WILLIS GROUP LIMITED

The Company’s standard contractual payment terms for all qualifying contracts are no later than 45 days after the receipt of an invoice. Other payment terms may apply. Agreed payment terms are reflected in our contractual documentation and accounting system.

Although the payment period under the Company’s standard payment terms runs from the date of receipt of the relevant invoice, for the purpose of calculating the metrics for this report, we have taken the date stated on the invoice itself as the commencement date for the payment period, and the statistics are reported against this measure. Consequently, it is likely that the statistics will show a greater level of late payments than is actually the case if strictly applying the standard payment terms.
Of the 54% of invoices due but not paid within agreed terms, 100% were made to companies external to the Willis Towers Watson Group. There are no formal disputes with suppliers regarding late payments.

Payment processing is managed by the Accounts Payable function and any supplier queries are actioned by that team. In the event they are unable to resolve the matter, the query will be discussed between the supplier and relevant colleague to ensure satisfactory resolution for both the supplier and the Company.