To support our businesses across Europe, the Finance Hub is proposed to include:

Financial Reporting activities (R2R):

• Oversight of close process, review & analysis of the Balance Sheet and P&L
• Provision of accurate & timely entity reporting for the purpose of internal consolidation and external reporting
• Financial Reporting Managers manage senior stakeholders, Internal and External Auditors and drive resolution of issues and process improvement. They are supported by Team Leaders, Senior Accountants and Accountants.

Oversight of transactional accounting activities:

• Transactional work is performed by our Third party BPO partner located in India
• Service Delivery Leads manage the delivery of transactional activities performed by Third party BPO partner. The team is organised by Global Centre of Expertise: Fixed Asset Accounting, Intercompany Accounting, Inventory & Intercompany Profit Management Tool Accounting, and Master Data Management
• Service Delivery Leaders will be supported by Process Improvement Experts to oversee and drive performance & continuous improvement.

Production Accounting:

• Ownership of the Production Accounting close process on behalf of and in conjunction with the Production Site
• Includes review of P&L and in scope Balance Sheet accounts e.g. Purchase Price Variance (PPV); Material Usage (MUV); Recoveries; Inventory; and Deferrals to ensure month end reporting is done in an accurate and timely manner
• Drive issue resolution and adoption of a continuous improvement mindset
• Supporting the Production Sites with the Annual Standard Setting / Annual Transfer Pricing exercises including remediation and Compliance related activity ie internal /external audit; monthly controls.

Global R&D Close and Control:

• Ownership of the Financial Accounting close process on behalf of and in conjunction with Global R&D business
• Includes review of P&L and Balance Sheet accounts to ensure month end reporting is done in an accurate and timely manner and is accordance with GSK and IFRS standards
• Provision of insightful management reporting for R&D senior stakeholders
• Supports the UK & US tax processes, external audits and Compliance related activities.

Global R&D Deal and Alliance Accounting

• Provision of specialised support and expertise in accounting for significant Research & Development (R&D) Deals, Alliances and Collaborations
• Financial management of cost-sharing alliances, equity investments and in-licensed intellectual property capitalised as intangible assets
• Partnering with R&D Business stakeholders, Finance Directors, World Wide Business Development and external Alliance Partners on all aspects of the alliance, including settlements, budget preparation and month-end actuals reporting as well as providing insightful commentary and budget variance analysis.

Global R&D Planning/Forecasting and Reporting

• Provision of insightful budget management and reporting to R&D management
• Financial management of all Internal Department/Team Budgets and forecasts and External Project Expenditures
• Budget preparation and month-end actuals reporting as well as providing insightful commentary and budget variance analysis.

Planning & Forecasting

• Improving quality of the planning process by applying standardization and making the most of our
  investments in systems and technology
• Supporting monthly integrated financial forecasting by preparing presentations, analysis and taking
  part in the forecast review meetings
• Coordinating the yearly planning process
• Preparing internal management reports for executive leadership and decision making
• Continuously improving through use of new technologies and driving best practices

The Corporate Accounting & Governance team consists of three key areas:

Global Alliances & Licensing

• Accountable for financial compliance of 100+ Licensing and Alliance agreements. In particular
  being responsible for Royalty and Collaboration cost-sharing clauses.
• Responsible for managing the accuracy and timeliness of payments in excess of £1bn and that
  the accounting for these transactions is correctly reflected in GSK’s books and records.
• Partnering with GSK-wide stakeholders including ViiV, Vaccines and Pharma, as well as Legal,
  Business Development and external Alliance Partners on all aspects of the agreements.

Corporate Sundry

• Corporate Sundry includes costs which by their nature may be difficult to allocate to a specific
  business unit, or costs that have been incurred centrally and require recharging to the business.
• These costs include: UK/US Pensions, UK/US Long-term Incentives, UK/US Insurance and Global
  Health Programmes. The team is responsible for the management of actuals, planning and
  forecasting for these items.
• High-profile team that has regular interaction with senior stakeholders including the Group
  Financial Controller.

Long-term Incentives & Directors’ Remuneration Reporting

• Manage the reporting and forecasting of Long-term Incentives Accounting (IFRS2).
• Accountable for the co-ordination of the financial information in the Directors Remuneration
  Report for GSK, ViiV, Consumer JV and Galvani and ensuring all disclosures are in accordance
  with the UK Companies Act.
• High-profile team that has regular interaction with senior stakeholders including the Company
  Secretary and Group Financial Controller.