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Annual Report 2008

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Annual Report 2008 Annual Report 2008 Annual Report Tel: +962 6 5672788 2008 Fax: +962 6 5672590 P.O.Box: 212465 Amman 11121 Jordan Email: [email protected] Website: www.sdc.com.jo His Majesty King Abdullah II ibn Al Hussein Our Internationally distinguished organiza- tion effectively contributes in enhanc- Vision ing safe and stable investment environ- ment supporting national economy. Safekeeping, clearing and settlement Our of securities according to international standards and best practices, improv- Mission ing the level of services, relying on qualified human resources and high technology in addition to adopting ex- cellence culture. Our • Transparency • Creativity & Excellence Values • Fairness • Professionalism & Confidentiality • Team Spirit • Loyalty 5 The Securities Depository Center’s Board of Directors The Board of Directors is composed of: * • Two members of the private sector with experience in legal, financial and economic fields appointed by the Board of Commissioners of the Jordan Securities Commission 1. Mr. Abdul Hamid A. Alhayari Chairman 2. Mr. "Moh’d Said" Ahmad Al-Hammami** Deputy Chairman • Three members representing public shareholding companies 1. Mr. Mohammad Bahjat Belbeisi Board Member (The Real Estate & Investment Portfolio) 2. Dr. Waleed Wael Zurub Board Member (Jordan French Insurance) 3. Mr. Osama Darwish Al Khalili Board Member (Middle East Complex For Engineering, Electronics & Heavy Industries) • Two members representing Brokers and companies licensed to perform custodial activities 1. Mr. Kamel Hamad Al-Zereh Board Member (Union Financial Brokerage) 2. Mr. Walid Yacoub Al Najjar Board Member (Tanmia Securities) Mr. Samir Fahed Jaradat Chief Executive Officer * The SDC’s Board of Directors was restructured in accordance with the decision of the JSC Board of Commissioners at its meeting on 29/07/2008, which will in force upon the expiry of the current Board of Directors, to be as follows: 1. Three members of the private sector with experience in legal, financial and economic fields appointed by the Board of commissioners 2. Two members representing public shareholding companies 3. Two members representing brokers and companies licensed to perform custodial activities ** The Board of Commissioners of the JSC appointed Mr. “Moh’d Said” Ahmad Al-Hammami as a board member of the SDC’s Board of Directors in 22/04/2008 as a successor to Mr. Samir Mohammad Habib. 7 Contents Subject Page Statement of the Chairman of the Board of Directors 11 Statement of the Chief Executive Officer 13 Overview of the Securities Depository Center 17 Establishment and Responsibilities 17 Objectives 17 Membership 17 SDC’s Management 18 SDC’s Performance in 2008 19 SDC’s Members 19 Registration of Securities 19 Client Identification and Account Set-Up 20 Clearing & Settlement 22 Settlement Guarantee Fund 26 Inheritance and Family Transfers 26 Transfers of Non-Traded Securities and Other Transfers 27 Ownership Restrictions 28 Authentication and Ownership Transfer of Securities at the Account Level 29 Depositing Securities 29 Balance Queries 30 Electronic Environment 31 Securities Central Operation Registry Processing & Information Online 31 (SCORPIO®) SDC’s Website (www.sdc.com.jo) 32 e- Services 32 Local and Wide Area Network (LAN & WAN) 33 SDC’s Achievements in 2008 34 Disclosure 34 The Establishment of the Knowledge Base 34 The SDC’s Electronic Systems 34 New Financial Settlements System 35 The Electronic Link system with ASE’s Trading Systems 35 Business Continuity & Disaster Recovery Plan 35 9 Subject Page Establishment of Irbid Branch 36 Training 36 King Abdullah II Award for Excellence in Government Performance and 36 Transparency Awareness of the SDC 37 Cooperation with Arab and International Institutions 37 Future Plan 38 Financial Statements 41 Statistical Data 61 List of Tables Table Page Table No. (1.1): SDC’s General Assembly Members 19 Table No. (1.2): Identified Investors on the SDC's Database 21 Table No. (1.3): Electronic Trading 22 Table No. (2.3): Electronic Trading Classified by Sector in 2008 23 Table No. (3.3): Settlements Transactions 26 Table No. (1.4): Inheritance and Family Transfers 27 Table No. (1.5): Transfers of Non-Traded Securities and Other Transfers 28 Table No. (1.6): Ownership Restrictions 28 Table No. (1.7): Transfer of Shares between Accounts 29 Table No. (1.8): Deposited and Non-Deposited Shares 29 Table No. (2.8): Deposited and Non-Deposited Shares Classified by Nationality 30 as of 31/12/2008 10 Statement of the Chairman of the Board of Directors Distinguished Members of the Securities Depository Center’s General Assembly, On my own behalf and on behalf of my colleagues, members of the Board of Directors of the Securities Depository Center (SDC), it is my pleasure to welcome you to this annual meeting; crowning a year of success, in which the SDC continues its achievements, to contribute the national goal of a successful economic march of this generous country by carrying out the task of developing the Jordanian capital market. Indicators show the quality performance and enhanced image that has characterized the SDC’s movement towards the best, inline with the international standards, which the SDC is keeping pace with, thanks to your help and support. Generous Attendance, The ninth annual report of the SDC for 2008 that I submit to you includes the SDC's most important accomplishments and achievements through executing the responsibilities assigned to it by Virtue of the Securities Law No. (76) of 2002, which are registering, depositing, safekeeping and clearing and settlement of securities. The SDC also executed different corporate actions, which include the increase or decrease of share capital of companies. Praise be to God, we are satisfied with our achievements and success this year, based on the policies approved by the Board of Directors and the common vision between the Board of Directors and the executive management, in addition to the fruitful efforts of the staff of the SDC. All these helped us contribute to the national economic interest, elevate the role of the SDC with regards to the duties entrusted to it, in a frame of justice and credibility aiming to achieve the noble goals that we seek and enhance the confidence of securities investors. In a world of changes and technological developments, we look forward to more challenges and achievements in the next year, to raise our thriving institution to the highest levels of excellence by keeping pace with developments, and the adoption of international standards, contributing to the modernization of the legislative framework inline with new developments so as to achieve our national objectives. Dear Sirs, At this meeting, I will not miss highlighting the global financial crisis that has casted shadows on both world and national economies. The SDC has worked as a vital part of economic development in Jordan to minimize the impact of the crisis on the national economy, thanks God, it has not been affected as badly as other countries that have suffered more. In this regard, and for greater stability and healthiness of the national economy, we feel the need 11 to organize and promote a cooperative relationship between the private and public sector, and strengthen the supervision to levels that are capable of protecting the economy from any future repercussions. Ladies and Gentlemen, The SDC seeks in its future plan to achieve more advanced services to investors in the securities market in the kingdom. The SDC will participate in the King Abdullah II Award for Excellence in Government Performance and Transparency, in addition to its contribution in establishing the Jordan National Financial Center. The establishment of this Center is considered as a leading step to execute strategy of promoting investments in securities that in turn support economical development. The SDC owns (35%) of the Jordan National Financial Center which includes the SDC, the Amman Stock Exchange (ASE), a specialized training center for financial services related to the capital market in which specialized and professional resources will be trained with such resources being able to work within the local and international fields, in addition to offices for brokers, a public gallery and offices for banks. I am pleased to take this opportunity to thank the Jordan Securities Commission (JSC) and the ASE for their continuous cooperation and efforts to develop Jordan Capital Market. I would also like to extend my thanks to all, members of General Assembly for your contributions and cooperation and your realization of the SDC's role in advancing the performance of the national economy to serve our country under the pioneer directives of His Majesty King Abdullah II ibn Al-Hussein. Abdul Hamid A. Alhayari 12 Statement of the Chief Executive Officer Distinguished Members of the SDC's General Assembly, It is my pleasure to welcome your honorable attendance of the tenth annual ordinary meeting of the SDC’s General Assembly. It is with pleasure that I present to you the SDC's most important accomplishments and achievements in 2008 stated in the SDC's ninth annual report, which also includes the SDC's main future plans, financial statements and some reports and statistical data. Ladies and Gentleman, As you already know, the SDC's operations include securities' ownership registration, deposit, safekeeping and transfer of ownership. Accordingly, the SDC registered and deposited shares issued by public shareholding companies that joined the SDC’s membership. The SDC also executed different corporate actions, which included increase of capital as a result of capitalization of reserves and/ or returned earnings, capitalization of debt or private subscriptions to company shareholders, in addition to decrease of capital of some public shareholding companies and different mergers. It is worth noting that the SDC during last year registered (19) new public shareholding companies whose membership were accepted by the SDC. Thus, the total number of public shareholding companies, at the SDC as of 31/12/2008 was (271) companies.
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