to food operators. For those
authorities that have yet to develop a Cornwall-
type offer, I would suggest many could
David Edwards calls
for the FSA to revisit the
concept of the certified
regulatory auditor in
Regulating our Future
There really does need to be some
better understanding of commercial
realities if it is to succeed
usefully partner up with commercial
service providers and trade bodies to
everyone’s benefit. It really is time to
break down the regulatory divide and
work more collaboratively.
It is pleasing to see that the FSA has
now acknowledged that PTT is unlikely
to receive legislative support without
significant evidence of need and has
settled on ‘enhanced registration’ as
a better way forward. Quite what
form that will take remains unclear
but hopefully it will be framed in a
way that enables rather than hinders
entrepreneurs and new businesses.
There really needs to be some serious
research here or at the very least a
review of the literature to establish
what help is most effective for SMEs
and how best to deliver it.
For more forward-thinking local
authorities and particularly CIEH, there
could be an important role to play.
Practice
David Edwards is
a member of the
government’s better
regulation panel
David Edwards callsDavid Edwards callsDavid Edwards
for the FSA to revisit the
concept of the certified
regulatory auditor in
Regulating our Future
There really does need to be some
better understanding of commercial
realities if it is to succeed
usefully partner up with commercial
service providers and trade bodies to
everyone’s benefit. It really is time to
break down the regulatory divide and
work more collaboratively.
It is pleasing to see that the FSA has
now acknowledged that PTT is unlikely
to receive legislative support without
significant evidence of need and has
settled on ‘enhanced registration’ as
a better way forward. Quite what
form that will take remains unclear
but hopefully it will be framed in a
way that enables rather than hinders
entrepreneurs and new businesses.
There really needs to be some serious
research here or at the very least a
review of the literature to establish
what help is most effective for SMEs
and how best to deliver it.
For more forward-thinking local
authorities and particularly CIEH, there
could be an important role to play.
Carrots
14-15_EHN_September_Carrots.indd 14 30/08/2017 10:55
2. Environmental Health News • September 2017 • 15
proposed approved auditors will be expected
to report failings directly to local authorities.
After all, how can a government-approved
auditor not report serious failings?
But let’s get real. Why would a small business
pay for that? Only perhaps if they are desperate
for a new FHRS rerating, which implies they
had a bad one to start with and are now very
confident.
As for recognising existing private
inspections, whilst there is scope for this to
add to the FSA or local authority targeting
intelligence, it is very clear from a recent
seminar organised by CIEH that private
companies are worried about the effects on
customer relations if they are seen simply as a
paid-for arm of the regulator.
So what’s to be done? In my view, the FSA
needs to back off from the concepts of PTT and
the CRA, and recognise that their primary role
here is not to introduce more controls, more
regulation and more oversight but to help with
what already exists. I believe that it should step
away from the current emphasis on its role, and
focus more on enhancing the role of EHPs in
local government and encouraging recognition
of what is already taking place in the private
sector.
Private inspection companies would,
I am sure, be more than happy to develop
schemes run by reputable trade bodies, such
as the British Hospitality Association, which
are perfectly capable of setting appropriate
standards for members and are best left to
themselves to decide who undertakes audits
and what their qualifications should be. Several
have been doing so for many years and to a
very high standard generally.
The FSA, with help from colleagues in the
regulatory delivery sector, could encourage
trade bodies and private sector inspection
companies to create bespoke relevant schemes
with the right skills and then approve these,
rather than working down to the level of the
individual auditor.
There is no doubt an ambitious project such
as ‘regulating our future’ is complex, but in
my opinion, there really does need to be some
better understanding of commercial realities if
it is to succeed.
For a future EHN, I would like to take a look
at the issue of sharing data and information
technology. Surely, for a forward-looking
programme, this should be the starting point of
any new thinking. E
DavidEdwardsMCIEHwasco-founder
offoodsafetyconsultancyCMIplcand
isamemberofthegovernment’sbetter
regulationpanel.Lastyear,hewasawarded
aCIEHlifetimeachievementaward
CIEH on ROF
TonyLewis,CIEH
directorofpolicy
‘Regulating our future’
(ROF) is indeed, a complex
and ambitious programme,
as David states, and there
is much to be admired, in both David’s
analysis and the RoF itself.
Over the past 12 months, CIEH has
been working closely with all sides to
ensure that ROF will deliver the best
possible protection for the consumer.
This has resulted in our holding
numerous conversations with the FSA,
other trade associations and commercial
consultancies that already offer
assurance services to industry. We have
had representatives at virtually all the
FSA’s recent ‘round-robin’ consultation
meetings with local authority colleagues
and on the expert advisory panels.
CIEH has listened to all the disparate
voices and we fully support the work
to provide enhanced registration and a
revised risk/segmentation system. We
acknowledge the challenges ahead in
gathering, handling and securing data,
and we have also listened to the concerns,
emerging from sources regarding the risks
associated with third-party assurance.
However, we also recognise the
added value that a carefully developed
assurance programme could potentially
bring, with the FSA’s position as the
central competent authority maintained
and the role of local authorities as the
competent authority in delivering local
official controls upheld and supported
by properly assured private sector
organisations where appropriate.
sticks
not
But let’s get real. Why would a small business pay for that?
Only perhaps if they are desperate for a new FHRS rerating
on approved commercial inspection bodies to
report on their standards, with retailers given
access in full to those reports.
In truth, there was nothing voluntary about
the schemes. If you didn’t comply, it was made
very clear the business would go elsewhere.
If a similar scheme is introduced in the high
street and catering sector that uses private-
sector certified regulatory auditors, where
will that pressure to sign up come from? Why
would a business purchase a commercial
FHRS inspection? The FSA has made it clear
in written answers to questions that their
Who better to come to for help than the
professional body for EHPs?
The second FSA proposal that I suspect
may go the same way as PTT is that of the
certified regulatory auditor (CRA). In my view,
this concept is a non-starter and I am surprised
its inherent complications were not recognised
earlier. It seems to me that officials developing
a future agenda have possibly failed to
understand the market dynamics that drive the
private inspection market and which therefore
underpin the whole concept of regulated
assurance and regulated autonomy.
T
he model being explored
to date is essentially
based on schemes such
as Red Tractor and
supermarket-driven
farm and manufacturer
assurance schemes. These
are generally presented
as ‘voluntary’ schemes that are industry- and
sector-leading, but for anyone who was in
at the start (as I was), they were far from
voluntary. Retailers used their significant
commercial power to insist the supply chain
complied and own-label manufacturers took
sticks
not
Who better to come to for help than the
professional body for EHPs?
The second FSA proposal that I suspect
may go the same way as PTT is that of the
certified regulatory auditor (CRA). In my view,
this concept is a non-starter and I am surprised
its inherent complications were not recognised
earlier. It seems to me that officials developing
a future agenda have possibly failed to
understand the market dynamics that drive the
private inspection market and which therefore
underpin the whole concept of regulated
assurance and regulated autonomy.
T
he model being explored
to date is essentially
based on schemes such
as Red Tractor and
supermarket-driven
farm and manufacturer
assurance schemes. These
are generally presented
as ‘voluntary’ schemes that are industry- and
sector-leading, but for anyone who was in
at the start (as I was), they were far from
voluntary. Retailers used their significant
commercial power to insist the supply chain
complied and own-label manufacturers took
14-15_EHN_September_Carrots.indd 15 30/08/2017 10:56