DOCSLIB.ORG

Environmental, Social and Corporate Governance Reporting: Perspectives from the Johannesburg Stock Exchange and an International Metals and Mining Sample

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Environmental, Social and Corporate Governance Reporting: Perspectives from the Johannesburg Stock Exchange and an International Metals and Mining Sample ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE REPORTING: PERSPECTIVES FROM THE JOHANNESBURG STOCK EXCHANGE AND AN INTERNATIONAL METALS AND MINING SAMPLE by Samantha Laura Mitchell Thesis presented in fulfilment of the requirements for the degree of Master of Commerce in the Faculty of Economic and Management Sciences at Stellenbosch University Supervisor: Prof S. Viviers December 2014 Stellenbosch University http://scholar.sun.ac.za Declaration By submitting this thesis electronically, I declare that the entirety of the work contained therein is my own, original work, that I am the sole author thereof (save to the extent explicitly otherwise stated), that reproduction and publication thereof by Stellenbosch University will not infringe any third party rights and that I have not previously in its entirety or in part submitted it for obtaining any qualification. S.L. Mitchell December 2014 Copyright © 2014 Stellenbosch University All rights reserved i Stellenbosch University http://scholar.sun.ac.za ABSTRACT Global interest in responsible investing has grown in recent years. To make effective decisions, responsible investors require listed companies to report on financial and non- financial performance, giving particular attention to environmental, social and corporate governance (ESG) considerations. This study was undertaken to address the paucity of academic research on ESG reporting in South Africa. A number of local studies had focused on environmental and governance reporting, but no studies had taken a holistic view of ESG reporting. Nor had any studies focused on the metals and mining industry in particular. This is a very important industry from an economic and ESG perspective, both in South Africa and internationally. The primary objective of this study was two-fold. Firstly, it was to investigate the extent of ESG reporting (both in South Africa and in a sample of international Metals and Mining companies). The second objective was to evaluate the factors that could potentially influence ESG reporting in these two samples. A positivistic research methodology was adopted as this approach allowed the researcher to test the stated research hypotheses. Quantitative secondary data were thus collected and analysed. The data collection process consisted of three phases: the first phase involved an extensive literature review of the key constructs; the second phase dealt with the collection of data for the dependent variable (Overall ESG score) from MSCI ESG Research’s database; and the third phase entailed collecting data for the 12 independent variables from Bureau van Dijk and selected websites. MSCI ESG Research’s universe was used to establish the two samples used in this study. The JSE sample consisted of 110 listed companies, whereas the international Metals and Mining sample consisted of 173 companies. Because MSCI ESG Research had completed only one year of ESG research when this study commenced, only data for 2012 were available. Descriptive and inferential statistics were completed to analyse the data. The empirical findings of the JSE sample show that the Governance pillar mean score was significantly higher than the Social pillar mean score and the Environmental pillar mean score. ESG reporting was found to be positively associated with companies which were included in the Nedbank Green Index. Companies included in the JSE Socially Responsible ii Stellenbosch University http://scholar.sun.ac.za Index produced significantly better ESG reports than those excluded from the index. Significant differences were also noted in the Overall ESG score based on the nature of the industry in which a company operated. In the international Metals and Mining sample, two statistically significant relationships were found: larger companies had higher ESG score than smaller companies; and the greater the ownership concentration in a company, the better the ESG reporting on average. Four statistically significant differences were observed. Companies included in the FTSE4Good Index Series had better ESG scores than companies excluded from the index. Companies in developed countries had better ESG reporting than companies in emerging markets. The third difference related to companies which used the Global Reporting Initiative’s guidelines. These companies had higher Overall ESG scores than those which did not use the guidelines. The same applies to companies which were participants of the UN Global Compact and those who were not. It was concluded that investors who favour sound ESG reporting (and hence ESG management) should ideally focus on larger companies, those which are included in an responsible investing index, use the Global Reporting Initiative’s guidelines, and are participants of the UN Global Compact. Listed companies, particularly those in the Metals and Mining industry, should give more attention to environmental and social considerations, to the overall quality of their ESG reports, and should make more use of available initiatives to aid non-financial reporting. KEYWORDS Environmental, social and corporate governance (ESG) considerations; ESG Reporting; Integrated reporting; Responsible indices; Global Reporting Initiative; United Nations Global Compact; King Reports; JSE; International Metals and Mining industry. iii Stellenbosch University http://scholar.sun.ac.za OPSOMMING Die afgelope jare het belangstelling in verantwoordelike beleggings wêreldwyd toegeneem. Ten einde verantwoordelike beleggers in staat te stel om doeltreffende besluite te neem, moet genoteerde maatskappye oor hul finansiële én nie-finansiële prestasie verslag doen, met bepaalde klem op omgewings-, maatskaplike en korporatiewe beheer (OMB) kwessies. Hierdie studie is onderneem om ’n leemte in akademiese navorsing oor verslagdoening in Suid-Afrika te vul. ’n Aantal plaaslike studies het al op omgewings- en beheerverslagdoening gekonsentreer, maar geen navorsing tot dusver het OMB-verslagdoening holisties beskou nie. Ook het geen studies nog die soeklig op die metaal- en mynboubedryf in die besonder gewerp nie. Hierdie is ’n baie belangrike bedryf uit ’n ekonomiese en OMB-oogpunt, in Suid-Afrika sowel as internasionaal. Die hoofoogmerk van hierdie studie was tweeledig. Eerstens wou die studie ondersoek instel na die omvang van OMB-verslagdoening (by ’n Suid-Afrikaanse steekproef sowel as ’n steekproef van internasionale metaal- en mynboumaatskappye). Tweedens wou die navorsing die faktore bepaal wat ’n moontlike invloed op die OMB-verslagdoening van hierdie twee steekproewe kan hê. ’n Positivistiese navorsingsmetodologie is gebruik, aangesien hierdie benadering die navorser in staat gestel het om die navorsingshipoteses te toets. Kwantitatiewe sekondêre data was dus ingesamel en ontleed. Die data-insamelingsproses het uit drie fases bestaan: In die eerste fase was ’n omvattende literatuurstudie oor die hoofkonstrukte onderneem; die tweede fase het uit data-insameling oor die afhanklike veranderlike (algehele OMB-telling) uit die databasis van MSCI ESG Research bestaan, terwyl die derde fase data-insameling oor die 12 onafhanklike veranderlikes uit Bureau van Dijk en op uitgesoekte webtuistes behels het. Die universum van MSCI ESG Research is gebruik om die twee steekproewe in hierdie studie te bepaal. Die Suid-Afrikaanse steekproef het uit 110 genoteerde maatskappye bestaan, terwyl die steekproef van internasionale metaal- en mynboumaatskappye 173 entiteite ingesluit het. Aangesien MSCI ESG Research met die aanvang van hierdie studie nog net een jaar van OMB-navorsing onderneem het, was data slegs vir 2012 beskikbaar. Beskrywende en inferensiële statistieke is ontwikkel om die data te ontleed. iv Stellenbosch University http://scholar.sun.ac.za Die empiriese bevindinge van die Suid-Afrikaanse-steekproef lewer ’n beduidend hoër gemiddelde telling vir beheerverslagdoening as vir maatskaplike en omgewingsverslagdoening op. OMB-verslagdoening blyk ’n positiewe korrelasie te toon met maatskappye wat by Nedbank se groen-indeks ingesluit is. Maatskappye wat ingesluit was in die Johannesburg Effektebeurs se indeks vir maatskaplike verantwoordelikheid het op hulle beurt aansienlik beter OMB-verslae opgestel as dié buite die indeks. Beduidende verskille in algehele OMB-tellings is ook opgemerk op grond van die aard van die bedryf waarin ’n maatskappy funksioneer. In die internasionale metaal- en mynbousteekproef is twee statisties beduidende verwantskappe aangetref: Groter maatskappye het ’n hoër OMB-telling as kleiner maatskappye getoon, en hoe hoër die eienaarskapskonsentrasie in ’n maatskappy, hoe beter die OMB-verslagdoening oor die algemeen. Vier statisties beduidende verskille is boonop waargeneem. Maatskappye wat deel was van die FTSE4Good-indeksreeks het beter OMB- tellings opgelewer as maatskappye buite die indeks, en maatskappye in ontwikkelde lande het beter gevaar met OMB-verslagdoening as dié in ontluikende markte. Die derde verskil hou verband met maatskappye wat die riglyne van die Globale Verslagdoeningsinisiatief (GRI) volg, wat algeheel hoër OMB-tellings gehad het as diegene wat nié die riglyne gebruik nie. Dieselfde geld vir maatskappye wat aan die Verenigde Nasies (VN) se wêreldverdrag (“Global Compact”) deelneem en diegene wat nie deelneem nie. Die gevolgtrekking word gemaak dat beleggers wat goeie OMB-verslagdoening (en dus goeie OMB-bestuur) verkies, behoort te konsentreer op groter maatskappye, maatskappye wat by ’n indeks vir verantwoordelike belegging ingesluit is, wat die riglyne van die Internasionale Verslagdoeningsinisiatief
Load more

Recommended publications
  • Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA
    Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT
    [Show full text]
  • Federal Register/Vol. 79, No. 124/Friday, June 27, 2014/Notices
    36462 Federal Register / Vol. 79, No. 124 / Friday, June 27, 2014 / Notices area, information may be obtained from: Administration employees in the States For all other records, information may Office of Work Force Management, of Connecticut, Delaware, Maine, be obtained from: Office of Human National Oceanic and Atmospheric Massachusetts, New Hampshire, New Resources Management, Human Administration, 1305 East-West Jersey, New York, North Carolina, Ohio, Resources Operations Center, U.S. Highway, SSMC#4, Room 12434, Silver Pennsylvania, Rhode Island, South Department of Commerce, Office of the Spring, Maryland 20910, (301) 713– Carolina, Vermont, Virginia, West Secretary, Room 7412 HCHB, 1401 6302. Virginia, Puerto Rico, and the Virgin Constitution Avenue NW., Washington, For records of Office of the Secretary, Islands; for employees in the Bureau of DC, 20230, (202) 482–3301. Bureau of Economic Analysis, Bureau of Industry and Security, Economic Industry and Security, Economic Development Administration, Minority RECORD ACCESS PROCEDURES: Development Agency, Minority Business Development Agency, and Requests from individuals should be Business Development Agency, National International Trade Administration in addressed to: Same address of the Telecommunications and Information the States of Alabama, Delaware, desired location as stated in the Administration employees in the Florida, Georgia, Maryland, New Jersey, Notification section above. Washington, DC, metropolitan area, New York, North Carolina, CONTESTING RECORDS PROCEDURES: information may be obtained from: Pennsylvania, South Carolina, The Department’s rules for access, for Office of Human Resource Management, Tennessee, Virginia, West Virginia, contesting contents, and appealing Human Resource Operations Center, Puerto Rico, and the Virgin Islands: initial determinations by the individuals Office of the Secretary, Room 7412, Human Resources Manager, Eastern concerned appear in 15 CFR part 4b.
    [Show full text]
  • 1 1 China Petroleum & Chemical Corporation 1913182 70713
    2011 Ranking 2010 Company Name Revenue (RMB, million) Net profit (RMB Million) Rankings (x,000,000) (x,000,000) 1 1 China Petroleum & Chemical Corporation 1913182 70713 2 2 China National Petroleum Corporation 1465415 139871 3 3 China Mobile Limited 485231 119640 China Mobile Revenue: 485,231,000,000 4 5 China Railway Group Limited 473663 7488 5 4 China Railway Construction Corporation Limited 470159 4246 6 6 China Life Insurance Co., Ltd. 388791 33626 7 7 Bank of China Ltd 380821 165156 8 9 China Construction Company Limited 370418 9237 9 8 China Construction Bank Corporation 323489 134844 10 17 Shanghai Automotive Group Co., Ltd. 313376 13698 11 . Agricultural Bank of China Co., Ltd. 290418 94873 12 10 China Bank 276817 104418 China Communications Construction Company 13 11 Limited 272734 9863 14 12 China Telecom Corporation Limited 219864 15759 China Telecom 15 13 China Metallurgical Co., Ltd. 206792 5321 16 15 Baoshan Iron & Steel Co., Ltd. 202413 12889 17 16 China Ping An Insurance (Group) Co., Ltd. 189439 17311 18 21 China National Offshore Oil Company Limited 183053 54410 19 14 China Unicom Co., Ltd. 176168 1228 China Unicom 20 19 China PICC 154307 5212 21 18 China Shenhua Energy Company Limited 152063 37187 22 20 Lenovo Group Limited 143252 1665 Lenovo 23 22 China Pacific Insurance (Group) Co., Ltd. 141662 8557 24 23 Minmetals Development Co., Ltd. 131466 385 25 24 Dongfeng Motor Group Co., Ltd. 122395 10981 26 29 Aluminum Corporation of China 120995 778 27 25 Hebei Iron and Steel Co., Ltd. 116919 1411 28 68 Great Wall Technology Co., Ltd.
    [Show full text]
  • Federal Register/Vol. 81, No. 130/Thursday, July 7, 2016/Notices
    44260 Federal Register / Vol. 81, No. 130 / Thursday, July 7, 2016 / Notices may designate as produced in the DATES: The meeting will be held July 18, Dated: June 27, 2016. United States. 2016, at 5:00 p.m. Patricia A. Gratham, Estimated Number of Respondents: All RAC meetings are subject to Forest Supervisor. 380. cancellation. For status of meeting prior [FR Doc. 2016–16084 Filed 7–6–16; 8:45 am] Estimated Annual Number of to attendance, please contact the person BILLING CODE 3411–15–P Responses per Respondent: 252. listed under FOR FURTHER INFORMATION Requests for Comments: Send CONTACT. comments regarding (a) whether the DEPARTMENT OF COMMERCE proposed collection of information is ADDRESSES: The meeting will be held at the Klamath National Forest (NF) necessary for the proper performance of International Trade Administration the functions of the agency, including Supervisor’s Office, Conference Room, whether the information will have 1711 South Main Street, Yreka, Initiation of Antidumping and practical utility; (b) the accuracy of the California. Countervailing Duty Administrative agency’s estimate of the burden of the Written comments may be submitted Reviews proposed collection of information; (c) as described under SUPPLEMENTARY AGENCY: Enforcement and Compliance, ways to enhance the quality, utility and INFORMATION. All comments, including International Trade Administration, clarity of the information to be names and addresses when provided, Department of Commerce. collected; and (d) ways to minimize the are placed in the record and are burden of the collection of information available for public inspection and ACTION: Notice. on those who are to respond, including copying.
    [Show full text]
  • Editorial 1 Editorial Editorial 2 3 FOREWORD
    Editorial 1 Editorial Editorial 2 3 FOREWORD Dear Reader, You cannot survive the competition of the market over years and years if you don’t stand for values like efficiency, reliability and trust. IMS measuring systems have set the global standard for measuring technology in rolling mills for the steel and non-ferrous metal industries for 35 years now. We as a company often look back with pride. We have learnt a lot on our road to success – things we must not forget. People need memories and that is also true for us at IMS. We need memories to form an identity, which in turn creates strong ties between us as a company and our customers and staff. We can only face new challenges if we know where we have come from and what we have already achieved. We know very well that it is only our achievements of the past 35 years that make it possible for us to work as we do in the present. We know what the market demands and are in a position to respond to these demands quickly. Of course also because we draw the right conclusions from our experiences. One thing we should not do is stand still. The English composer Benjamin Britten once said: “Learning is like rowing against the current. You go backwards as soon as you stop.” If we don’t learn something new every day and follow new ideas, we will go backwards. Our company is therefore like an orchestra that rehearses new music like pieces from Benjamin Britten every day in order to master them perfectly.
    [Show full text]
  • Emerging Markets Core Equity Portfolio-Institutional Class As of July 31, 2021 (Updated Monthly) Source: State Street Holdings Are Subject to Change
    Emerging Markets Core Equity Portfolio-Institutional Class As of July 31, 2021 (Updated Monthly) Source: State Street Holdings are subject to change. The information below represents the portfolio's holdings (excluding cash and cash equivalents) as of the date indicated, and may not be representative of the current or future investments of the portfolio. The information below should not be relied upon by the reader as research or investment advice regarding any security. This listing of portfolio holdings is for informational purposes only and should not be deemed a recommendation to buy the securities. The holdings information below does not constitute an offer to sell or a solicitation of an offer to buy any security. The holdings information has not been audited. By viewing this listing of portfolio holdings, you are agreeing to not redistribute the information and to not misuse this information to the detriment of portfolio shareholders. Misuse of this information includes, but is not limited to, (i) purchasing or selling any securities listed in the portfolio holdings solely in reliance upon this information; (ii) trading against any of the portfolios or (iii) knowingly engaging in any trading practices that are damaging to Dimensional or one of the portfolios. Investors should consider the portfolio's investment objectives, risks, and charges and expenses, which are contained in the Prospectus. Investors should read it carefully before investing. Your use of this website signifies that you agree to follow and be bound by the terms
    [Show full text]
  • Ping an Insurance Group Co-A 13.41 Jiangsu Hengrui
    元大投信海外基金持股明細表 日期：2018/06/30 單位:% 元大上證50基金 元大大中華TMT基金-新台幣 元大中國平衡基金-新台幣 元大巴西指數基金 PING AN INSURANCE GROUP CO-A 13.41 JIANGSU HENGRUI MEDICINE C-A 5.37 CHINA ZHONGWANG HOLDINGS LTD 7.40 VALE SA 12.19 KWEICHOW MOUTAI CO LTD-A 7.77 LEPU MEDICAL TECHNOLOGY-A 4.92 GENSCRIPT BIOTECH CORP 4.95 ITAU UNIBANCO HOLDING S-PREF 10.12 CHINA MERCHANTS BANK-A 5.76 SUNNY OPTICAL TECH 4.69 CHINA DATANG CORP RENEWABL-H 4.85 BANCO BRADESCO SA-PREF 7.02 INDUSTRIAL BANK CO LTD -A 3.79 KWEICHOW MOUTAI CO LTD-A 4.65 GREE ELECTRIC APPLIANCES I-A 3.89 AMBEV SA 6.59 INNER MONGOLIA YILI INDUS-A 3.58 KINGDEE INTERNATIONAL SFTWR 4.58 PING AN INSURANCE GROUP CO-A 3.78 PETROBRAS - PETROLEO BRAS-PR 5.23 JIANGSU HENGRUI MEDICINE C-A 3.54 國巨 4.29 CHINA TAIPING INSURANCE HOLD 3.71 PETROBRAS - PETROLEO BRAS 4.49 CHINA MINSHENG BANKING-A 3.50 AIER EYE HOSPITAL GROUP CO-A 4.02 JIANGSU KING`S LUCK BREWER-A 3.66 B3 SA-BRASIL BOLSA BALCAO 3.27 BANK OF COMMUNICATIONS CO-A 3.33 MIDEA GROUP CO LTD-A 4.00 BY-HEALTH CO LTD-A 3.38 ITAUSA-INVESTIMENTOS ITAU-PR 3.17 AGRICULTURAL BANK OF CHINA-A 2.78 INSPUR ELECTRONIC INFORMAT-A 3.69 INNER MONGOLIA FURUI MEDIC-A 2.49 BANCO DO BRASIL S.A. 1.91 CITIC SECURITIES CO-A 2.76 WANHUA CHEMICAL GROUP CO -A 3.51 SHANDONG GETTOP ACOUSTIC C-A 2.23 BANCO BRADESCO S.A.
    [Show full text]
  • A Global Leading Fabricated Aluminium Product Developer and Manufacturer Annual Report 2017
    ANNUAL REPORT 2017 A GLOBAL LEADING FABRICATED ALUMINIUM PRODUCT DEVELOPER AND MANUFACTURER ANNUAL REPORT 2017 ANNUAL www.zhongwang.com AN INTEGRATED LIGHT-WEIGHT SOLUTION PROVIDER Contents 2 Corporate Information 4 Corporate Profile 6 Financial Highlights 8 Core Businesses 10 Corporate Milestones 12 Chairman’s Statement 18 Management Discussion and Analysis 34 Profiles of Directors and Senior Management 43 Report of the Directors 58 Corporate Governance Report 72 Environmental, Social and Governance Report 93 Independent Auditor’s Report 99 Consolidated Financial Statements 105 Notes to the Financial Statements 172 Five-year Financial Summary 2 China Zhongwang Holdings Limited Annual Report 2017 Corporate Information Place of Listing Strategy and Development Committee The Stock Exchange of Hong Kong Limited Mr. Lu Changqing (Chairman) Ms. Ma Qingmei Stock Code Mr. Wen Xianjun 01333 Joint Company Secretaries Executive Directors Mr. Cui Weiye Ms. Cheung Yuet Fan Mr. Lu Changqing (Chairman and president) Ms. Ma Qingmei Authorised Representatives Non-executive Directors Mr. Lu Changqing Mr. Cui Weiye Mr. Chen Yan Mr. Liu Zhisheng Principal Bankers Mr. Zhang Hui Bank of China Limited Independent Non-executive Directors Agricultural Bank of China Limited Industrial and Commercial Bank of China Limited Mr. Wong Chun Wa China Construction Bank Corporation Mr. Wen Xianjun Bank of Communications Corporation Limited Mr. Shi Ketong China Development Bank Corporation Mr. Lo Wa Kei, Roy Bank of America, N. A. Hang Seng Bank Limited Audit Committee Standard Chartered Bank (Hong Kong) Limited Mr. Wong Chun Wa (Chairman) Mr. Wen Xianjun Registered Office Mr. Shi Ketong Cricket Square, Hutchins Drive P.O. Box 2681 Nomination and Remuneration Grand Cayman Committee KY1-1111 Cayman Islands Mr.
    [Show full text]
  • 122269 Zhongwang AR Eng (攝cover)
    COMMITTED TO LIGHT-WEIGHT DEVELOPMENT FOR A GREENER WORLD China Zhongwang is the second largest industrial aluminium extrusion product developer and manufacturer in the world and the largest in Asia. The Group focuses on three core synergistic businesses namely, industrial aluminium extrusion, deep processing and aluminium fl at rolling. The three core businesses operate together on the basis of upstream and downstream resource-sharing and benefi t from mutual advantages. Contents 2 Corporate Information 6 Corporate Profi le 8 Financial Highlights 10 Core Businesses 12 Corporate Milestones 14 Chairman’s Statement 18 Management Discussion and Analysis 36 Profi les of Directors and Senior Management 41 Report of the Directors 52 Corporate Governance Report 64 Corporate Social Responsibility Report 75 Independent Auditor’s Report 76 Consolidated Financial Statements 82 Notes to the Financial Statements 134 Five-year Financial Summary China Zhongwang Holdings Limited 2 Corporate Information Place of Listing Company Secretary The Stock Exchange of Hong Kong Limited Mr. Cheung Lap Kei Stock Code Authorised Representatives 01333 Mr. Cheung Lap Kei Mr. Lu Changqing Executive Directors Mr. Liu Zhongtian (Chairman) Principal Bankers Mr. Lu Changqing Bank of America, N. A., Hong Kong Branch Mr. Chen Yan China Development Bank Corporation Ms. Zhong Hong Bank of Communications Corporation Limited Mr. Gou Xihui China Construction Bank Corporation Hang Seng Bank Limited Standard Chartered Bank (Hong Kong) Limited Independent Non-executive Directors Bank of China Limited Mr. Wong Chun Wa Agricultural Bank of China Limited Mr. Wen Xianjun Industrial and Commercial Bank of China Limited Mr. Shi Ketong Mr. Lo Wa Kei, Roy Registered Offi ce Cricket Square, Hutchins Drive Audit Committee P.O.
    [Show full text]
  • Chinese Billionaire Linked to Giant Aluminum Stockpile in Mexican Desert Chinese Billionaire Linked to Giant Aluminum Stockpile in Mexican Desert
    Chinese Billionaire Linked to Giant Aluminum Stockpile in Mexican Desert Chinese Billionaire Linked to Giant Aluminum Stockpile in Mexican Desert U.S. aluminum executives claim Liu Zhongtian, founder of Chinese metals conglomerate China Zhongwang, used a factory in Mexico to game the global trade system An aerial view of the aluminum stockpile around Aluminicaste Fundición de México’s San José Iturbide plant in June 2016. PHOTO: MIKE RAPPORT By SCOTT PATTERSON in Los Angeles, JOHN W. MILLER in San José Iturbide, Mexico and CHUIN-WEI YAP in Liaoning, China Updated Sept. 8, 2016 1:46 p.m. ET 63 COMMENTS Two years ago, a California aluminum executive commissioned a pilot to fly over the Mexican town of San José Iturbide, at the foot of the Sierra Gorda mountains, and snap aerial photos of a remote desert factory. He made a startling discovery. Nearly one million metric tons of aluminum sat neatly stacked behind a fortress of barbed-wire fences. The stockpile, worth some $2 billion and representing roughly 6% of the world’s total inventory—enough to churn out 2.2 million Ford F-150s or 77 billion beer cans —quickly became an obsession for the U.S. aluminum industry. Now it is a new source of tension in U.S.-Chinese trade relations. U.S. executives contend that the mysterious cache was part of a brazen scheme by one of China’s richest men to game the global trade system. Liu Zhongtian, chairman of China Zhongwang Holdings Ltd., toasts the company’s share listing in Hong Kong on May 8, 2009.
    [Show full text]
  • FTSE All-World
    FTSE Russell Publications 19 November 2018 FTSE All-World Indicative Index Weight Data as at Closing on 28 September 2018 Index Index Index Constituent Country Constituent Country Constituent Country weight (%) weight (%) weight (%) 1&1 Drillisch <0.005 GERMANY African Rainbow Minerals Ltd <0.005 SOUTH AFRICA Alpha Bank <0.005 GREECE 3i Group 0.02 UNITED AGC 0.02 JAPAN Alphabet Class A 0.76 USA KINGDOM Ageas 0.02 BELGIUM Alphabet Class C 0.77 USA 3M Company 0.25 USA Agile Group Holdings (P Chip) <0.005 CHINA Alps Electric 0.01 JAPAN 3SBio (P Chip) <0.005 CHINA Agilent Technologies 0.05 USA ALROSA ao 0.01 RUSSIA 51job ADR (N Shares) <0.005 CHINA Agility Public Warehousing Co KSC <0.005 KUWAIT ALS 0.01 AUSTRALIA 58.com ADS (N Shares) 0.01 CHINA AGL Energy 0.02 AUSTRALIA Alsea S.A.B. de C.V. <0.005 MEXICO 77 Bank <0.005 JAPAN AGNC Investment 0.02 USA Alstom 0.01 FRANCE A P Moller - Maersk A 0.01 DENMARK Agnico Eagle Mines 0.02 CANADA Altice Europe NV A <0.005 NETHERLANDS A P Moller - Maersk B 0.02 DENMARK Agricultural Bank of China (H) 0.03 CHINA Altice Europe NV B <0.005 NETHERLANDS a2 Milk 0.01 NEW ZEALAND Aguas Andinas S.A. A <0.005 CHILE Altria Group 0.24 USA A2A 0.01 ITALY Ahold Delhaize 0.06 NETHERLANDS Alumina 0.01 AUSTRALIA AAC Technologies Holdings 0.02 HONG KONG AIA Group Ltd. 0.23 HONG KONG Aluminum Corp of China (H) <0.005 CHINA Aalberts Industries 0.01 NETHERLANDS AIB Group 0.01 IRELAND Amada 0.01 JAPAN ABB 0.09 SWITZERLAND Aica Kogyo <0.005 JAPAN Amadeus IT Group SA 0.08 SPAIN ABB India <0.005 INDIA Aiful <0.005 JAPAN Amazon.Com
    [Show full text]
  • Shenzhen-Hong Kong Connect: a New Era for China's
    17 August 2016 China Market Strategy Hao Hong ，CFA [email protected] Shenzhen-Hong Kong Connect: A New Era for China’s Capital Anna Zhou Market and Capital Account [email protected] Karen Tan [email protected] Shenzhen-Hong Kong Stock Connect to be launched within 4 months. It is officially confirmed that Shenzhen-Hong Kong Stock Connect will be launched within 4 months. The joint announcement issued by SFC and CSRC abolished the aggregate quota, but set a daily quota same as that currently under SH-HK Connect. Meanwhile, the announcement clarified the scope of eligible shares under SH-HK Connect and Shenzhen-Hong Kong Connect, and included exchange-traded funds (ETF) as eligible securities under the mutual market access scheme. The abolition of aggregate quota shows the further opening of China’s capital account and the country’s confidence to integrate into the global market. Mutual stock market access benefits related sectors, such as brokerage. SH-HK Stock Connect was announced on April 10, 2014 by Premier Keqiang Li at the Boao Forum, and was officially launched within 6 months. On the same day, a joint announcement of CSRC and SFC was issued to introduce eligible shares, quotas and other details. We expect that the time spent preparing the Shenzhen-Hong Kong Stock Connect will be shorter, helped by the experience of SH-HK Stock Connect and the two-year smooth operation of trading and settlement system, while the preparation steps for the final launch will be similar. We tested the effect of SH-HK Connect news on the market by studying the relative return of the brokerage sector, which is most closely related to the mutual market access.
    [Show full text]