WESTERN ASSET MANAGEMENT COMPANY LIMITED
Company number: 02479672
Reporting period:
1 October 2019 to 31 March 2020
Report filed on:
22 April 2020
Approved by:
Michael B. Zelouf
Payment statistics
Average time taken to pay invoices: 23 days
Invoices paid:
- within 30 days: 77%
- in 31 to 60 days: 19%
- in 61 days or more: 4%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 35%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
The majority of qualifying contracts for the period include payment terms of 30 days.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Invoices are routed to the relevant department for review and approval for payment. If there are
invoice discrepancies or queries, the relevant department will escalate the issue to the Accounts
Payable team, who will then follow up with the Accounts Receivable team or an alternative contact
at the supplying Company. Should the supplying Company have a query on the payment of the
invoice or otherwise, they should contact the Accounts Payable team at the following email address:
WAAccountsPayable@westernasset.com
Western Asset Management Company Limited will endevour to resolve all queries as soon as possible and no later than 30 business days, but
ackowledge on the rare ocassion this may not be possible to meet due to nature of each query and
factors outside of our control. Once all queries have been resolved the invoice is then processed for
approval and payment.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No