2019 Sustainability Report
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Sustainability Report 2020 En 2 MB
Sustainability Report 2020 1 Rounding Certain monetary amounts, percentages and other figures included in this Sustainability Report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them. Index 02 Chairman’s Letter 06 COVID-19 08 Sustainability in Tenaris 10 Climate Change 12 Stakeholder Engagement 14 Sustainable Development Goals 16 Global Organization 18 Economic Overview 20 Health & Safety 28 Environment 42 Innovation and the Value Chain 50 Human Resources 60 Community Relations 68 Governance, Risk and Compliance 75 Annex I - GRI 78 Annex II - SASB 79 Annex III - TCFD 80 Annex IV - Sustainability Performance Indicators 85 Corporate Information 1 2 Chairman’s Letter 2020 was a particular year which has left an indelible Our focus was on establishing a safe working mark on the world. The pandemic is reshaping environment at our plants and offices and adapting societal expectations and changing established to an environment where employees could work from paradigms. But it is still too early to understand the home. With the pandemic affecting the lives of all full extent of the transformation that it will bring. our employees and their families, we worked hard The energy transition is also accelerating. We, as a to maintain good levels of engagement and promote company, wish to maintain flexibility as we redefine wellbeing, as well as adapting our training programs our strategy and actions to meet the new realities. -
TENARIS Supports the Ten Principles of the Comunicación Global Compact with Respect to Human Rights, Labor, Environment and Anti- Corruption
Pacto Global. Dear Mr. Secretary-General, I am pleased to confirm that TENARIS supports the ten principles of the Comunicación Global Compact with respect to human rights, labor, environment and anti- corruption. With this communication, we express our intent to advance with sobre el these principles within our sphere of influence. We commit ourselves to include the Global Compact and its principles as a part of our company’s strategy, Progreso culture and day-to-day operations. TENARIS will make a clear statement of this commitment to its stakeholders and general public. We recognize that a key requirement to participate in the Global Compact is the annual submission to the Communication on Progress (COP) that describes our company’s efforts to implement the ten principles. We support public accountability and transparency, and therefore commit to report on progress every year according to the Global Compact COP policy. Tenaris is a leading supplier of tubes and related services for the world’s energy industry and certain other industrial applications. It has manufacturing facilities in Argentina, Brazil, Canada, Colombia, Indonesia, Italy, Japan, Mexico, Romania and the United States, a proprietary global service along with a worldwide distribution network. Sincerely yours, Paolo Rocca CEO Tenaris Sustainability Report 2015 Index 02 Introduction 04 Tenaris at a glance 06 Chairman’s Letter 08 QHSE Policy 11 Governance and Economic Indicators 15 Safety and Health 19 Environment 27 Innovation 31 Human Resources 43 Community Development Sustainability Report 2015 Introduction Introduction Our values represented in action Tenaris is a leading global manufacturer and supplier of steel pipe products and related services for the world’s energy industry and other industrial applications. -
The Internationalization of the Argentine Company Siderca
Management as an Entrepreneurial Activity: The Internationalization of the Argentine Company Siderca 109 Management as an Entrepreneurial Activity: The Internationalization of the Argentine Company Siderca (1960-1996) Claudio Castro* Aesial, Facultad de Ciencias Económicas, Universidad de Buenos Aires, Argentina Management as an Entrepreneurial Activity: The Internationalization of the Argentine Company Siderca (1960-1996) Abstract This paper analyzes and explains the process of internationalization of an Argentine company that produces seamless pipes. Siderca initiated its activities during the import substitution phase in Argentina and later achieved international market leadership. The explanation for this breakthrough onto the global stage is to be found in the arrival of a new and young group of middle managers who were promoted from within the corporation. This pattern is consistent with the literature on the role of middle management in the design and implementation of strategic change. The transformations in this company also influenced the rest of the activities of the Techint Group. Keywords: Argentina, internationalization, iron and steel industry, middle management, Siderca, Techint Group Acronyms used Aesial Study Area on Argentine and Latin American Industry (Área de Estudios sobre la Industria Argentina y Latinoamericana) BIRA Banco Industrial de la República Argentina * Article received on January 28, 2014; final version approved on September 16, 2014. Claudio Castro has a Master’s in History of Economics and Economic Policy from the Universidad de Buenos Aires and a Doctorate in History from the Universidad Nacional de Córdoba. He is professor of Argentine Economic and Social History at the Universidad de Buenos Aires and is a member of the Study Area on Argentine and Latin American Industry (Área de Estudios sobre la Industria Argentina y Latinoamericana, Aesial) of the Faculty of Economic Sciences, Universidad de Buenos Aires. -
An Analysis of the Level of Qualitative Efficiency for the Equity Research Reports in the Italian Financial Market
http://ijba.sciedupress.com International Journal of Business Administration Vol. 9, No. 2; 2018 An Analysis of the Level of Qualitative Efficiency for the Equity Research Reports in the Italian Financial Market Paola Fandella1 1 Università Cattolica del Sacro Cuore, Italy Correspondence: Paola Fandella, Università Cattolica del Sacro Cuore, Italy. Received: January 15, 2018 Accepted: February 6, 2018 Online Published: February 8, 2018 doi:10.5430/ijba.v9n2p21 URL: https://doi.org/10.5430/ijba.v9n2p21 Abstract Corporate reports issued by various financial intermediaries play a major role in investment decisions. For this reason, it is particularly interesting to understand the accuracy of the forecasts, by carrying out an empirical analysis of the "equity research" system in Italy, identifying structural features, degree of reliability and incidence in the market. The choice of the analysis of the efficiency level information on the Italian market proposes to assess the interest of equity research of a niche market (339 listed companies in 2017) but with characteristics of potential growth such as having been acquired by LSEGroup in 2007, the 6th stock-exchange group at international level for the number of listed companies and the 4th for capitalization. The analysis was carried out on the reports issued on companies belonging to the Ftse Mib stock index during a period of 5 years. It aims to analyse the composition of the equity research system in Italy as well as the analysts' ability to properly evaluate the stocks' fair price, so as to test their degree of reliability and detect possible anomalies in recommendations to the investors. -
Comparison Methodology
COMPARISON METHODOLOGY Comparative Analysis of Sustainability Performance Convinced that a comparison of environmental, social and governance performance is of interest, not only to the Company itself, but also to its stakeholders, certain comparisons between Terna’s results and those of other companies are included in the 2015 Sustainability Report, as was the case in previous years. The comparative sustainability indicators regard the following themes: CO2 emissions, SF6 leakage incidence rate, hours of training per capita provided to employees and the turnover rate on termination of personnel. Listed below are the main criteria adopted in the analysis, as an introduction to the reading and interpretation of the comparisons of individual indicators in the Report: • three panels of companies were identified: the first was composed of the European transmission system operators and the major non-European operators in terms of kilometres of lines managed; the second, multi-sectoral in nature, is made up of large Italian companies (the 40 listed companies of the FTSE MIB at 31/12/2015); the third formed by the best international performers in the “Electric Utilities - ELC” sector (identified by the RobecoSAM sustainability rating agency and included in the Dow Jones Sustainability World Index of September 2015). The purpose of the three panels is to guarantee, also relative to the type of indicator reviewed, a comparison between companies with the same operational characteristics, an Italian comparison, and a comparison with top international performers in the same sector; • the companies considered from among those in the three panels were those which publicise the information necessary for comparisons either on their websites, through the Sustainability Report (even if not prepared following the GRI guidelines) or through other documentation (HSE Report, Financial Report, etc.). -
Vanguard Total World Stock Index Fund Annual Report October 31, 2020
Annual Report | October 31, 2020 Vanguard Total World Stock Index Fund See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports. Important information about access to shareholder reports Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com. You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard. -
Introduction of “Split Payment” Regulations for RCC Service Invoices
Market Notice 11 August 2017 MN_61/2017 Introduction of “Split Payment” regulations for RCC service invoices For the attention of: Intermediaries Priority: High Re: Invoicing of RCC charges Dear Client, Please note that following the publication of the Ministry of Economy and Finance Decree of 13 July 2017 in Official Gazette No. 171 of 24 July 2017, which amends the implementing regulations for the splitting of payments for VAT purposes (Article 17-ter, Presidential Decree No. 633/1972) in invoices payable as of 1 July 2017, the RCC fees invoicing application for issuer companies included in the list of listed companies in the FTSE MIB Index published by the Ministry of Economy and Finance (link) must be adapted to the new provisions. The Monte Titoli application is currently in the process of modification and therefore data indicated in the invoicing documentation issued by intermediaries to the issuers concerned (see the list below) in the period 1 July - 10 August is not consistent with the instructions in the Decree. Pending the adaption of the application, and in order to avoid issuing incorrect documents, the invoice request function has been temporarily suspended exclusively for sums due from Issuers to which the aforementioned Decree applies. It should be recalled that the RCC application allows the recovery of sums in suspension without time limits. Monte Titoli shall promptly inform clients by means of Market Notice when the application has been adapted. 1 Market Notice 11 August 2017 MN_61/2017 We apologise for this temporary inconvenience. Our operating offices are available for any clarifications or operating requirements. -
The Effect of Csr Reporting on Stock Prices in European Markets
THE EFFECT OF CSR REPORTING ON STOCK PRICES IN EUROPEAN MARKETS Giorgio Muchacho Dissertation written under the supervision of Ricardo Ferreira Reis Dissertation submitted in partial fulfilment of requirements for the International MSc in Management, at the Universidade Católica Portuguesa, 31/07/2017. 1 The effect of CSR reporting on stock prices in European markets Giorgio Muchacho Prof. Ricardo Ferreira Reis Abstract CSR economic implications have been studied from various points of view. However, we think literature so far has failed to address some issues we aim to study in this research. We focus on the effects of disclosure of sustainability information, which is meant to increase the firm’s level of transparency with stakeholders, reduce information asymmetry and signal the company’s social accountability. There are two issues this thesis strives to understand; the first one is the empirical effect of the initiation of voluntary CSR disclosure on a firm’s market value, as measured by the stock price. The second issue is the hypothesis that CSR information can be used as a tool to greenwash financial information. Our findings suggest that CSR disclosure per se is not sufficient to raise a firm’s stock price, and that companies do not intentionally use CSR for greenwashing. Resumo As implicações económicas da responsabilidade social das empresas foram estudadas de diversos pontos de vista. Contudo, consideramos que a literature não foi capaz abordar algunas questões que queremos analisar nesta investigação. Vamos concentrar-nos nos efeitos da divulgação de informações sobre a sustentabilidade, que destina-se a aumentar o nível de transparência com os stakeholders, a reduzir a assimetria da informação e a sinalizar a responsibilidade social da empresa. -
Transition Effects from the Initial Adoption of IFRS 9 by Italian and German Blue Chip Companies
Journal of Modern Accounting and Auditing, November 2020, Vol. 16, No.11, 467-483 doi: 10.17265/1548-6583/2020.11.001 D DAVID PUBLISHING Transition Effects from the Initial Adoption of IFRS 9 by Italian and German Blue Chip Companies Knut Henkel University of Applied Sciences, Emden/Leer, Emden, Germany Marvin Bürger NORD/LB Norddeutsche Landesbank - Girozentrale -, Hanover, Germany For the financial years from 2018, the new standard for accounting of financial instruments, IFRS 9, was applicable for the first time. Various questions arose in connection with the transition. For example, how high would the resulting transition effect be on equity? Another aspect related to the question of the extent to which the fair value measurement (through profit or loss) would increase. It is also of interest whether the previously presented IFRS 9 changes are classifiable as being material. Through the analysis of the financial statements of FTSE MIB and DAX 30 companies that were prepared for the first time in accordance with IFRS 9 in the year 2018, answers are given in this article to the aforementioned questions and a comparison is made regarding the extent to which national differences or commonalities existed. In the overall view of the absolute change in equity, for the FTSE MIB companies, a mean value of € - 3.03 million was calculated and for the DAX 30 companies, € - 34.29 million. The equity ratio (median), however, only declined marginally in percentage points with the FTSE MIB companies (-0.07), as well as with the DAX 30 companies (-0.02). With regard to the migration of financial assets, it has been shown that the accounting and measurement of more than 90% of financial assets of the FTSE MIB and DAX 30 companies have not changed. -
Calvert VP EAFE International Index Portfolio Semiannual Report June 30, 2021 Commodity Futures Trading Commission Registration
Calvert VP EAFE International Index Portfolio Semiannual Report June 30, 2021 Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund and the other funds it manages. Accordingly, neither the Fund nor the adviser is subject to CFTC regulation. Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested. This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-368-2745. Semiannual Report June 30, 2021 Calvert VP EAFE International -
Tenaris S.A. Consolidated Financial Statements for the Years Ended December 31, 2003, 2002 and 2001
Tenaris S.A. Consolidated financial statements for the years ended December 31, 2003, 2002 and 2001 TENARIS S.A. CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2003 and 2002 and For the years ended December 31, 2003, 2002 and 2001 Rue Beaumont 13 L – 1219 Luxembourg Tenaris S.A. Consolidated financial statements for the years ended December 31, 2003, 2002 and 2001 CONSOLIDATED INCOME STATEMENT Year ended December 31, (all amounts in USD thousands) Notes 2003 2002 2001 Net sales 1 3,179,652 3,219,384 3,174,299 Cost of sales 2 (2,207,827) (2,169,228) (2,165,568) Gross profit 971,825 1,050,156 1,008,731 Selling, general and administrative expenses 3 (566,835) (567,515) (502,747) Other operating income 5 (i) 8,859 18,003 585 Other operating expenses 5 (ii) (125,659) (28,767) (64,937) Operating profit 288,190 471,877 441,632 Financial expenses, net 6 (29,420) (20,597) (25,595) Income before equity in earnings (losses) of associated companies, income tax and minority interest 258,770 451,280 416,037 Equity in earnings (losses) of associated companies 11 27,585 (6,802) (41,296) Income before income tax and minority interest 286,355 444,478 374,741 Income tax 7 (63,918) (207,771) (218,838) Net income before minority interest 222,437 236,707 155,903 Minority interest (1) 26 (12,129) (42,881) (20,107) Net income before other minority interest 210,308 193,826 135,796 Other minority interest (2) 26 - (99,522) (54,450) Net income 210,308 94,304 81,346 Number of shares and earnings per share: see Note 8. -
Investor Presentation April 2021
Investor Presentation April 2021 AsTernium of IApril April 2021 30, 2021 1 Forward-Looking Statements This presentation contains certain forward-looking statements and information relating to Ternium S.A. and its subsidiaries (collectively, “Ternium”) that are based on the current beliefs of its management as well as assumptions made by and information currently available to Ternium. Such statements reflect the current views of Ternium with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of Ternium to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic, political conditions in the countries in which Ternium does business or other countries which have an impact on Ternium’s business activities and investments, changes in interest rates, changes in inflation rates, changes in exchange rates, the degree of growth and the number of consumers in the markets in which Ternium operates and sells its products, changes in steel demand and prices, changes in raw material and energy prices or difficulties in acquiring raw materials or energy supply cut-offs, changes in business strategy and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or targeted. Ternium does not intend, and does not assume any obligation, to update these forward-looking statements. Ternium I April 2021 2 Profile Ternium I April 2021 3 Ternium’s Profile A leading steel company in Latin America 20,000 .