Ben van der Veer, non executive director at Reed Elsevier and Aegon, discusses the importance of expertise, character and experience in an effective NED and we look at how companies are Adapting business strategy to the regulatory outlook. Derek Scott, Director of Tax Investigations at KPMG, discusses key aspects of the agreement that the UK reached with Switzerland in relation to taxation. We include a regulatory update and finish this edition of the Quarterly with our regular financial reporting update.