MAGAZINE

May 2022 Issue

Financier Worldwide Magazine


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COVER STORY

For the record: the importance of data inventory

For companies, knowing the data they hold is fundamental to being able to use and protect it. But companies increasingly store vast quantities of data. They access enormous, separate data sources virtually every day, which makes it harder to remember the origins of each data point…

FEATURES

Global contender: venture capital in Canada

As the Canadian economy continues to rebound from the coronavirus (COVID-19) crisis, venture capital (VC) in Canada is on an upward trend, with the market recording historic growth figures. Outside of Canada, VC funds worldwide have enjoyed a period of historic growth…

Crackdown on rogue directors: new powers for UK Insolvency Service

“We want the UK to be the best place in the world to do business and have provided unprecedented support to businesses to help them through the pandemic,” announced Kwasi Kwarteng, UK business secretary, when presenting measures to tackle the coronavirus (COVID-19) crisis…

Powering up the boardroom: defining and delivering an effective board

As the old Chinese proverb goes, ‘the fish rots from the head’ – a phrase particularly applicable to the corporate world, where the buck starts and stops in the boardroom. Boiled down, in order to achieve success, companies need their boards to function effectively. At their most effective…

The ISSB: a game changer for ESG reporting?

Many companies today are confused as to how best to report their environmental, social and governance (ESG) performance in a way that will be credible to shareholders and other stakeholders. Much of this confusion stems from a plethora of sustainability reporting frameworks. For many…

Business continuity and COVID-19: lessons learned

Adapt and survive or wither and die. That was the invidious scenario foisted upon many companies throughout the course of the coronavirus (COVID-19) pandemic – a predicament that also served as a wake-up call for business continuity processes and their real-world application. For sure…

ROUNDTABLE

Spin offs and carve outs

THE PANELLISTS: Tilmann Hensel-Roth at Charles River Associates; Stephen I. Glover at Gibson, Dunn & Crutcher; Joshua Ford Bonnie at Simpson Thacher & Bartlett LLP; Thomas W. Greenberg at Skadden, Arps, Slate, Meagher & Flom LLP; and David A. Katz at Wachtell, Lipton, Rosen & Katz.

Although the appetite for spin offs and carve outs has been adversely impacted by market turbulence and a challenging macro environment, investors remain focused on using divestment to increase their cash resources and shore up their balance sheets. Those with large amounts…

SPECIAL REPORT

Business strategy & operations

Q&A: Post-pandemic recovery

FW discusses the post-pandemic recovery with James J. Loughlin, Jr, John Krupar, Ross Forman, Amy Rojik and James MacDonnell at BDO.

Operationalising a strategy

Samiracles Consulting Strategic planning has been part of human thinking for almost 200,000 years, as old as humanity itself. There is evidence regarding the role of planning over reactionary thinking in shaping the ancient human experience. Yogi Berra, the legendary catcher and manage for New York Yankees…

The new imperative for uncertain times: supply chain strategy

Assent All generalisations are suspect. Writing on strategy is rife with generalisations, yet necessary to explore nuanced narratives in our dynamic global business context. When we take a look at current events – wrenching climate-driven weather changes, a global pandemic and a hot war in Europe…

US business resilience: limiting the impact of the Russia-Ukraine conflict

Argyle Communications Make no mistake about it: the Russia-Ukraine war coupled with the persistent coronavirus (COVID-19) pandemic will continue to send shock waves through the US and global economy. Forget the recent assertion by some executives, including…

Human capital transparency: the new competitive advantage

HCMoneyball The impact of information asymmetry is alive and well in 2022 and has found a new application: human capital. Information asymmetry occurs when one party has more information than another, generating inefficiencies in decision making to the detriment of the party with less information…

ESG: an explanation

Trowers & Hamlins What are environmental, social and governance (ESG) criteria and why do they matter? ESG is used to measure the sustainability of an employer’s practices. In the modern world we live in, with challenges such as climate change and a societal push toward greater equality and diversity…

Increased focus on corporate culture and implications for workplace investigations

Sullivan & Cromwell LLP Driven by the #MeToo and racial justice movements, and other demands for societal and workplace reform, there has been an increased focus by a number of stakeholders on ensuring that companies are creating and maintaining cultures that are diverse, equitable and inclusive, and a…

The returns from a best practices compliance programme

Tom Fox Law What is the ‘Holy Grail’ of compliance? It is to show a positive return on investment for your compliance programme? Most executives feel that compliance functions and compliance programmes are cost centres which, at best, do not contribute to overall corporate profitability…

Legal GRC: the convergence of privacy, legal and compliance

Exterro Data fuels organisations but it also needs effective governance. If it becomes siloed, efforts to manage it can lead to duplication of effort and heighten the risk of non-compliance. This is particularly true of data protection regulations such as the General Data Protection…

TALKINGpoint

Data loss and cyber security

FW discusses data loss and cyber security with Courtney Adante, Alisa Charkova, Rhea Siers, Mick Summersgill and Suraj Ramaprasad at Teneo.

Evolution of the automotive sector – regulation & compliance

FW discusses the evolution of regulation and compliance in the automotive sector with Lawrence Freeman, Roman Brtka, Sven-Michael Werner and Serena Du at Bird & Bird.

ATAD III – assessing anti-tax avoidance measures

FW discusses the assessment of anti-tax avoidance measures with Jean Paul Dresen, Luis Muñoz and Sorina van Kommer at DLA Piper.

DEALfront

mergers & acquisitions

Biocon unit’s $3.34bn Viatris deal

Biocon Biologics, a division of Indian drug manufacturer Biocon Ltd, has agreed to acquire US-based Viatris Inc’s biosimilars business in a deal worth $3.34bn. Under the terms of the deal, Viatris will receive up to $2.34bn in cash on closing and up to $335m in additional payments…

LanzaTech to go public in $2.2bn SPAC deal

In a transaction that values the carbon recycling technology company at $2.2bn, LanzaTech NZ, Inc. is to go public via a merger with special purpose acquisition company (SPAC) AMCI Acquisition Corp. II. The transaction is expected to raise gross proceeds of nearly $275m, comprising the $150m…

private equity & venture capital

Apollo to take Tenneco private for $7.1bn

In a deal that takes the company private, global automotive manufacturing company Tenneco is to be acquired by funds managed by affiliates of Apollo Global in an all-cash transaction valued at approximately $7.1bn, including debt. Under the terms of the definitive agreement…

Cornerstone taken private by CD&R in $5.8bn deal

Cornerstone Building Brands has entered into a definitive agreement to be acquired by affiliates of US private equity firm Clayton, Dubilier & Rice (CD&R) in an all-cash transaction with an enterprise value of approximately $5.8bn, including the assumption of debt. The deal, which is expected…

bankruptcy & corporate restructuring

LATAM Airlines wins $734m financing approval

In the next step of its bid to exit Chapter 11 bankruptcy, airline holding company LATAM Airlines Group SA, along with its affiliates in Brazil, Chile, Colombia, Ecuador and Peru, have obtained court approval of a deal with creditors that will guarantee financing for a restructuring proposal…

Puerto Rican power utility’s $8.3bn restructuring deal cancelled

After a long struggle, Puerto Rico has finally begun to exit bankruptcy, but its electric utility, the Puerto Rico Electric Power Authority (PREPA), is still grappling with around $9bn in debt. Confounding expectations, in March Puerto Rico’s governor Pedro Pierluisi announced…

SPOTlight

Stablecoins and central bank digital currencies (CBDCs): the future of money

Becker & Poliakoff When was the last time you paid for a purchase with paper currency or a cheque? Like so many other things, the future of money is digital. Digital fund transfers using credit and debit cards, automated clearing house (ACH) and other electronic fund transfers, online payment services…

Competitive advantage through superior cyber resilience

Henley Business School Successful organisations in today’s technically-advanced and highly global markets prepare themselves for cyber war. In the same way that medieval kingdoms built fortified castles that were difficult to scale, employed trained and highly skilled armies, and were strategically positioned…

Changing landscape of intangibles in Australia

Norton Rose Fulbright Australia Recent legislative reforms and court decisions are reshaping the landscape of intangibles in Australia. Certain intellectual property (IP) and associated rights’ regimes are being simplified and streamlined to make them more attractive to creators (designs and short domains). Whereas…

Canada’s proposed EIFEL rules would impact tax treatment of financing arrangements

Davies, Ward, Phillips & Vineberg On 4 February 2022, the Department of Finance (Canada) released draft legislation that would amend the Income Tax Act (ITA), which includes rules to limit the deduction of “interest and financing expenses” for Canadian income tax purposes. The legislative proposals are referred…



CONTRIBUTORS

Argyle Communications

Assent

BDO

Becker & Poliakoff

Bird & Bird

Charles River Associates

Davies, Ward, Phillips & Vineberg

DLA Piper

Exterro

Gibson, Dunn & Crutcher

HCMoneyball

Henley Business School

Norton Rose Fulbright Australia

Samiracles Consulting

Simpson Thacher & Bartlett LLP

Skadden, Arps, Slate, Meagher & Flom LLP

Sullivan & Cromwell LLP

Teneo

Tom Fox Law

Trowers & Hamlins

Wachtell, Lipton, Rosen & Katz


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