Credit Management June 2019

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EDITOR’S COLUMN The benefit of naming and shaming Sean Feast FCICM Managing Editor AND so, at last, it happened. Seventeen signatories to the Prompt Payment Code ‘named and shamed’ for failing to honour their commitments to paying 95 percent of all supplier invoices within 60 days. Some of the names may have been a surprise: Vodafone; Rolls Royce; DHL. Others perhaps less so: Balfour Beatty; Costain; Laing O’Rourke. The wave of negative publicity surrounding the construction industry, in particular, suggests that other names are sure to follow. The reaction from in-house and external PRs to the respective businesses has ranged from ‘take it on the chin’ to outright denial. One suggested that their client had never been notified, and had to go into fast retreat when it was proven that they had not only been told, but had also responded. Another that it was unfair that their client had been ‘singled out’, when there were many other firms that were just as bad. That, as our Chief Executive Philip King FCICM points out in his opinion piece (page 10), is akin to justifying a speeding ticket by saying that everyone else is doing it. Since the PPC was launched, it has never been in the remit of the Compliance Board to publish the names of those signatories that have been suspended or removed. This changed with the announcement of the Secretary of State for Business, Energy & Industrial Strategy (BEIS) Greg Clark last year that he would name and shame the transgressors. That it took so long from his announcement to the publication of this new list is perhaps a story for another time, but one might look at certain names on the list and draw one’s own conclusions. Fear of publishing certain names cogniscent of the damage that it might cause to their reputation and future profitability is, arguably, total confirmation that the Prompt Payment Code is a force to be reckoned with. The metaphorical handcuffs that were previously around the Compliance Board’s wrists have undoubtedly contributed to the negative publicity that has accompanied the Code in recent months. It is difficult to defend a Code against accusations of not having any teeth when you have a gag around your mouth. Now that is changing. Now at last the Code, and the Compliance Board, are free to demonstrate just what the Code is capable of – changing payment behaviour. And it is working. Of the seventeen companies named, fifteen have committed to changing their payment practices with action plans that will be closely monitored. The metaphorical handcuffs that were previously around the Compliance Board’s wrists have undoubtedly contributed to the negative publicity that has accompanied the Code in recent months. The Recognised Standard / www.cicm.com / June 2019 / PAGE 4
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Page 1 and 2: CREDIT MANAGEMENT CM JUNE 2019 £12
Page 3: 23 15 VIEW FROM THE SEA FRONT DAVID
Page 7 and 8: THE NOT-SO DIRTY DOZEN Twelve busin
Page 9 and 10: SMEs get the cold shoulder A report
Page 11 and 12: We’ve updated our comments. Tap h
Page 13 and 14: NEWS IN BRIEF “Given that SMEs ar
Page 15 and 16: INSOLVENCY Keeping the balance The
Page 17 and 18: presents
Page 19 and 20: DO YOUKNOWTHE TRUE IDENTITY OF YOUR
Page 21 and 22: OPINION AUTHOR - Tim Vine (42 perce
Page 23 and 24: VIEW FROM THE SEA FRONT AUTHOR - Da
Page 25 and 26: OPINION AUTHOR - Julian Winfield Mo
Page 27 and 28: TRADE TALK Export Controls The vita
Page 29 and 30: INDIAN elections could trim Narendr
Page 31 and 32: OPINION AUTHOR - Jamie Ashford Jami
Page 33 and 34: ADVERTORIAL ‘I never received the
Page 35 and 36: AWARD WINNERS WINNING TICKET Credit
Page 37 and 38: Redefining order-to-cash Onguard is
Page 39 and 40: PAYMENT TRENDS Top Five Prompter Pa
Page 41 and 42: LEGAL MATTERS AUTHOR - Peter Walker
Page 43 and 44: Each of our Corporate Partners is c
Page 45 and 46: CASE STUDY Table Turning Following
Page 47 and 48: Tailored and bespoke training for y
Page 49 and 50: CICM KNOWLEDGE HUB Access over 1,00
Page 51 and 52: ANNUAL GENERAL MEETING The fifth An
Page 53 and 54: REVIEW Technically speaking Credit
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www.cicm.com ‘‘ If you are seri
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As the Winners of the Legal Team of
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BRANCH NEWS 60SECONDS WITH FULL NAM
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PROFESSIONAL SERVICES CREDIT CONTRO
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3 YEARS IN 2018 Credit Controller A
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FOR INFORMATION, OPTIONS AND PRICIN
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FROM THE ARCHIVE Credit Management
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