AEC EXECUTIVE ROUNDTABLE Dallas, TX June 22 - 24
JUNE 2022
THE ROUNDTABLE REIMAGINED
ZTalks - Short “Ted style” talks around a specific topic
Rotating roundtables - 15 minute roundtable discussions on subjects you choose ZPanel - Hour long discussions with a panel of subject matter experts
AEC EXECUTIVE ROUNDTABLE
AEC EXECUTIVE ROUNDTABLE Dallas, TX June 22 - 24
JUNE 2022
Founding Sponsors
AEC EXECUTIVE ROUNDTABLE
Thank you to our roundtable sponsors
AEC EXECUTIVE ROUNDTABLE
Design Industry Forecast
Bill McConnell Co-Founder and CEO
"The Best of Times, the Worst of Times“ - Charles Dickens
AEC EXECUTIVE ROUNDTABLE
Current Marketplace
• Inflation:
41-year high ~45-year low
• Labor Pool %: • Construction:
$1.7T - Record revenue $320B - Record revenue
• AE:
• 30-year mortgage: • Fed Funds Hike: • Stock Market: • Consumer Sentiment: • Unemployment:
14 year high
June rake hike largest in 28 years
Bear Market All time low ~53-year low
News Articles from the Last Few Weeks
Can we trust our Fed economists?
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Total Federal Assets – QT Progam
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Does that mean we are currently in a recession?
Valuation Reset
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30 Year Mortgage Rate
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Federal Funds Rate
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Yield Curve Inversion
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Unemployment Rate
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Unemployment Rate - Professional Services
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Personal Consumption - Year over Year
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Consumer Price Index
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Crude Oil Prices
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PE Ratio - S&P 500
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S&P 500 Historical Chart
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DIJA Historical Chart
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Nasdaq 100 Historical Chart
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Corporations- Cash on Hand
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Corporation Profits After Tax
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Total Quits
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Construction Data Points
PPI Construction Materials (year over year)
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Construction Industry Growth
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Overall Construction Industry Growth
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Private Construction Industry Growth
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Public Construction Industry Growth
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Construction Sector Growth
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Construction Employment
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AE Data Points
AE Billing Indicators
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AE Employment
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AE Data
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AE Data - 2021
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AE Data - 2017
The number of firms and Establishments, Employment , Annual Payroll, and Receipts by State, Industry, and Enterprise Employment Size: 2017
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AE Data
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AE Data
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AE Data
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AE Data
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AE Data
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Thank You
William J. McConnell CEO
AEC EXECUTIVE ROUNDTABLE Dallas, TX June 22 - 24
JUNE 2022
ZPanel: Overcoming the Recruiting and Retention Crisis in AEC
Moderated by:
Laura Nick Communications Director
Kevin Honomichl President and Owner
Chad Surprenant Chief Strategy Officer
Chad Coldiron Director of Executive Search
AEC EXECUTIVE ROUNDTABLE
AEC EXECUTIVE ROUNDTABLE Dallas, TX June 22 - 24
JUNE 2022
Presnter Name
Take a break
Stage
3
1
2
4
7
5
6
8
Round 1 of 4
1. Building a Best Firm To Work For 2. Using tax credits to fund recruiting 3. Compensation and Incentive Structures 4. Industry outlook 5. Corporate giving programs 6. Using employee feedback data to improve culture 7. Role of the Chief Strategy Officer (CSO) 8. Recruiting and Retention
Round 2 of 4
1. Building a Best Firm To Work For 2. Using tax credits to fund recruiting 3. Compensation and Incentive Structures 4. Industry outlook 5. Corporate giving programs 6. Using employee feedback data to improve culture 7. Role of the Chief Strategy Officer (CSO) 8. Recruiting and Retention
Round 3 of 4
1. Building a Best Firm To Work For 2. Using tax credits to fund recruiting 3. Compensation and Incentive Structures 4. Industry outlook 5. Corporate giving programs 6. Using employee feedback data to improve culture 7. Role of the Chief Strategy Officer (CSO) 8. Recruiting and Retention
Round 4 of 4
1. Building a Best Firm To Work For 2. Using tax credits to fund recruiting 3. Compensation and Incentive Structures 4. Industry outlook 5. Corporate giving programs 6. Using employee feedback data to improve culture 7. Role of the Chief Strategy Officer (CSO) 8. Recruiting and Retention
➡ Lunch
➡ ZTalk: A bigger view of risk management
➡ Roundtable (4 rounds)
Up next
➡ ZPanel: What keeps you up at night - Panel of General Counsel and Legal Experts ➡ Roundtable (3 rounds)
Presnter Name
Lunch Time!
AEC EXECUTIVE ROUNDTABLE Dallas, TX June 22 - 24
JUNE 2022
A bigger view of risk management
Paul Phillips Chief Operations Offcer, Global Captive Network Tax Leader
AEC EXECUTIVE ROUNDTABLE
➡ Overview of captive insurance companies ➡ Overview of federal tax considerations ➡ Recent developments
Agenda
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Overview of Captive Insurance Companies •A captive insurance company is a closely held insurance company that primarily insures risks of its owners and affiliates.
•What types of risks can a captive insure?
Nontraditional Risks
Traditional Risks
•Cyber liability •Non-damage business interruption (NDBI) •Asset valuation / asset protection •Longevity risks (pension plans) •Pandemic (can be a part of NDBI) •Other advanced or specifically designed programs to cover risks unique to an organization, market or sector
•Professional and general liability •Product liability and recall
•Automotive insurance •Workers’ compensation •Medical expense cost reimbursement or
Medical Stop-Loss •Property insurance
AEC EXECUTIVE ROUNDTABLE
Overview of Captive Insurance Companies A properly structured captive insurance program can provide a variety of benefits to the business, some of which can be easily computed while others will require a captive to be in operation before the benefit may be quantified. Some of those benefits are below:
Business Benefits
Operational Benefits
•Reduced cost of coverage •Obtaining coverage that may not be available or cost prohibitive in a “hard” market •Ability to plan/supplement for employee benefits related expenses •Centralization of risk management •Lowering of the capital requirements through risk pooling •Efficient investment of reserves •Flexibility in insurance policy language •Tax-efficient risk financing and capital management
•Direct access to reinsurance market •Access to Terrorism Risk Insurance Act •Provision of desired vs. available coverage •Certification of insurance coverage •Mitigation of market swings impact on commercial insurance pricing •Predictable costs at subsidiary level •Spreading of risks among affiliated group •Improved risk retention capability •Better management of certain large future exposures
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Overview of Captive Insurance Companies
Captive Market – Growth Path Domestic •
Over 42 states with captive laws on the books
• Significant competition between on-shore domiciles as well as with off-shore jurisdictions – Premium tax breaks – Self-procurement tax planning – Exemptions for certain lines of business • Certain programs can be written only through on-shore captives • State & Local tax considerations • Generally shorter timeline for “captive stand up” as compared to 5–10 years ago
AEC EXECUTIVE ROUNDTABLE
Overview of Captive Insurance Companies
Captive Market – Growth Path • Offshore • Very mature market •Simpler access to global programs
•Extremely competitive capital and funding programs •Shorter time for “captive stand up” as compared to US •Access to reinsurance markets
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Overview of Captive Insurance Companies
Why now (specifically)?
▶ “Hard” insurance market, resulting in rapidly rising premiums, decreased market capacity and reduction of available insurance products in the commercial market
▶ Renewed focus on cash and expenses at the C-Suite level
▶ New and varied risks affecting organizations domestically and globally (e.g., Pandemic, Non- Damage Business Interruption, Cyber, etc.) that will continue to impact each organization’s risk management function
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Captive market expansion … what else can be included? Property – increase capacity and to access reinsurance markets Cyber and digital Medical Stop Loss or cost containment policies – specific and aggregate Health and Benefits • Voluntary benefits – Pet insurance, auto, electronics, homeowners, etc. Long Term Disability • Short Term Disability • Accidental Death & Dismemberment • Group Life Pension longevity or valuation risks ESG considerations Overview of Captive Insurance Companies
AEC EXECUTIVE ROUNDTABLE
Captive market expansion … what else can be included? Asset Retirement Obligations Non-damage business interruption & supply chain • Pandemic risks • Regulatory shut down risks • Legislative change risk Trademark/Patent – Intellectual Property Reputation and Brand Integrated risk programs Overview of Captive Insurance Companies
AEC EXECUTIVE ROUNDTABLE
Overview of Federal Tax Considerations
Tax treatment of the insured
• When a company buys insurance, premiums are generally deductible under section 162 as an ordinary and necessary business expense.
• Alternatively, if a company forgoes insurance, a deduction for losses incurred is generally taken into account in the taxable year in which all the events have occurred to establish the liability, the liability can be determined with reasonable accuracy and economic performance has occurred with respect to the liability (e.g. the loss is paid).
• Special considerations when the insurance company is related to the insured entity Over the last 40 years, the courts and the IRS have considered whether premium payments made to related insurance companies are deductible.
AEC EXECUTIVE ROUNDTABLE
Overview of Federal Tax Considerations
Tax considerations for the captive • Accelerated timing for loss deductions; deductions permitted when loss is incurred, which does not require discovery or receipt of claim (i.e. incurred but not reported losses (“IBNR”) and claim payment case reserves (exceptions from the all events test) • Deferral of 80% of collected but unearned premium reserve • May be formed as domestic or off-shore (foreign) company. If offshore, may elect to be treated as a US company for tax purposes • Under the consolidated group regulations an insurance company’s intercompany transactions are respected (e.g. not eliminated) upon consolidation. Treas. Reg. § 1.1502-13.
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Tax Law Requirements to Qualify as “Insurance”
Insurance is not defined in the Code or regulations
Case law has established the following requirements: 1.Insurance risk 2.Risk shifting 3.Risk distribution 4.Commonly accepted notions of insurance
AEC EXECUTIVE ROUNDTABLE
Insurance Risk
Investment risk not sufficient
Fortuity required = a chance occurrence Risk of an economic loss that may occur as a result of a fortuitous occurrence of a stated contingency R.V.I. Guar. Co. v. Commissioner , 145 T.C. 209 (2015) Non captive Tax Court case that expanded or clarified business risks that may be captured within an insurance contract, specifically allowing residual value insurance as valid insurance
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Risk Shifting & Risk Distribution
Facts and circumstances determinations
Risk shifting requires transfer of some or all the financial consequences of a potential loss from the insured to the insurance company
Risk distribution requires shifted risk to be spread across multiple insureds or units of risks
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Commonly Accepted Notions of Insurance
Relevant factors include whether: • The insurer was organized, operated, and regulated as an insurance company • The insurer was adequately capitalized under local law • The insurance policies were valid and binding • The premiums were reasonable • Losses paid only when claims covered under contract
See, e.g. , Securitas Holdings, Inc. v. Commissioner , 108 T.C.M. (CCH) 490 (2014).
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Commonly Accepted Notions of Insurance
Relevant factors include whether: • The insurer was organized, operated, and regulated as an insurance company • The insurer was adequately capitalized under local law • The insurance policies were valid and binding • The premiums were reasonable • Losses paid only when claims covered under contract
See, e.g. , Securitas Holdings, Inc. v. Commissioner , 108 T.C.M. (CCH) 490 (2014).
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Section 831(b) captives Recent cases • Reserve Mechanical Corp. v. Commissioner , 115 T.C.M (CCH) 1475 (T.C. 2018), aff’d , No. 18-9011, 2022 WL 1510373 (10th Cir. May 13, 2022) • Caylor Land & Dev., Inc. v. Commissioner , 121 T.C.M. (CCH) 1205 (T.C. 2021) • Syzygy Ins. Co. v. Commissioner , 117 T.C.M. (CCH) 1165 (T.C. 2019) • Avrahami v. Commissioner , 149 T.C. 144 (T.C. 2017) Notice 2016-66 • CIC Services, LLC v. IRS , No. 3:17-cv-110 (E.D. Tenn. Mar. 21, 2022) Recent Developments
AEC EXECUTIVE ROUNDTABLE
Paul H. Phillips III Partner EY LLP
Thank You
paul.phillips@ey.com
214.709.8066
AEC EXECUTIVE ROUNDTABLE Dallas, TX June 22 - 24
JUNE 2022
Round 1 of 4
1. Flexible work policies 2. Scalable recruiting structures 3. Strategic Planning 4. M&A trends 5. Board Best Practices 6. Financial management strategies 7. Succession Planning 8. Intro to Captives
Round 2 of 4
1. Flexible work policies 2. Scalable recruiting structures 3. Strategic Planning 4. M&A trends 5. Board Best Practices 6. Financial management strategies 7. Succession Planning 8. Intro to Captives
Round 3 of 4
1. Flexible work policies 2. Scalable recruiting structures 3. Strategic Planning 4. M&A trends 5. Board Best Practices 6. Financial management strategies 7. Succession Planning 8. Intro to Captives
Round 4 of 4
1. Flexible work policies 2. Scalable recruiting structures 3. Strategic Planning 4. M&A trends 5. Board Best Practices 6. Financial management strategies 7. Succession Planning 8. Intro to Captives
Presnter Name
Break Time
ZPanel: What keeps you up at night - Panel of General Counsel and Legal Experts
Moderated by:
Taylor Dolan Associate
Sal Calabrese General Counsel
Carl Shaw EVP and General Counsel
Jamie Claire Kiser Managing Principal
AEC EXECUTIVE ROUNDTABLE
Round 1 of 3
1. Transformational Leadership & getting more done with fewer people 2. CEO Roundtable 3. Training staff on contract risk management 4. External general counsel 5. Finance automation 6. Inclusive Leadership (DEI)
7. Aligning your leadership team 8. Internal General Counsel role
Round 2 of 3
1. Transformational Leadership & getting more done with fewer people 2. CEO Roundtable 3. Training staff on contract risk management 4. External general counsel 5. Finance automation 6. Inclusive Leadership (DEI)
7. Aligning your leadership team 8. Internal General Counsel role
Round 3 of 3
1. Transformational Leadership & getting more done with fewer people 2. CEO Roundtable 3. Training staff on contract risk management 4. External general counsel 5. Finance automation 6. Inclusive Leadership (DEI)
7. Aligning your leadership team 8. Internal General Counsel role
➡ Break 4:30-6:00
➡ Cocktail Reception 6:00-7:00 ➡ Dinner 7:00-9:00
Up next
AEC EXECUTIVE ROUNDTABLE Dallas, TX June 22 - 24
JUNE 2022
Considerations for risk reduction
Ed Fronapfel CEO
AEC EXECUTIVE ROUNDTABLE
Hierarchy of the Contract
´ Owner – Geotechnical ´ Owner – Designer ´ Designer – Sub-designers ´ General Contractor – Sub-contractors ´ General Contractor – Design Turn-Key and Delegated ´ Sub-contractor – Design Turnkey ´ Clerk Of The Works – Who Coordinates, Controls, Decides ´ Design By Others – Not My Job
´ Risk And Management – Who Is Making Decision And Why ´ Decisions ´ Overexcavation, Injection, Bypassing ´ Veneers ´ Drainage Planes ´ Moisture Managed ´ Barrier ´ Cost Saving Contracts ´ 50% Back For Reduction, What Is The Value To Who?
Some thoughts
Standard of Care?
´ What Others Should Or Would Have Done In Similar Situations ´ Competent Others ´ Minimum Standards ´ Considerations Of Construction Tolerance In Design ´ Consideration Of Site Performance ´ Consideration Of Operations And Maintenance
´ Geotechnical Risks ´ Owner Engaged ´ Decisions Made ´ Value Engineering or Cost Reduction ´ Impacts ´ Civil/Site ´ Utilities ´ Foundation ´ Floor ´ Superstructure ´ Veneers ´ Building Use
Feasibility
What do we know? Extrapolation or Interpolation
Selection of the Risk by the Developer/ Owner
Blind Side – What happens after you inspect?
What will happen later
Design Considerations – Passive, At- Rest, Active Conditions
Active and Passive
Delegated Design – By Others
Global Issues
Site Constraints and Contract Limits
Interdisciplinary Considerations
Construction Means and Methods
Civil Impacts by Soil Movement
Scour and Erosion
Site Control of Water
Barrier Control for Foundation Performance
Operations and Maintenance
MEP between differing support conditions
Differing Conditions
Design Considerations – Limits of Serviceability and Performance
Architectural Response
Sound Wall = Structural Wall = Fire Wall
Proposal and Contract Language
´ Those gosh darn heavy light wonderful best and awesome adjectives
´ General Description ´ Overbroad ´ Not tied to other Disciplines
Delegated Design
Pre-Condition Assessments
If not our site, what do we do before
Delegated Designs
Means and Methods in Contracts
Lack of Interdisciplinary Decisions and Clerk of Works
Detailing
´ Code Language ´ Builder’s Sets of Plans ´ Fully Detailed ´ Pre-Selected Products and Incorporation ´ Deferred Submittals
Veneers and Performance
Site Forensics – The Rule of 5
´ 1.00 Design Decisions ´ 5.00 Construction Costs ´ 25.00 Warranty Claims ´ 125.00 Litigation Exposure
New Systems and Risk
Ed Fronapfel CEO Charles Taylor Edward.Fronapfel@ charlestaylor.com
Thank You
AEC EXECUTIVE ROUNDTABLE Dallas, TX June 22 - 24
JUNE 2022
ZPanel: Managing Enterprise Risk
Ted Grace Executive Vice President
Sarah Biser Partner
Moderated by:
Dathan Gaskill Managing Director
Bill McConnell Co-Founder and CEO
Ed Fronapfel CEO
Pat Casey Partner
AEC EXECUTIVE ROUNDTABLE
Presnter Name
Break Time
Round 1 of 2
1. A practical guide for cyber security 2. Risk reduction 3. Overlap of design and construction 4. Standard of care 5. Arbitration versus litigation 6. Your path to a captive program
7. Strategic risk management 8. Cyber risk and Technology
Round 2 of 2
1. A practical guide for cyber security 2. Risk reduction 3. Overlap of design and construction 4. Standard of care 5. Arbitration versus litigation 6. Your path to a captive program
7. Strategic risk management 8. Cyber risk and Technology
ZPanel: Cybersecurity and Technology Strategies for AEC firms
Mark Alvarez Vice President, Executive Risk Specialist
Cheryl Hearne Director of Information Security
Moderated by:
Mark Hodges Chief Growth Officer
Mark McCreery Partner
Mark Jordan President
AEC EXECUTIVE ROUNDTABLE
Round 1 of 2
1. IT Security Infrastructure: What you need 2. Magic language for reports 3. Data breach and malware: Your stories
4. Managing risk for profit 5. Cyber insurance trends
6. Maximizing digital security investment 7. Legal aspects of cyber/IT infrastructure 8. Cyber risk and Technology
Round 2 of 2
1. IT Security Infrastructure: What you need 2. Magic language for reports 3. Data breach and malware: Your stories
4. Managing risk for profit 5. Cyber insurance trends
6. Maximizing digital security investment 7. Legal aspects of cyber/IT infrastructure 8. Cyber risk and Technology
➡ “Grab and go” Lunch
➡ Roundtable Finale (3 rounds)
Up next
➡ Closing comments and adjourn
Presnter Name
Lunch time!
$400 off Elevate AEC September 14-16 Las Vegas, NV
Presnter Name
Lunch time!
Roundtable Finale!
FINALE! Round 1 of 3
1. Firm organization and structure 2. Leading change 3. Growing your successor 4. Winning at the recruiting and retention war 5. Turning risk into profit 6. Managing firm growth (through organic and acquisitions) 7. Dealing with and preventing burnout 8. Managing risk and finding new ways to gain a competitive advantage
FINALE! Round 2 of 3
1. Firm organization and structure 2. Leading change 3. Growing your successor 4. Winning at the recruiting and retention war 5. Turning risk into profit 6. Managing firm growth (through organic and acquisitions) 7. Dealing with and preventing burnout 8. Managing risk and finding new ways to gain a competitive advantage
FINALE! Round 3 of 3
1. Firm organization and structure 2. Leading change 3. Growing your successor 4. Winning at the recruiting and retention war 5. Turning risk into profit 6. Managing firm growth (through organic and acquisitions) 7. Dealing with and preventing burnout 8. Managing risk and finding new ways to gain a competitive advantage
AEC EXECUTIVE ROUNDTABLE Dallas, TX June 22 - 24
JUNE 2022
AEC EXECUTIVE ROUNDTABLE Dallas, TX June 22 - 24
JUNE 2022
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