Tetra Laval International (TLI) is the financial support and control function for the Board. This includes responsibility for areas such as corporate governance, Group financing and treasury, financial planning and reporting, M&A, tax, internal audit, insurance, leasing and holdings administration. TLI manages the internal control aspects of these responsibilities by means of policies applicable throughout the Group. These policies are reviewed on a regular basis and further enhancements were implemented in 2017.
TLI manages Group financing, foreign exchange and interest rate risks of the Group within a mandate approved by the Board. This continues to be important in the context of continued major market volatility impacting the global economy.
In 2017 TLI upgraded its financing platforms and further expanded standard financing solutions to support Group sales of capital equipment in cooperation with banking partners.
The Group has continued to enhance its risk management policies to respond to challenging business conditions and rapidly changing regulatory environments. Focus was put on reviewing tax processes and on reinforcing cyber security in the Group. The use of technology has been further expanded through the development of new data analytics in tax, finance and audit.
There was continued focus in 2017 on ensuring that TLI had the appropriate professional skills and adequate resources to support these evolving business and technical needs.
Performance of the different businesses of the Group and return generated on capital employed continue to be monitored closely. Productivity remains an area of considerable Board attention, with initiatives focusing on restructuring, forecasting and cost management planned in 2018.
In the light of evolving business requirements, legal and regulatory developments and technological changes, TLI has initiated a review of its longer-term priorities. In 2018 a set of projects will be launched applying innovation to transform the way TLI delivers value to the Board and the Group.
The team at TLI remains focused on delivering on a highly professional and effective level in each of its areas of expertise and its impact on the long-term performance of the Group.
These functions are responsible for their respective area throughout the Tetra Laval group.