News Stories Archives

ICC and USCIB Host Singapore Minister to Discuss Trade Disputes in Asia

Published on June 12, 2017
Singapore’s Senior Minister of State for Law and Finance Indranee Rajah SC gives remarks

The ICC International Court of Arbitration and USCIB’s Arbitration Committee co-hosted Singapore’s Senior Minister of State for Law and Finance Indranee Rajah SC on May 22 in New York, attracting law professionals including arbitrators, counsel and academics. The keynote address was followed by a roundtable discussion of considerations when resolving disputes in Asia, such as when to litigate or arbitrate, the use of expedited procedure rules, investment treaty developments in the region and enforcement considerations in various jurisdictions.

“As economies in Asia continue to grow, dispute volume and complexity will rise,” said Minister Rajah in her remarks, which focused on Singapore as a place of arbitration.

Other panelists included Grant Hanessian, partner, Baker McKenzie, court member, ICC International Court of Arbitration and chair of the USCIB Arbitration Committee, Mevelyn Ong, associate, Sullivan & Cromwell and former deputy counsel, ICC International Court of Arbitration, Christopher K. Tahbaz, Partner, Debevoise & Plimpton LLP, Dan Tan, principal, Dan Tan Law and Edwin Tong, SC, partner, Allen & Gledhill LLP.

OECD Week Addresses Global Challenges with Business Input

Published on June 12, 2017

 

Peter M. Robinson at OECD Week in Paris

USCIB President and CEO Peter Robinson was in Paris last week for OECD Week, which tackled issues such as international tax rules, globalization challenges and anti-trade rhetoric. Addressing Ministers of Finance and Foreign Affairs at the OECD Ministerial Council Meeting on June 7, Business at OECD (BIAC) Chair Phil O’Reilly called on governments to address the challenges of strengthening growth and boosting economic participation, emphasizing that “ultimately societies can only support economic openness, when it is accompanied by appropriate domestic policies to prepare people for change, with better skills and more opportunities for economic participation.” O’Reilly drew upon principles highlighted in the recently released Business at OECD 2017 Statement to Ministers, which contains the core business recommendations to strengthen open economies and inclusive societies. This paper is a call to action for OECD governments to implement a comprehensive competitiveness agenda, and also better engage with the public, especially regarding the opportunities that come with trade and investment.

In a similar statement, Business at OECD Secretary General Bernhard Welschke encouraged governments to better address an increasing anti-trade rhetoric in OECD countries, highlighting that “both business and trade unions have a responsibility to communicate in a fair, balanced, and responsible manner.” Also speaking at the session on International Trade and Investment for the Benefit for All, Business at OECD (BIAC) Vice Chair and USCIB Board member Charles R. Johnston (Citi) encouraged governments to counteract on protectionist action in the form of growing non-tariff barriers, and pointed to areas where new OECD work would help better inform this debate. Business also emphasized that governments should fully use the OECD Investment Restrictiveness Index and implement the Policy Framework for Investment.

On international tax policy, Business at OECD (BIAC) was present at the official signing ceremony for the Multilateral Convention to Implement Tax Treaty Related Measures (MLI) to Prevent Base Erosion and Profit Shifting (BEPS), which took place at the OECD Ministerial Council Meeting. The MLI opens the door to changes in the tax treaty process, and to a number of key international tax rules, that are significant. Concurrently, USCIB and the OECD were holding their 12th annual international tax conference in Washington DC, which brought together over 300 tax policy experts.

Robinson Signs B20 Recommendation on Investment in Africa

Published on June 9, 2017

The B20 recommendations Boosting Investment in Africa- Towards Inclusive Compacts in Africa have been signed in Berlin by the majority of the B20 taskforce and cross-thematic group Chairs and Co-Chairs, including USCIB President and CEO Peter M Robinson, who serves as Co-Chair of the B20 Employment and Education Taskforce. Robinson also recently attended the B20 Summit in Berlin in May. The Partnership with Africa is one of the key priorities in the German G20 presidency, as well as in the B20.

The B20 Secretariat offered these recommendations to the press and B20 Chairman Jürgen Heraeus introduced the recommendations at the G20 Africa Partnership – Investing in a Common Future Conference. BDI, the pre-eminent German business group, hosted the event as a partner within the framework of the Sub- Saharan Africa Initiative of German Business (SAFRI) on June 12 in Berlin.

The “African Economic Outlook” is an annual report produced by the African Development Bank (AfDB), the OECD Development Centre and the United Nations Development Programme (UNDP). Speakers at the African Economic Outlook will include President of the Republic of Rwanda S. E. Paul Kagame, State Secretary in the Federal Ministry for Economic Cooperation and Development Thomas Silberhorn and Secretary-General of the OECD Ángel Gurría.

Rigg Herzog Attends 2017 International Labor Conference

Published on June 9, 2017
Secretary General Guy Ryder at 2017 ILC

USCIB Vice President for Corporate Responsibility and Labor Affairs Gabriella Rigg Herzog is among approximately 7,000 delegates currently attending the 106th session of the International Labor Conference (ILC) in Geneva (taking place June 5-16). The ILC will touch upon pressing global issues such as women at work, application of labor standards, peace and stability, migration and climate change. Rigg Herzog is attending the ILC as a member of the U.S. Employers Delegation, headed by Ed Potter, USCIB senior counsel and U.S. employer spokesperson to the International Labor Organization (ILO) Governing Body.

Rigg Herzog will be participating in the Committee for Labor Migration, while Potter will participate in the Committee for Fundamental Principles and Rights at Work, which is a follow-up to the ILO’s Social Justice Declaration. Adopted in 2008 by the representatives of governments, employers and workers from all ILO member States, the Social Justice Declaration expresses the contemporary vision of the ILO’s mandate in the era of globalization.

This year’s conference also includes a Committee on Employment and Decent Work for the Transition to Peace, as well as the Committee on the Application of Standards.

Upcoming Event: USCIB to Sponsor Reframing Human Rights Symposium

Published on June 9, 2017

USCIB is sponsoring the second annual Reframing Human Rights Symposium, “Shared Value through Global Corporate Citizenship” by Skytop Strategies on June 28-29, hosted by Bard College. This two-day program will assess the connection between human rights, human capital development and operational opportunity for resiliency and return on investment. Several USCIB members will be featured speakers, including representatives from Chevron, Intel, Marriott International, Pirelli, Dell, Bechtel, AT&T and GE. The full agenda is available here.

USCIB members will receive a 25% discount on the registration fee. If you would like to attend, please contact Joshua Galow (jgalow@skytopstrategies.com).

USCIB Members Contribute to Better Business Bureau Forum

Published on June 9, 2017
Panel on Leading the Way: Corporate Responsibility Trends and Engagement Strategies. L-R: Eric Gertler (New York Daily News), Jennifer Ryan Crozier (IBM), Timothy J. McClimon (American Express), Kathryn Wylde (Partnership for New York City)

USCIB and its members participated in the Better Business Bureau of Metropolitan New York, which hosted its annual Forum on Corporate Responsibility, Navigating Engagement: Strategies to Inspire Action and Build Impact on June 6. USCIB participated in the forum, which was a half-day event with speakers on topics ranging from current trends in corporate responsibility, the value of nonfinancial information to investors and the UN Sustainable Development Goals.

Representatives from member companies American Express and IBM spoke about corporate responsibility trends and strategies for engagement. Timothy J. McClimon, senior vice president, corporate social responsibility at American Express emphasized employees as key stakeholders in corporate responsibility and the need to for enhanced engagement with the community.

Jennifer Ryan Crozier, vice president, IBM Corporate Citizenship, discussed IBM’s Corporate Service Corps, where IBM teams work on social impact projects globally, while developing leadership and community skills. Crozier also emphasized the importance of connecting day-to-day work with its final social impact. Other member speakers also included representatives from Ernst & Young, and member Verizon served as a Forum sponsor.

Annual OECD Tax Conference Showcases Tax Reform

Published on June 7, 2017
Mark Prater, chief tax counsel for the Senate Finance Committee, spoke at the conference.

Against the backdrop of new global tax rules developed under the BEPS Action Plan and efforts to advance tax reform in the United States, USCIB members and others from the business community gathered in Washington, D.C. on Monday and Tuesday for the 12th annual OECD International Tax Conference.

Organized by USCIB in concert with the 35-nation Organization for Economic Cooperation and Development as well as Business at OECD (BIAC), the conference has grown into an annual must-attend event for tax practitioners, experts and regulators from around the world.

With an eye toward the direction of possible U.S. tax reform, including reduction of the top corporate tax rate from the current 35 percent, Pascal Saint-Amans, director of the OECD’s Center for Tax Policy and Administration, told conference-goers that he expects most OECD economies to adopt corporate tax rates in the 20-30 percent range. Saint-Amans said there may be some exceptions, including in the UK, where top rates may drop below 20 percent.

Other speakers picked up the theme. “The current U.S. system is broken,” said Mark Prater, chief tax counsel and deputy staff director of the Senate Finance Committee, during keynote luncheon remarks. “Tax reform is a difficult political transaction,” he observed, but “the U.S. sits at a crossroads of reform, which is an opportunity that has not been available in a generation.”

Over the course of the two-day conference, which took place at the Four Seasons Hotel, participants discussed tax policy trends, current tax reform, tax uncertainty, digitalization, increases in intangible assets, and dealing with tax-related disputes through arbitration. They also focused on transfer pricing as well as the OECD’s new multilateral instrument, signed today in Paris.

“The conference provides a real opportunity for dialogue between business, governments, and the OECD,” said USCIB Vice President and International Tax Counsel Carol Doran Klein. “This year, because the focus is now on BEPS implementation, there was good discussion of opportunities to improve tax certainty, including a pilot International Compliance Assurance Program, Advanced Pricing Agreements and an improved Mutual Agreement Procedure.”

On the multilateral instrument, Will Morris, chair of the BIAC Committee on Taxation and Fiscal Affairs, told Bloomberg BNA: “Many of us in the business community doubted the OECD would get the consensus necessary for a document of this scope and substance. But they have, and [the multilateral instrument] opens the door to changes in the tax treaty process, and to a number of key international tax rules, that are significant.”

Business at OECD Gears Up for OECD Ministerial Council Meeting

Published on June 2, 2017

Business at OECD (BIAC) will be hosting executive leadership, including USCIB’s President and CEO Peter M. Robinson, and Citi’s Rick Johnston, USCIB board member and BIAC vice chair at their General Assembly in Paris this week. Business at OECD will also participate in the OECD Ministerial Council Meeting, which will bring together economy, finance and trade ministers from OECD countries to discuss strategic orientations for the coming years under the theme “Making Globalization Work.”

Business at OECD will provide guidance to OECD and governments on addressing the challenges of strengthening growth and boosting economic participation, drawing upon its 2017 statement to Ministers, which includes recommendations on:

  • Support a better business environment and map competitiveness
  • Create the conditions to benefit from trade and investment on a level playing field
  • For growth and investment, ensure good governance and predictable tax policies
  • Increase participation by promoting the skills and competencies to thrive in the digital era
  • Focus on entrepreneurship

USCIB and ILO to Host Event on Promoting Disability Inclusion

Published on June 2, 2017

USCIB has teamed up with the ILO Global Business and Disability Network (GBDN) to host an event in Washington DC for business leaders, “Promoting disability inclusion globally” on June 20 with the aim of supporting companies in increasing their opportunities to promote disability inclusion globally. The event will be hosted by USCIB’s member AT&T and will feature speakers from Deloitte and other USCIB member companies.

The GBDN is a network of multinational enterprises, employers’ organizations, business networks and disabled persons’ organizations who share the conviction that people with disabilities have talents and skills that can enhance virtually any business. The ILO believes ‘Disability Inclusion makes good business sense’.

The event was also featured in a Huffington Post article, “Helping U.S. Based Corporations Join the Global Disability Inclusion Conversations.”

Goldberg Gives Keynote at ILO Women in Business Conference

Published on June 2, 2017
Ronnie Goldberg gives keynote remarks at ILO Women in Business and Management Conference

USCIB Senior Counsel Ronnie Goldberg was a keynote speaker at an ILO Latin American Regional Conference on Women in Business and Management, held on May 23 in Lima, Peru.  Over 300 attendees were drawn from virtually every country of Latin America and the Caribbean.

Goldberg’s speech drew from the findings of a series of  BIAC reports, such as the report on Putting All Our Minds to Work: Harnessing the Gender Dividend and Putting All Our Ideas to Work: Women and Entrepreneurship, that highlight the business case for women’s economic empowerment and identify best practices and practical policy recommendations for advancing women’s roles in the workplace.

Her comments also addressed gender-based challenges to launching and running a business, including access to finance and business networks, as well as cultural and gender bias,  and highlighted  a number of issues and challenges facing women in STEM and information and computer technology (ICT) careers.

Among the Conference speakers was Marcela Esquivel, global director, Diversity and Inclusion Strategy Business Unit, The Coca-Cola Company, who spoke about the company’s robust efforts to promote women internally, and to foster women’s entrepreneurship in its supply chain.