Tullett Prebon plc Annual Report 2010
To help alleviate the high-stress work environment the Company’s pastoral care programme has continued to respond to staff requests for an improved work/life balance and speciﬁcally for support with access to improved physical exercise and active outdoor pursuits. The business beneﬁts of this are clear and are evidenced in the dictum mens sana in corpore sano. Accordingly, the Company has been keen to support the provision of a general physical ﬁtness agenda where there is demand for it and as resources allow. In 2009 the Company introduced a scheme to provide team clothing to staff taking part in team and other sports competitions. This scheme has continued in 2010 with over 10% of the Company’s staff globally taking part in some form of regular team based or other competitive physical sport: cycling, running and football being the most popular activities. The Company continued to provide military style circuit training for its London based staff and this programme remained oversubscribed. In addition, the UK government’s Cycle to Work scheme has seen a further 93 staff purchase cycles in the reporting period, on top of the 133 who took advantage of this scheme in 2009. Yet again, and in response to staff demand, the Company provided resources in 2010 for staff to participate in the annual JP Morgan Chase runs in London, New York and Singapore. Management hope that the Company’s support for physical activities and exercise will improve staff welfare and general health, and thereby contribute to an improved work/life balance. Support has also been given to employees in the UK with access to childcare provision and charitable giving, by the Company running salary sacriﬁce programmes for these two schemes.
Tax and other social payments The Company continues to strive to maintain a Low Risk rating from HMRC. The Company has earned this Low Risk rating in each of the last ﬁve years since HMRC started to publish the names of those companies achieving this important status. The Board continue to believe that as Tullett Prebon is registered, regulated and publicly listed in the UK, the Company has a social duty to pay the right tax at the right time. Tullett Prebon made payments to tax authorities (principally in the UK and US, the main jurisdictions in which it operates) for 2010 of £267m (2009 of just under £280m), covering corporation tax, employer’s social security payments, and income taxes and social security paid on behalf of employees. In addition the Company makes further income tax and employee social security payments to the tax authorities in all tax jurisdictions in which it operates. Donations The Company has maintained the policy of making no donations to political parties. Similarly, charitable donations are not normally allowed. These two policies reﬂect the Board’s view that shareholders’ funds should be retained for use within the business and that it is for shareholders to determine what non-business use should be made of their resources. Public policy engagement Tullett Prebon continued its engagement in the public policy debate surrounding the future of the ﬁnancial services sector. Notwithstanding being a relatively small UK listed entity the Company, using its position at the very heart of the capital markets which gives it an informed view available to very few others, was consistently able to punch above its weight. Continuing the pattern established in the previous reporting period, the Company concentrated on three strands of public policy activity during 2010: – Deepening involvement with the several trade and other professional bodies that the Company is a member of. In particular further ﬁnancial support was provided to the Wholesale Markets Brokers Association (‘WMBA’) in the UK, and to the Wholesale Markets Brokers Association of the Americas (‘WMBAA’) in North America, who are the inter-dealer brokers’ trade bodies. Both of these organisations now have active and well resourced lobby programmes seeking to engage with lawmakers, ofﬁcials and regulators in their respective jurisdictions. In addition, the Company has continued to develop its involvement with other key professional and industry speciﬁc bodies in all the countries in which it has an ofﬁce. Focusing the Company’s representation in the key trade bodies in one member of the Company’s Executive Committee has ensured coordinated and effective advocacy throughout the reporting period;
Social and community issues
Service in the Volunteer Reserve Forces Recognising that members of the Volunteer Reserve Forces in both the UK and the US (the two countries that account for around 80% of Tullett Prebon’s revenues) continue to provide a critical component of the Armed Forces of both countries, the Company amended its terms of employment in the Staff Handbook to reﬂect the commitment it had made to provide additional support to its employees who are members of the reserve forces in these two countries. In the UK by providing one additional week of paid leave to help a volunteer complete his or her annual training commitment. In the US to make up a volunteer’s mobilised pay to their civilian salary to ensure they are not worse off as a result of their public service commitment. In furtherance of this support, the Company also signed up to the UK Ministry of Defence’s employers organisation SaBRE which seeks to foster greater understanding between the Armed Forces, employers and service personnel. During this reporting period one of the Company’s employees, a member of the UK’s Territorial Army, has been mobilised and is currently serving in an infantry unit in Afghanistan.