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Increased merger and acquisition activity are making subsidiaries a more common part of the corporate structure in many industries.

Such growth increases revenues, market share, and global footprints, but it also brings governance complications—namely complex domestic and international regulations to keep up and comply with.

The Need: Efficient management of increasing complexities

Consider that the maintenance of just minimum corporate requirements for just one foreign subsidiary can take 7 to 15 hours each year.

Now, multiply this across a growing global organization with a myriad other governance, risk and compliance issues to manage. Think about all of these subsidiaries operating in silos, with all of the collaboration and document exchange required to get everyone on the same page.

Finally, consider how legal and administrative staff, resources and budgets have been consistently shrinking in many industries, despite rising regulatory requirements. Subsidiary management suddenly becomes a drain on productivity—and an area of risk—in need of an immediate solution.

The Answer: Tools that save time and simplify the process

What would this subsidiary management solution look like?

For starters, it would provide one-stop data access to eliminate the need to work across disparate systems, as well as the risk of important information falling through the cracks.

It would offer easily searchable archives of documents, agendas, questionnaires, and reports— delivering invaluable institutional history as new entities join a corporation to provide visibility into staff and directors turn over.

Customizable questionnaires, reports, and “virtual committee rooms” would adapt the system to a subsidiary’s specific compliance requirements. Customizable permissions for data access would control who sees what and who doesn’t. Importantly, this subsidiary management solution would be intuitive to use across laptops, tablets, and smartphones, with professional, multi-lingual support any time of day or night.

Now, imagine multiple solutions that meet these requirements, all integrated seamlessly for comprehensive subsidiary management in one place. Diligent draws from our corporate compliance experience with over 145,000 executives across the globe to simplify the compliance and reporting process. The result is Diligent Governance Cloud. Together, Khrio Platform Metallic Leather Sandal 4M1iSuG
, Sperry Pierside Perforated Sneaker IOfkfY
, and Diligent DO , which seamlessly integrate with the Diligent Messenger communications app—keep leaders on top of subsidiary management, anywhere in the world and available in Chinese, English, French, German, Portuguese and Spanish, with 24/7/365 award-winning customer support.

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Focused thinking: 3 min read | August 2017

Since it was allowed to flow freely in the 1970s, the US dollar has tended to follow a pattern of long term cycles, and on average goes up or down for durations of seven years. In this article, Bilal Hafeez, Head of Fixed Income Research, EMEA, explains why he believes the US dollar is likely to be at the beginning of a multiyear downturn.

If you track the US dollar over the past ten years, it becomes clear that we are at the start of a downturn cycle. The currency hit a low in 2011, and since then has risen around 40 per cent against a broad basket of currencies. The factors that affect these shifts are usually a combination of valuation extremes, current account dynamics and the Fed’s action.

Valuation extremes The dollar has reached an overvaluation extreme against most currencies including the yen, the euro, the pound, and the Canadian dollar. According to the Purchasing Power Parity, a theory of how the cost of identical goods in different countries should cost the same no matter how you do the currency conversion, the US dollar, on average, was 20 per cent overvalued against the aforementioned currencies. The valuation extremes we are seeing usually indicate the US dollar has gone up too much and the trend is soon to reverse.

Growing US current account deficit The US current account, the value of goods and services it exports minus its total imports, is currently running a three per cent deficit. In the last thirty years, whenever the US account deficit reaches “extreme” levels-between 2.5 to three per cent-would indicate the dollar is in the proximity of a multi-year peak.

The last time the dollar has reached a multiyear peak in 1985 and 2000, the US was also running a current account deficit between 2.5 to three per cent.

The rest of the world is catching up The dollar tends to perform very well when the Fed is tightening policy and other central banks are easing. A trend we have seen in the last couple of years is the interest rate divergence between the Fed and other central banks such as the Bank of Japan and the European Central Bank. Whilst the Fed started tapering in 2013 and hiking in 2015, the other central banks were still loosening policy. The divergence propelled the US dollar higher - allowing it to appreciate against other major currencies

However, as synchronised global recovery is under way and other central banks are now moving towards unwinding. The Fed is no longer alone in tightening policy. This removes one major support for the US dollar and makes the dollar particularly vulnerable even if the Fed was to hike further.

Which currency would be the biggest winner against the dollar?

The Trump effect The election of President Trump has brought trade to the forefront of US policy. We believe that, in order to improve its own trade balance, the US would encourage the dollar to be much weaker than it currently is. To put this into perspective, Germany currently has the largest current account surplus in the world and the US has one of the largest deficits with the euro area. Some combination of a stronger euro, more European imports from the US and less European exports to the US would be needed to narrow the trade deficit. With the Trump administration having started various trade investigations, markets may soon start to focus on any required weakness in the dollar (strength in euro) to correct trade imbalances. Therefore, we believe the euro will be the biggest winner against a weaker dollar.

Macro in focus again Political uncertainty at the start of the year has also subsided. With the French (and Dutch) elections out of the way without any “shock” outcomes, we believe markets will likely focus more on macroeconomics again. This again is good news for the euro as the European macro recovery would likely provide a positive backdrop for a stronger euro in the coming months.

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Bilal Hafeez

Head of Fixed Income Research, EMEA

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