Georgeson's 2019 Proxy Season Review
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Competitive Analysis & Two-Firm Comparison Paper Carlsberg Group
Competitive Analysis & Two-Firm Comparison Paper Carlsberg Group | Sapporo Holdings Brandon Altman Professor Geraldine Wu International Studies Program: Europe Spring 2019 Word Count: 2393 – Excluding Titles 2 Table of Contents Part 1: Industry Analysis Pg. 3 Part 2: Firm Analysis Pg. 6 Part 3: Location Matters Pg. 9 References Pg. 12 ___________ Competitive Analysis & Two-Firm Comparison Paper 3 Part 1 Industry Analysis ______________________________________________________________________________ Competitive Analysis & Two-Firm Comparison Paper 4 Nature of Danish Beer Industry: The Danish beer market has proven to be an extremely attractive industry, as evidenced by the shocking increase in beer-firm numbers over the past two decades. According to Draft Mag, “at the end of the 20th century, Denmark had around a dozen breweries to its name, most conspicuously Carlsberg, one of the world’s largest brewers of industrial lager. A decade into the 21st century, the nation boasted almost 150 breweries.” This microbrewery boom brought in a large variety of craft beers that have tended to do especially well given that “the notoriously unstable Danish weather [caused] an increase in sales of craft beer due to people being driven away from the beaches and into bars or their own homes, where the consumption of craft and specialty beers is higher” (Euromonitor). On a competitive level, Denmark is a somewhat difficult market to compete in on a large scale. As stated by Euromonitor, “beer in Denmark continued to be highly consolidated with the two -
Full Portfolio Holdings
Hartford Multifactor International Fund Full Portfolio Holdings* as of August 31, 2021 % of Security Coupon Maturity Shares/Par Market Value Net Assets Merck KGaA 0.000 152 36,115 0.982 Kuehne + Nagel International AG 0.000 96 35,085 0.954 Novo Nordisk A/S 0.000 333 33,337 0.906 Koninklijke Ahold Delhaize N.V. 0.000 938 31,646 0.860 Investor AB 0.000 1,268 30,329 0.824 Roche Holding AG 0.000 74 29,715 0.808 WM Morrison Supermarkets plc 0.000 6,781 26,972 0.733 Wesfarmers Ltd. 0.000 577 25,201 0.685 Bouygues S.A. 0.000 595 24,915 0.677 Swisscom AG 0.000 42 24,651 0.670 Loblaw Cos., Ltd. 0.000 347 24,448 0.665 Mineral Resources Ltd. 0.000 596 23,709 0.644 Royal Bank of Canada 0.000 228 23,421 0.637 Bridgestone Corp. 0.000 500 23,017 0.626 BlueScope Steel Ltd. 0.000 1,255 22,944 0.624 Yangzijiang Shipbuilding Holdings Ltd. 0.000 18,600 22,650 0.616 BCE, Inc. 0.000 427 22,270 0.605 Fortescue Metals Group Ltd. 0.000 1,440 21,953 0.597 NN Group N.V. 0.000 411 21,320 0.579 Electricite de France S.A. 0.000 1,560 21,157 0.575 Royal Mail plc 0.000 3,051 20,780 0.565 Sonic Healthcare Ltd. 0.000 643 20,357 0.553 Rio Tinto plc 0.000 271 20,050 0.545 Coloplast A/S 0.000 113 19,578 0.532 Admiral Group plc 0.000 394 19,576 0.532 Swiss Life Holding AG 0.000 37 19,285 0.524 Dexus 0.000 2,432 18,926 0.514 Kesko Oyj 0.000 457 18,910 0.514 Woolworths Group Ltd. -
The Confusions in Nordic ESG Ratings
Rating Objectivity: The Confusions in Nordic ESG Ratings ESG Ratings Subjectivity and its Consequences MASTER THESIS WITHIN: Business Administration NUMBER OF CREDITS: 30 ECTS PROGRAM OF STUDY: Civilekonom AUTHOR: John Rydholm & Samuel Schultzberg Bagge TUTOR: Fredrik Hansen & Toni Duras JÖNKÖPING May 2020 Master Thesis within Business Administration Title: Rating Objectivity: The Confusions in Nordic ESG Ratings - ESG Ratings Subjectivity and its Consequences Authors: John Rydholm, Samuel Schultzberg Bagge Tutors: Fredrik Hansen, Toni Duras Date: May 2020 Key terms: ESG, CSR, Ratings, Rating agencies, MSCI, Thomson Reuters, Sustainalytics, RobecoSAM Abstract: Environmental, Social and Governance measurements have significantly increased in usage due to growing concerns for environmental and sustainability problems in today’s world. However, with no commonly agreed-upon criteria for ESG ratings, the scoring measure creates confusion both at the investor and company level. Besides, ESG agencies have different processes and parameters for measuring ESG compliance, which contributes to the problem. The study examines four ESG rating agencies’ rating models and ESG scores to get a better understanding of deviations in ESG scores among Nordic companies. By also studying the correlation amongst ESG scores and market capitalizations in firms, the paper hopes to shed light on if any relationships exist between them. Our results show that the four major ESG raters in the study showed a weak to a non-significant correlation against each other. The maximum correlation found was 0.419 between Thomson Reuters and MSCI. RobecoSAM and MSCI showed the lowest significant correlation at 0.291. Sustainalytics was detected not to show any significant correlation with the other raters. -
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 -
Annual Report 2017
Annual Report 2017 Royal Unibrew A/S CVR no. 41 95 67 12 Contents MANAGEMENT REPORT | SIGNATURES | CONSOLIDATED FINANCIAL STATEMENTS | PARENT COMPANY FINANCIAL STATEMENTS | OTHER INFORMATION ROYAL UNIBREW ANNUAL REPORT 2017 CONTENTS MANAGEMENT REPORT 2 Contents Royal Unibrew at a Glance Corporate Social Responsibility CEO Letter: Efficient Royal Unibrew in brief 4 Corporate Social Responsibility 50 strategy execution delivers Results for 2017 and Outlook for 2018 5 continued progress Financial Highlights and Ratios 6 Management's Statement and Auditor's Report Page 7 CEO Letter: Efficient strategy execution Management's Statement on delivers continued progress 7 the Annual Report 61 Independent Auditor's Report 62 Strategy and targets Strategy 10 Consolidated Financial Statements Market outlook 11 Income Statement 66 Royal Unibrew and consumers 12 Statement of Comprehensive Income 66 Strategy Royal Unibrew and innovation 13 Balance Sheet 67 Page 9 Craft and specialty beer at Royal Unibrew 14 Cash Flow Statement 68 Terme di Crodo and LemonSoda 15 Statement of Changes in Equity 69 Royal Unibrew and efficiency 16 Contents of Notes 71 Financial targets, capital structure and distribution policy 17 Parent Company Financial Statements Outlook for 2018 18 Income Statement 102 Statement of Comprehensive Income 102 Performance Balance Sheet 103 Financial Review 21 Cash Flow Statement 104 Western Europe 25 Statement of Changes in Equity 105 Italy: Aquisition of Baltic Sea 28 Contents of Notes 107 LemonSoda Malt and Exports 31 from Gruppo Other Information Campari Governance Group Structure 119 Page 15 Shareholder Information 34 Quarterly Financial Highlights and Ratios 120 Corporate Governance 37 Definitions of Financial Highlights and Ratios 121 Risk Management 40 Disclaimer 122 Remuneration 44 Board of Directors and Executive Board 46 The Annual Report has been prepared in Danish and English. -
Honours Programme, Industrial Track Msc Chemical and Biochemical Engineering Honours Programme in Chemical and Biochemical Engineering
Honours Programme, Industrial Track MSc Chemical and Biochemical Engineering Honours Programme in Chemical and Biochemical Engineering In September 2009 DTU established honours programmes within the context of the regular MSc programmes (see:www.dtu.dk/ english). The programmes are open to highly qualified internation- al and Danish students. You can choose to focus your Honours Programme in Chemical and Biochemical Engineering on industrial research and development by following a special Industrial Track. Industrial Track The superb industrial contacts and the high international standing amongst the faculty of the Department have made it possible to form an industrial track within the Honours Programme. The philosophy is to enable the very best and most motivated stu- dents to gain from high-level, world-class industrial contacts in major Danish enterprises with operations all over the world. In this way we work to open new and exciting career prospects for the students within industrial research, innovation, process design, operation and management. The programme is coordinated with leading international Danish companies. Presently FLSmidth, Lundbeck, Novozymes, Haldor- Topsøe, and Hempel support the programme. Admission to Indus- trial Track is subject to acceptance by a partner company. 2 DTU Special features The Technical University of Denmark (DTU) is Scandinavia’s leading The honours programme, Industrial Track has some special features technical university and one of the top technical universities in Europe. over and above the normal MSc programme. These are: It has outstanding facilities for education and research in a large, open campus just north of Copenhagen. Masters courses are taught in Eng- Mentoring lish, in an innovative and open-minded learning environment. -
Ifu Project Portfolio 2018 2 | Ifu Project Portfolio 2018
IFU PROJECT PORTFOLIO 2018 2 | IFU PROJECT PORTFOLIO 2018 PROJECT Portfolio INDEPENDENT AUDitors’ report ON IFU PROJECT Portfolio 2018 Up to the end of 2018, IFU and IFU managed funds had co-financed To the Executive Board of IFU standards, applicable requirements in Danish law and other regulations. a total of 1,286 projects in 101 countries. Of these, 203 are ongoing As agreed, we have examined the IFU Project Portfolio 2018. The IFU We complied with independence requirements and other ethical stand- investments, while IFU has exited 1,083 projects. The distribution of Project Portfolio 2018 has been listed and presented in accordance with ards under FSR - Danish Auditors’ Code of Ethics for Professional all projects by region is illustrated in the figure below. the methodology and definitions described in “Note to IFU’s project Accountants, which rely on general principles regarding integrity, ob- portfolio – definitions (only in English)”. jectivity, professional competence and due care, confidentiality and professional conduct. TotAL NUMBER OF projects DistriButeD BY REGION We are to conclude on IFU Project Portfolio 2018 to ascertain whether the data and information are correctly reflected in accordance with the As part of our examinations, we performed the below procedures: methodology and definitions reflected in “Note to IFU project portfolio • A sample check of whether IFU’s recordings of the individual share Africa 278 –definitions”. The IFU Project Portfolio 2018 means IFU’s involvement capital investments/project loans, total disbursed and expected total Asia 422 in active and finalised projects, as presented by the Executive Board and investment are reconciled in accordance with the contractual frame- Europe 445 in accordance with the principles and definitions reflected in “Note to work and information provided. -
TO the SHAREHOLDERS of H. LUNDBECK A/S NOTICE of ANNUAL GENERAL MEETING Notice Is Hereby Given of the Annual General Meeting Of
TO THE SHAREHOLDERS OF H. LUNDBECK A/S NOTICE OF ANNUAL GENERAL MEETING Notice is hereby given of the Annual General Meeting of H. Lundbeck A/S to be held on: Thursday, 21 March 2013 at 10:00 AM The Annual General Meeting will be held at the Company’s address: H. Lundbeck A/S, Ottiliavej 9, DK-2500 Valby Agenda In accordance with Article 8.1 of the Articles of Association, the agenda of the meeting is as fol- lows: 1. Report of the Board of Directors on the Company's activities during the past year. 2. Presentation and adoption of the annual report. 3. Approval of remuneration for the Board of Directors for the current financial year. 4. Resolution on the appropriation of profit or loss as recorded in the adopted annual report. 5. Election of members to the Board of Directors. 6. Election of one or two state-authorised public accountants. 7. Any proposal by shareholders or the Board of Directors. 8. Any other business. Complete proposals Re agenda item 1: The Board of Directors recommends that the report should be adopted. Re agenda item 2: It is proposed that the annual report should be adopted. Re agenda item 3: It is proposed that the remuneration for the Board of Directors for the current financial year should be the same as in 2012: - Ordinary members will receive a basic remuneration of DKK 300,000 - The chairman will receive three times the basic remuneration - The deputy chairman will receive two times the basic remuneration - Ordinary members of the Audit Committee, the Remuneration Committee and the Scien- tific Committee will receive DKK 200,000 in addition to the basic remuneration - The Committee chairmen will receive DKK 300,000 in addition to the basic remuneration Re agenda item 4: It is proposed that a dividend of 35% of the net profit for the year, corresponding to DKK 2.00 per share, or a total dividend of DKK 392 million, should be distributed for the financial year 2012. -
Financial Results & Business Update Q1 2021
Financial results & business update Q1 2021 11 MAY, 2021 COMPANY DISCLAIMER This presentation contains forward-looking statements that provide our expectations or forecasts of future events such as new product introductions, product approvals and financial performance. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like "believe", "anticipate", "expect", "estimate", "intend", "plan", "project", "will be", "will continue", "will result", "could", "may", "might", or any variations of such words or other words with similar meanings. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding our financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to our products), are forward looking statements. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Factors that may affect future results include, among others, interest rate and currency exchange rate fluctuations, delay or failure of development projects, production or distribution problems, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Lundbeck's products, introduction of competing products, Lundbeck's ability to successfully market both new and existing products, exposure to product liability and other lawsuits, changes in reimbursement rules and governmental laws and related interpretation thereof, and unexpected growth in costs and expenses. The forward-looking statements in this document and oral presentations made on behalf of Lundbeck speak only as at the date of this presentation. -
Second Pre-Clinical Milestone Met in Lundbeck Collaboration - €1 Million Milestone Payment to Genmab
GENMAB REACHES SECOND MILESTONE IN LUNDBECK COLLABORATION - Second pre-clinical milestone met in Lundbeck collaboration - €1 million milestone payment to Genmab Copenhagen, Denmark; February 10, 2012 – Genmab A/S (OMX: GEN) announced today it had reached the second pre-clinical milestone in the collaboration with H. Lundbeck A/S, triggering a €1 million payment. Genmab has reached the second milestone in the collaboration with H. Lundbeck A/S to create and develop human antibody therapeutics for disorders of the central nervous system (CNS). The milestone triggers a payment of €1 million to Genmab. Under the collaboration with Lundbeck Genmab creates novel human antibodies to three targets identified by Lundbeck and Lundbeck has access to Genmab’s antibody creation and development capabilities, including its state of the art, fully automated pre-clinical antibody screening and characterization capabilities and its proprietary stabilized IgG4 and UniBody therapeutic antibody platforms. Under the terms of the agreement, Genmab received an upfront payment of €7.5 million in October 2010 (approximately DKK 56 million). Lundbeck fully funds the development of the antibodies. If all milestones in the agreement are achieved, the total value of the agreement to Genmab would be approximately €38 million (approximately DKK 283 million), plus single-digit royalties. “We are very pleased to have met the in vitro proof of concept milestone for another target in the Lundbeck collaboration. This partnership is progressing well, with this second milestone coming shortly after we achieved the first preclinical milestone in December last year,” said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab. -
Danske Bank Copenhagen Winter Seminar 4 December 2018
Danske Bank Copenhagen Winter Seminar 4 December 2018 Royal Unibrew A/S Hans Savonije, President & CEO Strong development on our strategic agenda • Maintaining the good momentum in the business • High level of M&A activities − Integrations of Lorina and Terme di Crodo are progressing as planned − Distribution of Nohrlund cocktails for the on-trade segment commenced in Q4 − Approval of CULT acquisition with the Danish competition authorities awaiting • Strong focus on price/pack strategies and premiumization − Craft and specialty remain a key focus area with investments in new tap wall system at restaurants and bars and opening of our new Anarkist brewpub earlier this year − High level of new product line extensions launched both domestically and abroad • Investments in commercial initiatives to improve sales and brands − Successful development within our sponsored events − Key brand initiatives with new packaging formats for our Crodo products in Italy, Supermalt Ginger beer in the UK, Jaffa low-sugar range in Finland and non/low alcohol products with Royal Organic 2.3% and Heineken 0.0% − Continued investments to increase our commercial presence internationally Danske Bank – Copenhagen Winter Seminar 4 December 2018 2 Consistent commercial execution and historical warm summer drive solid earnings growth Net revenue of DKKm 5,624 after 9 months 2018 (+16%) EBIT margin improved to 19.4% after 9 months 2018 Volume up 10.5% to 8.4m HL from 7.6m HL last year Overall market shares improved in the third quarter; mainly due to superior logistical -
Jens Howitz (Pdf)
Ledelsesevaluering og mangfoldighed Jens M. Howitz Managing Director Russell Reynolds Associates Januar 2014 Bestyrelsesprofil under forandring 1999 2013 Hvid, mand, midaldrende Mangfoldighed: Køn, alder, erfaring Homogen profil “Old Boys Network” Overvejende international/global Relationer og kontakter Udvælgelsesproces Dansk Kompetencedrevet Specifik baggrund og indsigt: Tidligere CEO / Generalist • Finans, SCM, Branding, CSR etc. Advokat •Emerging markeder •Brancheforståelse •Uafhængighed FTSE 100 CAC40 DAX AEX OBX OMX C20 ‘09 ‘12 ‘09 ‘12 ‘09 ’12 ‘09 ‘12 ‘09 ‘13 ’09 ’13 Female 11% 21% 8% 22% 5% 10% 14% 20% 39% 38% 10% 16% NEDs ‘Foreign’ 37% 41% 28% 31% 18% 26% 48% 53% 27% 39% 24% 35% NEDs Average Age 57 60 60 61 61 62 62 61 54 52 58 57 2 Virksomheder Novo Nordisk Lundbeck A.P.Møller – Maersk GN Store Nord Danske Bank Jyske Bank Carlsberg Topdanmark Coloplast FLSmidth & Co. Novozymes DONG Energy TDC Danish Crown Pandora Coop Danmark Vestas Wind Systems DLG Tryg Danfoss DSV Grundfos William Demant Holding LEGO Chr. Hansen Holding 3 Bestyrelsesmedlemmer 2013 vs. 2003 Anciennitet i top 25 virksomheder i DK 2013 Anciennitet i top 25 virksomheder i DK 2003 100 45 90 40 80 35 70 30 60 25 Antal Medlemmer Antal Medlemmer 50 Mænd Mænd 20 40 Kvinder Kvinder 15 30 20 10 10 5 0 0 0-3 år 3-6 år 6-9 år 9-12 år 12+ 0-3 år 3-6 år 6-9 år 9-12 år 12+ 4 Bestyrelsesmedlemmers nationalitet, top 25 2013 2003 3% 13% 6% 13% Dansk Dansk Nordisk Nordisk Andet Andet 74% 91% 5 Bestyrelsessammensætning, top 25 2013 2003 Køn: 83,9 % mænd