Welcome to this month's edition of the Retail and Consumer Hub after what has been a fairly eventful few weeks for the sector.
The sugar tax announcements in the Budget surprised many and certainly caught the attention of the mainstream media so we take a look at that, alongside other less headline-grabbing changes in the Budget article below. I was lucky enough to attend the Retail Week Live Conference andI don't think the organisers could believe their luck having scheduled Coca-Cola's European Vice President and General Manager Leendert Den Hollander for a face to face with Declan Curry at 9am the very next morning post-Budget...
Talking of the Retail Week Conference, it was also a pleasure to host clients at our table for the annual Retail Week Awards - and to see so many of our clients take away a gong too (one of whom even gave me the questionable privilege of a "joint selfie" at our table with the trophy). So our congratulations to all winners on the night, and you'll find some more information about the areas and themes we took away from the conference sessions below.
News from this month
Brexit: In or out?
The stage is set and the campaigning is in full swing but what will UK voters decide? In this article we look at the key areas likely to be impacted by a Brexit, and welcome a view from our Norwegian colleagues about whether an EEA style arrangement could work here in the UK.
The sugar tax was the big story from this year's Budget announcements, with beverage manufacturers the first affected by the Government's obesity strategy. But what other announcements will impact upon businesses in the sector?
Restructuring in Retail
We are only a few months into 2016, but already we have seen some casualties on the high street with the likes of Ben Sherman, Brantano, Beales and BHS all requiring financial intervention.
Coming down the track...
FY 16/17 ushers in key milestones
In 2015, we wrote about the Modern Slavery Act 2015 and the requirement for businesses (turning over >£36m) to publish an annual statement stating the steps taken to ensure that slavery and human trafficking are not present in their business or supply chains. Businesses whose FY ends on 31 March 2016 are the first required to publish the statement. Read about the requirements and business response so far. US firm Mintz Levin has also contributed an article on Supply Chain Transparency.
Getting to know your supply chain
Collecting reliable supply chain data is challenging, but adopting a risk-based approach can create an effective strategy. A robust mechanism to evaluate risk potential across the supply chain can identify the high-risk products. Detailed information can then be collected, and monitored, using a tool like String3. Combined with a risk mitigation program and a regular review process to check the correct risks are being monitored - this approach could deliver an effective and pragmatic solution.
Ensuring third party compliance
The Kroll Compliance Portal offers a holistic approach to your third party compliance process by centralising and enhancing the way third party risks are managed. An easy-to-use, powerful web-based technology integrated with Kroll’s renowned due diligence analysts and investigators, the Kroll Compliance Portal provides you with:
- Customisable Questionnaires: Collect the information you need from third parties.
- Risk Scoring: Automatically generate risk scores based on your filtering guidelines.
- Screening and Due Diligence: Screen and conduct additional levels of due diligence services based on perceived risk.
- Tracking and Auditing: Robust reporting tools and audit trail.
Please visit Kroll's website for more information or call +442070295136.
Coming down the track continued...
National Living Wage was introduced on 1 April 2016 for all working people aged 25 or over, and is set at £7.20 per hour. Read one of our previous articles on NLW and business response. We will do a round-up in our next newsletter to see how businesses are responding to this, one month in.
The PSC or 'persons with significant control' register is a new statutory register which all UK companies and LLPs, unless they are exempt, will be required to create and maintain from 6 April 2016 with a view to improving transparency around legal and beneficial ownership, helping to combat illicit activities such as tax evasion, money laundering and terrorist financing.
Our next event
Employment update: National Living Wage, Apprenticeship Levy, Sunday Trading and Zero Hour Contracts
12 May, Manchester 08:30-10:00
Following on from our event in London on 1 December, we will be holding a second session in Manchester for our clients based in the North. We will also be taking a look at the apprenticeship levy and any other changes announced in March's Budget.
Our Retail Week articles
We are exclusive legal contributors to the sector's most coveted publication.
In this month's article, we look at how to manage and minimise the reputational and information loss following a cyber breach.
Huge thanks to our Noerr contributors in Poland, Hungary, Czech Republic, Romania, Slovakia and Mintz Levin in the US
- The EU-US Privacy Shield
- Poland consider banning the sale of alcohol between 10.00pm and 6.00am
- The case of tobacco in Hungary
- Czech Republic and the EU: resolving unrecognised warranty claims online?
- Romania: proposed legal amendments with impact on food retail market
- Constricted privacy in Slovak labour law – employer has the right to monitor employee's communication
Reflecting on... Retail Week Live & Awards
This month we attended the Retail Week Live Conference and saw lots of fantastic speakers covering a range of sector topics. Here is an infographic outlining some of the key themes discussed.