MUTUAL ORGANIZATIONS, MUTUAL SOCIETIES Edith Archambault
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Consolidation and Demutualization: What Strategies Should Exchanges
OECD, Tokyo Round Table, 11/2003 Consolidation and Demutualization: What Strategies Should Exchanges Adopt in the Future? Ruben Lee Oxford Finance Group Changing Market Structures & the Future of Trading Overview 1) Threatening Factors 2) Self-Sufficiency 3) Linkages 4) Mergers and Takeovers 5) Demutualization 6) Conclusions Changing Market Structures & the Future of Trading 1) Threatening Factors Threatening Factors Main Trends Small Number of Liquid Stocks International Listing & Trading of Domestic Stocks Internalization Regulatory Liberalization Threatening Factors Reasons for Small Number of Liquid Stocks Not Many Companies Privatization Stalled Concentration of Shareholdings Foreign/Private Purchases of Best Companies Changing Market Structures & the Future of Trading 2) Self-Sufficiency Self-Sufficiency Factors Supporting Domestic Stock Exchanges Positive “Network Externality” with Liquidity Competition Not Always Successful Foreign Listing/Trading Complements Local Trading Support of Domestic SMEs Adaptability to Local Conditions Declining IT Costs Self-Sufficiency Current Major Revenue Sources Membership Listing Trading Clearing Settlement Provision of Company News Provision of Quote and Price Data Self-Sufficiency Threats to Revenue Sources Membership - Demutualization Listing – Decline in Value + Competition Trading – Marginal Cost Pricing Clearing – Expensive + Antitrust Scrutiny Settlement – Antitrust Scrutiny Provision of Company News – Competition Provision of Quote and Price Data – Antitrust Scrutiny Changing Market Structures -
State Authority, Economic Governance and the Politics Of
THE DIVERSITY OF CONVERGENCE: STATE AUTHORITY, ECONOMIC GOVERNANCE AND THE POLITICS OF SECURITIES FINANCE IN CHINA AND INDIA A Dissertation Presented to the Faculty of the Graduate School of Cornell University In Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy by Matthew C.J. Rudolph May 2006 © 2006 Matthew C.J. Rudolph THE DIVERSITY OF CONVERGENCE: STATE AUTHORITY, ECONOMIC GOVERNANCE AND THE POLITICS OF SECURITIES FINANCE IN CHINA AND INDIA Matthew C.J. Rudolph, Ph.D. Cornell University 2006 This dissertation explains contrasting patterns of financial reform in China and India. It focuses on “securitization” – the structural shift from credit-based finance (banking) to securities-based finance (stocks and bonds) – as a politically consequential phenomenon in comparative and international political economy. The analysis revises common theories of the developmental state – theories derived from Gerschenkron’s emphasis on directed-credit and the state’s role in capital formation – in light of securitization’s growing global importance in the last twenty years. Contrasting responses to securitization are explained using international and domestic variables including the profile of a country’s exposure to the world economy, the distributional coalition supporting the state and the prevailing structure of property rights. At a theoretical level, the dissertation highlights the political consequences of securitization for state authority in the economy, arguing that directed-credit; 1) enhanced state discretion in the management of distributional coalitions; 2) facilitated the perpetuity of poorly specified property rights; and 3) mitigated the consequences of the country’s position with respect to external trade and investment. Empirically, the research presented here demonstrates that China and India responded differently to the process of securitization, contrary to the expectations of globalization theories that identify finance as a domain in which international forces favoring convergence should be strongest. -
1 “Too Small to Survive”. the Institutional Problems of Worker's Mutualism in Barcelona and the Policies of the Federation
“Too Small to Survive”. The Institutional Problems of Worker’s Mutualism in Barcelona and The Policies of the Federation of Friendly Societies of Catalonia, 1896-1936 Fernando Largo Jiménez PhD student in Economic History. Universidad Autónoma de Barcelona IASC conference Practicing the Commons: Self-Governance, Cooperation and Institutional Change (10-14 July 2017, Utrecht) Panel session Collective Action Problems in Mutual Insurance Associations Abstract Friendly Societies were key actors in provision of social welfare in Europe between the first third of the XIXth century and the rise of welfare states. These societies were based on mutual aid and governed by rules which were largely inspired by the relief-focused brotherhoods of the Old Regime, adapted to the needs of the new industrial society. In Spain, traditional friendly societies reached their peak during the 1920s after which they began to decline. Previous works chiefly attribute this decline to factors such as the small size of many of these mutual-help networks; their ignorance of actuarial techniques; the inflation in medical costs; the membership aging; the competition of sick insurance companies and other forms of sociability and the growing role of the State in social welfare (Pons & Vilar 2011). This working-paper focus on the democratic friendly societies, self-managed and horizontals. Although these societies initially meet the conditions for sustainability proposed by Agrawal (2008), they did not manage to meet their insurance functions. As the XXth century advanced, exogenous factors forced transformations whereby social capital became a secondary concern. The societies that chose not to adapt, or did not know how, were replaced by a new type of mutualism, more technical and growth-oriented, as demonstrated by both the increase in the average size of mutual societies and the waning amounts of money spent on subsidies and social activities. -
Activity 6 [COOPERATIVES in the SCHOOLS]
Day 1 – Activity 6 [COOPERATIVES IN THE SCHOOLS] Activity 6 - Cooperative Facts Time: 20 minutes Objective: Students will learn some basic history and facts about cooperatives. Step 1: Instruct students to take out their handouts called “Cooperative Fact Sheets.” Give them 3-5 minutes to read them silently to themselves. Step 2: Tell students that they will play, “Find the Fact”. Have each material handler come up and get a white board for each cooperative. If the teacher does not have white boards, then have the reporter take out a notebook and a marker. Tell students that each group will get 30 seconds to find the answer to a fact question and write it on their whiteboard or notebook. At the end of the 30 seconds, each team will hold up their answers and accumulate points for each correct fact found. Team will use their “Cooperative Fact Sheet” to help them with this game. Step 3: Give an example so that students understand the game. “Who is the founding father that organized the first successful US cooperative in 1752?” After 30 seconds, call time and have students hold up their answers. For the teams who wrote, “Benjamin Franklin” say, these teams would have gotten one point. Write the team names on the board to keep track of points. Step 4: When teams understand the rules, begin the game. Below are sample questions/answers: 1. What year was the first cooperative in Wisconsin formed? A: 1841 2. What is the word that means, “The money left over after you pay all your expenses?” A: profit 3. -
Demutualization Details
Demutualization Details 1. American Mutual Life – AmerUs- Indianapolis Life Insurance Company - Central Life Assurance - Central Life Assurance merged with American Mutual in 1994. American Mutual Life was renamed AmerUs Life Insurance Company in 1995. On September 20, 2000, it demutualized to become AmerUs Group. In 2001, the company merged with Indianapolis Life, which had also undergone a demutualization. Approximately 300,000 policyholders and heirs became entitled to receive $452 million in AmerUs Group common stock and $340 million in cash and policy credits. Distribution began on July 31, 2001. Eligible policyholders received a fixed component of 20 AmerUS common shares, as well as a variable component based on policy value. Those who elected to receive cash were compensate $26 per share entitlement. In the first year after the initial public offering, the price of an AmerUS common share increased 99%. The current value of AmerUS Group stock is approximately $45 per share. 2. Anthem Insurance - On July 31, 2002 Anthem Insurance Companies, Inc. completed its conversion from a mutual insurance company to a stock company, and became a wholly owned subsidiary of Anthem, Inc. Eligible policyholders and heirs became entitled to approximately 48 million shares of Anthem, Inc. common stock and cash totaling $2.06 billion. Compensation consisted of a fixed component of 21 Anthem common shares, as well as a variable component based on policy value. The shares were offered to the public at $36. In the first year after the initial public offering, the price of an Anthem common share increased 54%. 3. Equitable Life – Axa - In 1992 the Equitable Life Assurance Society of the United States demutualized and a new parent holding company, the Equitable Companies, was listed on the New York Stock Exchange. -
Distribution of Policyholder Equity in a Demutualization
Distribution of Policyholder Equity in a Demutualization Introduction This practice note was prepared by a work group organized by the Committee on Life Insurance Financial Reporting of the American Academy of Actuaries. The work group was charged with developing a description of some of the current practices that could be used by actuaries in the United States. The practice notes represent a description of practices believed by the work group to be commonly employed by actuaries in the United States in 1996. However, no representation of completeness is made; other approaches may also be in common use. It should be recognized that the information contained in the practice notes provides guidance, but is not a definitive statement as to what constitutes generally accepted practice in this area. This practice note has not been promulgated by the Actuarial Standards Board or any other authoritative body of the American Academy of Actuaries, nor is it binding on any actuary. Comments are welcome as to the appropriateness of the practice notes, desirability of annual updating, validity of substantive disagreements, etc. This practice note covers some possible answers to a number of different questions that were asked by and posed to members of the work group and that have not otherwise been covered in other practice notes. PN28/L99-03 LIFE PRACTICE NOTE July 1999 Q. How is the total value to be distributed determined? A. In general, this is not an actuarial determination. Instead, the total amount to be distributed to policyholders is generally 100 percent of the market value of the company, excluding any IPO or other capital raising initiatives. -
2018 Oconto County Breakfast on the Farm
2018 Oconto County Breakfast on the Farm When: June 10, 2018 Time: 8:00 a.m. – 1:00 p.m. Where: Sunrise Dairy 9101 State Hwy 32 Suring, WI 54174 Cost: Adults – $8.00 Children (4-10) – $4.00 Children 3 and under – FREE Presale tickets available at: Photography by Karen Peshtigo National Bank: Coleman, Gillett and Oconto Falls branches N.E.W. Credit Union: Oconto, Oconto Falls and Suring branches Sunrise Dairy—Hischke Family Lena Fast Stop Lane, Dan David, Nancy Suring Dollar Value Store Erin, Ella, Ethan Tucker, Elenore Kayla, Aubrie, Elizabeth, Luke, Robin, Carter, Joe, Kallie Sunrise Service at 7:00 a.m. Menu: Willow Road Willow Road All you can eat scrambled eggs with cheese and ham, pancakes, sausage, yogurt, apple slices, cheese, milk, orange juice, coffee, water, and ice cream sundaes. Parking Road Clay Road Entertainment: JohnsSt. Pedal Pull Inflatable Bouncers Hayes Road M R Wagon Farm Tour Antique Engine Demo Ice Cream Making Demo Wagon Rides Road Numerous Kid Activities Strolling Entertainment Suring Antique Tractor Display Petting Zoo St. JohnsSt. O’Harrow Trained Dogs Giant Sand Box Red Bank Road Chainsaw Artist Live Music—Wilber Brothers Clay Road Addie the Cow Directions to Farm: Contact Information: = Breakfast Location = Parking Jordan Rank – (920) 598-0350 No parking on State Hwy 32. One-way traffic Bobbie Windus – (920) 604-1687 on Willow Road and St. Johns Road during event. Follow traffic signs. 2017 Generous Donations Provided By: Platinum Gold Silver Bronze 24/7 Well & Pump Service 5 Corners Sportsman Club Agropur -
Worker Cooperatives in Japan
MASS-SPECC Chairperson’s and Managers’ Forum July 5th 2019 in Cagayan de Oro City, the Philippines. Worker Cooperatives in Japan Japan Workers’ Co-operative Union (JWCU) Board Member / International Relations Officer Osamu Nakano International Co-operative Alliance (ICA) Founded: 1895 President: Ariel Guarco (Argentine Republic) Member Countries/Organizations: 109 / 312 (2019) Regional Offices: Africa, Americas, Asia and Pacific, Europe Sectors: International Cooperative Agricultural Organization International Cooperative Banking Association Consumer Cooperatives Worldwide International Cooperative Fisheries Organization International Health Cooperative Organization Cooperative Housing International International Cooperative and Mutual Insurance Federation International Organization of Industrial, Artisanal and Service Producers’ Cooperatives (CICOPA) 2 Member individuals/coops: 1.2 Billion / 3 Million 300 largest co-operatives had a combined annual turn-over of $2.2 trillion USD. Cooperatives generate partial or full-time employment for at least 280 million individuals worldwide, either in or within the scope of co-operatives, making up almost 12% of the entire employed population of G20 countries. United Nations estimates that cooperatives support the livelihoods of almost half of the total global population. The Committee for the Promotion and Advancement of Cooperatives (COPAC) : UN Department of Economic and Social Affairs/DESA, Food and Agriculture Organization/FAO, International Labour Organization (Cooperative Unit), -
Senior Manager Lean Process Improvement, Epmo
The 9th Annual Operational Excellence in Financial Services Summit is just a mere 7 weeks away. Judging from the overwhelming number of business transformation and continuous improvement executives already booked on it’s proving to be an exciting summit. Sample of the attending job titles include: Senior Manager Lean Process Improvement, ePMO Senior Business Analyst, ePMO Director, Process Excellence Vice President, Investment Finance Operations Business Process Lead, Member Services Strategic Initiatives Director, Enterprise Process Management Vice President - Quality Business Process Lead Vice President, Process Management and Improvement Vice President, Process Excellence Senior Process Manager Operations Analyst Strategy & Analysis Manager Vice President, Commercial Ops Strategy and Analysis Director, Operational Risk Management Operations Analyst Manager Business Process Manager Director Program Manager Business Analyst Sr. Project Manager Vice President of Sales, North America Senior Vice President, Retirement Pmo Senior Vice President, Corporate Continuous Improvement Senior Vice President, Middle Office Leader Executive Director US Head of Operational Excellence Vice-President, Process Improvement & Service Quality Executive Director of Operational Excellence Senior Vice President Managing Director - Head of Reengineering Strategy / Continuous Process Imp Senior Vice President, Director Business Process Reengineering Senior Vice President Head of Process Excellence Vice President, Business Transformation -
Principles and Practices in the 21St Century
A1457 Cooperatives: Principles and practices in the 21st century Kimberly A. Zeuli and Robert Cropp ABOUT THE COVER IMAGE: The “twin pines” is a familiar symbol for cooperatives in the United States.The Cooperative League of the USA, which eventually became the National Cooperative Business Association (NCBA), adopted it as their logo in 1922.The pine tree is an ancient symbol of endurance and immor- tality.The two pines represent mutual cooperation—people helping people. C OOPERATIVES: q Publication notes ii C ont Chapter 1 1 An introduction to cooperatives Chapter 2 5 ents Historical development of cooperatives throughout the world Chapter 3 15 Cooperative history, trends, and laws in the United States Chapter 4 27 Cooperative classification Chapter 5 39 Alternative business models in the United States Chapter 6 49 Cooperative roles, responsibilities, and communication Chapter 7 59 Cooperative financial management Chapter 8 69 Procedures for organizing a cooperative Chapter 9 77 A summary of cooperative benefits and limitations Notes 81 Glossary 85 Cooperative resources 89 PRINCIPLES & PRACTICES IN THE 21ST CENTURY i Kimberly Zeuli and Robert Cropp, Assistant Publication notes Professor and Professor Emeritus in the This publication is the fourth and most extensive Department of Agricultural and Applied revision of the Marvin A. Schaars’ text, Cooperatives, Economics, University of Wisconsin—Madison, Principles and Practices, University of Wisconsin are responsible for all of the editing and most Extension—Madison, Publication A1457, July 1980. of the revised text. The following individuals What has come to be known simply as “the also contributed to various chapters: Schaars book,” was originally written in 1936 by David Erickson, Director of Member Relations, Chris L. -
Discussion Paper on Stock Exchange Demutualization
Discussion Paper on Stock Exchange Demutualization IOSCO Technical Committee Consultation Draft December, 2000 Consultation Draft International Organization of Securities Commissions Discussion Paper on Stock Exchange Demutualization The Technical Committee (the Committee) of the International Organization of Securities Commissions (IOSCO) has been discussing certain changes that are taking place in the stock exchange industry, particularly the trend towards stock exchanges becoming for- profit enterprises and the increase in competition among exchanges and other electronic networks. The Committee has prepared a discussion paper setting out some of the issues raised and is seeking the views of interested parties on these matters. The discussion paper provides some background to the changes, particularly those regarding the transformation of exchanges into for-profit shareholder-owned companies, which is referred to as demutualization. The paper then canvases issues that these changes raise and notes some responses that have been taken by various IOSCO member jurisdictions. The key regulatory issue is whether these changes will undermine the commitment of resources and capabilities by a stock exchange to effectively fulfil its regulatory and public interest responsibilities at an appropriate standard. The regulatory questions and concerns identified fall into three areas.: a. What conflicts of interest are created or increased where a for-profit entity also performs the regulatory functions that an exchange might have regarding: i) primary market regulation (listing and admission of companies, self- listing); ii) secondary market regulation (trading rules); and iii) member regulation? b. A fair and efficient capital market is a public good. A well-run exchange is a key part of the capital market. -
Policyholder Control of a Mutual Life Insurance Company
Cleveland State Law Review Volume 22 Issue 3 Article 6 1973 Policyholder Control of a Mutual Life Insurance Company Buist M. Anderson Follow this and additional works at: https://engagedscholarship.csuohio.edu/clevstlrev How does access to this work benefit ou?y Let us know! Recommended Citation Buist M. Anderson, Policyholder Control of a Mutual Life Insurance Company, 22 Clev. St. L. Rev. 439 (1973) available at https://engagedscholarship.csuohio.edu/clevstlrev/vol22/iss3/6 This Article is brought to you for free and open access by the Journals at EngagedScholarship@CSU. It has been accepted for inclusion in Cleveland State Law Review by an authorized editor of EngagedScholarship@CSU. For more information, please contact [email protected]. Policyholder Control of a Mutual Life Insurance Company Buist A. Anderson* F ROM TIME TO TIME DURING the last hundred years or more, there have been discussions concerning the control or the lack of control by policyholders of mutual life insurance companies.1 While this is certainly not a new issue, there have been several recent developments. One recent development is a so-called "class action" suit brought in October 1972 against four large mutual life insurance companies in the United States District Court for the Southern District of New York.2 This antitrust suit was brought on behalf of three policyholders as representatives of a class consisting of all mutual life insurance policyholders. The complaint alleges, among other things, a conspiracy among defendant insurance companies to use outdated and antiquated mortality tables, to charge unreasonably high and redundant premium rates, and to create self-perpetuating management.