GLASGOW, May 16 (Reuters) - Financial decision makers atsome of Britain's biggest companies are not making contingencyplans for life in a independent Scotland until the outcome of aSeptember referendum is known.
Delegates at the annual conference of the Association ofCorporate Treasurers in Glasgow said it's too early to makeplans for an independent Scotland.
"Our chief executive has said he would prefer (Scotland) tostay in the union as we have big business in North Sea ... butwe haven't made any specific treasury planning for it until wesee (the outcome of the referendum)" said Alan Dick, director oftax and treasury at oil services company Amec.
Scotland will go to the polls on Sept. 18 to decided whetherto end its 307-year-old union with the rest of the UnitedKingdom. Two opinion polls this week showed little change in theposition of the two sides. Those opposed to independence stilllead, although support for secession has increased recently.
Scottish First Minister Alex Salmond has said Scotland wouldofficially become independent in March 2016 in the event of a'yes' vote, giving companies 18 months to prepare.
Vinod Parmar, group treasurer at bookmaker Ladbrokes, saidthe company, which has some business in Scotland, is consideringthe impact of an independent Scotland but hasn't made anypreparations.
"We will have a view of it. But we have time - there is thevote and then there is integration," Parmar said.
Treasurers determine a firm's financial strategy andfinancial policies, advising on what businesses to invest in andorganising the funding for its plans. Their decisions caninfluence investment banking and financial market activity.
Their views echo that of part-nationalised lender LloydsBanking Group. Chairman Norman Blackwell said at thebank's annual general meeting in Edinburgh on Thursday that itis not currently preparing to leave Scotland if there is a votein favour of independence.
Some companies, however, have started planning in case of avote for secession. Edinburgh-based insurer Standard Life said on Tuesday that it had begun preparations in case it neededto move some operations out of Scotland.
The treasurer at one multinational company, speaking oncondition of anonymity, said it is drawing up plans for itspension policies and hedging strategy if Scots vote to leave theUK. He described the process as a "complete administrativenightmare." (Reporting by Clare Hutchison; Editing by Larry King)
Lloyds (LLOY)
