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FAQ's about the Deloitte Best Managed Companies Awards
Questions and answers available here
Deloitte Best Managed Companies Awards
What is the Deloitte Best Managed Companies Awards Programme?
The Deloitte Best Managed Companies awards programme in association with Bank of Ireland has been developed to recognise Irish and Northern Irish companies operating at the highest levels of business performance and is open to companies in all 32 counties.
The Deloitte Best Managed designation is a symbol of Irish corporate success - companies focused on their core vision, creating stakeholder value, excelling in all areas of their business and celebrating the contributions of the entire organisation.
Is this awards programme new in Ireland?
The programme is entering its 11th year in Ireland. This initiative is modelled on Canada’s 50 Best Managed Companies programme, which has been successfully run by Deloitte in Canada since 1993. The programme has expanded globally including in the Netherlands, Belgium, Chile and Mexico.
Why was the Deloitte Best Managed Companies awards programme created?
The programme was created to recognise the overall success of a company, including management strength, ability to innovate, strategic initiatives and financial performance – all of which contribute to a Deloitte Best Managed company.
What makes this programme unique?
The Deloitte Best Managed Companies awards programme is the only awards programme in Ireland that recognises overall business performance of Irish/Northern Irish owned and managed companies (incorporated in the Republic of Ireland or in Northern Ireland).
What decision criteria are used to determine a Deloitte Best Managed company?
The judging panel will examine companies under the four pillars of Strategy, Capability, Commitment and Financial performance.
Are there any similar programmes in Ireland?
No. This is the only award that recognises the overall business performance and sustained growth of Irish/Northern Irish owned and managed companies. It recognises the achievements of management teams, not just individuals.
What is the official programme name?
The official programme name is "Deloitte Best Managed Companies".
Its abbreviated form is ‘Deloitte Best Managed’.
What are the benefits of applying to the Deloitte Best Managed Companies award?
- Companies get an independent view of their business from Deloitte and Bank of Ireland.
- Coaches provide insight and feedback to help leaders benchmark their business versus other businesses.
- The programme provides a framework for management teams to challenge themselves. The overall process is extremely enlightening and results in key take-aways that can be used to further strengthen companies.
What are the benefits of winning a Deloitte Best Managed Companies award?
Companies judged to be among the final winners will receive many rewards. Winners will be announced at a gala awards ceremony in March 2019.
Companies will also receive:
• Exclusive use of the Deloitte Best Managed designation
• National recognition and profile through the Sunday Business Post and other national media
• Rich networking opportunities
• Strengthened ability to attract and retain top talent
• A new business competitive edge
• An opportunity to celebrate the efforts of the entire company
• Professional development at the Deloitte Best Managed Companies Symposium (run in conjunction with the Irish Management Institute) presenting the latest in business thinking
• Recognition by other business leaders at an exclusive gala awards ceremony
How can a company apply to the Deloitte Best Managed Companies awards programme?
Applications for the 2019 programme will open in July. To apply, companies must complete an online Phase I application form to start the Deloitte Best Managed application process. Once the Phase I form is submitted, the company will receive an email confirmation of receipt. Those successful in Phase I are notified and invited to proceed to Phase II.
Is there a programme application fee?
There is no cost to participate in the programme.
What does Phase II of the application process involve?
Companies selected to move to Phase II are asked to submit 2 copies of their final application in hard copy and demonstrate how they develop strategy, demonstrate corporate strengths, excel in their marketplace, retain top talent and manage business risks.
During Phase II, Deloitte and Bank of Ireland professionals work with companies every step of the way, providing professional advice on their Phase II application.
How do new companies qualify and what are the eligibility criteria?
Companies must satisfy the following criteria:
• Irish/Northern Irish substantially privately owned, managed and controlled companies incorporated in either the Republic of Ireland or Northern Ireland)
• Turnover in excess of €10 million / £STG 8 million
• Established for at least 5 years
• Demonstration of superior performance over past 3 years (in relation to their peers)
What types of companies are ineligible?
• Public companies
• Foreign multinationals and their subsidiaries
• Credit unions/insurance companies/banks/co-ops
• Charities and not-for-profit organisations and their subsidiaries
• Government-owned organisations/public sector agencies
Can a company win a Deloitte Best Managed award more than once?
Yes. The Deloitte Best Managed winners are entitled to use the designation for an additional two years - subject to an annual operational and financial review or "Requalification process". For example, a first-time winning company in 2017 would need to successfully complete the re-qualification application for 2018 and 2019. A requalified member retains all the benefits that exist with winning the award.
How does a company apply for re-qualification membership?
The Deloitte Best Managed companies can apply to be re-qualified members for the next two years after winning the award. That means a company recognised initially in 2017 can be a re-qualified member in 2018 and 2019.
Who would have access to my financial information?
The confidentiality of financial information provided is vital to the integrity of this programme. Apart from your coaches from Deloitte and Bank of Ireland, only the judging panel will review the financial information put forward. The judging panel is required to sign a confidentiality agreement.
Who are the judges?
• Frank Ryan, Chair
• Brendan Jennings, Managing Partner, Deloitte
• Ian Kehoe, Editor, Sunday Business Post
• Tom Hayes, CEO, Bank of Ireland, Corporate Banking
• Siobhan McAleer, IMI
What decision criteria do the judges use to select the Deloitte Best Managed winners? Are any criteria weighted more than others?
The judges on the Deloitte Best Managed Companies awards programme evaluate company performance based on the following categories: strategy, capability, commitment and financial performance. Growth potential is also evaluated. Each category is given equal weighting.
How much impact does financial performance have on judging?
The Deloitte Best Managed judges evaluate companies in the following categories: strategy, capability, commitment and financial performance. Financial strength is just one of the performance metrics that judges evaluate.
How can you compare companies that are in different industries and are of different sizes?
Size and sector are irrelevant to the evaluation process. What is most important is overall company performance. New applicants are required to have revenues greater than €10 million / £STG 8 million to be eligible for consideration.
Do the same judges evaluate every company?
All Deloitte Best Managed applicants for each award level are assessed by the same national panel of judges.
Who are the programme sponsors?
The main corporate sponsor is Bank of Ireland
The media sponsor is The Sunday Business Post.
The academic sponsor is the Irish Management Institute.
Who runs the programme?
Deloitte principally run the programme together with all programme sponsors.
Do Deloitte’s clients get preferential treatment? Do other sponsors’ clients get preferential treatment?
No. Once companies have successfully completed the application process, it is the responsibility of the judging panel to select the Best Managed Companies.
Why have Deloitte decided to launch this programme?
The programme has been successfully run by Deloitte in Canada since 1993. We have now brought this unique awards programme to Ireland. Running this programme enables us to witness examples of some of the best managed companies on the island of Ireland and we are proud to associate ourselves with the most successful of Irish and Northern Irish owned and managed companies.
Symposium and Gala
What is the Symposium and who can attend?
The Symposium is run by the Irish Management Institute and is an exclusive, invitation-only event and is one of the key rewards for winners. Business educators from IMI, thought leaders from Deloitte and guest speakers will lead a variety of interactive sessions, providing exclusive insights and practical, targeted advice. It also allows winners (CEOs and their management teams) to spend a day sharing best practices and new ideas, while learning practical tools that Deloitte Best Managed leaders can apply immediately to drive their business.
What is the Gala and who can attend?
The black-tie Gala awards ceremony occurs on the same day as the Symposium. The Gala honours all winning companies from across the country.
The Gala is attended by new, requalifying, Gold Standard and Platinum Club companies and the programme sponsors. The Deloitte Best Managed Programme honours and celebrates the achievements of the entire organisation. Invitees are also welcome to bring along their management teams and other guests including clients, suppliers, vendors and any other business associates to join them in celebrating their company’s achievements.