BSP Annual Report 2014 2XU9DOXHV

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BANK OF SOUTH PACIFIC LIMITED

Chairman’s Report................................................................................... 4 A Brief History of Bank South Pacific.......................................................7 Board of Directors................................................................................. 8 Chief Executive Officer’s Report...........................................................11 2014 Strategic Business Unit Review.....................................................14 Corporate Governance ..................................................................... 24 Historical Summary 2014.....................................................................35 Contributions by BSP to PNG.................................................................36 Overseas Branches and Subsidiaries....................................................37

CONSOLIDATED FINANCIAL STATEMENTS..................................................42

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Independent Audit Report...................................................................87 Shareholder Information......................................................................88 Directors’ Information...........................................................................93 Management Team and Directories....................................................95 Corporate Social Responsibilities.......................................................102

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  • ƉƌŽǀŝĚĞƌꢁŝŶꢁ&ŝũŝ͘ꢁꢁ
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  • ŶĂƚƵƌĂůꢁĂƩƌŝƟŽŶꢁĂŶĚꢁŵĂŶĂŐĞŵĞŶƚꢁůĞǀĞůꢁƌĂƟŽŶĂůŝƐĂƟŽŶ͘ꢁꢁ

'ƌŽƵƉꢁ ƌĞǀĞŶƵĞƐꢁ ŚĂǀĞꢁ ŝŶĐƌĞĂƐĞĚꢁ ďLJꢁ ϰйꢁ ĚƵƌŝŶŐꢁ ƚŚĞꢁ LJĞĂƌ͕ꢁ KƉĞƌĂƟŽŶĂůůLJ͕ꢁꢂ^Wꢁ'ƌŽƵƉꢁĞdžƉĞƌŝĞŶĐĞĚꢁƐĞǀĞƌĂůꢁĐŚĂŶŐĞƐꢁĚƵƌŝŶŐꢁ ĚŽŵŝŶĂƚĞĚꢁďLJꢁŶĞƚꢁŝŶƚĞƌĞƐƚꢁŝŶĐŽŵĞꢁŐƌŽǁƚŚꢁƐƵƉƉŽƌƚĞĚꢁďLJꢁůŽĂŶꢁ ϮϬϭϰ͘ꢁ/ŶꢁWE'͕ꢁƚŚĞƌĞꢁŚĂǀĞꢁďĞĞŶꢁĂŵĞŶĚĞĚꢁŽƉĞƌĂƟŶŐꢁƉƌŽĐĞĚƵƌĞƐꢁ ŐƌŽǁƚŚꢁ ŝŶꢁ ƚŚĞꢁ ďĂŶŬ͛Ɛꢁ ꢀŽƌƉŽƌĂƚĞꢁ ĂŶĚꢁ ZĞƚĂŝůꢁ ďƵƐŝŶĞƐƐĞƐ͘ꢁ &ĞĞꢁ ĂĐĐŽŵƉĂŶLJŝŶŐꢁƚŚĞꢁĐŚĂŶŐĞĚꢁĨŽƌĞŝŐŶꢁĞdžĐŚĂŶŐĞꢁƚƌĂĚŝŶŐꢁĐŽŶĚŝƟŽŶƐ͘ꢁ ŝŶĐŽŵĞꢁŐƌŽǁƚŚꢁŚĂƐꢁĐŽŵĞꢁůĂƌŐĞůLJꢁĨƌŽŵꢁŝŶĐƌĞĂƐŝŶŐꢁƚƌĂŶƐĂĐƟŽŶĂůꢁ dŚĞꢁŝŶƚƌŽĚƵĐƟŽŶꢁŽĨꢁƚŚĞꢁ<ŝŶĂꢁꢅƵƚŽŵĂƚĞĚꢁdƌĂŶƐĨĞƌꢁ^LJƐƚĞŵꢁ;<ꢅd^Ϳ͕ꢁ

  • ǀŽůƵŵĞƐ͘ꢁdŚĞƌĞꢁŚĂǀĞꢁďĞĞŶꢁŶŽꢁĨĞĞꢁŝŶĐƌĞĂƐĞƐꢁĚƵƌŝŶŐꢁƚŚĞꢁLJĞĂƌ͘ꢁ
  • ǁŚŝĐŚꢁŚĂƐꢁĞīĞĐƟǀĞůLJꢁĂƵƚŽŵĂƚĞĚꢁƚŚĞꢁĚĂŝůLJꢁĞdžĐŚĂŶŐĞꢁŽĨꢁĐŚĞƋƵĞƐ͕ꢁ

ŚĂƐꢁ ĂůƐŽꢁ ƌĞƋƵŝƌĞĚꢁ ĐŚĂŶŐĞƐꢁ ƚŽꢁ ƌĞůĂƚĞĚꢁ ďƌĂŶĐŚꢁ ƉƌŽĐĞĚƵƌĞƐꢁ ĂŶĚꢁ
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  • ĨŽƌĞŝŐŶꢁĐƵƌƌĞŶĐLJꢁůŝƋƵŝĚŝƚLJꢁŝŶꢁƚŚĞꢁWE'ꢁŵĂƌŬĞƚꢁƌĞĚƵĐĞĚ͘ꢁ
  • ƌĞƋƵŝƌĞĚꢁĂƉƉƌŽƉƌŝĂƚĞꢁƌŝƐŬꢁŵĂŶĂŐĞŵĞŶƚꢁƌĞƐƉŽŶƐĞƐ͘ꢁ

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  • ƚƌĂŶƐĂĐƟŽŶꢁŝŶꢁWE'͛ƐꢁĞŶĞƌŐLJꢁƐĞĐƚŽƌ͘
  • ŝŶꢁƚŚĞꢁĞŵĞƌŐŝŶŐꢁŵĂƌŬĞƚꢁĞĐŽŶŽŵŝĞƐꢁŽĨꢁꢅƐŝĂ͕ꢁꢅĨƌŝĐĂ͕ꢁꢃƵƌĂƐŝĂꢁĂŶĚꢁ

^ŽƵƚŚͲ>ĂƟŶꢁ ꢅŵĞƌŝĐĂ͘ꢁ /Ŷꢁ ƚŚĞꢁ ƚƌĂĚŝƟŽŶĂůꢁ ĚĞǀĞůŽƉĞĚꢁ ĞĐŽŶŽŵŝĞƐꢁ
&ƌŽŵꢁĂꢁƐƚƌĂƚĞŐŝĐꢁůĞĂĚĞƌƐŚŝƉꢁƉĞƌƐƉĞĐƟǀĞ͕ꢁƐĞǀĞƌĂůꢁĚĞǀĞůŽƉŵĞŶƚƐꢁ ŽĨꢁ ꢃƵƌŽƉĞꢁ ĂŶĚꢁ EŽƌƚŚꢁ ꢅŵĞƌŝĐĂꢁ ƚŚĞꢁ ŽƵƚůŽŽŬꢁ ŝƐꢁ ŝŵƉƌŽǀŝŶŐ͕ꢁ ďƵƚꢁ ŝŶꢁ ϮϬϭϰꢁ ĂƌĞꢁ ŶŽƚĂďůĞ͘ꢁ dŚĞꢁ 'ƌŽƵƉꢁ ůĂƵŶĐŚĞĚꢁ ŝƚƐꢁ ƌĞǀŝƐĞĚꢁ sŝƐŝŽŶ͕ꢁ ĨƵŶĚĂŵĞŶƚĂůƐꢁĂƌĞꢁŶŽƚꢁƌŽďƵƐƚ͕ꢁĂŶĚꢁƚŚĞLJꢁĂƌĞꢁĨŽƌĞĐĂƐƚꢁƚŽꢁƌĞŵĂŝŶꢁ DŝƐƐŝŽŶ͕ꢁ ĂŶĚꢁ sĂůƵĞƐꢁ ^ƚĂƚĞŵĞŶƚƐ͕ꢁ ĂŶĚꢁ ƚŚĞƐĞꢁ ĂƌĞꢁ ƉƌĞƐĞŶƚĞĚꢁ ƐƵďĚƵĞĚ͘ꢁWE'͛ƐꢁŐƌŽǁƚŚꢁƉƌŽƐƉĞĐƚƐꢁƌĞŵĂŝŶꢁƌĞůĂƟǀĞůLJꢁƐƚƌŽŶŐꢁǁŝƚŚꢁ ĞůƐĞǁŚĞƌĞꢁŝŶꢁƚŚŝƐꢁĂŶŶƵĂůꢁƌĞƉŽƌƚ͘ꢁdŚĞꢁsŝƐŝŽŶꢁ^ƚĂƚĞŵĞŶƚꢁŚĂƐꢁďĞĞŶꢁ >E'ꢁĞdžƉŽƌƚƐꢁďĞĐŽŵŝŶŐꢁŵŽƌĞꢁƉƌŽŵŝŶĞŶƚꢁŝŶꢁϮϬϭϱꢁĂŶĚꢁ&ŝũŝꢁĂŶĚꢁƚŚĞꢁ ďƌŽĂĚĞŶĞĚꢁƚŽꢁĐĂƉƚƵƌĞꢁƚŚĞꢁ'ƌŽƵƉ͛ƐꢁŽƉĞƌĂƟŽŶƐꢁďĞLJŽŶĚꢁďĂŶŬŝŶŐ͕ꢁ ^ŽůŽŵŽŶꢁ/ƐůĂŶĚƐꢁĐŽŶƟŶƵĞꢁƚŽꢁƐŚŽǁꢁƉƌŽŵŝƐŝŶŐꢁƐŝŐŶƐꢁŽĨꢁƌĞĐŽǀĞƌLJꢁ ŝƚƐꢁ ĂƐƉŝƌĂƟŽŶƐꢁ ďĞLJŽŶĚꢁ ŝƚƐꢁ ŚŽŵĞꢁ ŵĂƌŬĞƚ͕ꢁ ĂŶĚꢁ ďĞLJŽŶĚꢁ ũƵƐƚꢁ Ăꢁ ĂŶĚꢁƌĞƚƵƌŶꢁƚŽꢁŶŽƌŵĂůĐLJ͘ꢁ ĐŽŵŵĞƌĐŝĂůꢁƌĞůĂƟŽŶƐŚŝƉꢁǁŝƚŚꢁŝƚƐꢁƐƚĂŬĞŚŽůĚĞƌƐ͘ꢁ
ꢂ^WꢁĞdžƉĞĐƚƐꢁƚŚĂƚꢁŽǀĞƌꢁƚŚĞꢁŵĞĚŝƵŵꢁƚŽꢁůŽŶŐꢁƚĞƌŵ͕ꢁWĂĐŝĮĐꢁƌĞŐŝŽŶĂůꢁ dŚĞꢁsĂůƵĞꢁŽĨꢁ͞ꢀŽŵŵƵŶŝƚLJ͟ꢁŚĂƐꢁďĞĞŶꢁĂĚĚĞĚꢁƚŽꢁꢂ^Wꢁ'ƌŽƵƉꢁĞdžŝƐƟŶŐꢁ ĞĐŽŶŽŵŝĐꢁƌĞůĂƟŽŶƐŚŝƉƐꢁĂŶĚꢁŝŶƚĞƌĂĐƟŽŶƐꢁǁŝůůꢁŐƌŽǁ͕ꢁĂŶĚꢁWE'ꢁǁŝůůꢁ ǀĂůƵĞƐꢁŽĨꢁŝŶƚĞŐƌŝƚLJ͕ꢁůĞĂĚĞƌƐŚŝƉ͕ꢁƉĞŽƉůĞ͕ꢁƚĞĂŵǁŽƌŬ͕ꢁƋƵĂůŝƚLJ͕ꢁĂŶĚ ƉůĂLJꢁĂꢁůĞĂĚŝŶŐꢁĞĐŽŶŽŵŝĐꢁƌŽůĞꢁŝŶꢁƚŚĞꢁƌĞŐŝŽŶ͘ꢁꢁꢂ^WꢁƉůĂŶƐꢁƚŽꢁďĞꢁƉĂƌƚꢁ ƉƌŽĨĞƐƐŝŽŶĂůŝƐŵ͘ꢁ dŚĞƐĞꢁ ǀĂůƵĞƐꢁ ĂƌĞꢁ ďĞŝŶŐꢁ ĞŵďĞĚĚĞĚꢁ ŝŶꢁ ƚŚĞꢁ ŽĨꢁƚŚĂƚꢁŐƌŽǁƚŚ͕ꢁĚĞůŝǀĞƌŝŶŐꢁǀĂůƵĞĚ͕ꢁĞīĞĐƟǀĞꢁĮŶĂŶĐŝĂůꢁƉƌŽĚƵĐƚƐꢁ ŽƌŐĂŶŝƐĂƟŽŶꢁ ƚŚƌŽƵŐŚꢁ ĂŶŽƚŚĞƌꢁ ƐƚƌĂƚĞŐŝĐꢁ ŝŶŝƟĂƟǀĞ͕ꢁ ƚŚĞꢁ ŝĐĂƌĞꢁ ĂŶĚꢁ ƐĞƌǀŝĐĞƐꢁ ƚŽꢁ ŝƚƐꢁ ŵĂƌŬĞƚƐ͕ꢁ ŝŶꢁ ĂŶꢁ ĞĸĐŝĞŶƚꢁ ĂŶĚꢁ ƌĞƐƉŽŶƐŝďůĞꢁ ĐƵƐƚŽŵĞƌꢁƐĞƌǀŝĐĞꢁƉƌŽŐƌĂŵ͕ꢁǁŚŝĐŚꢁŝƐꢁĚĞƐŝŐŶĞĚꢁƚŽꢁŝŶƐƟůꢁĞīĞĐƟǀĞꢁ ŵĂŶŶĞƌ͘ꢁ ZĞŇĞĐƟŶŐꢁ ƚŚĞꢁ ƐƚƌĂƚĞŐŝĐꢁ ŝŵƉŽƌƚĂŶĐĞꢁ ŽĨꢁ ƚŚĞꢁ ^ŽƵƚŚꢁ ƉƌĂĐƟĐĞƐꢁĂƌŽƵŶĚꢁƌĞƐƉŽŶƐŝǀĞŶĞƐƐ͕ꢁĂĐĐŽƵŶƚĂďŝůŝƚLJ͕ꢁĂŶĚꢁƚĞĂŵǁŽƌŬꢁ WĂĐŝĮĐꢁƌĞŐŝŽŶꢁƚŽꢁƚŚĞꢁꢂ^Wꢁ'ƌŽƵƉ͛ƐꢁďƵƐŝŶĞƐƐ͕ꢁŝŶꢁ:ĂŶƵĂƌLJꢁϮϬϭϱ͕ꢁꢂ^Wꢁ ŝŶꢁƉƌŽǀŝĚŝŶŐꢁĐƵƐƚŽŵĞƌꢁƐĞƌǀŝĐĞ͘ꢁꢁ/ŶꢁϮϬϭϰ͕ꢁƚŚĞꢁ'ƌŽƵƉꢁĂůƐŽꢁůĂƵŶĐŚĞĚꢁ ĂŶŶŽƵŶĐĞĚꢁŝƚƐꢁĂŐƌĞĞŵĞŶƚꢁǁŝƚŚꢁtĞƐƚƉĂĐꢁꢂĂŶŬŝŶŐꢁꢀŽƌƉŽƌĂƟŽŶ͕ꢁ Ăꢁ ƌĞǀĂŵƉĞĚꢁ ůĞĂĚĞƌƐŚŝƉꢁ ĚĞǀĞůŽƉŵĞŶƚꢁ ƉƌŽŐƌĂŵꢁ ƉƌŽǀŝĚŝŶŐꢁ Ăꢁ ĨŽƌꢁŝƚꢁƚŽꢁĂĐƋƵŝƌĞꢁƚŚĞꢁůĂƩĞƌ͛ƐꢁďĂŶŬŝŶŐꢁŽƉĞƌĂƟŽŶƐꢁŝŶꢁƚŚĞꢁ^ŽůŽŵŽŶꢁ ƐƚƌƵĐƚƵƌĞĚꢁŵĂŶĂŐĞŵĞŶƚꢁƚƌĂŝŶŝŶŐꢁƉƌŽŐƌĂŵꢁĨŽƌꢁLJŽƵŶŐꢁůĞĂĚĞƌƐꢁŝŶꢁ /ƐůĂŶĚƐ͕ꢁ sĂŶƵĂƚƵ͕ꢁ dŽŶŐĂ͕ꢁ ^ĂŵŽĂ͕ꢁ ĂŶĚꢁ ƚŚĞꢁ ꢀŽŽŬꢁ /ƐůĂŶĚƐ͘ꢁ dŚĞꢁ

  • ꢂ^W͘
  • ƚƌĂŶƐĂĐƟŽŶꢁŝƐꢁƐƵďũĞĐƚꢁƚŽꢁƌĞŐƵůĂƚŽƌLJꢁĂƉƉƌŽǀĂů͕ꢁǁŚŝĐŚꢁŝƐꢁĞdžƉĞĐƚĞĚꢁ

ĂƌŽƵŶĚꢁŵŝĚꢁϮϬϭϱ͘ꢁꢁdŚŝƐꢁƉƌŽũĞĐƚꢁǁŝůůꢁƌĞĐĞŝǀĞꢁĨŽĐƵƐꢁŝŶꢁϮϬϭϱꢁĂŝŵŝŶŐꢁ dŚĞꢁďƵƐŝŶĞƐƐꢁĞŶǀŝƌŽŶŵĞŶƚꢁŝŶꢁƚŚĞꢁŵĂƌŬĞƚƐꢁŝŶꢁǁŚŝĐŚꢁꢂ^Wꢁ'ƌŽƵƉꢁ ƚŽꢁĂĐŚŝĞǀĞꢁĂꢁƐŵŽŽƚŚꢁƚƌĂŶƐŝƟŽŶꢁŽĨꢁƚŚĞꢁďƵƐŝŶĞƐƐĞƐꢁĨƌŽŵꢁtĞƐƚƉĂĐꢁ ŽƉĞƌĂƚĞƐ͕ꢁ ŚĂǀĞꢁ ĞdžƉĞƌŝĞŶĐĞĚꢁ ƌĞůĂƟǀĞůLJꢁ ŵŽĚĞƌĂƚĞꢁ ůĞǀĞůƐꢁ ŽĨꢁ ƚŽꢁꢂ^W͕ꢁďLJꢁƚŚĞꢁĞŶĚꢁŽĨꢁƚŚĞꢁLJĞĂƌ͘ ĂĐƟǀŝƚLJꢁŝŶꢁϮϬϭϰ͘ꢁ/ŶꢁWE'͕ꢁĐŽŵƉůĞƟŽŶꢁŽĨꢁƚŚĞꢁꢃdždžŽŶꢁDŽďŝůꢁWE'ꢁ >E'ꢁƉƌŽũĞĐƚꢁŝŶꢁŵŝĚꢁϮϬϭϰꢁůĞĚꢁƚŽꢁĂꢁƐůŽǁĚŽǁŶꢁŝŶꢁĞĐŽŶŽŵŝĐꢁĂĐƟǀŝƚLJ͕ꢁ ꢅƐꢁꢂ^Wꢁ'ƌŽƵƉ͛ƐꢁďĂůĂŶĐĞꢁƐŚĞĞƚꢁŐƌŽǁƐ͕ꢁŝƚƐꢁƐƚƌĂƚĞŐŝĐꢁŽƉƟŽŶƐꢁĂƌĞꢁ ĂůƐŽꢁĂŐĂŝŶƐƚꢁĂꢁďĂĐŬĚƌŽƉꢁŽĨꢁĚĞĐůŝŶŝŶŐꢁŐůŽďĂůꢁĐŽŵŵŽĚŝƚLJꢁƉƌŝĐĞƐ͘ꢁ ĂůƐŽꢁ ďƌŽĂĚĞŶĞĚꢁ ƐŽꢁ ƚŚĂƚꢁ ŝƚꢁ ĐĂŶꢁ ƌĞĂůŝƐƟĐĂůůLJꢁ ĐŽŶƐŝĚĞƌꢁ ĨƵƌƚŚĞƌꢁ 'ŽǀĞƌŶŵĞŶƚꢁ ĚĞǀĞůŽƉŵĞŶƚꢁ ĞdžƉĞŶĚŝƚƵƌĞꢁ ŚĂƐꢁ ĐĞŶƚƌĞĚꢁ ĂƌŽƵŶĚꢁ ĚŝǀĞƌƐŝĮĐĂƟŽŶꢁŽĨꢁŝƚƐꢁWĂĐŝĮĐꢁďƵƐŝŶĞƐƐ͕ꢁĂŶĚꢁĂůƐŽꢁĚĞǀĞůŽƉꢁĂꢁĨŽĐƵƐꢁ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞꢁƉƌŽũĞĐƚƐꢁƚŽꢁƐƵƉƉŽƌƚꢁŝŶǀĞƐƚŵĞŶƚꢁĂĐƟǀŝƚLJ͕ꢁŝŶĐůƵĚŝŶŐꢁ ŽŶꢁ ďƵƐŝŶĞƐƐꢁ ŽƉƉŽƌƚƵŶŝƟĞƐꢁ ŝŶꢁ ŐƌŽǁƚŚꢁ ƌĞŐŝŽŶƐꢁ ĂĚũĂĐĞŶƚꢁ ƚŽꢁ ƚŚĞꢁ ƉƌŽũĞĐƚƐꢁ ƌĞůĂƚĞĚꢁ ƚŽꢁ ƚŚĞꢁ ϮϬϭϱꢁ WĂĐŝĮĐꢁ ŐĂŵĞƐ͘ꢁ /Ŷꢁ &ŝũŝ͕ꢁ ƚŚĞꢁ ϮϬϭϰꢁ WĂĐŝĮĐ͘ꢁdŚĞꢁϮϬϭϰꢁƌĞƐƵůƚƐꢁĂƌĞꢁĞdžƚƌĞŵĞůLJꢁƉůĞĂƐŝŶŐꢁĂƐꢁƚŚĞꢁ'ƌŽƵƉꢁ ŶĂƟŽŶĂůꢁĞůĞĐƟŽŶƐꢁŚĂƐꢁƐƵƉƉŽƌƚĞĚꢁƌĞŶĞǁĞĚꢁƉŽƐŝƟǀĞꢁƐĞŶƟŵĞŶƚꢁ ŚĂƐꢁ ŵĂŶĂŐĞĚꢁ ƚŽꢁ ĂĐŚŝĞǀĞꢁ ƐŽŵĞꢁ ŝŵƉŽƌƚĂŶƚꢁ ŽƉĞƌĂƟŽŶĂůꢁ ĂŶĚꢁ ŝŶꢁ ƚĞƌŵƐꢁ ŽĨꢁ ŝŶǀĞƐƚŵĞŶƚƐꢁ ŝŶꢁ ŬĞLJꢁ ƐĞĐƚŽƌƐ͕ꢁ ĂŶĚꢁ ƚŽƵƌŝƐŵꢁ ĂĐƟǀŝƚLJꢁ ƐƚƌĂƚĞŐŝĐꢁ ŵŝůĞƐƚŽŶĞƐ͕ꢁ ǁŚŝĐŚꢁ ĂƌĞꢁ ƐĞƚꢁ ƚŽꢁ ƉƌŽǀŝĚĞꢁ ůŽŶŐĞƌꢁ ƚĞƌŵꢁ ŚĂƐꢁĂůƐŽꢁďĞĞŶꢁƉŽƐŝƟǀĞůLJꢁŝŵƉĂĐƚĞĚ͘ꢁꢁ/ŶꢁƚŚĞꢁ^ŽůŽŵŽŶꢁ/ƐůĂŶĚƐ͕ꢁƚŚĞꢁ ďĞŶĞĮƚƐꢁŝŶꢁƚĞƌŵƐꢁŽĨꢁĞĸĐŝĞŶƚꢁĐƵƐƚŽŵĞƌꢁƐĞƌǀŝĐĞ͕ꢁĐƵůƚƵƌĂůꢁĐŚĂŶŐĞ͕ꢁ ĂŐƌŝĐƵůƚƵƌĞꢁƐĞĐƚŽƌꢁĂŶĚꢁƟŵďĞƌꢁŚĂǀĞꢁƉĞƌĨŽƌŵĞĚꢁǁĞůůꢁŝŶꢁϮϬϭϰ͕ꢁĂŶĚꢁ ĂŶĚꢁůĞĂĚĞƌƐŚŝƉꢁƐƵĐĐĞƐƐŝŽŶ͘ꢁ/ꢁĐŽŵŵĞŶĚꢁŵĂŶĂŐĞŵĞŶƚꢁĂŶĚꢁƐƚĂīꢁ

  • ŝŶƚĞƌŶĂƟŽŶĂůꢁƐƵƉƉŽƌƚꢁĨŽƌꢁĚĞǀĞůŽƉŵĞŶƚꢁĞīŽƌƚƐꢁĐŽŶƟŶƵĞƐ͘ꢁ
  • ŽŶꢁƚŚĞꢁĂĐŚŝĞǀĞŵĞŶƚƐꢁŽĨꢁϮϬϭϰ͘

ꢂ^WꢁĐŽŶƟŶƵĞƐꢁƚŽꢁƉůĂLJꢁĂꢁůĞĂĚŝŶŐꢁƌŽůĞꢁŝŶꢁĮŶĂŶĐŝĂůꢁŝŶĐůƵƐŝŽŶꢁĞīŽƌƚƐꢁ ꢂ^WꢁŝƐꢁďƵŝůĚŝŶŐꢁĂꢁǀĞƌLJꢁĐĂƉĂďůĞꢁƚĞĂŵꢁŽĨꢁƉĞŽƉůĞꢁĂĐƌŽƐƐꢁƚŚĞꢁWĂĐŝĮĐ͕ꢁ ŝŶꢁŝƚƐꢁWĂĐŝĮĐꢁŵĂƌŬĞƚƐ͕ꢁĨƌĞƋƵĞŶƚůLJꢁŝŶꢁƉĂƌƚŶĞƌƐŚŝƉꢁǁŝƚŚꢁŝŶĚƵƐƚƌLJꢁ ǁŚŽꢁ/ꢁĂŵꢁĐŽŶĮĚĞŶƚꢁǁŝůůꢁĐŽŶƟŶƵĞꢁƚŽꢁŵĞĞƚꢁƚŚĞꢁĐŚĂůůĞŶŐĞƐꢁĂŚĞĂĚ͕ꢁ ƌĞŐƵůĂƚŽƌƐ͘ꢁ dŚĞꢁ ĞdžƉĂŶƐŝŽŶꢁ ŽĨꢁ ĞůĞĐƚƌŽŶŝĐꢁ ďĂŶŬŝŶŐꢁ ƐĞƌǀŝĐĞƐꢁ ŝƐꢁ ĐŽŶƟŶƵŽƵƐůLJꢁ ŝŵƉƌŽǀĞꢁ ƐĞƌǀŝĐĞƐꢁ ĂŶĚꢁ ƉƌŽĚƵĐƚƐꢁ ƚŽꢁ Ăꢁ ŐƌŽǁŝŶŐꢁ ĂĐĐŽŵƉĂŶŝĞĚꢁ ďLJꢁ ďĂŶŬŝŶŐꢁ ĞĚƵĐĂƟŽŶꢁ ĂŶĚꢁ ĮŶĂŶĐŝĂůꢁ ůŝƚĞƌĂĐLJꢁ ŶƵŵďĞƌꢁ ŽĨꢁ ĐƵƐƚŽŵĞƌƐ͕ꢁ ĂŶĚꢁ ĚĞůŝǀĞƌꢁ ĐŽŵƉĞƟƟǀĞꢁ ƌĞƚƵƌŶƐꢁ ĨŽƌꢁ ĂĐƟǀŝƟĞƐꢁĐĂƌƌŝĞĚꢁŽƵƚꢁďLJꢁĚĞĚŝĐĂƚĞĚꢁꢂ^WꢁƉĞƌƐŽŶŶĞůꢁƚŽꢁĐƵƐƚŽŵĞƌƐꢁ ƐŚĂƌĞŚŽůĚĞƌƐ͕ꢁŝŶꢁϮϬϭϱꢁĂŶĚꢁďĞLJŽŶĚ͘ ƚLJƉŝĐĂůůLJꢁŶĞǁůLJꢁŝŶƚƌŽĚƵĐĞĚꢁƚŽꢁďĂŶŬŝŶŐꢁƐĞƌǀŝĐĞƐ͘ꢁꢁꢁ dŚĞꢁ ŽƌŐĂŶŝƐĂƟŽŶꢁ ŝƐꢁ ĞdžƉĂŶĚŝŶŐꢁ ŝŶꢁ ƚŚĞꢁ ƌĞŐŝŽŶꢁ ĨƌŽŵꢁ Ăꢁ ƉŽƐŝƟŽŶꢁ
ꢂ^Wꢁ ŚĂƐꢁ ĐŽŶƟŶƵĞĚꢁ ƚŽꢁ ĞŶŐĂŐĞꢁ ǁŝƚŚ͕ꢁ ĂŶĚꢁ ďĞꢁ Ăꢁ ƉĂƌƚꢁ ŽĨ͕ꢁ ƚŚĞꢁ ŽĨꢁƐƚƌĞŶŐƚŚꢁŝŶꢁŝƚƐꢁĐŽƌĞꢁŵĂƌŬĞƚƐꢁŽĨꢁWE'͕ꢁ&ŝũŝꢁĂŶĚꢁƚŚĞꢁ^ŽůŽŵŽŶꢁ ĐŽŵŵƵŶŝƟĞƐꢁ ǁŚĞƌĞꢁ ŝƚꢁ ŽƉĞƌĂƚĞƐ͘ꢁ /Ŷꢁ ϮϬϭϰꢁꢀŽŵŵƵŶŝƚLJꢁ ƐƵƉƉŽƌƚꢁ /ƐůĂŶĚƐ͘ꢁꢁ/ꢁůŽŽŬꢁĨŽƌǁĂƌĚꢁǁŝƚŚꢁĂůůꢁƐƚĂŬĞŚŽůĚĞƌƐ͕ꢁƚŽꢁꢂĂŶŬꢁŽĨꢁ^ŽƵƚŚꢁ ƉƌŽũĞĐƚƐꢁŚĂǀĞꢁĐŽŶƟŶƵĞĚꢁŝŶꢁWE'͕ꢁ^ŽůŽŵŽŶꢁ/ƐůĂŶĚƐꢁĂŶĚꢁ&ŝũŝ͕ꢁǁŽƌƚŚꢁ WĂĐŝĮĐ͛ƐꢁƐƵĐĐĞƐƐꢁŝŶꢁƚŚĞꢁĐŽŵŝŶŐꢁLJĞĂƌ͘ ŽǀĞƌꢁϭꢁŵŝůůŝŽŶꢁ<ŝŶĂ͘ꢁꢁꢀŽůůĂďŽƌĂƟŽŶƐꢁǁŝƚŚꢁůŽĐĂůꢁƐƉŽƌƚƐꢁĂŶĚꢁĐŚĂƌŝƚLJꢁ ŽƌŐĂŶŝƐĂƟŽŶƐ͕ꢁ ĐŽŵŵƵŶŝƚLJ͕ꢁ ŶŽŶͲŐŽǀĞƌŶŵĞŶƚ͕ꢁ ĂŶĚꢁ ŐŽǀĞƌŶŵĞŶƚꢁ ŽƌŐĂŶŝƐĂƟŽŶƐꢁŚĂǀĞꢁĐŽŶƟŶƵĞĚꢁĂƐꢁƉĂƌƚꢁŽĨꢁƚŚĞꢁ'ƌŽƵƉ͛ƐꢁĐŽŵŵƵŶŝƚLJꢁ ĞŶŐĂŐĞŵĞŶƚꢁƐƚƌĂƚĞŐLJ͕ꢁƚŽꢁďƌŝŶŐꢁƐŝŵƉůĞꢁĂŶĚꢁƵƐĞĨƵůꢁŝŵƉƌŽǀĞŵĞŶƚƐꢁ ƚŽꢁƉĞŽƉůĞ͛ƐꢁůŝǀĞƐ͘

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ꢂĂŶŬꢁ^ŽƵƚŚꢁWĂĐŝĮĐꢁ>ŝŵŝƚĞĚꢁŽƉĞŶĞĚꢁŝƚƐꢁĚŽŽƌƐꢁŝŶꢁϭϵϱϳꢁŝŶꢁWŽƌƚꢁDŽƌĞƐďLJꢁĂƐꢁĂꢁďƌĂŶĐŚꢁŽĨꢁƚŚĞꢁ

EĂƟŽŶĂůꢁꢂĂŶŬꢁŽĨꢁꢅƵƐƚƌĂůĂƐŝĂꢁ>ŝŵŝƚĞĚ͘ꢁ/ŶꢁϭϵϵϱꢁĂꢁĐŽŶƐŽƌƟƵŵꢁŽĨꢁWĂƉƵĂꢁEĞǁꢁ'ƵŝŶĞĂꢁďƵƐŝŶĞƐƐĞƐꢁ

ĂĐƋƵŝƌĞĚꢁƚŚĞꢁďĂŶŬꢁĐƌĞĂƟŶŐꢁƚŚĞꢁĮƌƐƚꢁĂŶĚꢁꢁŽŶůLJꢁWE'ꢁƉƌŝǀĂƚĞꢁƐĞĐƚŽƌꢁŽǁŶĞĚꢁďĂŶŬ͘ ꢂĂŶŬꢁ^ŽƵƚŚꢁWĂĐŝĮĐꢁƉƵƌĐŚĂƐĞĚꢁƚŚĞꢁ^ƚĂƚĞꢁKǁŶĞĚꢁͲꢁWĂƉƵĂꢁEĞǁꢁ'ƵŝŶĞĂꢁꢂĂŶŬŝŶŐꢁꢀŽƌƉŽƌĂƟŽŶꢁ ;WE'ꢂꢀꢁͲꢁĨŽƌŵĞƌůLJꢁꢀꢂꢅꢁWE'ͿꢁŝŶꢁϮϬϬϮꢁĐƌĞĂƟŶŐꢁƚŚĞꢁůĂƌŐĞƐƚꢁꢂĂŶŬꢁŝŶꢁWE'͘ꢁKƚŚĞƌꢁĂĐƋƵŝƐŝƟŽŶƐꢁ

ĨŽůůŽǁĞĚ͗ꢁEĂƟŽŶĂůꢁꢂĂŶŬꢁŽĨꢁ^ŽůŽŵŽŶꢁ/ƐůĂŶĚƐꢁϮϬϬϱ͕ꢁ,ĂďŝďꢁꢂĂŶŬꢁŝŶꢁ&ŝũŝꢁŝŶꢁϮϬϬϲ͕ꢁꢀŽůŽŶŝĂůꢁ'ƌŽƵƉꢁ

ŽĨꢁꢀŽŵƉĂŶŝĞƐꢁ;ꢂĂŶŬŝŶŐꢁΘꢁ>ŝĨĞꢁꢂƵƐŝŶĞƐƐĞƐͿꢁŝŶꢁ&ŝũŝꢁŝŶꢁϮϬϭϬ͘ꢁ

ꢂĂŶŬꢁ^ŽƵƚŚꢁWĂĐŝĮĐꢁƌĞďƌĂŶĚĞĚꢁƚŽꢁďĞĐŽŵĞꢁ͞ꢂ^W͟ꢁŝŶꢁϮϬϬϵ͘ꢁKƵƌꢁƐŚĂƌĞŚŽůĚĞƌƐꢁŝŶĐůƵĚĞꢁŵĂũŽƌꢁ

WE'ꢁ/ŶƐƟƚƵƟŽŶƐꢁʹꢁ/Wꢂꢀ͕ꢁEĂƐĨƵŶĚ͕ꢁEĂŵďĂǁĂŶꢁ^ƵƉĞƌ͕ꢁWĞƚƌŽůĞƵŵꢁZĞƐŽƵƌĐĞƐꢁꢁ<ƵƚƵďƵ͕ꢁꢀƌĞĚŝƚꢁ

ꢀŽƌƉŽƌĂƟŽŶ͕ꢁDs/>͕ꢁWE'ꢁdĞĂĐŚĞƌƐꢁ^ĂǀŝŶŐƐꢁΘꢁ>ŽĂŶ͕ꢁꢀŽŵƌĂĚĞꢁdƌƵƐƚĞĞƐ͕ꢁĂŶĚꢁƚŚĞꢁ/ŶƚĞƌŶĂƟŽŶĂůꢁ

&ŝŶĂŶĐĞꢁꢀŽƌƉŽƌĂƚĞꢁ;/&ꢀͿ͘

/ŶꢁϮϬϭϮ͕ꢁꢂ^W͛ƐꢁĂĐĐŽƵŶƚꢁŽƉĞŶŝŶŐꢁƉƌŽĐĞƐƐꢁĞŵƉůŽLJŝŶŐꢁĂꢁƚĂďůĞƚꢁĐŽŵƉƵƚĞƌꢁĂŶĚꢁŝŶƐƚĂŶƚꢁĐĂƌĚꢁ

ŝƐƐƵĂŶĐĞ͕ꢁǁŽŶꢁƚŚĞꢁĂǁĂƌĚꢁĨŽƌꢁƚŚĞꢁǁŽƌůĚ͛ƐꢁꢂĞƐƚꢁꢂĂŶŬꢁ>ĞĚꢁDŽďŝůĞꢁDŽŶĞLJꢁWƌŽŐƌĂŵꢁĂƚꢁƚŚĞꢁϮϬϭϮꢁ

ꢀŽŶŶĞĐƚĞĚꢁtŽƌůĚꢁ'ůŽďĂůꢁꢅǁĂƌĚƐ͘ꢁ

ꢂĂŶŬꢁ^ŽƵƚŚꢁWĂĐŝĮĐꢁĐŽŶƟŶƵĞƐꢁƚŽꢁďĞꢁĂꢁĚŽŵŝŶĂŶƚꢁĨŽƌĐĞꢁŝŶꢁƚŚĞꢁŵĂƌŬĞƚꢁůĞĂĚŝŶŐꢁƚŚĞꢁǁĂLJꢁǁŝƚŚꢁ

ŝŶŶŽǀĂƟŽŶꢁĂŶĚꢁƚĞĐŚŶŽůŽŐLJ͘ꢁ

/ŶꢁϮϬϭϰ͕ꢁꢂ^Wꢁ'ƌŽƵƉꢁĂĐŚŝĞǀĞĚꢁůŽĂŶꢁŐƌŽǁƚŚꢁŽĨꢁϮϴй͕ꢁĂŶĚꢁĂꢁꢁϰйꢁƌĞĚƵĐƟŽŶꢁŝŶꢁŽƉĞƌĂƟŶŐꢁĐŽƐƚƐ͕ꢁ ƐƵƉƉŽƌƟŶŐꢁŐƌŽǁƚŚꢁŝŶꢁĂŶŶƵĂůꢁƉƌŽĮƚꢁƚŽꢁŽǀĞƌꢁ<ϱϬϳꢁŵŝůůŝŽŶ͘ꢁꢁdŚĞƌĞꢁǁĞƌĞꢁŶŽꢁŝŶĐƌĞĂƐĞƐꢁŝŶꢁĨĞĞƐꢁ

ĚƵƌŝŶŐꢁƚŚĞꢁLJĞĂƌ͕ꢁďƵƚꢁĨĞĞꢁŝŶĐŽŵĞꢁŐƌĞǁꢁĂƐꢁƚŚĞꢁǀŽůƵŵĞꢁŽĨꢁĐƵƐƚŽŵĞƌꢁƚƌĂŶƐĂĐƟŽŶƐꢁĐŽŶƟŶƵĞĚꢁ

ƚŽꢁŝŶĐƌĞĂƐĞ͕ꢁƉĂƌƟĐƵůĂƌůLJꢁƚŚƌŽƵŐŚꢁƚŚĞꢁĞůĞĐƚƌŽŶŝĐꢁďĂŶŬŝŶŐꢁĐŚĂŶŶĞůƐ͕ꢁǁŚŝĐŚꢁŶŽǁꢁƌĞƉƌĞƐĞŶƚꢁ

ŵŽƌĞꢁƚŚĂŶꢁϴϬйꢁŽĨꢁƚŽƚĂůꢁĐƵƐƚŽŵĞƌꢁƚƌĂŶƐĂĐƟŽŶƐ͘

TOTAL ASSETS

13.33

NET PROFIT AFTER TAX

507.339

15.76

15.88

436.828
407.744

355.947
11.68

283.147
10.03

  • 2010
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2014

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2014

7

B S P A n n u a l R e p o r t 2 0 1 4

'ŝƌůꢁŝŶꢁdƌĂĚŝƟŽŶĂůꢁĂƫƌĞꢁǁĞůĐŽŵŝŶŐꢁƚŚĞꢁďŽĂƌĚꢁ ŽĨꢁĚŝƌĞĐƚŽƌƐꢁĂƚꢁDƚ͘ꢁ,ĂŐĞŶꢁďƌĂŶĐŚ͘

C H A I R M A

BOARD OF

T R E P O R

DIRECTORS

8

B S P A n n u a l R e p o r t 2 0 1 4

%2$5'ꢀ2)ꢀ',5(&7256

KOSTAS CONSTANTINOU, OBE ͮꢁ ꢀŚĂŝƌŵĂŶꢁ ͮꢄŝƌĞĐƚŽƌꢁ ƐŝŶĐĞꢁ ꢅƉƌŝůꢁ ϮϬϬϵ͘ꢁ ꢅƉƉŽŝŶƚĞĚꢁ ꢀŚĂŝƌŵĂŶꢁ &ĞďƌƵĂƌLJꢁϮϬϭϭ͘ꢁ

<ŽƐƚĂƐꢁꢀŽŶƐƚĂŶƟŶŽƵꢁŝƐꢁĂꢁƉƌŽŵŝŶĞŶƚꢁďƵƐŝŶĞƐƐꢁĮŐƵƌĞꢁŝŶꢁWĂƉƵĂꢁEĞǁꢁ'ƵŝŶĞĂ͕ꢁŚŽůĚŝŶŐꢁĂꢁŶƵŵďĞƌꢁŽĨꢁŚŝŐŚꢁůĞǀĞůꢁ ƉƵďůŝĐꢁĂŶĚꢁƉƌŝǀĂƚĞꢁƐĞĐƚŽƌꢁĂƉƉŽŝŶƚŵĞŶƚƐ͘ꢁ,ĞꢁŝƐꢁĂꢁꢀŚĂŝƌŵĂŶꢁŽĨꢁǀĂƌŝŽƵƐꢁĐŽŵƉĂŶŝĞƐ͕ꢁŝŶĐůƵĚŝŶŐꢁꢅŝƌǁĂLJƐꢁ,ŽƚĞůꢁ >ŝŵŝƚĞĚꢁ Θꢁ ꢅŝƌǁĂLJƐꢁ ZĞƐŝĚĞŶĐĞƐꢁ >ŝŵŝƚĞĚ͕ꢁ >ĂŵĂŶĂꢁ ,ŽƚĞůꢁ >ŝŵŝƚĞĚ͕ꢁ >ĂŵĂŶĂꢁ ꢄĞǀĞůŽƉŵĞŶƚꢁ >ŝŵŝƚĞĚ͕ꢁ ,ĞďŽƵꢁ ꢀŽŶƐƚƌƵĐƟŽŶƐ͕ꢁꢅůŽƚĂƵꢁ/ŶƚĞƌŶĂƟŽŶĂůꢁ,ŽƚĞůꢁĂŶĚꢁ'ĂnjĞůůĞꢁ/ŶƚĞƌŶĂƟŽŶĂůꢁ,ŽƚĞů͘ꢁ,ĞꢁŝƐꢁĂꢁꢄŝƌĞĐƚŽƌꢁŽĨꢁ,ĞƌŝƚĂŐĞꢁWĂƌŬꢁ ,ŽƚĞů͕ꢁ,ŽŶŝĂƌĂ͕ꢁĂŶĚꢁ'ƌĂŶĚꢁWĂĐŝĮĐꢁ,ŽƚĞů͕ꢁ&ŝũŝ͘ꢁ<ŽƐƚĂƐꢁŝƐꢁĂꢁꢄŝƌĞĐƚŽƌꢁŽĨꢁůŝƐƚĞĚꢁĐŽŵƉĂŶLJ͗ꢁKŝůꢁ^ĞĂƌĐŚꢁ>ŝŵŝƚĞĚ͘ꢁ ,ĞꢁŝƐꢁꢀŚĂŝƌŵĂŶꢁŽĨꢁϮϬϭϱꢁWĂĐŝĮĐꢁ'ĂŵĞƐꢁꢅƵƚŚŽƌŝƚLJꢁƐŝŶĐĞꢁϮϬϭϭ͕ꢁꢄĞƉƵƚLJꢁWƌĞƐŝĚĞŶƚꢁŽĨꢁꢃŵƉůŽLJĞƌƐꢁ&ĞĚĞƌĂƟŽŶꢁ ŽĨꢁWĂƉƵĂꢁEĞǁꢁ'ƵŝŶĞĂ͕ꢁ,ŽŶŽƌĂƌLJꢁꢀŽŶƐƵůꢁĨŽƌꢁ'ƌĞĞĐĞꢁŝŶꢁWĂƉƵĂꢁEĞǁꢁ'ƵŝŶĞĂꢁĂŶĚꢁdƌĂĚĞꢁꢀŽŵŵŝƐƐŝŽŶĞƌꢁŽĨꢁ ^ŽůŽŵŽŶꢁ/ƐůĂŶĚƐꢁƚŽꢁWĂƉƵĂꢁEĞǁꢁ'ƵŝŶĞĂ͘ꢁꢁ

ROBIN FLEMING, MBA, MMGT | ꢀꢃKꢁͮ ꢄŝƌĞĐƚŽƌꢁƐŝŶĐĞꢁ:ƵŶĞꢁϮϬϭϯ͘ꢁ

ZŽďŝŶꢁ&ůĞŵŝŶŐꢁǁĂƐꢁĂƉƉŽŝŶƚĞĚꢁꢀꢃKꢁŽĨꢁꢂĂŶŬꢁŽĨꢁ^ŽƵƚŚꢁWĂĐŝĮĐꢁ>ŝŵŝƚĞĚꢁŝŶꢁ:ƵŶĞꢁϮϬϭϯ͘ꢁꢂĞĨŽƌĞꢁŚŝƐꢁĂƉƉŽŝŶƚŵĞŶƚꢁ ĂƐꢁꢀꢃK͕ꢁŚĞꢁŚĂĚꢁďĞĞŶꢁꢄĞƉƵƚLJꢁꢀꢃKꢁĂŶĚꢁꢀŚŝĞĨꢁZŝƐŬꢁKĸĐĞƌꢁƐŝŶĐĞꢁϮϬϬϵ͘ꢁWƌŝŽƌꢁƚŽꢁƚŚĂƚ͕ꢁDƌ͘ꢁ&ůĞŵŝŶŐꢁŚĞůĚꢁƐĞŶŝŽƌꢁ ĞdžĞĐƵƟǀĞꢁ ƌŽůĞƐꢁ ĂƐꢁ ꢀŚŝĞĨꢁ ZŝƐŬꢁ KĸĐĞƌ͕ꢁ 'ĞŶĞƌĂůꢁ DĂŶĂŐĞƌꢁ ꢀŽƌƉŽƌĂƚĞꢁ Θꢁ /ŶƚĞƌŶĂƟŽŶĂů͕ꢁ ĂŶĚꢁ ,ĞĂĚꢁ ŽĨꢁ ZŝƐŬꢁ DĂŶĂŐĞŵĞŶƚꢁǁŝƚŚꢁꢂ^W͘ꢁꢁWƌŝŽƌꢁƚŽꢁƚŚĞꢁŵĞƌŐĞƌꢁŽĨꢁꢂĂŶŬꢁŽĨꢁ^ŽƵƚŚꢁWĂĐŝĮĐꢁ>ŝŵŝƚĞĚꢁĂŶĚꢁWE'ꢂꢀꢁ>ŝŵŝƚĞĚ͕ꢁZŽďŝŶꢁ ŚĞůĚꢁƐĞŶŝŽƌꢁŵĂŶĂŐĞŵĞŶƚꢁƌŽůĞƐꢁǁŝƚŚꢁWE'ꢂꢀ͘ꢁ,ĞꢁŚĂƐꢁǁŽƌŬĞĚꢁŝŶꢁWE'ꢁĨŽƌꢁŽǀĞƌꢁϯϬꢁLJĞĂƌƐꢁĂŶĚꢁŚŽůĚƐꢁĂꢁDꢂꢅꢁĂŶĚꢁ ĂꢁDĂƐƚĞƌꢁŽĨꢁDĂŶĂŐĞŵĞŶƚꢁĨƌŽŵꢁꢀŚĂƌůĞƐꢁ^ƚƵƌƚꢁhŶŝǀĞƌƐŝƚLJ͘

TOM FOX, OBE, BEc | ꢄĞƉƵƚLJꢁꢀŚĂŝƌŵĂŶ͕ꢁEŽŶꢁͲꢁꢃdžĞĐƵƟǀĞꢁꢄŝƌĞĐƚŽƌꢁͮ ꢄŝƌĞĐƚŽƌꢁƐŝŶĐĞꢁ:ƵŶĞꢁϭϵϵϯ͘ꢁ

dŚŽŵĂƐꢁ &Ždžꢁ ŚŽůĚƐꢁ Ăꢁ ꢂĂĐŚĞůŽƌꢁ ŽĨꢁ ꢃĐŽŶŽŵŝĐƐꢁ ĚĞŐƌĞĞꢁ ĨƌŽŵꢁ ƚŚĞꢁ hŶŝǀĞƌƐŝƚLJꢁ ŽĨꢁ WĂƉƵĂꢁ EĞǁꢁ 'ƵŝŶĞĂ͘ꢁ ,Ğꢁ ĐŽŵŵĞŶĐĞĚꢁŚŝƐꢁĐĂƌĞĞƌꢁǁŝƚŚꢁƚŚĞꢁZĞƐĞƌǀĞꢁꢂĂŶŬꢁŽĨꢁꢅƵƐƚƌĂůŝĂ͕ꢁĂŶĚꢁŐĂŝŶĞĚꢁĞdžƉĞƌŝĞŶĐĞꢁŝŶꢁƐĞŶŝŽƌꢁŵĂŶĂŐĞŵĞŶƚꢁ ƌŽůĞƐꢁ ǁŝƚŚŝŶꢁ ƐĞŵŝͲŐŽǀĞƌŶŵĞŶƚꢁ ŝŶƐƟƚƵƟŽŶƐ͕ꢁ ĂŶĚꢁ ƉƌŝǀĂƚĞꢁ ƐĞĐƚŽƌꢁ ĐŽŵƉĂŶŝĞƐ͕ꢁ ŝŶĐůƵĚŝŶŐꢁ ƐĞƌǀŝŶŐꢁ ĂƐꢁ ƚŚĞꢁ DĂŶĂŐŝŶŐꢁꢄŝƌĞĐƚŽƌꢁŽĨꢁƚŚĞꢁ/ŶǀĞƐƚŵĞŶƚꢁꢀŽƌƉŽƌĂƟŽŶꢁŽĨꢁWĂƉƵĂꢁEĞǁꢁ'ƵŝŶĞĂꢁĨŽƌꢁĞŝŐŚƚꢁLJĞĂƌƐ͘ꢁ,ŝƐꢁŽƚŚĞƌꢁĐƵƌƌĞŶƚꢁ ĚŝƌĞĐƚŽƌƐŚŝƉƐꢁŝŶĐůƵĚĞ͕ꢁꢂ^WꢁꢀĂƉŝƚĂůꢁ>ŝŵŝƚĞĚ͕ꢁdĞLJŽꢁEŽ͘ꢁϭꢁ>ŝŵŝƚĞĚꢁĂŶĚꢁꢅŬƵƌĂꢁ>ŝŵŝƚĞĚ͘ꢁDƌ͘ꢁ&ŽdžꢁŝƐꢁĂůƐŽꢁĂꢁƚƌƵƐƚĞĞꢁ ĨŽƌꢁƚŚĞꢁ/ŶƐƟƚƵƚĞꢁŽĨꢁEĂƟŽŶĂůꢁꢅīĂŝƌƐ͕ꢁĂŶĚꢁĂꢁĨŽƵŶĚĂƟŽŶꢁŵĞŵďĞƌꢁĂŶĚꢁ&ĞůůŽǁꢁŽĨꢁƚŚĞꢁWE'ꢁ/ŶƐƟƚƵƚĞꢁŽĨꢁꢄŝƌĞĐƚŽƌƐ͘

GEREA AOPI, CBE, MBA |EŽŶꢁͲꢁꢃdžĞĐƵƟǀĞꢁꢄŝƌĞĐƚŽƌꢁͮꢁꢄŝƌĞĐƚŽƌꢁƐŝŶĐĞꢁꢅƉƌŝůꢁϮϬϬϮ͘ꢁ

'ĞƌĞĂꢁ ꢅŽƉŝꢁ ŚĂƐꢁ ĂĐŚŝĞǀĞĚꢁ ƐĞǀĞƌĂůꢁ ƚĞƌƟĂƌLJꢁ ĚĞŐƌĞĞƐꢁ ŝŶꢁ WĂƉƵĂꢁ EĞǁꢁ 'ƵŝŶĞĂ͕ꢁ ĂŶĚꢁ Ăꢁ DĂƐƚĞƌƐꢁ ŽĨꢁ ꢂƵƐŝŶĞƐƐꢁ ꢅĚŵŝŶŝƐƚƌĂƟŽŶꢁĨƌŽŵꢁƚŚĞꢁhŶŝǀĞƌƐŝƚLJꢁŽĨꢁYƵĞĞŶƐůĂŶĚ͘ꢁDƌ͘ꢁꢅŽƉŝꢁŚĂƐꢁƐƵďƐƚĂŶƟĂůꢁƉƵďůŝĐꢁƐĞƌǀŝĐĞꢁĂŶĚꢁďƵƐŝŶĞƐƐꢁ ĞdžƉĞƌŝĞŶĐĞꢁŝŶꢁWĂƉƵĂꢁEĞǁꢁ'ƵŝŶĞĂ͕ꢁŝŶĐůƵĚŝŶŐꢁ ^ĞĐƌĞƚĂƌLJꢁŽĨꢁ&ŝŶĂŶĐĞꢁ ΘꢁWůĂŶŶŝŶŐꢁĂŶĚꢁDĂŶĂŐŝŶŐꢁꢄŝƌĞĐƚŽƌꢁ ŽĨꢁ dĞůŝŬŽŵꢁ WE'ꢁ >ŝŵŝƚĞĚ͘ꢁ ꢁ ,Ğꢁ ƉƌĞƐĞŶƚůLJꢁ ŚŽůĚƐꢁ ƚŚĞꢁ ƉŽƐŝƟŽŶꢁ ŽĨꢁ ꢃdžĞĐƵƟǀĞꢁ 'ĞŶĞƌĂůꢁ DĂŶĂŐĞƌ͕ꢁ ꢃdžƚĞƌŶĂůꢁ Θꢁ 'ŽǀĞƌŶŵĞŶƚꢁꢅīĂŝƌƐꢁĂŶĚꢁ^ƵƐƚĂŝŶĂďŝůŝƚLJꢁĂƚꢁKŝůꢁ^ĞĂƌĐŚꢁ>ŝŵŝƚĞĚ͘ꢁꢁ,ĞꢁǁĂƐꢁƉƌĞǀŝŽƵƐůLJꢁƚŚĞꢁꢀŚĂŝƌŵĂŶꢁŽĨꢁdĞůŝŬŽŵꢁ WE'ꢁ>ŝŵŝƚĞĚꢁĂŶĚꢁ/ŶĚĞƉĞŶĚĞŶƚꢁWƵďůŝĐꢁꢂƵƐŝŶĞƐƐꢁꢀŽƌƉŽƌĂƟŽŶꢁ;/WꢂꢀͿ͘ꢁꢁDƌ͘ꢁꢅŽƉŝꢁŝƐꢁĂꢁꢄŝƌĞĐƚŽƌꢁŽĨꢁKŝůꢁ^ĞĂƌĐŚꢁ >ŝŵŝƚĞĚ͕ꢁ^ƚĞĂŵƐŚŝƉƐꢁdƌĂĚŝŶŐꢁꢀŽŵƉĂŶLJꢁ>ŝŵŝƚĞĚꢁĂŶĚꢁŝƐꢁŝŶǀŽůǀĞĚꢁŝŶꢁĂꢁŶƵŵďĞƌꢁŽĨꢁŽƚŚĞƌꢁƉƌŝǀĂƚĞꢁƐĞĐƚŽƌꢁĂŶĚꢁ ĐŚĂƌŝƚĂďůĞꢁŽƌŐĂŶŝƐĂƟŽŶƐꢁŝŶꢁWĂƉƵĂꢁEĞǁꢁ'ƵŝŶĞĂ͘

Dr. ILA TEMU, PhD, MEc ͮꢁEŽŶꢁͲꢁꢃdžĞĐƵƟǀĞꢁꢄŝƌĞĐƚŽƌꢁͮꢁꢄŝƌĞĐƚŽƌꢁƐŝŶĐĞꢁ:ƵŶĞꢁϮϬϬϯ͘ꢁ

ꢄƌ͘ꢁ/ůĂꢁdĞŵƵꢁǁĂƐꢁĂƉƉŽŝŶƚĞĚꢁƚŽꢁŚŝƐꢁĐƵƌƌĞŶƚꢁƌŽůĞꢁĂƐꢁꢀŽƵŶƚƌLJꢁDĂŶĂŐĞƌꢁꢂĂƌƌŝĐŬꢁWE'ꢁŝŶꢁ:ƵŶĞꢁϮϬϭϭ͘ꢁWƌŝŽƌꢁ ƚŽꢁƚŚŝƐ͕ꢁŚĞꢁŚĞůĚꢁƐĞŶŝŽƌꢁĞdžĞĐƵƟǀĞꢁƌŽůĞƐꢁŝŶꢁWůĂĐĞƌꢁꢄŽŵĞꢁEŝƵŐŝŶŝꢁďŽƚŚꢁŽǀĞƌƐĞĂƐꢁĂŶĚꢁŝŶꢁWE'͘ꢁ,ĞꢁŚĂƐꢁĂůƐŽꢁ ŚĞůĚꢁƐĞŶŝŽƌꢁƉŽƐŝƟŽŶƐꢁŝŶꢁĂꢁŶƵŵďĞƌꢁŽĨꢁŽƚŚĞƌꢁƉƵďůŝĐꢁŽƌŐĂŶŝƐĂƟŽŶƐꢁŝŶĐůƵĚŝŶŐꢁ^ĞŶŝŽƌꢁ>ĞĐƚƵƌĞƌꢁŝŶꢁꢃĐŽŶŽŵŝĐƐꢁ Ăƚꢁ hWE'͕ꢁ ꢄŝƌĞĐƚŽƌꢁ ŽĨꢁ ƚŚĞꢁ EĂƟŽŶĂůꢁ ZĞƐĞĂƌĐŚꢁ /ŶƐƟƚƵƚĞꢁ ĂŶĚꢁ DĂŶĂŐŝŶŐꢁ ꢄŝƌĞĐƚŽƌꢁ ŽĨꢁ DŝŶĞƌĂůꢁ ZĞƐŽƵƌĐĞƐꢁ ꢄĞǀĞůŽƉŵĞŶƚꢁꢀŽŵƉĂŶLJꢁ;DZꢄꢀͿ͘ꢁꢄƌꢁdĞŵƵꢁŚĞůĚꢁĚŝƌĞĐƚŽƌꢁĂŶĚꢁŵĞŵďĞƌƐŚŝƉꢁƌŽůĞƐꢁŝŶꢁꢄŽŵĞꢁZĞƐŽƵƌĐĞƐ͕ꢁ<ŝŶĂꢁ &ŝŶĂŶĐĞꢁ>ƚĚ͕ꢁWE'ꢁꢀŚĂŵďĞƌꢁŽĨꢁDŝŶĞƐꢁĂŶĚꢁWĞƚƌŽůĞƵŵ͕ꢁ/Wꢂꢀ͕ꢁWE'ꢁꢃŵƉůŽLJĞƌƐꢁ&ĞĚĞƌĂƟŽŶꢁĂŶĚꢁǁĂƐꢁꢀŚĂŝƌŵĂŶꢁ ŽĨꢁWE'ꢁWŽƌƚƐꢁꢀŽƌƉŽƌĂƟŽŶꢁ>ƚĚꢁĨŽƌꢁϱꢁLJĞĂƌƐ͘ꢁ,ĞꢁŝƐꢁĐƵƌƌĞŶƚůLJꢁĂꢁꢄŝƌĞĐƚŽƌꢁŽĨꢁEĂƟŽŶĂůꢁWĞƚƌŽůĞƵŵꢁꢀŽŵƉĂŶLJꢁŽĨꢁ WE'ꢁ>ƚĚ͕ꢁ<ŝŶĂꢁWĞƚƌŽůĞƵŵꢁ>ƚĚꢁĂŶĚꢁĂꢁŵĞŵďĞƌꢁŽĨꢁƚŚĞꢁ'ŽǀĞƌŶŝŶŐꢁďŽĚLJꢁŽĨꢁƚŚĞꢁꢄŝǀŝŶĞꢁtŽƌĚꢁhŶŝǀĞƌƐŝƚLJ͘ꢁꢄƌꢁ dĞŵƵꢁŚŽůĚƐꢁĂꢁꢂĂĐŚĞůŽƌꢁŽĨꢁꢃĐŽŶŽŵŝĐƐꢁ;,ŽŶƐͿꢁĨƌŽŵꢁƚŚĞꢁhŶŝǀĞƌƐŝƚLJꢁŽĨꢁWĂƉƵĂꢁEĞǁꢁ'ƵŝŶĞĂ͕ꢁĂꢁDĂƐƚĞƌƐꢁŝŶꢁ ꢅŐƌŝĐƵůƚƵƌĂůꢁꢄĞǀĞůŽƉŵĞŶƚꢁꢃĐŽŶŽŵŝĐƐꢁĨƌŽŵꢁƚŚĞꢁꢅƵƐƚƌĂůŝĂŶꢁEĂƟŽŶĂůꢁhŶŝǀĞƌƐŝƚLJ͕ꢁꢀĂŶďĞƌƌĂ͕ꢁꢅƵƐƚƌĂůŝĂꢁĂŶĚꢁĂꢁ WŚ͘ꢄꢁŝŶꢁꢅŐƌĐŝĐƵůƚƵƌĂůꢁꢃĐŽŶŽŵŝĐƐꢁĨƌŽŵꢁƚŚĞꢁhŶŝǀĞƌƐŝƚLJꢁŽĨꢁꢀĂůŝĨŽƌŶŝĂ͕ꢁꢄĂǀŝƐ͕ꢁh^ꢅ͘

9

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SIR NAGORA BOGAN, KBE, LLB ͮꢁEŽŶꢁͲꢁꢃdžĞĐƵƟǀĞꢁꢄŝƌĞĐƚŽƌꢁͮꢁꢄŝƌĞĐƚŽƌꢁƐŝŶĐĞꢁ:ƵŶĞꢁϮϬϬϯ͘ꢁ

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