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Outreach Strategy. August 18, 2004. EBR Consortium Management. Legal entity formation Budget: $2-$4 million/year? Decision-making Authorization matrix CEO roles & responsibilities expectations…. Roles & Responsibilities. EBR Consortium Management Team - PowerPoint PPT Presentation
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Outreach Strategy
August 18, 2004
2
EBR Consortium EBR Consortium ManagementManagement
Legal entity formationLegal entity formation
Budget: $2-$4 million/year?Budget: $2-$4 million/year?
Decision-makingDecision-making
Authorization matrixAuthorization matrix
CEO roles & responsibilities CEO roles & responsibilities expectations…expectations…
3
Roles & ResponsibilitiesRoles & Responsibilities
EBR Consortium Management EBR Consortium Management TeamTeam Consortium Development Consortium Development
(4-6 staff initially): (4-6 staff initially): CEO & PresidentCEO & President Business Strategy Development & Business Strategy Development &
Analysis DirectorAnalysis Director Framework Development Support/ Framework Development Support/
Project Managers*Project Managers* IT Project ManagerIT Project Manager 2 Admin Staff2 Admin Staff
EBRC President & CEO
Bus. Strategy DirectorProject Mgr(s).* IT Project Mgr. Admin Staff Admin Staff
Qorvis Qorvis to serve to serve as as temportemporary ary office office locationlocation
*Number of project managers will depend upon the number of industries served
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Current ResourcesCurrent ResourcesNameName SCEBR Support SCEBR Support
RoleRoleEBRC Support RoleEBRC Support Role
Al AndersonAl Anderson AICPA LeadAICPA Lead Board MemberBoard Member
Mike StarrMike Starr ChairChair Board MemberBoard Member
Bob LauxBob Laux MemberMember Board MemberBoard Member
John John O’ConnorO’Connor
PWC LiaisonPWC Liaison Board MemberBoard Member
Susan HindsSusan Hinds MemberMember President & CEOPresident & CEO
Bob EcclesBob Eccles Kitchen Cabinet MemberKitchen Cabinet Member
Mike KrzusMike Krzus Executive DirectorExecutive Director
Paul HerringPaul Herring PCTF ChairPCTF Chair
Amy Amy PawlickiPawlicki
AICPA Dedicated StaffAICPA Dedicated Staff
Erin Erin MacklerMackler
Private Co. Task ForcePrivate Co. Task Force
Qorvis StaffQorvis Staff Marketing & Marketing & CommunicationsCommunications
Additional Staff NeedsAdditional Staff Needs Marketing SupportMarketing Support
Framework Development Framework Development SupportSupport
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PreliminaryPreliminary Funding Model Funding Model Estimated Annual Budget = $2-$4 MillionEstimated Annual Budget = $2-$4 Million
FundiFunding ng
SourcSource:e:
SourceSource Upfront Cost Upfront Cost to Join Per to Join Per MemberMember
Total Start-Total Start-Up FundingUp Funding
Charter Charter MembeMembe
rsrs
CorporatioCorporationsns
Current: Current: 10-1610-16
Proposed: Proposed: 2-32-3
Current: Current: $100,000$100,000
Proposed: Proposed: $500,000$500,000
InstitutionInstitutional al InvestorsInvestors
Current: Current: 5-75-7
Proposed: Proposed: 2-32-3
Current: Current: $100,000$100,000
Proposed: Proposed: $500,000$500,000
EnablersEnablers Current: Current: 5-75-7
Proposed: Proposed: 2-32-3
Current: Current: $100,000$100,000
Proposed: Proposed: $500,000$500,000
TOTALTOTAL Current: Current: 20-3020-30
Proposed: Proposed: 6-86-8
Current: $2-$3 Current: $2-$3 mil mil
Proposed: $3-Proposed: $3-$4 mil$4 mil
Current: $2-Current: $2-$3 mil $3 mil
Proposed: $3-Proposed: $3-$4 mil$4 mil
Other Other SourcesSources
GrantsGrants
Training/ Training/ Investor Investor Ed.Ed.
NISTNIST
Problem Problem SolutionSolution
SEC/PCAOB/ SEC/PCAOB/ FASB fundsFASB funds
Other?Other?
FoundatiFoundationon6-8 big 6-8 big names to names to achieve achieve critical critical mass in mass in the USthe US
Grandfather
1st 4 Charter
Members at $100k
each
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OngoingOngoing Funding Model Funding Model Estimated Annual Budget = $2-$4 MillionEstimated Annual Budget = $2-$4 Million
Funding Funding Source:Source:
SourceSource Annual Annual Membership Membership
DuesDues
Total Total Annual Annual FundingFunding
Charter Charter MembersMembers
Current: Current: 20-30 20-30
Proposed: Proposed: 15-2015-20
50% 50% Producers Producers 25% 25% Consumers Consumers 25% Enablers25% Enablers
US, UK, US, UK, Europe, Europe, India, Asia-India, Asia-PacificPacific
To be determined To be determined by Charter by Charter MembersMembers
General General MembershipMembership
To be determined To be determined by Charter by Charter MembersMembers
LuminariesLuminaries $0$0 $0$0
ObserversObservers $0$0 $0$0
TOTALTOTAL $2-$4 $2-$4 MillionMillion
After After foundation foundation is in place:is in place:Complete Complete US US representatrepresentation & ion & accelerate accelerate internationinternational outreachal outreach
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Launch StrategyLaunch Strategy National LaunchNational Launch
NYC or DC?NYC or DC? Regional LaunchRegional Launch
East Coast – MIT CFO Forum, East Coast – MIT CFO Forum, BostonBoston
Midwest – TBDMidwest – TBD Southern Region – TBDSouthern Region – TBD West Coast – TBDWest Coast – TBD
InternationalInternational Locations TBD…Locations TBD…
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Media CoverageMedia Coverage Bloomberg News (Mark Jaffe)Bloomberg News (Mark Jaffe) Business Week (David Henry)Business Week (David Henry) CFO MagazineCFO Magazine Forbes (Brent Nelson)Forbes (Brent Nelson) FortuneFortune The New York Times (Jonathan The New York Times (Jonathan
Glater)Glater) Wall Street Journal (Paul Barrett)Wall Street Journal (Paul Barrett) Journal of AccountancyJournal of Accountancy MIT Sloan ReviewMIT Sloan Review Harvard Business ReviewHarvard Business Review Others???Others???
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Regulatory Regulatory Support/EndorsementSupport/Endorsement
Seek preliminary meeting Seek preliminary meeting and support/endorsement and support/endorsement of key regulatory of key regulatory agencies and standard agencies and standard setters who will be setters who will be invited to the Consortium invited to the Consortium as as ObserversObservers:: SECSEC PCAOBPCAOB FASB FASB IASBIASB
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Domestic & International Domestic & International Outreach StrategyOutreach Strategy
Phased approach:Phased approach:
Phase 1: US, UK & India Phase 1: US, UK & India
Phase 2: France/Germany, Phase 2: France/Germany, Australia, Australia,
Phase 3: Others…Phase 3: Others…
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Domestic & International Domestic & International Outreach StrategyOutreach Strategy
Luminary TargetsLuminary Targets
Strategic Partner Strategic Partner AlliancesAlliances
Industry TargetsIndustry Targets Industry Association Industry Association
TargetsTargets
Company TargetsCompany TargetsConsortium Consortium MembersMembers
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LuminariesLuminaries American University (Bob American University (Bob
Kogod)Kogod) Harvard (Krishna Palepu)Harvard (Krishna Palepu) Kellogg (Don Jacobs)Kellogg (Don Jacobs) MITMIT Rutgers (Miklos Vasarhelyi)Rutgers (Miklos Vasarhelyi) University of ChicagoUniversity of Chicago Barbara FranklinBarbara Franklin Don TapscottDon Tapscott Peter WallisonPeter Wallison James GlassmanJames Glassman Others?Others?
International TBD…
Confirmed
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Strategic Partners Outreach Strategic Partners Outreach StrategyStrategy
Mike Krzus developed & distributed plan to enlist Mike Krzus developed & distributed plan to enlist targeted groups as strategic partners of the targeted groups as strategic partners of the Consortium in order to build critical mass for the Consortium in order to build critical mass for the Consortium as quickly as possible.Consortium as quickly as possible.
The strategy is to schedule meetings or briefings The strategy is to schedule meetings or briefings with these groups as soon as possible using the with these groups as soon as possible using the best relationships we can identify with each group. best relationships we can identify with each group.
Fifteen potential strategic partners have been Fifteen potential strategic partners have been identified and will be asked to make introductions identified and will be asked to make introductions to potential members…to potential members…
14
Domestic Strategic Partner Domestic Strategic Partner OutreachOutreach ProducersProducers
Business RoundtableBusiness Roundtable National Association of Corporate DirectorsNational Association of Corporate Directors National Investor Relations InstituteNational Investor Relations Institute US Chamber of CommerceUS Chamber of Commerce Edison Electric InstituteEdison Electric Institute Financial Executives International]Financial Executives International] Detroit RenaissanceDetroit Renaissance
ConsumersConsumers Council of Institutional InvestorsCouncil of Institutional Investors Investment Company InstituteInvestment Company Institute
EnablersEnablers AICPAAICPA CFA Institute (formerly AIMR)CFA Institute (formerly AIMR) NASDAQNASDAQ New York Stock ExchangeNew York Stock Exchange Securities Industry AssociationSecurities Industry Association
LEGEND:Confirmed
In Process
Not Yet Approached
Domestically Based
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UK/France/GermanyUK/France/Germany International Chamber of CommerceInternational Chamber of Commerce Confederation of British IndustryConfederation of British Industry London Stock ExchangeLondon Stock Exchange Investment Management Association, UKInvestment Management Association, UK Medef (CBI counterpart in France)Medef (CBI counterpart in France) TransAtlanticBusinessDialog (TABD)TransAtlanticBusinessDialog (TABD)
IndiaIndia Confederation of Indian IndustryConfederation of Indian Industry
AustraliaAustralia TBDTBD
Internationally Based:Preliminar
y List
LEGEND:Confirmed
In Process
Not Yet Approached
International Strategic International Strategic Partner OutreachPartner Outreach
16
Charter MemberCharter MemberIndustry Selection CriteriaIndustry Selection Criteria
Target industry selection criteria:Target industry selection criteria: InnovativeInnovative Broad-reachingBroad-reaching Unmet reporting needs (e.g. intangible Unmet reporting needs (e.g. intangible
asset based)asset based) InfluentialInfluential Contacted SEC liaison to cross-check their Contacted SEC liaison to cross-check their
priority industry sectorspriority industry sectors Contacted XBRL representative to cross-Contacted XBRL representative to cross-
check with industry sectors they are check with industry sectors they are working onworking on
17
Target company identification underway for the Target company identification underway for the following sectors:following sectors:
Industry SectorIndustry Sector Agreement on Industry Agreement on Industry Sectors;Sectors;
Top 2-4 Priority Sectors?Top 2-4 Priority Sectors?Information TechnologyInformation Technology
Banks Banks
InsuranceInsurance
Railroad Railroad
Electric Utilities Electric Utilities
PharmaceuticalsPharmaceuticals
Oil & gasOil & gas
Telecommunications Telecommunications
Investment managementInvestment management
AutomotiveAutomotive
Diversified Manufacturing Diversified Manufacturing (e.g. to capture GE)(e.g. to capture GE)
Charter Member IndustriesCharter Member Industries
Straw-Man Proposal:
Producers (4): 4 Priority Sectors
Consumers (1): Investment Management (Institutional Investors)
Enablers (2): Accounting & Investment Management (Analysts)
Total: 7-8 Industry Sectors Targeted
18
Charter MemberCharter MemberCompany Selection CriteriaCompany Selection Criteria
Company selection criteria within Company selection criteria within target industry sectors:target industry sectors: Top ten by market capitalizationTop ten by market capitalization Fortune 500 top fourFortune 500 top four Hoovers top ten searchedHoovers top ten searched Social mapping resultsSocial mapping results Any companies that have recently Any companies that have recently
undergone investor or regulatory undergone investor or regulatory scrutiny (looking for a pro-active scrutiny (looking for a pro-active solution)solution)
19
Charter Member Company Charter Member Company TargetsTargets
Preliminary List of Company Targets Identified by Sector:Preliminary List of Company Targets Identified by Sector:
IndustryIndustry Companies Companies ((Charter MembersCharter Members, , ApproachedApproached, , TargetsTargets))
ITIT MicrosoftMicrosoft, Oracle, Comp. Assoc. Intl., Electronic Arts, Dell, , Oracle, Comp. Assoc. Intl., Electronic Arts, Dell, Cisco, HP, Cisco, HP, IBMIBM, Great Plains, Intuit, Great Plains, Intuit
Banks Banks Citigroup, Bank of America, J.P. Morgan Chase, Citigroup, Bank of America, J.P. Morgan Chase, UBSUBS
InsuranceInsurance MetLife, Prudential, AFLAC, UnumProvident, Travelers, AIG, MetLife, Prudential, AFLAC, UnumProvident, Travelers, AIG, Marsh, ProgressiveMarsh, Progressive
Railroad Railroad BNSF, Union Pacific, Norfolk Southern, CSX, Canadian National BNSF, Union Pacific, Norfolk Southern, CSX, Canadian National
Electric Electric Utilities Utilities
Exelon, FirstEnergy, Exelon, FirstEnergy, Edison InternationalEdison International, Dominion Resources, Dominion Resources
PharmaPharma P&G, Abbott Labs, J&J, Pfizer, 3M, Merck, GSK, Bristol-Myers P&G, Abbott Labs, J&J, Pfizer, 3M, Merck, GSK, Bristol-Myers Squibb, Squibb, AstraZenecaAstraZeneca
Oil & gasOil & gas Exxon Mobil, ChevronTexaco, Conoco Phillips, Valero Energy, Exxon Mobil, ChevronTexaco, Conoco Phillips, Valero Energy, BPBP, , Sunoco, Sunoco, ShellShell
TelecomTelecom Verizon, Verizon, SBC CommunicationsSBC Communications, AT&T, Sprint, AT&T, Sprint
Investment Investment Mgmt.Mgmt.
Goldman Sachs, Merrill Lynch, Goldman Sachs, Merrill Lynch, Morgan StanleyMorgan Stanley, Fidelity, , Fidelity, Vanguard, Moody’s, S&P, Vanguard, Moody’s, S&P, Barclays Global InvestorsBarclays Global Investors
AutomotiveAutomotive GM, Ford, Daimler-Chrysler, GM, Ford, Daimler-Chrysler, Toyota, TowerToyota, Tower, Dana Corp., , Dana Corp., GKNGKN..
OtherOther GE, Berkshire Hathaway, GE, Berkshire Hathaway, Cadbury Schweppes, Hanson, Cadbury Schweppes, Hanson, DixonsDixons
20
Consumers & Enablers Consumers & Enablers TargetsTargets
Brainstorm SessionBrainstorm Session
Consumer Charter Members: Consumer Charter Members: Target 4-Target 4-5 /Actual 05 /Actual 0
Enabler Charter Members: Enabler Charter Members: Target 4-Target 4-5 /Actual 35 /Actual 3
AICPAAICPA
Grant Thorton Grant Thorton
PWCPWCConfirmed
21
Auto Industry AnalysisAuto Industry Analysis
Demo: Key Players in Supplemental Demo: Key Players in Supplemental Information Information
22
Research & Research & Communications IssuesCommunications Issues
Tapscott- HR & change mgmt (harmonizing Tapscott- HR & change mgmt (harmonizing views) and US based Coloplast studyviews) and US based Coloplast study
Target Industry analysis- similar to auto industryTarget Industry analysis- similar to auto industry Book- conceptual EBR book- manuscript due Book- conceptual EBR book- manuscript due
2/052/05 COSO integration concept (training grant)COSO integration concept (training grant) White Papers in key universitiesWhite Papers in key universities Press release strategyPress release strategy Study 1990’s- 2003 stock market trends and Study 1990’s- 2003 stock market trends and
material misstatement/fraud announcements material misstatement/fraud announcements (macro)(macro)
Unveiling of new logoUnveiling of new logo
23
Strategic Alignment: Strategic Alignment: Critical IssuesCritical Issues
Alignment of Structure & ContentAlignment of Structure & Content Co-Dependent Funding ModelCo-Dependent Funding Model IMA outreachIMA outreach Charter members- complimentary or Charter members- complimentary or
competitive modelcompetitive model Consortium decision ultimately (only Consortium decision ultimately (only
can discuss strategic partnership)?can discuss strategic partnership)? Intellectual property & data Intellectual property & data
ownershipownership
EBR Consortium Domain-Framework-Integration-Standards-Guidelines
-Measurements-XBRL enabled
IMA/CMA-Internal Reporting
-ABC/ABM- Process/Cost -Value Drivers
-KPI’s(Measures Intangible
Value/Kaizen)
CPA-Disclosure
-External Reporting-Risk Management
-Assurance(Close the
“expectationgap”)
APQC & Industry Groups
- Data Warehouse-Best Practices
-Process Metrics-Functional KPI’s
-Industry Networks-Research/knowledge base
-XBRL enabled
Business ReportingConsumers
-Transparency increased -Benchmarking
-Independence in analysis-XBRL enabled
Voluntary DisclosuresAccessible to the Public
Internal Management & ReportingInternal Management & Reporting External Reporting & AssuranceExternal Reporting & Assurance
Critical Success Factors Assurance Provided
-Benchmarking-Segment Analysis-Continuous Improvement