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'Pay on Time' campaign signs up 10 FTSE companies to Prompt Payment Code

03/10/2012

By Claire West

Following a high profile campaign which invited the 75 top 100 FTSE companies who weren’t already signed up to the Institute of Credit Management’s Prompt Payment Code to do so 10 have.

The Be Fair - Pay on Time campaign fronted and co-signed by Debbie Abrahams, MP for Oldham East and Saddleworth; the Institute of Credit Management (ICM); the Federation of Small Businesses (FSB) and the Forum of Private Business (FPB) sent out letters to the 75 FTSE companies on 6th July with a 31st August deadline for a response.

Out of the 75 companies that received the letter:

4 said they would not sign the code

1 sent a holding letter that was never followed up

60 did not respond

But, encouragingly, 10 companies have signed up.

The 10 that have signed the PPC are:

BG Energy Holdings - Their business is the discovery, extraction, transmission, distribution and supply of natural gas to existing and developing markets around the world - www.bg-group.com

BHP Billiton - The world’s largest diversified natural resources company. Their objective is…the discovery, acquisition, development and marketing of natural resources - www.bhpbilliton.com

Reckitt Benckiser — a global company that have many well-known brands of household and health products - www.rb.com

Royal Dutch Shell - a global group of energy and petrochemicals companies with around 90,000 employees in more than 80 countries and territories.

Serco — An international company involved in areas of public service, including health, education, transport, science and defence - www.serco.com

Standard Life - Around 6 million customers worldwide use Standard Life. They manage £206 billion of assets (as at 31 March 2012) - www.standardlife.co.uk

Vodafone Group Services Ltd - More than 404 million people use Vodafone. In 25 years, a small mobile operator in Newbury has grown into a global business - www.vodafone.com

Land Securities Properties — The largest commercial property company in the... continued on page two >

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