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Deloitte chief economist comments on inflation figures from the ONS

Commenting on the latest inflation figures, published by the ONS today, Ian Stewart, chief economist at Deloitte, said:

“Inflation hit a low last year and, while still less than half its target rate, is likely to rise gradually over the next year as activity snaps back. Rising unemployment and slack in the economy will limit inflationary pressures and keep the Bank of England’s focus on activity.”

Ian Stewart is a Partner and Chief Economist at Deloitte where he advises Boards and companies on macroeconomics. Ian devised the Deloitte Survey of Chief Financial Officers and writes a popular weekly economics blog, the Monday Briefing. His previous roles include Chief Economist for Europe at Merrill Lynch, Head of Economics in the Conservative Research Department and Special Adviser to the Secretary of State for Work and Pensions. Ian was educated at the London School of Economics.

About Deloitte

In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms.

Deloitte LLP is a subsidiary of Deloitte NSE LLP, which is a member firm of DTTL, and is among the UK’s leading professional services firms.

The information contained in this press release is correct at the time of going to press.

Pandemic Slows China’s Global Deal Making in 2020

The global coronavirus pandemic has so far not triggered a Chinese buying spree of distressed assets but further slowed the pace of outbound acquisitions by Chinese companies in 2020.

According to Baker McKenzie’s 7th annual analysis of Chinese outbound investment trends, conducted in partnership with Rhodium Group, completed Chinese outbound M&A totalled just $29 billion in 2020, down almost half from $53 billion in 2019 and a record high of $139 billion in 2017. This is the lowest figure since 2008. Worldwide, only completed Chinese acquisitions in Latin America in 2020 kept pace with the previous year.

Adding greenfield investment to completed M&A, North America and Europe attracted a combined total of $15.2 billion of Chinese FDI. Completed investment in North America outpaced completed investment in Europe for the first time in five years, fuelled by the completion of several billion-dollar transactions. Investment in Europe was more fragmented and consisted of smaller transactions spread across geographies and industries.

All other regions of the world also saw declines in Chinese M&A activity in 2020 compared to 2019, except for Latin America where completion of a number of energy and utilities acquisitions announced in 2019 in Brazil, Chile, and Peru kept year-over-year activity flat compared to the previous year. Acquisitions in Asia fell by a third to $7.1 billion.

After the hurricane

China’s reintroduction of outbound investment controls, increasing regulatory scrutiny in many parts of the world over Chinese investment, geopolitical tensions, and the COVID-19 pandemic have all created headwinds for investment in recent years. But improving political and macroeconomic conditions seem likely to change this downward trend for Chinese investors in this year. The M&A pipeline remains low in early 2021 but China’s favourable macroeconomic conditions, a more predictable regulatory setup abroad and a less contentious geopolitical environment could help increase deal appetite and support a rebound in Chinese deal making globally, as well as continued growth in investment into China.

The drop in completed Chinese outbound M&A in 2020 stands in contrast to M&A flows in the other direction. Foreign M&A into China rebounded strongly in 2H 2020 and reached full-year levels similar to 2019. China’s relatively early and rapid recovery from the impacts of COVID-19 have made it an attractive target for foreign investors looking for near- and intermediate-term economic growth.

“We think 2020 is likely the low point for Chinese outbound investment if political and macroeconomic headwinds moderate,” said Michael DeFranco, global head of M&A at Baker McKenzie. “The commercial incentives for Chinese companies to invest in European and North America markets remain strong, and several variables – including higher sustained levels of investment by Western companies into China – are moving in a direction that is supportive of greater deal making in both directions in 2021.”

North America: investment edges up

In 2020, Chinese investors completed $7.7 billion worth of deals in the United States and Canada, up from $5.5 billion completed in 2019. This came even as regulatory scrutiny and tensions with China were elevated in both countries. California, Ontario, Delaware, North Carolina, and Massachusetts were the North American regions seeing the most Chinese investment.

Entertainment, health and biotech, and natural resources were the top sectors in North America. Billion dollar deals like Tencent’s stake in Universal Music and Zijin’s stake in Canada’s Continental Resources drove high industry concentration in North America in 2020.

Canada accounted for a larger share of total Chinese FDI in North America than in previous years (17%), reflecting momentum in mining deals and persistently low US investment.

Chinese companies continued to make major asset divestitures in North America in 2020. For example, Platinum Equity agreed to acquire Ingram Micro from HNA for $7.2 billion in December 2020. And in September, PetroChina dissolved its Alberta shale gas joint venture project with Ovintiv after outing up $2.2 billion for a 49.9% stake in the project in 2012.

The United States attracted more greenfield investment from China in 2020 than Canada. However, total Chinese greenfield investment in the United States was still modest at around $700 million. The biggest greenfield deals in the US included expansions of existing US footprints for companies like Haier-owned GE Appliances, Fuyao Glass, and Geely-owned Terrafugia.

Chinese companies nearly halve investment in Europe

Completed Chinese FDI in Europe continued its downward trajectory in 2020 to $7.5 billion from $13.4 billion in 2019, registering a lower total than in North America for the first time since 2016. Compared to North America, Chinese M&A transactions in Europe targeted medium-sized targets across a broader spectrum of industries. Chinese greenfield activity in Europe in 2020 was more robust than in North America, with nearly $1 billion in completed investment during the year. There were more midsized transactions in Europe dispersed across industries such as real estate and hospitality, automotive, and energy.

As with investment in North America, outbound capital controls and increased scrutiny of Chinese investment in host countries presented headwinds, as did the coronavirus pandemic. For example, FAW Group discontinued talks to acquire Italian truck maker Iveco for €3 billion during the year, with FAW citing the pandemic as a factor in its decision.

Germany ($2.0 billion), France ($1.0 billion), Poland ($780 million), Sweden ($719 million), and the United Kingdom ($427 million) received the most investment. Investment levels in Germany reverted to the roughly $2 billion normal range typical before 2019. Chinese investment in France mounted a comeback in 2020 after falling precipitously in 2019 thanks to a few major completed acquisitions. Investment in Poland focused on a single major warehouse portfolio acquisition, while in Sweden there continues to be sustained Chinese investment above historical averages.

With the uncertainty of Brexit, persistent Chinese restrictions on outbound transactions in real estate and other service sectors, and increasing tensions with China, the United Kingdom fell to the fifth among European countries this year with only about $427 million of investment through a few smaller completed M&A deals like Jingye Group/British Steel. But a major billion-dollar Huawei greenfield R&D investment announced in June suggests Chinese firms are still interested in the UK and will bolster future totals if it comes to fruition. Levels of Chinese investment in Italy, Ireland and the Netherlands also fell to very low levels.

Compared to North America, Chinese M&A transactions in Europe targeted medium-sized companies across a broader spectrum of industries. The top deals by investment size included targets like a warehouse network in Poland and a few other Central European nations (GLP, $1.1 billion), Germany’s Steigenberger Hotels AG (Huazhu Group, $780 million), France’s Asteelflash (Universal Scientific Industrial, $422 million), National Electric Vehicle Sweden (Evergrande, $380 million), and France’s Maxeon Solar Technologies (Tianjin Zhonghuan Semiconductor, $300 million).

There were also large multi-year greenfield projects announced during the year such as SVolt Energy Technology’s announced $2.4 billion battery plant in Germany slated to open in late 2023.

EU-China Investment Deal

The proposed CAI Deal will facilitate minor additional opening of the EU market to Chinese investors. The European market was already very open to Chinese and other foreign capital. The CAI commits the EU to further open its energy sector, with the focus on retail and wholesale, but excluding trading platforms.

The CAI will not limit EU member states in deploying defensive measures including FDI screening, legislation to address subsidy distortions in the Single Market, the adoption of a more restrictive procurement regime and its push to reduce risks related to 5G.

“While regulatory and political headwinds for Chinese investors in the EU will persist and the Comprehensive Agreement on Investment is not an instant game-changer, it does send a strong signal that Chinese investment is welcome in Europe, which is likely to positively impact investor psychology,” said Thomas Gilles, chair of Baker McKenzie’s EMEA-China Group. “That, combined with potential political encouragement by Beijing, could help revive Chinese FDI in Europe and reverse the downward trend since 2017.”

Outlook brightening?

“Recent signals – most importantly the transition to a new US administration and a successful conclusion of the CAI – point toward a more constructive global environment for Chinese companies compared to the previous four years, which could help improve investor sentiment and risk appetite,” said Tracy Wut, Baker McKenzie’s head of M&A for Hong Kong and China.

Additionally, China’s current account surplus ballooned in 2020 as global travel halted Chinese overseas tourism spending while Chinese exports recovered before many other nations impacted by the coronavirus pandemic. This has put appreciating pressure on the renminbi and is creating an opportunity for China to allow more capital outflows, including outbound M&A.

Finally, Chinese investors will have more transparency on ‘red lines’ in overseas jurisdictions as new investment screening regimes are settling: “Tougher investment screening rules and related policies have substantially increased regulatory risks and uncertainty for Chinese investors, especially in data, technology, infrastructure, and related areas in recent years,” says Sylwia Lis, an international trade partner in Baker McKenzie’s Washington, DC office. “Additional uncertainties came through ad-hoc tightening of review criteria in many jurisdictions during the height of the pandemic. Looking ahead, while foreign investment review rules and practices will undoubtedly continue to evolve, some of the uncertainty around new regulatory regimes is easing as legislation has been implemented and regimes become functional.”

Private markets forecast to grow to $4.9tn globally by 2025

The report, Prime time for private markets: The new value creation playbook, examines prospects for four primarily illiquid asset classes of private equity (including venture capital), infrastructure, real estate and private credit across a range of scenarios for 2019-2025.

The report projects significant growth for the value of private markets of $5.5tn (best case), $4.9tn (base case) and $4.2tn (worst case) depending on how global economic conditions respond to the disruption caused by COVID-19.

Will Jackson-Moore, global leader for private equity, real assets and sovereign funds at PwC says: “The report highlights the continued emergence of private markets as a fast growing and highly impactful portion of global capital markets. Investors continue to look to the sector to deliver the yields that lower risk and more liquid asset classes struggle to match.

Yet this is also an opportunity for private markets to take a lead on ESG and net zero commitments and demonstrate the impact they can make in public perception beyond public markets.”

Opportunities across asset classes

Even in the worst case scenario of a prolonged recession, the projections look ahead to growth of almost 50% up to 2025.

While private equity is very much “the asset class of the moment” there is evidence that there are significant opportunities for growth and returns in areas such as real estate, infrastructure and private credit.

Will Jackson-Moore says: “While opportunities for growth are out there, it is important to emphasise that returns will be harder to find and be more aggressively fought for. Managers will need to be innovative in their approach to value creation and respond swiftly to changing investors and governmental expectations as economies recover from the effects of the crisis.”

ESG and going beyond financial return

Will Jackson-Moore says: “Our research highlights the extent to which financial return is no longer the sole driver of private markets growth. ESG and Net Zero commitments now represent a significant source of value preservation and creation.

Private market managers need to respond by looking at how to apply an ESG lens to investment strategy and product development. Whether it is in impact turnaround initiatives in which ‘dirty’ production facilities are turned green, or building strong commitment to diversity and inclusion at your organisation, these matters are no longer an overlay.”

CFOs anticipate return to growth and lasting change in 2021

Finance leaders expect a return to growth in 2021 with optimism rising to a record high, according to Deloitte’s latest CFO survey. Despite the surge in business optimism, half of CFOs do not expect demand for their own businesses to recover to pre-pandemic levels until the last quarter of 2021 or later.

The Deloitte CFO survey for Q4 2020, which gauges sentiment amongst the UK’s largest businesses, took place between 2nd December and 14th December 2020, so before new COVID restrictions announced on 19th December and the Brexit deal on 24th December.

A total of 90 CFOs participated in the latest survey, including CFOs of 12 FTSE 100 and 44 FTSE 250 companies. The combined market value of the UK-listed companies that participated is £308 billion, approximately 13% of the UK quoted equity market.

Revenues, risk appetite and economic landscape

There has been a sharp improvement in CFO expectations for UK corporates’ revenues this quarter with 71% expecting a rise over the next 12 months, up from 29% in Q3 2020, while over half (53%) of CFOs expect operating costs to rise. For the first time since 2015, a net balance of CFOs are expecting corporate operating margins to increase in the next year.

Risk appetite remains weak with only 19% believing it is a good time to take greater risk onto the balance sheet, however this is up from just 3% in Q1 2020.

Consistent with the idea of a return to growth CFOs’ expectations for inflation have risen markedly since Q3 2020. Over half of CFOs (59%) expect consumer price inflation to be at or above 1.6% in two years’ time, up from 36% three months ago.

While still showing a net negative balance, CFOs’ expectations for hiring, capital spending and discretionary spending have increased from the record lows seen in Q1 2020, with a strong uptick in each category in the last quarter. Expectations for hiring and spending are running higher than the levels seen between 2016 and mid-2019.

COVID and beyond

More than three quarters (78%) of finance leaders expect COVID-19 restrictions on movement and activity to continue through the first half of 2021, while 57% expect these measures to be removed permanently in Q3 2021.

CFOs believe that the pandemic is set to trigger a fundamental change in the business environment. An overwhelming net balance (98%) of CFOs expect flexible and home working to increase – with a five-fold increase in home working expected by 2025.

Similarly, 98% of CFOs expect levels of corporate and individual taxation to rise, two thirds (62%) anticipate higher regulation of the corporate sector and 59% see the size and role of government in the economy increasing.

Ian Stewart, chief economist at Deloitte, commented: “Boosted by the prospect of mass vaccination and growth, business sentiment surged this quarter with CFOs taking the most positive view on profit margins for the last five years. This rebound in sentiment occurred despite a backdrop of continued Brexit negotiations and with two thirds of CFOs believing that a no-deal outcome would have a severe or significant negative effect on the economy. In the three and a half years between the EU referendum and the pandemic CFOs have ranked Brexit as the top business risk for all but two quarters. The announcement of a deal after the survey closed is likely to have offered an end-year boost to CFO sentiment. The survey shows that in the first half of December, CFOs expected restrictions on movement and activity needed to combat COVID-19 to continue for the first half of this year. The announcement of further restrictions after the survey will clearly add to such concerns.

“Business leaders believe the pandemic will permanently change the business landscape. CFOs anticipate a five-fold increase in homeworking relative to pre-pandemic levels by 2025 and believe that the state will be both larger and more active in the long term.”

The impact of Brexit

CFOs think a no-deal Brexit would have been a far greater risk to the economy and to business than the actual outcome of a trade deal. Moreover, they saw either Brexit outcome as having a greater negative impact on the economy than on their own businesses. The large companies on our panel are more confident about their own ability to deal with Brexit than the wider economy’s.

Two thirds (66%) of CFOs saw a no-deal outcome as having a severe or significant negative effect on the economy and 18% expected a similarly negative impact on their own business. Just 20% of CFOs saw a trade deal as a major negative for the economy and this dropped to 7% in relation to their own business.

A majority (61%) of CFOs expect the post-Brexit points-based immigration system to act as somewhat of a drag on long-term economic growth. Around a quarter (27%) expect little or no effect, while 6% expect the new immigration system to support growth.

A net balance of 66% of CFOs expect both goods and services trade with the EU to decrease, while 77% expect a decrease in high-skilled immigration from the EU, with only 24% expecting an increase in skilled immigration from outside the EU.

Strategy and spending

CFOs remain in defensive mode with 49% and 46% respectively rating increasing cash flow and reducing costs as strong priorities. Meanwhile expansionary strategies have risen in popularity slightly since Q3, for example, around a quarter (28%) cite introducing new products, services or expanding into new markets as a priority for the year ahead.

Richard Houston, senior partner and chief executive of Deloitte UK, said: “The pandemic has triggered fundamental and lasting changes in business, with CFOs expecting rising levels of home-working, greater diversification of supply chains and increasing investment in technology.

“CFOs are optimistic about operating in this changing world, with a return to growth expected this year. However, with pandemic restrictions expected to be in place through the first half of this year and elevated uncertainty CFOs are maintaining defensive balance sheet positioning.

“The UK-EU trade deal ends over four years of uncertainty for business and is a far better outcome than the alternative of no-deal. Nonetheless, CFOs also recognise the challenges that leaving the EU may pose in the years ahead. The UK deal has very limited provisions for services, particularly for professional and financial services. These high productivity sectors are major UK successes and make vital contributions to jobs and prosperity. UK businesses urgently need additional clarity on key issues including financial equivalence as well as more information on the specific changes to other cross-border trading services.”

Bankruptcy Law Reform and COVID-19-related measures for insolvency

In order to deal with the COVID-19 pandemic scenario and to keep the economy stable during the crisis, Brazil has adopted some measures to protect businesses against insolvency and bankruptcy. Whether such measures are pandemic-related or not, they integrate Brazil in a worldwide effort to avoid damages.

In April 2020, the State Courts of Justice of both Sao Paulo and Parana created projects for out-of-court dispute resolution. The first developed a conciliation and mediation project for pre-litigation business disputes and the latter implemented a Judicial Center for Conflict Resolution and Citizenship (CEJUSC) for reorganisation.

The Brazilian National Council of Justice (CNJ) recommended in early August 2020 the creation of CEJUSCs for any business disputes to be settled by ways of negotiation, mediation or conciliation either in out-of-court or court processes. Before that, in March, the CNJ recommended the adoption of measures to mitigate the impact of COVID-19 in reorganisation and bankruptcy processes, e. g. stay period extension in the case the creditor’s meeting needed to be postponed.  However, these recommendations are not mandatory.

The provisions of out-of-court mediation and reorganisation are similar to the Chinese instructions for civil cases involving COVID-19 released in May 2020, which has key content on bankruptcy cases.

Irrespective of its transitory character, the Emergency and Transitional Legal Framework for Private Law Relations (RJET), established by Federal Law No. 14,010/2020, did not regard insolvency, but rather some general provisions, e.g., on statute of limitations and contractual issues.

Although there have been no provisional changes to federal insolvency law facing the COVID-19 pandemic so far, on November 25, 2020, the Brazilian Federal Senate approved the Bill of Law (“Bill”) 4,458/2020 which reforms the Brazilian Bankruptcy Law (Federal Law No. 11,105/2005). The Bill had previously been voted by the Chamber of Deputies and now awaits presidential sanction.

The main objectives of the Bill are, inter alia, to support the economic recovery of businesses, to reduce litigation and court proceedings, to reduce the duration of a proceeding and to stimulate out-of-court processes, such as extrajudicial reorganisation and pre-litigation dispute resolution.

The following topics are the major changes in Brazilian bankruptcy law in connection with the current legislation of other jurisdictions:

   a) Conciliation and mediation on extrajudicial and judicial reorganisation

According to novel articles to be inserted in bankruptcy law, conciliation and mediation shall be encouraged in any court, including superior courts, both before and after the request for judicial reorganisation. These methods are specially recommended when, among others, (i) the dispute involves partners and shareholders of a business in financial distress or in a current judicial reorganisation proceeding; and (ii) the business in financial distress and its creditors are able to renegotiate the debts, before the filling for judicial reorganisation.

Regarding COVID-19 and public calamity, the Bill encourages conciliation and mediation during the judicial reorganisation proceeding in the cases there are “extraconcursais” credits.

   b) Creditors can provide the judicial reorganisation plan

In the case the judicial reorganisation plan submitted to creditors approval is rejected, the judicial administrator puts the proposition to the creditors’ meeting vote. If the creditors do not agree to provide a reorganisation plan or the creditors’ plan is rejected, the judicial reorganisation will be converted into bankruptcy.

   c) The adoption of transnational insolvency

The Bill integrates to Brazilian legal framework the possibility of transnational insolvency based on UNCITRAL Model Law on Cross-Border Insolvency, seeking for international cooperation, uniformity of application and respect to good faith.

Among several and detailed provisions, there are sections to regulate the recognition of foreign processes, the cooperation with foreign authorities and representatives and the concurrent processes. The latter is related to the extrajudicial and judicial reorganisation or bankruptcy proceedings to commence after the recognition of a foreign main process.

The Brazilian Prosecutors Office will also intervene in such processes.

   e) The possibility to consolidate group estates

The Bill innovates by authorising debtors under common corporate control to request for judicial reorganisation by means of procedural consolidation. Exceptionally, the judge can also authorise substantial consolidation if there is interconnection or confusion of assets or liabilities among the debtors plus at least two other situations. In this case, assets and liabilities are considered to be of a single debtor.

   f) The judicial reorganisation of the rural producers

This topic puts an end in a great discussion among state courts in Brazil. The rural producers can request for judicial reorganisation even if their commercial register does not meet the required period of registry. Such period may be proved by using the documents of the activities performed, including, e.g., Digital Cash Book and balance sheet.

g) General novelties: regulation of dip financing (debtor in possession financing); broader cases of bankruptcy declaration; increase number of outstanding tax debt instalments; stay period extension.

Once sanctioned by Brazilian President, the Bill will enter into force in thirty days after publication on the Official Gazette.

Referências:

“CEJUSC Recuperação Empresarial” é implantado na comarca de Francisco Beltrão. Tribunal de Justiça do Paraná. Disponível em: https://www.tjpr.jus.br/noticias/-/asset_publisher/9jZB/content/id/35253519

COVID-19 and the Current State of Insolvency in China. The University of Melbourne. Disponível em: https://law.unimelb.edu.au/centres/alc/engagement/asian-legal-conversations-covid-19/alc-original-articles/covid-19-and-the-current-state-of-insolvency-in-china

Guiding Opinions of the Supreme People’s Court on Several Issues Concerning the Proper Trial of Civil Cases Involving the New Coronary Pneumonia Epidemic Situation (2). The Supreme People’s Court of the People’s Republic of China. Disponível em: http://www.court.gov.cn/fabu-xiangqing-230181.html

Nova Lei de Falências é aprovada pelo Congresso Nacional. Ministério da Economia. Disponível em: https://www.gov.br/economia/pt-br/assuntos/noticias/2020/novembro/nova-lei-de-falencias-e-aprovada-pelo-congresso-nacional

Provimento CG nº 11/2020. Tribunal de Justiça de São Paulo. Disponível em: https://www.tjsp.jus.br/Download/Portal/Coronavirus/Comunicados/Provimento_CG_N11-2020.pdf

Recomendação Nº 63 de 31/03/2020. Conselho Nacional de Justiça. Disponível em: https://atos.cnj.jus.br/atos/detalhar/3261

Recomendação nº 71 de 05/08/2020. Conselho Nacional de Justiça. Disponível em: https://atos.cnj.jus.br/atos/detalhar/3434

Tabela de principais mudanças do PL nº 4.458/2020. Ministério da Economia. Disponível em: https://www.gov.br/economia/pt-br/assuntos/noticias/2020/novembro/arquivos/TabelaLeide_Falencias.docx.pdf

Milton Cheng joins 70 Global CEOs in Catalyst For Change initiative

Baker McKenzie Global Chair, Milton Cheng has reinforced the commitment of the leading global law firm to join Catalyst’s mission to elevate women in leadership roles.

Milton is one of 70+ CEOs involved in the Catalyst For Change initiative to advance diversity, equity, and inclusion in the workforce. Catalyst’s 2020 report, Towards a More Equitable Future, found that Catalyst For Change companies are addressing challenges in the representation of marginalised groups by building a strong foundation at the manager level.

The Catalyst CEO Champions For Change are using their voices to advance women across the leadership pipeline. The 2020 report identifies ways global companies can collect data on ethnicity and race in their organisations, as well as highlighting the latest statistics for women’s representation in the global leadership pipeline. It also explores ways to measure the representation of women who identify with underrepresented ethnic and racial groups and provides a three-step plan to help organisations accelerate their journey toward equity:

  • Step 1: Get educated on intersectionality.
  • Step 2: Establish a system for collecting reliable data on race and ethnicity.
  • Step 3: Start the conversation about racism.

You can read the full report here.

Milton Cheng, Baker McKenzie Global Chair commented; “Twenty years after electing the first female Chair of any global law firm, we are proud to say that once again we are leading the way in the legal sector. To demonstrate our commitment to being inclusive, we have set global aspirational targets of 40% women, 40% men and 20% flexible (women, men or non-binary persons) by 2025. This target applies to Partners, senior business professionals, firm committee leadership and candidate pools for recruitment.”

“Women, and particularly women of colour, continue to face entrenched barriers to advancement in companies across the world, but it’s important that Catalyst CEO Champions For Change companies continue to demonstrate collective progress,” said Catalyst President & CEO Lorraine Hariton. “We know more work needs to be done, but the data show positive gains, and we’re proud to partner with these CEOs in this effort.”

This pledge follows Baker McKenzie’s earlier commitment with Catalyst in 2020. The Firm became one of 56 companies and organisations who have joined Catalyst’s Gender and Diversity KPI Alliance (GDKA) to support the adoption and use of a set of key performance indicators (KPIs) that will measure gender and diversity.