British industry has signalled its intention to fully support British sportsmen and women through a new business initiative. The FTSE-British Olympic Association initiative will partner 33 FTSE 100 companies with 33 National Governing Bodies of Olympic Sports in order to transfer skills and knowledge to accelerate each sport governing body’s organisational development and governance structures.
Initiated by Lord Moynihan, Chairman of the BOA, and working with FTSE Group, the global index provider, the FTSE–BOA Initiative is designed to support the BOA’s aspirational goal of fourth place for Team GB in the London 2012 Olympics medal table. The initiative will help the National Governing Bodies (NGBs) to develop into world class, autonomous organisations in the run-up to the Beijing 2008 Olympic Games, the Vancouver 2010 Olympic Winter Games and the London 2012 Olympic Games.
Each participating FTSE 100 company will provide skills and knowledge transfer to a particular NGB in order to accelerate their organisational development. Each company benefits through internal staff development and motivation.
Ten NGBs and FTSE companies have formally agreed to form partnerships: Corus - triathlon; Skandia - biathlon; British Gas - hockey; Land Securities - volleyball; GlaxoSmithKline - boxing; British Airways - snowsportGB; SAB Miller - fencing; Wolseley - gymnastics; Home Retail Group – badminton, as well as Group 4 Securicor - judo. Individual media briefings for a selection of the finalised arrangements are attached.
In addition, a number of partnerships are in the final stages of negotiation and given the level of interest and engagement so far, the BOA is confident that partners will be identified for all NGBs.
Speaking about the initiative Lord Moynihan commented: “The BOA is delighted that so many FTSE 100 companies have agreed to support British Sport. Elite performance is business driven; the NGBs and the athletes, just like successful businessmen and women, have to deliver results, be it support services, a top contract or an Olympic medal. These partnerships will provide an exchange of values and best practices, which I am sure, will be beneficial for both worlds. The BOA has already profited from assistance from AstraZeneca, who have seconded Vice President Bev Salt to help us set up and run what promises to be a very successful initiative.”
Said Mark Makepeace, Chief Executive of FTSE Group: “FTSE applauds the passion and pursuit of excellence that British Olympians and hopefuls exhibit. Every day, finance professionals look to FTSE for the tools they need to support strategies in the management of their investment portfolios. In the same way, athletes and their associations are looking to Britain’s blue chips to provide them with the tools they need to achieve their goals. Support from FTSE 100 companies will help to strengthen British athletes by empowering them to develop the skills and knowledge they need to succeed.”
