with Dr. Roger W. Mills

The World of Corporate Finance

Professor Dr. Roger W. Mills

 

ACADEMIC QUALIFICATIONS

 

1.   Emeritus Professor, Henley Business School, University of Reading, 2008.

 

2.   Emeritus Professor, Henley Management College, 2008.

 

3.   Master of College, honorary degree awarded by Henley Management College, 2008.

 

4.   Professor Dr. of Business Valuation and Fundamental Analysis – VU University, Amsterdam, 2007 to 2012.

 

5.   Professor of Accounting and Finance – 1988 to 2008.

 

6.   Doctor of Philosophy in Finance (part-time study): Henley Management College/Brunel - The University of West London, 1986.

 

7.   Master of Science, Management Studies by part-time study over 2 years (Course Prize Winner), Henley Management College/Brunel - The University of West London 1982.

 

8.   Certificate in Education, University of London, 1976.

 

9.   Bachelor of Technology (Hons.), Psychology, Sociology, Economics, Brunel - The University of West London 1974.

 

 

PROFESSIONAL QUALIFICATIONS

 

1.   Fellow of the Chartered Institute of Management Accountants (FCMA)

 

2.   Fellow of the Institute of Chartered Secretaries and Administrators (FCIS).

 

3.   Fellow of the Association of Corporate Treasurers (FCT).

 

Roger is a PhD in Finance who can communicate effectively in a number of different European languages, is computer literate and has an extensive experience in academia and business.

 

Initially educated in Psychology, Sociology and Economics, Roger migrated into accountancy and financial management after a 5-year period as an aircrew officer in the Royal Air Force (RAF). Subsequently, he has held a variety of senior positions in finance and industry as well as establishing a career in academia.

 

Roger has also been a private equity investor over the last 20 years. Of particular note, he was a founding member and successful investor in a dotcom start-up that achieved an Alternative Investment Market (AIM) listing in London.

 

To illustrate the breadth of his experience, over the last 30 years Roger undertook many assignments with a significant number focussing upon emerging markets. He has worked in S.E. Asia, China, South America, Middle East, Africa, Russia and Eastern Europe, in addition to Western Europe, the United States and Japan. He can speak or communicate effectively in Spanish, French and Portuguese.

 

Examples of his work include:

 

 

  • Acting as Special Adviser to American Appraisal, the largest independent valuation consultancy firm.

 

  • Advising a major international chemicals business on the valuation and establishment of joint ventures in the People’s Republic of China.

 

  • Acting as Professor of Shareholder Value to Price Waterhouse.

 

  • Advising a major global bank’s principal finance team on large (in excess of US$1 billion) acquisition targets and devising appropriate management for value systems for use by senior management within the acquired businesses to facilitate desired exit strategies.

 

  • Advising and directing the implementation of Value Based Management (VBM) in UK, Central European, South American and Asian organisations.

 

  • Advising on the implementation of valuation risk programmes for senior management and high fliers in an international French bank.

 

  • Leading the team and designing the valuation methodology to be applied in the valuation of telecommunications access rights for an Australian power company as part of a State disposal programme.

 

Last, but not least, Roger has written or contributed to 14 books and authored more than 130 articles. His work in valuation has been the interface between theory and practice, which has been recognised by specialists in the field and he has been commissioned by many organisations to lead workshops and seminars on the valuation of commercial organisations and financial institutes.

 

 

 

Chief Executive Officer (CEO), Value Focus Group

 

Organisations for which Roger worked over the last 20 years include:

 

•        Price Waterhouse (Europe)

•        Ernst & Young (Spain and Russia)

•        Credit Suisse First Boston (UK and Europe)

•        Credit Agricole Indosuez  - formerly Banque Indosuez (France)

•        Lloyds TSB (UK)

•        Reuters (UK)

•        Den Norske Bank (Norway)

•        HSBC (Asia)

•        Standard Chartered Bank (Europe)

•        Citibank (US)

•        Chase Manhattan (Emerging Markets)

•        DEG (German Development Bank)

•        Glaxo Smith Kline (UK)

•        Bass/Six Continents (Europe)

•        BDO (Argentina)

•        Enron (Columbia)

•        Schneider (France)

•        Nomura (Japan)

•        Global Alliance (Japan)

•        GTP (Switzerland)

•        Bank Santander (Spain, Columbia and Chile)

•        Bank Gesellschaft (Germany)

•        Unibank/Nordea (Denmark)

 

 

 

 

 

•        The Consulting Center For Finance & Investment (Saudi Arabia)

•        Optiva Bank (Estonia)

•        Fujitsu/ICL plc (UK)

•        Powernet (Australia)

•        Teledanmark (Denmark)

•        Visa International (MENA)

•        British Steel (UK)

•        British Waterways (UK)

•        Ministry of Defence (UK)

•        Ministry of Economics (Botswana)

•        Hong Kong Housing Authority

•        Central Bank (Nigeria)

•        Ministry of Economics (Botswana)

•        Petronas (Malaysia)

•        ABB (Switzerland)

•        ALS (Denmark)

•        FCMB (Nigeria)

•        Office for Telecommunications (OFTEL)/Kingston Communications plc

•        Danube Knitwear Ltd (Hungary)

•        Institute for Investment Management and Research (IIMR) - now UK Society of Investment Professionals (UKSIP) (UK)

•        Cultura Inglesa (Brazil

•        Institute of Bankers (Jordan)

 

 

BUSINESS

Examples of Roger’s work include:

 

•        Executive Managing Director of Global Alliance Inc., Asia’s First Investment Venture Bank

 

•        Advising a major international chemicals business on the valuation and establishment of joint ventures in the People’s Republic of China (see publications).

 

•        Acting as Professor of Shareholder Value to Price Waterhouse.

 

•        Advising a major global bank’s principal finance team on large (in excess of US$1 billion) acquisition targets and devising appropriate management for value systems for use by senior management within the acquired businesses to facilitate desired exit strategies.

 

•        Advising and directing the implementation of Value Based Management (VBM) in UK, Central European, South American and Asian organisations.

 

•        Advising on the implementation of valuation risk programmes for senior management and high fliers in an international French bank.

 

•        Leading the team and designing the valuation methodology to be applied in the valuation of telecommunications access rights for an Australian power company as part of a State disposal programme.

 

 

ACADEMIC

 

•        Professor of Business Valuation and Fundamental Analysis, Free University, Amsterdam, since 1st September 2007.

 

•        Professor of Finance and Accounting at Henley Management College – 1986 to 31st October 2007.

 

•        Head of Accounting and Finance Faculty at Henley Management College - 1995 to 2005.

 

•        Subject Area Leader - Managing Financial Resources and Business Finance – 1983 to 2003.

 

•        Director of Henley Brazil – 1996 to 1999.

 

•        Director of Studies for the Henley-based MBA Programme - 1st April 1989 to 30th April 1995.

 

•        Director of Studies, Brunel-based Programmes – April 1983 to December 1987.

 

ASSOCIATESHIPS

 

•        Special Adviser to American Appraisal from 2004 to 2006

 

•        Swiss Banking School, University of Zurich from 2001 to 2005

 

•        Free University in Amsterdam from 2001 to 2005

 

•        Consulting Professor of Shareholder Value to Price Waterhouse from 1997 to 2001

 

•        CFA (US HQ) Speaker 2004 onwards

 

•        DDF- Den Danske Finansanalytikerforening (DSIP - The Danish Society of Investment Professionals) 2000 to 2002

 

OTHER MANAGEMENT ENGAGEMENTS

 

•        Non-Executive Chairman, Oxford Business Consulting Ltd (Thailand), since 2004

 

•        Director Reiseido SL (Spain), since 2003

 

•        Executive Managing Director of Global Alliance Inc., Asia’s First Investment Venture Bank, since 2002

 

•        Non-executive Director, Go Eq SL (Spain), since 2002

 

•        Non-executive Director, Just Results PLC; Freecom.net, Systems Union from 1995 to 1999.*

 

•        Non-executive Director, Mars Business Associates Ltd, 1987 to 2007.

 

*        Stock Exchange listed

RESEARCH

 

1.        With Blacker, K., Weinstein, W. L.., An investigation into the issues concerning people risk within the Newcastle Building Society, 2003.

 

2.        With Peksyk, M., The Application of Strategic Value Analysis in the Polish Market, 2001.

 

3.        Cost Accounting Practices for Batch Manufacturing - a major research project undertaken in conjunction with the Manufacturing Systems

          Department of Brunel - The University of West London, 1997.

 

4.        With Santos, R., The Application of Strategic Value Analysis in the Brazilian Market, 1996.

 

5.        With Yongqin Cao.  Accounting and financial reporting in China, 1996.

 

6.        With Chen, Gordon.   Evaluating International Joint Ventures Using Strategic Value Analysis, 1995.

 

7.        Use of Shareholder Value Analysis in Evaluating Merger and Acquisitions by Large UK Companies - a project funded by Chartered

          Institute of Management Accountants, 1995.

 

8.        Financial Aspects of Corporate Governance - An Internal and Management Audit Perspective - a project funded by the Institute of

          Chartered Accountants in England and Wales, 1995.

 

9.        With Syamal K Gosh, The Application of Strategic Value Analysis in Privatisation Decisions, 1993.

 

10.       Post completion auditing of capital projects - research initiated and sponsored by the Chartered Institute of Management Accountants,

           1991

 

11.       Cost allocation within telecommunications - a major research project jointly funded by the Office For Telecommunications (OFTEL)

          and Kingston Communications PLC, 1988.

 

12.       Influences upon capital budgeting decisions exerted by senior central and divisional management in large UK companies, 1986

 

13.       The use of cost accounting information in pricing decisions within UK manufacturing and service companies, 1986.

 

 

LANGUAGES

 

  • Spanish       (as a consequence of assignments in Spain and South America spanning 15 years)

 

  • Portuguese    (as a consequence of lengthy assignments in Brazil)

 

  • French        (as consequence of 12 years as an advisor to a major French bank)

 

  • German       (basic – learnt in the Royal Air Force and some exposure with German clients)

 

  • Japanese      (a basic language understanding and limited spoken ability achieved by 42 years involvement with Karate)

 

INTERESTS

 

Roger is currently Chief Instructor and Chairman of the British Shito Ryu Karate Association (BSKA), 8th Dan (Kyoshi).

The British Shito-Ryu Karate Association (BSKA) was set up in 1974 by Roger and is a not-for-profit organisation that is managed by an Executive Committee.

 

BSKA is the Shito-Ryu arm of the United Seiki-Juku Karate Organization (UKSKO)

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