Transaction fees reduction under the S&P/BVL Good Corporate Governance Index
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1 Transaction fees reduction under the S&P/BVL Good Corporate Governance Index Miguel Angel Zapatero Alba Lima Stock Exchange June 2018 Follow us on: /Bolsa de Valores de Lima /Bolsa de Valores de Lima
2 Table of contents 1. Context 2. Transaction fees reduction 3. Good Corporate Governance index 2
3 1. Context Promoting better corporate governance among listed companies is an strategic priority for the Lima Stock Exchange Trading fees in Peru are high Positive feedback: Companies with strong corporate governance obtain better financing needs, have more free float and their shares are usually more liquid than not Other things to consider: Who pays for what Economies of scale (or lack of) Structure of trading fees at local level (bps) o Transaction fee from the exchange (BVL) o Transaction fee from the CSD (Cavali) o Regulator fee (SMV) o Guarantee fund fee (Fondo de Garantia) o Local broker dealer fee (SAB) o Value Added Tax (VAT) (Very) Local rules for trading fees and invoicing ( polizas ) 3
4 2. Transaction fees reduction i. Action In order to promote better corporate governance and encourage more liquidity; the exchange (BVL), the CSD (Cavali) and the regulator (SMV) announced a 90% reduction in transaction fees for S&P/BVL Good Corporate Governance index constituents, from 7.55 bps to bps starting August 1, 2018 through December 31, 2019 (renewable). ii. Benefits/Rationale S&P/BVL Good Corporate Governance index constituents attract investment 20% of the trading in %+ of the trading from international investors. 50%+ of the free float (S&P/BVL Peru General) BVL, Cavali, and SMV (an applicable VAT) transaction fees represent a substantial part of the overall trading fees faced by investors. Local broker dealer fees are more flexible. High trading fees affect negatively the activity in the market: Less alpha for investors Lower opportunities for traders More drag for passive funds Ultimately hit companies, as less interest mean a smaller financing opportunity set Good Corporate Governance is positive itself for the companies, but Peru is coming from behind. Needs faster progress 4
5 2. Transaction fees reduction BVL, CAVALI and SMV transaction fees (bps) Transaction fees Before After BVL Cavali SMV Fees before guarantee fund, broker dealer and VAT Guarantee fund Fees before broker dealer fees and VAT
6 2. Transaction fees reduction One-Way Trading fees (bps) Peru broker dealer fee = 10bps for illustrative purposes only Chile 5.00 México Colombia Perú BVL + Cavali SMV Guarantee f. Broker VAT Perú S&P/BVL IBGC
7 3. S&P/BVL Good Corporate Governance Index / IBGC Corporate Governance Reasons to deploy Corporate Governance Rules, principles and procedures that control structure and operation of a company. Establish the relations between board of directors, managers, shareholders, and other stakeholders. Long-term sustainable development Protects shareholders rights Reasons to deploy Corporate Governance Efficient management Encourages the development of more competitive and economically sustainable companies. Better environment to do business More competitivene ss Transparency and fairness of information 7
8 3. S&P/BVL Good Corporate Governance Index / IBGC The Good Corporate Governance index recognizes the securities with the best standards of Corporate Governance in Peru. These companies stand out in performance (19.4% spread), maintaining low levels of volatility (0.62% spread). IBGC Vs. S&P/ BVL Peru General performance (index: jan 2016=100) 260 Spread: % E F M A M J J A S O N D E F M A M J J A S O N D E F M A M IBGC Peru General As of May 10th 2018 Standard deviation: IBGC Vs. S&P/ BVL Peru General (index: jan 2016=100) Spread: 9.9 % E F M A M J J A S O N D E F M A M J J A S O N D E F M A M IBGC Peru General As of May 10th 2018 Annual Return Annualized Standard Deviation Sharpe Ratio Bloomberg YTD 2Y 3Y 5Y YTD 2Y 3Y 5Y YTD 2Y 3Y 5Y Trailling 12 m Dividend Yield S&P/BVL IBGC Index TR (PEN) 11.16% 25.34% 21.50% 7.93% 10.84% 38.51% 57.09% 70.09% N.A. S&P/BVL Peru General Index TR (PEN) 7.28% 25.05% 17.04% 4.31% 10.14% 34.36% 53.16% 68.70% S&P/BVL Peru Select Index TR (PEN) 11.10% 26.55% 19.34% 8.57% 10.05% 36.91% 54.84% 68.86% Source: BVL / Bloomberg 8
9 3. S&P/BVL Good Corporate Governance Index / IBGC S&P BVL/IBGC weights CONTINC1 11% BVN 21% CPACASC1 11% FERREYC1 17% ALICORC1 20% BAP 20% Source: S&P by 20/03/2018 Company Ticker Weight % Sector Market Cap Free Float ATVR ** Compañía de Minas Buenaventura S.A.A.* BVN 20.65% Materials 12,979,578,991 73% 151% Alicorp S.A.A. ALICORC % Consumer staples 9,700,348,400 55% 11% Credicorp Limited* BAP 20.04% Financials 66,723,579,529 75% 85.1% Ferreycorp S.A.A. FERREYC % Industrial 2,576,388,040 95% 17.1% Cementos Pacasmayo CPACASC % Materials 3,284,977,000 50% 11.1% Banco Continental CONTINC % Financials 20,509,099,800 8% 3.6% Source: S&P by 20/03/2018 * ATVR with NYSE liquidity ** ATVR A 12 months 9
10 3. S&P/BVL Good Corporate Governance Index / IBGC Good Governance Filters Scoring /GCG Report La Voz de Mercado SMV Sanctions Audit 80% LVDM 3.00 Severe / Critical What is La Voz de Mercado? It is a survey managed by GfK (specialized polling firm), with EY s methodology in alliance with the BVL Universe & Liquidity What does it measure? It measures the stakeholder s perception about corporate governance quality To whom does it apply? S&P/BVL General at 95% market cap ex juniors mining Buffers Most liquid share class It is applied to institutional investors, financial experts, risk rating agencies, academics, consultants, regulators and business journalists, among others; both foreign and local Includes last year constituents only if meet GCG Report Audit and LVdM scores 2.5% buffer in the market cap 10
11 Forecasts, targets, calculations and all information indicated by the Lima Stock Exchange are estimates and not statements. The information contained or exposed in this document is strictly for informational and reference purposes. The historical information, data and analysis contained in this document should not be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. Past performance does not guarantee future results. None of the information constitutes an offer to sell or a request of an offer to purchase. 11
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