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Annual Report 2013 2013 and Beyond Reaching New Heights

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Annual Report 2013 2013 and Beyond Reaching New Heights Annual Report 2013 2013 and beyond Reaching new heights 2008 BSE Board Charter 2006 Developing the capital market 2003 Fully independent entity 1994 New legislation 1989 Launch BOTSWANA STOCK EXCHANGE Annual Report 2013 BOTSWANA STOCK EXCHANGE REACHING NEW HEIGHTS TABLE OF CONTENTS 2013 HIGHLIGHTS 4 COMPANY OVERVIEW 10 BOARD MEMBERS 11 MANAGEMENT TEAM 15 OUR STAFF 20 COMPANY REVIEWS 23 CHAIRPERSON’S STATEMENT 25 CEO’S REVIEW 27 COMPANY STRATEGY 91 CORPORATE GOVERNANCE 98 ANNUAL FINANCIAL STATEMENTS 101 1 BOTSWANA STOCK EXCHANGE Annual Report 2013 BOTSWANA STOCK EXCHANGE REACHING NEW HEIGHTS 4 10 11 15 20 23 25 27 91 98 101 2 BOTSWANA STOCK EXCHANGE Annual Report 2013 BOTSWANA STOCK EXCHANGE REACHING NEW HEIGHTS 3 BOTSWANA STOCK EXCHANGE Annual Report 2013 BOTSWANA STOCK EXCHANGE REACHING NEW HEIGHTS 2013 HIGHLIGHTS DCI appreciated by 20.5 % Record turnover of P2.3 Bn achieved Regular trading sessions in the ATS extended by a total of 1 1hr hour, from 1 hour 45 minutes to 2 hours 45 minutes BettaBeta ETF reached its highest price since listing Number of Accounts opened on the BSE, of CSD increased by 13.5% to P40.60 in October 20,027 accounts • Trading Rules for both Equity and Debt Instruments • Inaugural Senior Secondary Schools’ BSE Finance and in final stages of review Investment Quiz successfully hosted • Shumba Coal listed on the Foreign Venture Board • Two-day workshop on Global Depositary Receipts through private placement (GDRs) conducted • BSE launched 3 bond indices, the GovI, CorpI and the • Workshop on Exchange Traded Funds (ETFs) hosted BBI (Composite) • BSE adopted two primary schools and refurbished • Bond Index Advisory Committee appointed their libraries under the Adopt-A-School Initiative • Botswana Bond Market Association (BBMA) • The BSE’s 2012 Annual Report clinched the Best successfully registered with the Registrar of Societies Annual Report in the Not-for-Profit sector at the Price in September Waterhouse Coopers Annual Report Awards • Botswana Bond Market Association (BBMA) Committee appointed 4 BOTSWANA STOCK EXCHANGE Annual Report 2013 BOTSWANA STOCK EXCHANGE REACHING NEW HEIGHTS MISSION To provide and operate a fair, transparent and efficient stock market for all stakeholders in order to optimise national economic empowerment. VISION To be the leading Stock Exchange in Africa 5 BOTSWANA STOCK EXCHANGE Annual Report 2013 BOTSWANA STOCK EXCHANGE REACHING NEW HEIGHTS MISSION &VISION STATEMENTS VALUES We take PRIDE in wealth creation PASSION • Creativity & Innovation • Personal Learning, Growth, Development • Coaching & Developing others RESPECT • Teamwork & Collaboration • Knowledge Sharing & Communication • Customer Orientation INTEGRITY • Corporate & Personal Ethics • Credibility, Transparency & Accountability • Risk Management DISCIPLINE • Committed to realizing Value and converting Value to a Competitive Advantage • Committed to Continuous Improvement EXECUTION • Achievement Driven • Excellence • Results Focused 6 BOTSWANA STOCK EXCHANGE Annual Report 2013 BOTSWANA STOCK EXCHANGE REACHING NEW HEIGHTS Reaching new heights is ” the result of strategic planning and strong determination ” COMPANY OVERVIEW 7 8 BOTSWANA STOCK EXCHANGE Annual Report 2013 BOTSWANA STOCK EXCHANGE REACHING NEW HEIGHTS 169 BOTSWANA STOCK EXCHANGE Annual Report 2013 BOTSWANA STOCK EXCHANGE REACHING NEW HEIGHTS COMPANY OVERVIEW The Botswana Stock Exchange (BSE) is Botswana’s national stock exchange given the responsibility to operate and regulate equity and the fixed interest security market. Formally established in 1989, the BSE trace its humble beginnings to when it was known as Botswana Share Market (BSM). At that time there was no formal stock exchange in Botswana and the BSM traded as an informal market. There were only 5 listed entities with a single broking firm i.e. the Registrar, is the Botswana Stock Exchange Act No 11of 1994. Stock Brokers Botswana Ltd (SBB), which was also charged The BSE is regulated by the Non Banking Financial Institutions with facilitating trading on the exchange via the matching of Regulatory Authority. orders. In order to encourage foreign investors to Botswana an interim exchange committee was set up in October 1990 with The members have promulgated Rules (Member Rules) which representatives from the private and public sector, including the provide the requirements to be fulfilled for the securities secretary of the Zimbabwe Stock Exchange, the chief executive listed and traded on the Exchange. Members Rules provide as of SBB, the permanent secretary of the ministry of finance, and the main objective thereof, “to operate a Stock Exchange in the Deputy Director of the Bank Supervision. The committee had Botswana with due regard to the public interest to maintain fair the power to list and to de-list a stock, and was also responsible and efficient dealing in securities for the protection of investors for ensuring that the BSE traded ethically [Ruben Lee, 1998]. and regulate the affairs of members”. The necessity to detach the running of the exchange from the broking business set in motion a process for the establishment In addition, the Exchange has a set of Listing Requirements of an independent exchange. which provide the pre-listing requirements and post listing requirements to be observed by the issuers of listed securities. In September 1994, the legislation to transform the BSM into The emphasis is to make sure issuers disclose as much a full exchange was passed by Parliament paving the way for information to the public and investors so that the latter can the establishment of the Botswana Stock Exchange (BSE) where make informed investment decisions. trading opened in November 1995. In March 1998, Ernst and Young took the full administration of the BSE. With effect from July 2001, a full time Chief Executive Officer was appointed with CORPORATE INFORMATION the aim of making the BSE completely independent. In April BSE Office: 2003, in order to better execute the affairs of the Exchange, Office Block 6 better serve stakeholder, and be more responsive to global Plot 64511, Fairgrounds events and to remain competitive, the BSE discontinued the Private Bag 00417 secretarial role of Ernst and Young Botswana to become a fully Gaborone independent entity. Independent Auditors: The BSE continues to be pivotal to Botswana’s financial system, KPMG and in particular the capital market, as an avenue on which government, quasi- government and the private sector can Bankers: raise debt and equity capital. The BSE plays host to the most Barclays Bank of Botswana Limited pre-eminent companies doing business in Botswana. These companies represent a spectrum of industries and commerce; these are Banking, Financial Services, Wholesaling and Retailing, OUR PRODUCTS Tourism, Energy, Funeral Services, Property, Security and Information Technology. Currently, there are 35 listed entities in The BSE aim to become a financial supermarket, meaning it aims the BSE and comprise of 23 domestic and 12 foreign companies. to provide the right kind of products to suit investor and issuer so that it meet growing customer demands and challenges of BOTSWANA STOCK EXCHANGE REGULATORY the globalisation of financial markets. This can be done through product innovation and diversification. Current products that ENVIRONMENT can be listed include Equities, Corporate Bonds, Government Bonds, Exchange Traded Products and Commercial Papers while The main law which governs all the activities between the products being developed are Global Depository Receipts, Exchange and its members, the proceedings of the Main Securitised Products and Derivatives. Committee and its composition; the relationship between the Minister and the Exchange together with the relations between 10 BOTSWANA STOCK EXCHANGE Annual Report 2013 BOTSWANA STOCK EXCHANGE REACHING NEW HEIGHTS BOARD MEMBERS Patrick O’FLaherty REGINA VAKA CHAIRPERSON VICE-CHAIRPERSON 11 BOTSWANA STOCK EXCHANGE Annual Report 2013 BOTSWANA STOCK EXCHANGE REACHING NEW HEIGHTS BOARD MEMBERS Gregory Matsake ELAINA GONSALVES TREASURER MEMBER 12 BOTSWANA STOCK EXCHANGE Annual Report 2013 BOTSWANA STOCK EXCHANGE REACHING NEW HEIGHTS BOARD MEMBERS IPONENG Sennanyana KABELO MOHOHLO MEMBER MEMBER 13 BOTSWANA STOCK EXCHANGE Annual Report 2013 BOTSWANA STOCK EXCHANGE REACHING NEW HEIGHTS BOARD MEMBERS GOITSEONE KGAODI JOHN KIGGUNDU MEMBER MEMBER 14 BOTSWANA STOCK EXCHANGE Annual Report 2013 BOTSWANA STOCK EXCHANGE REACHING NEW HEIGHTS MANAGEMENT TEAM HIRAN MENDis THAPELO TSHEOLE CHIEF EXECUTIVE OFFICER DEPUTY CHIEF EXECUTIVE OFFICER Mr. Hiran Mendis was appointed CEO of the BSE in July 2006. Mr Tsheole joined the BSE in February 2007 as Product Prior to joining the BSE he was the Director General of the Development Manager. Prior to joining the BSE he worked Colombo Stock Exchange in Sri Lanka for 9 years. Mr Mendis is for Bank of Botswana on different units of the Financial a Fellow Member of CIMA and holds MBA and MA (Economics) Market Department as a Dealer and Settlement Supervisor. degrees from the University of Colombo having graduated He graduated with a BA in Economics from the University Summa Cum Laude in both Masters degrees. Mr Mendis was of Botswana, and holds a Master of Commerce in Financial Past President of CIMA Sri Lanka Division and has served as a Markets from Rhodes University (RSA).He also holds a Master co-opted Member on the Council of CIMA in London and as a in Business Administration (MBA) from the Graduate School of Director of the Southern African regional Board
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