The Hundred Group, also referred to as "The 100 Group", represents the views of the Finance Directors of FTSE 100 and several large UK private companies.
In 2018, their member companies represented around 90% of the market capitalisation of the FTSE 100, collectively employing 6% of the UK workforce and in 2018, paid or generated, taxes equivalent to 12.6% of total UK Government receipts.
Objectives of the Hundred Group
The main purpose of The Hundred Group is to provide a forum for discussion and to make contributions and representations on issues of importance for financial management. Members are actively involved to ensure that the views of users and preparers of accounts are fully understood. Submissions are made to Government and other organisations highlighting the practical implications of existing financial procedures, related legislation and proposed changes.
The Hundred Group is made up of a Main committee and four sub-committees covering the topics of Financial Reporting, Investor Relations & Markets, Tax and Pensions.
History of The Hundred Group
The group began life as a spin-off from the
London Society of Chartered Accountants, predating the launch of the FTSE-100. Originally called the ''Hundred Group of
Chartered Accountants'', its most immediate concern was the
Labour
Labour or labor may refer to:
* Childbirth, the delivery of a baby
* Labour (human activity), or work
** Manual labour, physical work
** Wage labour, a socioeconomic relationship between a worker and an employer
** Organized labour and the labour ...
government's price control policy at a time when
inflation
In economics, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduct ...
was 2% per month. The Hundred Group soon found its feet as a
forum
Forum or The Forum (plural forums or fora) may refer to:
Common uses
* Forum (legal), designated space for public expression in the United States
*Forum (Roman), open public space within a Roman city
**Roman Forum, most famous example
*Internet ...
for discussion and lobbying.
Eventually, membership was widened to include FDs who were not chartered accountants and the affiliation with the London Society of Chartered Accountants was ended. The group became the ''Hundred Group of Finance Directors'', and non-FDs were asked to leave.
The Hundred Group is now active at engaging with government, regulators and wider stakeholders and publish all responses to consultations on their website. Most recent responses have included to the CMA on the statutory audit market review and responses to the FRC on the revisions to the Corporate Governance Code.
Membership of the Hundred Group
Participation in the group is by invitation only. In 2017, there were 85 members in the Group, including representatives from multinationals and other companies in industries that are not part of the FTSE-100.
Past chairmen
*Jon Symonds,
AstraZeneca
AstraZeneca plc () is a British-Swedish multinational pharmaceutical and biotechnology company with its headquarters at the Cambridge Biomedical Campus in Cambridge, England. It has a portfolio of products for major diseases in areas includi ...
, 2003; set up a tax research centre at Oxford University
*Philip Broadley,
Prudential plc
Prudential plc is a British multinational insurance company headquartered in London, England. It was founded in London in May 1848 to provide loans to professional and working people.
Prudential has dual primary listings on the London Stock E ...
, 2005; made the group more visible and urged the
SEC to accept accounts prepared under
IFRS
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). They constitute a standardised way of describing the company's fina ...
without a reconciliation to
US GAAP
Generally Accepted Accounting Principles (GAAP or U.S. GAAP, pronounced like "gap") is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC) and is the default accounting standard used by companies based in the Uni ...
Hundred Group turns up the heat
''Accountancy Age
''Accountancy Age'' is an online trade publication for accountants and financial staff in the United Kingdom. After running from 1969 to 2011 with a circulation of over 60,000 in print, it changed with effect from May 2011 to an online-only publ ...
'', 4 April 2006
* Ashley Almanza, BG Group
BG Group plc was a British multinational oil and gas company headquartered in Reading, United Kingdom. On 8 April 2015, Royal Dutch Shell announced that it had reached an agreement to acquire BG Group for $70 billion, subject to regulatory and ...
(2007)
*Andy Halford, Vodafone
Vodafone Group plc () is a British multinational telecommunications company. Its registered office and global headquarters are in Newbury, Berkshire, England. It predominantly operates services in Asia, Africa, Europe, and Oceania.
, Vod ...
(2010)[Making the Hundred count]
''Accountancy Age'', 2 December 2010
*Robin Freestone, Pearson plc (2012)
*Simon Dingemans Simon Paul Dingemans (born April 1963) is an English former banker and businessman. Until May 2019 he was chief financial officer at GlaxoSmithKline. In July 2019 he was appointed chair of the Financial Reporting Council, and was set to lead its tra ...
, GlaxoSmithKline (2014)
References
{{reflist
Lobbying organisations in the United Kingdom