Objectives of the Partnership 2. Brief Introduction 3. Cooperation Areas between Sodali and King Parallel 5. Selected Clients 6.
|
|
- Ilene Hill
- 5 years ago
- Views:
Transcription
1
2
3 Contents Objectives of the Partnership 2 Brief Introduction 3 Cooperation Areas between Sodali and King Parallel 5 Selected Clients 6 Selected Cases 8 Chairman s Letter 12 1
4 Objectives of the Partnership Sodali Ltd. and King Parallel Consulting have established a strategic partnership to provide advice, consulting and services to Chinese companies in the Greater China Region (including mainland China, Hong Kong and Macau). The partnership s services, which combine Sodali s global expertise with King Parallel s knowledge of the Chinese market, include the following: 1. Research and advisory: corporate governance analysis and benchmarking, board structure, ownership analysis, investor profiling, surveys and IPO analysis. 2. Strategy consulting: integration of strategic goals with corporate governance policies and shareholder expectations in the context of local business, competitive, legal, regulatory, audit and global market requirements. 3. Institutional investor relations services: shareholder outreach and engagement campaigns, issues management, disclosure and communication with institutional investors and other constituencies. 4. Board of Directors services: annual board evaluation, committee mandates, succession planning, risk oversight, governance policy and communication with constituencies on ESG (environmental, societal and governance issues). 5. Transactional services: corporate actions, mergers and acquisitions, capital restructurings, IPO, cross-border proxy solicitations, annual director elections, conduct of general and special shareholder meetings, transactions relating to both equity and debt. 6. Contested situations advisory: advice on takeover bids, election contests, shareholder activism, hedge funds, proxy advisory firms and special interest groups. The Sodali/King Parallel partnership is responsive to the growing demand from Chinese companies for corporate governance advice and shareholder services that are essential to attract global capital, reduce risk, comply with standards of best practice and maintain stable relations with the global investment community. 2
5 Brief Introduction of Sodali Sodali is a global consultancy and service provider that has achieved prominence as a leader in corporate governance and Board of Directors advisory, the development of institutional investor relations, the management of shareholder meetings and of M&A transactions. Sodali s services are designed to help companies anticipate, understand and deal effectively with the expectations of shareholders, institutional investors and the global financial markets. The firm s mission of aligning interests is based on the conviction that a company s governance and business strategy should work together to serve the long-term economic interests of the enterprise and its stakeholders. In addition to its assignments with some of the world s largest publicly-traded corporations, Sodali also works extensively with family-owned businesses, mutual companies and state-owned enterprises. Sodali has offices and representatives in major financial centers around the world (Athens, Copenhagen, Geneva, Lima, London, Madrid, Mexico City, Milan, New York, Paris, Rome, Sao Paulo, Tokyo). 3
6 Brief Introduction of King Parallel King Parallel is a cutting-edge consultancy in China. With team s expertise in areas of corporate governance, BoD, strategy & management, state ownership and SOEs, King Parallel has received high appraisal from it s clients, including national and local state ownership entities, holding companies, and large corporations. Complying with principles of innovation, value and trust, King Parallel provides holistic solutions on development, transformation, and creativity to top-level decision-makers (i.e. BoD and ownership entities) with a global perspective and deep insights on national context. The firm s mission is to create maximum value for top-level decision-makers, with three prominent features: innovative genes, combination of international and local perspectives, top-level consultancy. In the future, King Parallel aims to become a leading consultancy for top-level decision-makers in four main areas: state ownership and SOEs, Board of Directors, top-level strategy, cross-border governance. King Parallel s team is looking forward to cooperate closely with top-level decision-makers who have pioneering spirit in various sectors. 4
7 Cooperation Areas Mergers and Acquisitions IPO Ownership Analysis and Profiling Corporate Governance Assessment Communications (shareholders, stakeholders, supervisors) Situation Analysis and Scenario Projection Vote Solicitation Strategy and Campaign Preparation and Conduct of AGMs (Pre-meeting data collection and analysis, Post-meeting findings and recommendations, Document preparation) Communications (Shareholders, Activism shareholders, Proxy advisory) Vote Solicitation Campaign Cooperation Areas Corporate Governance Review Board review and Assessment of Characteristics Communication and Governance Road Show Investors and Shareholders Analysis Corporate Governance Assessment Board Evaluation Communication and Engagement with Shareholders Institutional Investors Relations Corporate Governance for Listed and Private Companies General Meetings Corporate Governance and Board Advisory 5
8 Sodali Selected Clients General Meetings France Carrefour Spain Repsol Russia Lukoil Italy Telecom Governance Services France ARKEMA 2013-Governance outreach M&A Transactional Services Greece ALPHA Bank 2013-Governance outreach Italy Banca Popolare di Milano 2013-Governance Assessment- Due Diligence Assessment Spain Enagas 2014-Board Assessment & Evaluation Sweden Scania 2014-Tender Offer on Wolksvagen Bondholder + Retail Services Italy LVMH 2011-Tender Offer on Bulgari Italy Intesa Sanpaolo 2011-Capital Increase France Publicis 2013-Merge Omnicom Hong Kong Glorious Property Holdings 2014-Bondholder Identification Spain Abengoa 2012-Bondholder Identification Global Bank of New York Mellon 2012-Escheat Program Italy Pirelli 2012-Retail Segmentation and Benchmarking 6
9 King Parallel Selected Clients Client Types Selected Clients 政府 / 国家所有权机构 中央政府部门 国家所有权机构 主权财富基金 地方政府 / 所有权机构 国有企业 国有资本投资运营公司 国有企业 国有上市公司 投资机构 控股公司 投资公司 PE 基金 国际组织 / 国际公司 国际组织 国际公司 其他 7
10 Selected Case: Capital Increase The Methodology In every transaction, Sodali establishes lines of communications and dialogue between the Client and its investors during the entire campaign, to ensure the senior management and advisors have a very clear understanding of investor concerns and expectations. After agreeing on a plan of action, we oversee the conduct of the communication and engage directly with relevant investors, to ensure understanding of the transaction and contribute to the maximization of shareholder participation. Ownership Behavior analysis and Profiling Initial focus is placed on identifying the relevant decision makers among institutional investors, global and local depositaries, and, in some cases, retail shareholders. We will then perform voting scenarios of the outcome of the transactions, based on our proprietary information of investors policies and voting behaviours. Preparation and conduct of the Extraordinary General Meeting During the General Meeting campaign, Sodali will contact relevant decisionmakers to ensure their understanding of the transaction, solve any doubt and uncertainty that can prevent them from voting and approving the objectives of the transaction. Outreach extends to all parties involved in corporate actions (investors, hedge funds, arbitrageurs, proprietary desks, Proxy Advisors, clearing houses, global and local custodians). Global Information Agent during the Capital Increase Given the valuable information on shareholders obtained during the General Meeting phase, Sodali will assist the Client and its financial advisors, to ensure that all relevant decision-makers within investors are contacted and that they process the capital increase accordingly, with the objective of maximizing the result of the transaction, in line with the Client s expectations. 8
11 Selected Case: Public Tender Offers In the past 5 years, Sodali has acted as Global Information Agent for 40 Public Tender Offers, with the purpose of assisting its clients in the process of maximizing investor acceptance to the Offer. Its track record is of 95% success rate in meeting Clients objectives (and a 91% rate when the objective of the Tender Offer is to Delist the company). Sodali supports the Offeror by establishing direct lines of communications with the Target s investors, ensuring that the management s message is adequately conveyed, in order for investors to take an informed decision. A Global Information Agent gathers market sentiment in real-time, allowing constant monitoring of investor support. Sodali s approach helped the Offerors for Italian issuers Bulgari and Coin reach an acceptance level of over 97%, and immediately de-listing the companies. The figure on the side provides and example of monitoring of investor behavior during the transaction, by confronting effective daily acceptance rates, with direct investor feedback obtained by Sodali and the average acceptance metrics of investor behavior in past transactions. The Offeror is able to manage actively the transaction, by responding in real-time to any criticism detected from investors and adapting the Action Plan and communications accordingly. 9
12 Selected Case: Mixed-Ownership Restructuring From May to October 2014, King Parallel provided a consultation to a local SOE on how to design its mixedownership structure, with the requirements to meet demands of both local ownership entity and employees of the company, as well as to comply with legal rules and government policies. Taking on such commission, King Parallel s team carried out four aspects of consulting activities. Investigation King Parallel implemented a face-to-face interview investigation to the management of the SOE and local SASAC, including: Reviewing the business development of the company; Identifying relevant groups understanding on the mixed-ownership reform ; Discussing the position of the company. ` Policies and Legal Rules A review of polices and legal rules was carried out, in order to : Defining some principles and boundaries of mixed-ownership reform; To comply with legal rules and government principles in the mixed-ownership structure design of the company. Benchmarking A case study, included several typical SOEs with mixed-ownership reform experiences, was carried out in order to provide benchmarking to mixed-ownership design of the company: The process of their mixed-ownership reform; Characteristics of each SOE s mixed-ownership reform; Key factors of a successful SOE s mixedownership reform. Scheme Drafting Preparing several schemes; Discussion and asking for Comments; Final scheme completion. 10
13 Selected Case: Establishing Categorized BoD System From August to December 2013, King Parallel provided a municipal government with consultation on designing the governance model of its wholly state-owned companies, as well as working out BoD pilot schemes of 3 companies. Investigation Interviews to the local government and top leader of 9 SOEs, in order to: Understand the present SOEs corporate governance status; Conclude the corporate governance characteristics of each pilot SOE; Find out CG problems and reasons. Benchmarking A benchmarking on the SOEs corporate governance model was carried out, including: SOEs corporate governance characteristics comparison among various local governments; SOEs governance model comparison between China and other countries (e.g. US, UK, North Europe, Germany). Expert Discussion Expert discussions were organized, of which top leader of the local SASAC, top level management and board members participated in. Scheme Drafting A scheme on governance model and categorized governance of wholly state-owned companies in the local government was drafted; Several schemes on BoD structure and mechanism of 3 pilot companies was drafted. 11
14 Chairman s Letter Sodali To Our Clients and Members of the Corporate and Financial Communities: Sodali is a global consultancy providing advice and services to listed companies worldwide with the purpose of helping them manage the expectations of their investors and dealing effectively with the demands of public ownership. Sodali s name derives from the Latin sodalis, meaning friend or companion. It is intended to embody our organizing principle: Companies and their investors share common economic goals that are best achieved by means of good corporate governance, understanding of investor expectations and effective communications, rather than by confrontation and conflict. Sodali operates in markets where many companies continue to be managed by founding families or control groups even after they accept capital from the investing public and list on a stock exchange. In these circumstances, tensions and perceived conflicts of interest between minority owners and majority groups can be detrimental to the stability and performance of the company. Sodali helps clients deal with these problems in a constructive manner. Sodali s global business model also requires local expertise. We cannot serve companies effectively without understanding the language, history, regulations and customary practices of their markets. Our strategy is to establish local partnerships supported by our centralized research, operations and global expertise in London and New York. Sodali s strategic approach global reach, local expertise, research-based services, practical implementation skills, nonadversarial tactics, governance focus, long-term economic perspective and takeover preparedness can help companies lower their cost of capital, reduce risk and improve their position in the financial markets. These are goals that benefit companies and investors alike. Sincerely, John C. Wilcox Chairman 12
15 Chairman s Letter King Parallel To the Most Respected Decision-Makers in Various Sectors: The purpose of starting-up of King Parallel was to support top-level decision makers in various sectors to create maximum value, with orientation of innovation, valuation and trust, as well as complying with principles of objectivity, Independence and responsibility. Based on over 10 years national level research, policy advisory and management consultation experiences, King Parallel has built core capability of solving puzzles of top-level policies, governance and management, equipped with solid foundation to forge King Parallel into the world class consultation brand in her areas. Since her foundation, King Parallel has provided lots innovative consultation with features of creation and influence to national and local ownership entities, investment & operation corporations, large companies, and has received high appraisal from clients. King Parallel has formed closed collaboration and communication with international organizations such as OECD, ICGN, ACGA, etc. as well as ownership entities and institutional investors in many countries in the globe. Such relationship provides King Parallel with powerful international vision and abundant global cases. The strategic partnership between King Parallel and SODALI, a global leading shareholder response company, will provide solid intellect support for Chinese companies transforming into world first class trans-national corporations in ownership, business structure, and M&A. King Parallel gathered talent team with features of high-level innovation, trust-worthy, both internationalization and localization. And thus could provide innovative and high-quality consultation services to ownership entities (including institutional investors and investment holding companies), Board of Directors, and State-owned enterprises. In the future, King Parallel aims to become a leading consultancy for top-level decision-makers in four main areas: cross-border M&A and governance, BoD, Strategy & management and SOEs. King Parallel s team is looking forward to cooperate closely with top-level decision makers owning pioneering spirit in various sectors. Faithfully, Dr. Zhengjun ZHANG Founder and CEO 13
16 Timeline On May 1st, 2014, King Parallel and Sodali Ltd. announced a strategic partnership agreement to deliver shareholder response services to Chinese companies in the Greater China Region (including: mainland China, Hong Kong and Macau). Zhengjun ZHANG, the CEO of King Parallel, assumes the advisory committee member of Sodali; John C. Wilcox, the Chairman, and Alvise Recchi, the CEO of Sodali assume the advisory board members of King Parallel. On July 2-3, 2014, Zhengjun Zhang, the CEO of King Parallel was invited to attend the annual strategic conference of Sodali held in Rome. Since March, 2015, Sodali and King Parallel collaborated together to provide advisory services for the first common client. 14
17
18 T. +86 (0) T. +44 (0)
Introduction. The Assessment consists of: A checklist of best, good and leading practices A rating system to rank your company s current practices.
ESG / CSR / Sustainability Governance and Management Assessment By Coro Strandberg President, Strandberg Consulting www.corostrandberg.com September 2017 Introduction This ESG / CSR / Sustainability Governance
More informationIntroduction. The Assessment consists of: Evaluation questions that assess best practices. A rating system to rank your board s current practices.
ESG / Sustainability Governance Assessment: A Roadmap to Build a Sustainable Board By Coro Strandberg President, Strandberg Consulting www.corostrandberg.com November 2017 Introduction This is a tool for
More informationAs close as you need, as far as you go
As close as you need, as far as you go BBVA, a global group For more than 150 years our clients have been the centre of our business. Now as a highly solvent international financial group we offer clients
More informationInvestor Presentation
Investor Presentation May 2013 48,000 employees 200 offices 70 countries 1 global platform Table of Contents I. Company Description II. Global Growth Strategy III. Financial Overview IV. Appendix 2 Company
More informationPBOC rules facilitating cross-border RMB settlement
23 August 2013 PBOC rules facilitating cross-border RMB settlement SPEED READ On 5 July 2013, the People s Bank of China (PBOC) issued its Circular on Streamlining Cross-Border RMB Business Procedures
More informationA Renewed Focus on Risk Management at US Public Pensions
A Renewed Focus on Risk Management at US Public Pensions A Client Case Study: Massachusetts Pension Reserves Investment Management Board Doug Slater, CFA douglas.slater@ About PRIM Massachusetts Pension
More informationIPREO OVERVIEW. January 2017
IPREO OVERVIEW January 2017 WHO IS IPREO? Ipreo is the global leader in providing market intelligence, data, and technology solutions to all participants in the global capital markets, including sell-side
More informationSTUDIO LEGALE DELFINO E ASSOCIATI WILLKIE FARR & GALLAGHER LLP
Studio Legale Delfino e Associati Willkie Farr & Gallagher LLP In 2000, the New York law firm Willkie Farr & Gallagher LLP joined the Italian law firm Delfino e Associati creating Studio Legale Delfino
More information2015 Global Investor Sentiment Survey KEY INSIGHTS & FINDINGS HONG KONG
KEY INSIGHTS & FINDINGS HONG KONG Hong Kong findings How are investors feeling about their financial prospects in today s complex, global economy? For the past five years, we ve fielded our Global Investor
More informationTransform Company Profile as at September, UniCredit S.p.A. Group Brand Management. Milan, November 9 th, 2017
Transform 2019 Company Profile as at September, 2017 Group Brand Management UniCredit S.p.A. Milan, November 9 th, 2017 UniCredit is ready to seize opportunities of evolving banking environment Our Vision
More informationNEUBERGER BERMAN Environmental, Social and Governance Policy
NEUBERGER BERMAN Environmental, Social and Governance Policy SEPTEMBER 2017 OUR FIRM Founded in 1939, Neuberger Berman is a private, 100% independent, employee-owned investment manager. From offices in
More informationActivist Defense Practice
Activist Defense Practice Peter Casey Executive Vice President - Proxy Solicitation Group pcasey@allianceadvisorsllc.com Jeffrey Nisenson Senior Vice President - Market Surveillance Group jnisenson@allianceadvisorsllc.com
More information虹姐讲美国金融市场结构和求职技巧. For internal use only. Please do not cite or distribute without permission
虹姐讲美国金融市场结构和求职技巧 USCareerPass.com USCareerPass.com is a career consulting, professional training and job information-sharing platform founded by elite mentors from Goldman Sachs, Morgan Stanly, JPMorgan
More informationTransform Company Profile as at June 30, UniCredit S.p.A. Group Brand Management. Milan, August 3 rd, 2017
Transform 2019 Company Profile as at June 30, 2017 Group Brand Management UniCredit S.p.A. Milan, August 3 rd, 2017 UniCredit is ready to seize opportunities of evolving banking environment Our Vision
More information金地 ( 集团 ) 股份有限公司 科学筑家
Stock code: 600383 Stock Abbreviation: GEMDALE CORPORATION Announcement No.: 2014-047 金地 ( 集团 ) 股份有限公司 科学筑家 NOTICE OF THE SECOND EXTRAORDINARY GENERAL MEETING OF 2014 The Board of Directors of the Company
More informationRESPONSIBLE INVESTMENT POLICY. Columbia Management Investment Advisers, LLC
POLICY Columbia Management Investment Advisers, LLC APPROACH TO RESPONSIBLE INVESTMENT COLUMBIA THREADNEEDLE INVESTMENTS This brochure provides a broad outline of the approach to responsible investment
More informationT. ROWE PRICE ENGAGEMENT POLICY
T. ROWE PRICE ENGAGEMENT POLICY At T. Rowe Price, we believe it is our responsibility as an asset manager to safeguard our clients interests through active ownership, monitoring, and mutual engagement
More informationHOW DO YOU DEFINE YOUR BORDERS? THE MODERN INDEX STRATEGY. msci.com
HOW DO YOU DEFINE YOUR BORDERS? THE MODERN INDEX STRATEGY msci.com MSCI DELIVERS THE MODERN INDEX STRATEGY The MSCI EAFE Index is designed to represent the performance of large- and mid-cap securities
More informationINVESTOR RELATIONS - A COMMUNICATIONS CLEARINGHOUSE A TALK WITH FORMER NATIONAL INVESTOR RELATIONS INSTITUTE CHAIR, VALERIE HAERTEL
1 INVESTOR RELATIONS - A COMMUNICATIONS CLEARINGHOUSE A TALK WITH FORMER NATIONAL INVESTOR RELATIONS INSTITUTE CHAIR, VALERIE HAERTEL BY JOHN C. WILCOX, CHAIRMAN, MORROW SODALI INTRODUCTION Companies in
More informationHAUCK & AUFHÄUSER PRIVATBANKIERS: INDEPENDENT CORPORATE FINANCE ADVISORY
HAUCK & AUFHÄUSER PRIVATBANKIERS: INDEPENDENT CORPORATE FINANCE ADVISORY Confidence arises from responsible actions WHO WE ARE We like to refer to our founders. The spirit and tradition in which Hauck
More informationActive is: Allianz Global Investors. Value. Shared.
Active is: Allianz Global Investors Value. Shared. Active is the most important word in our vocabulary. It doesn t just describe how we manage your money at Allianz Global Investors. It defines our entire
More informationMSCI EM 50 Index Methodology
Section 1: Introduction The MSCI EM 50 Index is a tradable index designed to be able to serve as the basis for index-linked financial products tracking emerging markets. The index is constructed based
More informationIT ONLY TAKES ONE INDEX TO CAPTURE THE WORLD THE MODERN INDEX STRATEGY. msci.com
IT ONLY TAKES ONE INDEX TO CAPTURE THE WORLD THE MODERN INDEX STRATEGY msci.com MSCI DELIVERS THE MODERN INDEX STRATEGY The MSCI ACWI Index, MSCI s flagship global equity benchmark, is designed to represent
More informationESG Policy & Process. 1. Overview and Philosophy
Wells Capital Management ESG Policy & Process Updated March 2018 1. Overview and Philosophy Through our independent and specialized investment teams, Wells Fargo Asset Management ( WFAM ) 1 brings together
More informationTHE INTERNATIONAL ORGANISATION OF PENSION SUPERVISORS (IOPS)
THE INTERNATIONAL ORGANISATION OF PENSION SUPERVISORS (IOPS) PROGRAMME OF WORK AND PROJECT PROPOSALS 2011 1 DRAFT PROGRAMME OF WORK 2011 I. On-going Projects 1. The Technical Committee previously agreed
More informationOFFICE SOLUTION SUITE
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> BLOOMBERG FOR FAMILY OFFICES A Bloomberg Professional Service Offering FAMILY OFFICE SOLUTION SUITE CONTENTS 03 NETWORK 03 MARKET INSIGHT
More information«Your bridge to the world of private assets.» Principles of Responsible Investing
«Your bridge to the world of private assets.» Principles of Responsible Investing October 2013 1. Introduction The purpose of the Principles of Responsible Investing ( the Principles ) is to introduce
More informationMANDATORY PROVIDENT FUND SCHEMES AUTHORITY
Guidelines III.4 MANDATORY PROVIDENT FUND SCHEMES AUTHORITY III.4 Guidelines on Approved Exchanges INTRODUCTION Section 2 of the Mandatory Provident Fund Schemes (General) Regulation ( the Regulation )
More informationChallenging questions of corporate governance in Russia
Challenging questions of corporate governance in Russia Andrey Gaidamaka, Vice-president, investor relations, LUKOIL Chairman of the Moscow Exchange Issuers Committee Disclaimer: The views expressed in
More informationRoyal Bank of Canada. Annual Report
Royal Bank of Canada 2010 Annual Report Vision Values Strategic goals Always earning the right to be our clients first choice Excellent service to clients and each other Working together to succeed Personal
More informationChina releases highly anticipated provisional Panda bond guidelines. 1
October 2018 China releases highly anticipated provisional Panda bond guidelines. Overview The People s Bank of China ( PBOC ) and the Ministry of Finance ( MOF ) have recently released the highly anticipated
More informationWHO WE ARE K Finance K Finance K Finance K Finance K Finance
1 WHO WE ARE K Finance is a primary Italian independent advisory firm founded in 1999, focused on mergers & acquisitions and corporate finance advisory. K Finance is a founding partner of CLAIRFIELD INTERNATIONAL:
More informationHOW DO YOU DEFINE YOUR BORDERS? THE MODERN INDEX STRATEGY. msci.com
HOW DO YOU DEFINE YOUR BORDERS? THE MODERN INDEX STRATEGY msci.com MSCI DELIVERS THE MODERN INDEX STRATEGY The MSCI EAFE Index is designed to represent the performance of large- and mid-cap securities
More informationCountry update: China
www.pwc.com Country update: China Ray Zhu Partner, China Speaker Ray Zhu Partner China Tax and Business Advisory Services Background Ray has over 17 years of experience in providing China tax and business
More information2012 Interim Financial Results (IFRS)
2012 Interim Financial Results (IFRS) Disclaimer The material in this presentation is not to be construed as an offer or a solicitation of an offer to buy the securities of Industrial and Commercial Bank
More informationSEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION 中芯國際集成電路製造有限公司 *
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationSOA STRATEGIC PLAN EXPOSURE DRAFT
2017-2021 SOA STRATEGIC PLAN EXPOSURE DRAFT The SOA is gathering input from its members on this draft 2017 21 Strategy Map. Feedback can be provided at sptf.feedback@soa.org or by completing a short survey
More informationResponsible Ownership: 2016 Proxy and Engagement Report
June 2017 Responsible Ownership: 2016 Proxy and Engagement Report INTRODUCTION We at Russell Investments believe active ownership is not just an obligation it is part of the value creation process. Enhancing
More informationGLOBAL ASSET SERVICING PARTNER
GLOBAL ASSET SERVICING PARTNER CACEIS YOUR GLOBAL ASSET SERVICING PARTNER CACEIS is an asset servicing bank specialising in post-trade functions related to administration and monitoring of all asset classes.
More informationDOES YOUR PORTFOLIO REFLECT EUROPE? THE MODERN INDEX STRATEGY. msci.com
DOES YOUR PORTFOLIO REFLECT EUROPE? THE MODERN INDEX STRATEGY msci.com MSCI DELIVERS THE MODERN INDEX STRATEGY The MSCI Europe Index is designed to represent the performance of large- and mid-cap equities
More informationProxy voting and engagement
SPRING 2017 Proxy voting and engagement AN INTEGRAL PART OF THE EQUITY INVESTING PROCESS 2 Mellon Capital INTRODUCTION This paper provides an overview of BNY Mellon s proxy voting and engagement philosophy
More informationMANDATORY PROVIDENT FUND SCHEMES AUTHORITY. Guidelines on Recognized Exchanges
Guidelines III.4 MANDATORY PROVIDENT FUND SCHEMES AUTHORITY III.4 Guidelines on Recognized Exchanges INTRODUCTION Section 2 of the Mandatory Provident Fund Schemes (General) Regulation ( the Regulation
More informationSEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION 中芯國際集成電路製造有限公司 *
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationGIPS AND THE ASIAN MARKET. Annie K. Lo, CFA, CIPM, CAIA
GIPS AND THE ASIAN MARKET Annie K. Lo, CFA, CIPM, CAIA AGENDA Global Market and Ethical Landscape 2015 Global Market Sentiment Survey (GMSS) 2015 Edelman Trust Barometer Restoring Investor Trust Asset
More informationPRESS RELEASE BANCA IMI: FINAL RESULTS AS AT 30 SEPTEMBER 2017 APPROVED
PRESS RELEASE BANCA IMI: FINAL RESULTS AS AT 30 SEPTEMBER 2017 APPROVED Consolidated total income of 1,073 million euro (-12.4% on 30 September 2016) Operating profit of 740 million euro (-17.6% on 30
More informationPublic consultation on the 2014 Review of the OECD Principles of Corporate Governance
2 January 2015 Directorate for Financial and Enterprise Affairs Organisation for Economic Co-operation and Development 2, rue André Pascal 75775 Paris Cedex 16 France Submitted via email to: dafca.contact@oecd.org
More informationPRESS RELEASE BANCA IMI: FINAL RESULTS AS AT 31 MARCH 2017 APPROVED
PRESS RELEASE BANCA IMI: FINAL RESULTS AS AT 31 MARCH 2017 APPROVED Consolidated total income of 344 million euro (-22.1% on 31 March 2016) Operating profit of 231 million euro (-30.6% on 31 March 2016)
More informationI. Ensuring the Basis for an Effective Corporate Governance Framework
OECD Corporate Governance Committee 4 January 2015 Re: OECD Principles of Corporate Governance CFA Institute 1 appreciates the opportunity to comment on the review of the OECD Principles of Corporate Governance.
More informationWhen insight matters. TM. Insight changes everything
When insight matters. TM Insight changes everything Insight creates opportunities The advantage of knowing Scotiabank At Scotiabank, our Global Banking and Markets division provides corporate and investment
More informationThe IFRS Foundation s IFRS Conference. Paris, June 2015 KEYNOTE SPEECH: GÉRARD RAMEIX, CHAIRMAN, AUTORITÉ DES MARCHÉS FINANCIERS (AMF)
The IFRS Foundation s IFRS Conference Paris, June 2015 KEYNOTE SPEECH: GÉRARD RAMEIX, CHAIRMAN, AUTORITÉ DES MARCHÉS FINANCIERS (AMF) Ladies and gentlemen, It is an honour for me to speak to such an impressive
More informationChina Merchants Securities Co. Ltd. As Financial Consultant
China Merchants Securities Co. Ltd. As Financial Consultant Issuance of the Inspection Opinions for the Detailed Report on Change of Shareholding in Gemdale Corporation China Merchants Securities Co. Ltd.
More informationESG and Sustainability Risk Advisory Services
ESG and Sustainability Risk Advisory Services We are a risk advisory firm specializing in environmental, social and governance (ESG) and sustainability risk management for the global investment and business
More informationLYXOR ID CARD JANUARY 2019 MORE THAN AN ASSET MANAGER, AN ARCHITECT MANAGER.
LYXOR ID CARD MORE THAN AN ASSET MANAGER, AN ARCHITECT MANAGER. A UNIQUE PARTNER, ANCHORED IN EUROPE SERVING INSTITUTIONAL AND PRIVATE CLIENTS Founded in 1998. Wholly-owned subsidiary of Societe Generale
More informationIntroduction From its modest offshore beginnings the international capital market has grown into a broad and deep market serving the funding needs of
International Capital Market Association ICMA For 50 years, the International Capital Market Association (ICMA) has made a significant contribution to the development of the international capital market
More informationInvesco 2016 Investment Stewardship and Proxy Voting Annual Report Our commitment to responsible investing
Invesco 06 Investment Stewardship and Proxy Voting Annual Report Our commitment to responsible investing Invesco s commitment to sound investment stewardship Dear Investor, Invesco is committed to delivering
More informationStatement regarding possible all-share merger of Porta Communications Plc and SEC S.p.A.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION THIS
More informationT. ROWE PRICE STATEMENT OF COMPLIANCE: UK STEWARDSHIP CODE
T. ROWE PRICE STATEMENT OF COMPLIANCE: UK STEWARDSHIP CODE Introduction T. Rowe Price International Ltd ( T. Rowe Price ) agrees it is appropriate for institutional to fulfill certain governance and oversight
More informationCultivating a sustainable business relationship Our global service offering in banking, financial markets and supervisory law
Cultivating a sustainable business relationship Our global service offering in banking, financial markets and supervisory law Cultivating a sustainable business relationship Contents Your key contacts
More informationSegmental reviews. Transaction Advisory
The Savills Group advises on commercial, rural, residential and leisure property. We also provide corporate finance advice, investment management and a range of property related financial services. Operations
More informationHEDGE FUND INVESTING INTERNATIONALLY
RESEARCH, MANAGER SELECTION, AND PORTFOLIO CONSTRUCTION FOCUSED ON INVESTORS FROM BRAZIL Risk Advisors Inc. assists Brazilian investors seeking to add international diversification to their portfolios.
More informationCanadian Mergers and Acquisitions consultation - September MSCI Inc. All rights reserved. msci.com
Canadian Mergers and Acquisitions consultation - September 2014 Agenda Background Proposal Questions Appendix Appendix I: Current Methodology Appendix II: Example to illustrate proposal impact Appendix
More informationINVESTOR PRESENTATION
INVESTOR PRESENTATION December 18, 2018 Mark Harris, Chief Financial Officer Julie Creed, VP, Real Estate & Investor Relations 0 1 SAFE HARBOR STATEMENT Our presentation may contain forward-looking statements.
More informationActivism Defense Practice
Activism Defense Practice Peter Casey Executive Vice President pcasey@allianceadvisorsllc.com 973-873-7710 Waheed Hassan, CFA Senior Managing Director whassan@allianceadvisorsllc.com 202-549-8399 Copyright
More informationIntergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) Key note speech
Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) 29th SESSION 31 October 2 November 2012 Room XIX, Palais des Nations, Geneva Wednesday, 31 October
More informationInstitutional Investor Survey 2017
21.06.2017 Institutional Investor Survey 2017 I N T E G R AT E D G O V E R N A N C E C O N F E R E N C E 1. 0 M E T H O D O L O G Y A N D K E Y F I N D I N G S CORPORATE GOVERNANCE IS NO LONGER JUST ABOUT
More information第五届投资会议 5 TH INVESTMENT CONFERENCE. 6th NOVEMBER 2017 CO N F E R E N C E I N F O R M AT I O N
第五届投资会议 5 TH INVESTMENT CONFERENCE CO N F E R E N C E I N F O R M AT I O N 6th NOVEMBER 2017 SHANGHAI WORLD FINANCIAL CENTRE Organizers/ 2017 11 16 Media Par tners/ BACKGROUND Seize Your Best Overseas
More informationInvestments. ALTERNATIVES Build alternative investment portfolios. EQUITIES Build equities investment portfolios
Investments BlackRock was founded by eight entrepreneurs who wanted to start a very different company. One that combined the best of a financial leader and a technology pioneer. And one that focused many
More information2015 Global Results. Deep Industry Expertise Globally Integrated Platform Culture of Excellence
2015 Global Results Mergers & Acquisitions Debt Advisory Valuations & Opinions Special Situations Deep Industry Expertise Globally Integrated Platform Culture of Excellence Record Results 165+ transactions
More informationFor professional investors only. Welcome to BMO Global Asset Management
For professional investors only Welcome to BMO Global Asset Management Welcome In a complex and interconnected world, identifying the right investments can be a daunting task. At BMO Global Asset Management,
More informationGRANT THORNTON INTERNATIONAL BUSINESS REPORT Cross-border mergers and acquisitions: building momentum
GRANT THORNTON INTERNATIONAL BUSINESS REPORT 2012 Cross-border mergers and acquisitions: building momentum Foreword MIKE HUGHES GLOBAL SERVICE LINE LEADER MERGERS & ACQUISITIONS GRANT THORNTON INTERNATIONAL
More informationInvestor Presentation May 2, 2018
Investor Presentation May 2, 2018 Notices and Disclaimers Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933,
More informationMSCI Diversified Multi-Factor Indexes Methodology
MSCI es Methodology February 2015 MSCI es Table of Contents 1. Introduction... 3 2. Index Construction Methodology... 4 Section 2.1: Applicable Universe...4 Section 2.2: Constituent Identification...4
More informationImplementing the strategy Alex Wynaendts CEO Analyst & Investor Conference, London June 22-23, 2010
Implementing the strategy Alex Wynaendts CEO Analyst & Investor Conference, London June 22-23, 2010 AEGON s ambition To be a leader in all of our chosen markets by 2015 o Reallocate capital o Increase
More informationResponsible investments. at Nordea Life & Pensions
Responsible investments at Nordea Life & Pensions Nordea Life & Pensions signed the UN Principles for Responsible Investments in 2014 and since then we have been working on implementing the principles
More informationHandelsbanken Capital Markets
FAct sheet Handelsbanken Capital Markets Handelsbanken Capital Markets comprises Handelsbanken s investment banking operations, asset management, and pension and insurance operations. We offer product-neutral
More informationCrude Oil Price Outlook
Crude Oil Price Outlook Positivity from risk appetite, supply-demand structure and Middle East tensions Minggao Shen SFC CE No. ATQ771 minggaoshen@gfgroup.com.hk +852 3719 1055 GF Securities (Hong Kong)
More informationMSCI Economic Exposure Indices
Contents Section 1: Introduction... 2 Section 2: Index Construction Methodology... 3 Section 3: Maintaining... 4 Appendix I: Determination of Company Level Economic Exposure... 6 Appendix II: Target Number
More informationHistory and Mission Foundation
History and Mission 1946 Foundation Founded in 1946 by Banca Commerciale Italiana, Credito Italiano and Banco di Roma, the three state-owned banks of national interest Mission: to support the rebuilding
More informationMSCI Risk Weighted Indices Methodology
Methodology Contents Contents... 2 Section 1: Introduction... 3 Section 2: Index Construction Methodology... 4 Section 2.1: Applicable Universe... 4 Section 2.2: Reweighting Index constituents... 4 Section
More informationBETA ADVANTAGE SUSTAINABLE INTERNATIONAL EQUITY INCOME 100 INDEX
INDEX METHODOLOGY BETA ADVANTAGE SUSTAINABLE INTERNATIONAL EQUITY INCOME 100 INDEX June JUNE CONTENTS 1 Introduction... 3 2 Index Construction Methodology... 4 2.1 Defining the Eligible Universe... 4 2.2
More informationInvestor Presentation October 30, 2018
Investor Presentation October 30, 2018 Notices and Disclaimers Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of
More informationDevelopments in Global Securities Regulation
Developments in Global Securities Regulation Jane Diplock AO Chairman, Executive Committee International Organisation of Securities Commissions (IOSCO) & New Zealand Securities Commission 1 Global capital
More informationAIA Group Limited 友邦保險控股有限公司 (Incorporated in Hong Kong with limited liability) Stock Code: 1299
This announcement is for information purposes only and does not constitute an invitation or offer by any person to acquire, purchase or subscribe for securities. This announcement is not, and is not intended
More informationFostering Constructive Engagement between Companies and Investors
www.acga-asia.org Material 4 Asian Corporate Governance Association (ACGA) Fostering Constructive Engagement between Companies and Investors Presentation by: Mr. Douglas Henck, Chairman, ACGA Chairman
More informationAVIC INTERNATIONAL MARITIME HOLDINGS LIMITED (Formerly known as AVIC International Investments Limited )
AVIC INTERNATIONAL MARITIME HOLDINGS LIMITED (Formerly known as AVIC International Investments Limited ) (Incorporated in Singapore) (Company Registration No. 201024137N) THE PROPOSED ACQUISITION OF SHANGHAI
More informationThe Role of the Financial Advisor in an M&A Transaction. Andrea Foti 16 October, 2017
The Role of the Financial Advisor in an M&A Transaction Andrea Foti 16 October, 2017 My background 2017 Investment Banking Advisory Milan 2013 Investment Banking Advisory Milan 2004 Investment Banking
More informationInvestor Presentation February 7, 2018
Investor Presentation February 7, 2018 Notices and Disclaimers Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of
More informationMSCI REIT Preferred Index (MSRP) Methodology
MSCI REIT Preferred Index (MSRP) Methodology Index Construction and Maintenance Methodology for the MSCI REIT Preferred Index February 2011 1. Introduction The MSCI REIT Preferred Index (MSRP), formerly
More informationSTRATEGIC INVESTORS STRATEGIC INVESTMENT. Share Subscription The table below sets out the basic information of the strategic investments.
SUMMARY We entered into Share Subscription Agreements with each of the Strategic Shareholders in June 2014 and the closing of the transactions contemplate there under were completed in August 2014, and
More informationMSCI RUSSIA IMI SELECT GDR INDEX METHODOLOGY
MSCI RUSSIA IMI SELECT GDR INDEX METHODOLOGY September 2018 MSCI.COM PAGE 1 OF 10 CONTENTS 1 Introduction... 3 2 Constructing the MSCI Russia IMI Select GDR Index... 4 2.1 Applying the MSCI DR Indexes
More informationGeorgeson s 2018 Proxy Season Review
Georgeson s 2018 Proxy Season Review Bridging the gap between Issuers and Investors DENMARK Denmark (Large Cap) REJECTED BOARD PROPOSALS 3 AVERAGE QUORUM 60.9% COMPANIES WITH OVER 10% OPPOSE 10.53% DENMARK
More informationDAVID HUNT PRESIDENT & CEO PGIM
DAVID HUNT PRESIDENT & CEO PGIM KEY MESSAGES PGIM is strongly positioned as a diversified global active asset manager with a distinct multi-manager model Our business has robust underlying fundamentals
More informationRequest for Comments Proposed Changes to Part VI of the Toronto Stock Exchange Company Manual (April 3, 2009)
May 4, 2009 Michal Pomotov Legal Counsel Toronto Stock Exchange The Exchange Tower 130 King Street West Toronto, ON M5X 1J2 Fax: 416-947-4461 Email: tsxrequestforcomments@tsx.com Susan Greenglass Manager,
More informationAutomotive transactions and trends
Automotive transactions and trends Global automotive mergers and acquisitions review CY2014 Enter Executive summary Automotive sector witnessed record deal activity in 2014, with continued growth in the
More informationClient Alert. Recent Changes to CONSOB Rules on Cash Tender Offers and Exchange Offers for Debt Securities Extended into Italy
Number 1230 6 September 2011 Client Alert Latham & Watkins Corporate Department Recent Changes to CONSOB Rules on Cash Tender Offers and Exchange Offers for Debt Securities Extended into Italy Recent changes
More informationEY Han Young. Building a better working world
EY Han Young Building a better working world EY Han Young is the Korean member firm of EY, a global leader in assurance, tax, transactions and advisory services with 175,000 experts across 148 countries.
More informationINVESTMENT STEWARDSHIP: ASIA- PACIFIC REGION INCLUDING JAPAN. B U I L D I N G C O N N E C T I O N S for the long term
2 0 1 6 Q4 INVESTMENT STEWARDSHIP: ASIA- PACIFIC REGION INCLUDING JAPAN B U I L D I N G C O N N E C T I O N S for the long term 2 0 1 6 Q4 QUARTERLY REPORT DECEMBER 31, 2016 Table of Contents Engagement
More informationTransform UniCredit Company Profile as at June, 2018
Transform 2019 UniCredit Company Profile as at June, 2018 Our vision is to be One Bank, One UniCredit. UniCredit is and will remain a simple successful pan-european Commercial Bank, with a fully plugged
More informationMSCI RUSSIA LOCAL LIQUIDITY SCREENED CAPPED INDEX
INDEX METHODOLOGY MSCI RUSSIA LOCAL LIQUIDITY SCREENED CAPPED INDEX September 2017 SEPTEMBER 2017 CONTENTS 1 Introduction... 3 2 Constructing the MSCI Russia Local Liquidity Screened Capped Index... 4
More informationEuropean Commission Corporate Governance Reforms
European Commission 2014-2015 Corporate Governance Reforms Overview and Implications This is to inform you of the recent broad-ranging governance initiatives in Europe, which have taken significant steps
More information