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Botswana Stock Exchange Overview

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Botswana Stock Exchange Overview A N N U A L R E P O R T | 2 0 1 5 R E A C H I N G MILEStoneS 2015 1. The BSE registered a yearly turnover of P3.0 Bn, the highest ever recorded since the inception of the BSE 2. BSE Transition Act commenced 3. Afinitas Limited, a pure startup company, listed in July 4. BTCL IPO approved to commence in January 2016 Our Theme CONTENTS Mission & Vision Statements 2 Our Values 3 2015 Highlights 4 The Botswana Stock Exchange 6 Overview “The theme for this year’s Board Members 8 financial and operational Management Team 10 report “Reaching Greater Company Structure 14 Heights” paints a good Our Staff 16 picture and adds strides Chairperson’s Statement 18 to the momentum CEO’s Review 22 generated in the previous Graphical Review 86 Market Statistics 92 year.” BSE Strategy 102 Corporate Governance 108 Regina Vaka BSE Chairperson Financial Statements 113 001 annual report 2015 Vision MISSION Our vision is to & VISION be the leading Stock Exchange STATEMENTS in Africa. Mission We will do this by: To provide and • Growing the market operate a fair, in terms of number of listings, market transparent and capitalisation and liquidity, efficient stock market and in addition; for all stakeholders • Providing excellent returns for our participants; in order to optimise national economic • Attracting the most foreign portfolio investment; and development. • Improving internal operations (including being self sustaining). 002 REACHING GREATER HEIGHTS Our Values PASSION RESPECT INTEGRITY • Creativity & • Teamwork & • Corporate & Personal Innovation Collaboration Ethics • Personal • Knowledge Sharing • Credibility, Learning, Growth, & Communication Transparency & Development, • Customer Accountability Coaching & Orientation • Risk Management Developing others DISCIPLINE EXECUTION • Committed to • Achievement-driven realizing value and • Excellence converting Value • Results Focused to a competitive advantage • Committed to continuous improvement 003 annual report 2015 HIGHLIGHTS Record turnover in bonds amounting to FOR 2015 Number of Accounts opened in CSD increased from P858.0Mn 21,663 to 28,122 accounts DCI appreciated by Cumulative ETFs trades exceeded 11.6% P1.1Bn P3.0Bn record turnover achieved 004 REACHING GREATER HEIGHTS 005 annual report 2015 BOTSWANA STOCK EXCHANGE OVERVIEW At that time there was no formal stock In April 2003, in order to better execute exchange in Botswana and the BSM the affairs of the Exchange, better serve traded as an informal market. There stakeholders, and be more responsive to were only 5 listed entities with a single global events and to remain competitive, broking firm i.e. Stock Brokers Botswana the BSE discontinued the secretarial role Ltd (SBB), which was also charged with of Ernst and Young Botswana to become facilitating trading on the exchange a fully independent entity. via the matching of orders. In order to encourage foreign investors to Botswana The BSE continues to be pivotal to an interim exchange committee was set Botswana’s financial system, and in up in October 1990 with representatives particular the capital market, as an from the private and public sector, avenue on which government, quasi- including the secretary of the Zimbabwe government and the private sector can Stock Exchange, the Chief Executive raise debt and equity capital. The BSE of SBB, the Permanent Secretary of the plays host to the most pre-eminent Ministry of Finance, and the Deputy companies doing business in Botswana. The Botswana Stock Exchange Director of the Bank Supervision These companies represent a spectrum (BSE) is Botswana’s national Department of Bank of Botswana. The of industries and commerce; these are committee had the power to list and to Banking, Financial Services, Wholesaling stock exchange, given the de-list a stock, and was also responsible & Retailing, Tourism, Energy, Property & responsibility to operate and for ensuring that the BSE traded ethically Trust, Security and Telecommunications [Ruben Lee, 1998]. The necessity to (effective April 2016). Currently, there are regulate equity and the fixed detach the running of the exchange 32 listed entities in the BSE comprising interest security market. from the broking business set in motion 22 domestic and 10 foreign companies. a process for the establishment of an The BSE also has 38 listed bonds and 4 Formally established in 1989, independent exchange. Exchange Traded Funds. the BSE traces its humble In September 1994, the legislation to beginnings to when it was OUR PRODUCTS transform the BSM into a full exchange known as Botswana Share was passed by Parliament paving The BSE aims to become a financial the way for the establishment of the supermarket, meaning it aims to provide Market (BSM). Botswana Stock Exchange (BSE) where the right kind of products to suit investor trading opened in November 1995. In and issuer so that it meets growing March 1998, Ernst and Young took the customer demands and challenges of full administration of the BSE. With effect the globalisation of financial markets. from July 2001, a full time Chief Executive This can be done through product Officer was appointed with the aim of innovation and diversification. making the BSE completely independent. 006 REACHING GREATER HEIGHTS Currently, products that can be listed The members have promulgated Rules CORPORATE INFORMATION include Equities, Corporate Bonds, (Member Rules) which provide the BSE Office: Government Bonds, Exchange Traded requirements to be fulfilled for the Exchange House Products, Index Funds and Commercial securities listed and traded on the Office Block 6 Papers while products being developed Exchange. Members Rules provide as Plot 64511, Fairgrounds are Global Depository Receipts and Real the main objective thereof, “to operate Private Bag 00417 Estate Investment Trusts. a Stock Exchange in Botswana with due Gaborone regard to the public interest to maintain BOTSWANA STOCK EXCHANGE fair and efficient dealing in securities for Independent Auditors: REGULATORY ENVIRONMENT the protection of investors and regulate KPMG the affairs of members”. The main law which governs all the activities between the Exchange and Bankers: In addition, the Exchange has a set of its members, the proceedings of the Barclays Bank of Botswana Limited Listing Requirements which provide the Main Committee and its composition; Standard Chartered Bank Botswana pre-listing requirements and post-listing the relationship between the Minister Limited requirements to be observed by the and the Exchange together with the issuers of listed securities. The emphasis relations between the Registrar, is the is to make sure issuers disclose as much Botswana Stock Exchange Act No 11of information to the public and investors 1994. The BSE is regulated by the Non as possible so that the latter can make Banking Financial Institutions Regulatory informed investment decisions. The Authority (NBFIRA). A new Act, the Rules were amended and subsequently BSE Transition Act commenced on 1 approved in 2015, becoming effective in December 2015, paving the way for June 2016. commencement of the demutualization of the BSE. Whilst the Securities Act has been approved, it is still awaiting a Commencement Order. THE TRADING DAY AT THE BSE Sessions Time Duration (a) Pre-trading Session 10:00hrs to 10:10hrs. 10 min (b) Open Auction Session 10:10hrs to 10:25hrs. 15 min (c) Regular Trading Session 1 10:25hrs to 11:55hrs 1hr 30 min (d) Interim Auction Session 11:55hrs to 12:05hrs 10 min (e) Regular Trading Session 2 12:05hrs to 13:20hrs 1hr 15 min (f) Closing Auction Session 13:20hrs to 13:30hrs. 10 min (g) Closing Price Publication Session 13:30hrs to 13:40hrs 10 min (h) Closing Price Cross Session 13:40hrs to 13:50hrs 10 min (i) Post-Close Session 13:50hrs to 14:00hrs 10 min (j) Market Close 14:00hrs. 007 annual report 2015 BOARD MEMBERS 008 REACHING GREATER HEIGHTS A B C D E F G H I A Ms. Regina Vaka B Mr. Gregory Matsake C Ms. Goitseone Kgaodi Chairperson Vice Chairperson Treasurer D Prof. John Kiggundu E Mr. Nelson Letshwene F Gen. Tebogo C. Masire Member Member Member G Mr. Martin Makgatle H Mr. Kabelo Mohohlo I Ms. Itumeleng Magama Member Member Member 009 annual report 2015 MANAGEMENT TEAM 010 REACHING GREATER HEIGHTS Mr. Thapelo Tsheole Ms. Mpho Mogasha Ms. Latelang Chakalisa Chief Executive Officer Finance and Administration Corporate Affairs Manager Manager Thapelo was appointed CEO of Ms. Mogasha joined the BSE in Ms. Chakalisa joined the BSE in the BSE in January 2016. Prior 2006 as an Operations Officer June 2009 as a Corporate Affairs to that, he was the Deputy CEO – Finance & Admin, a position Manager. Prior to joining the since February 2014. Thapelo she held until July 2013, when Botswana Stock Exchange, she joined the BSE February 2007 as she was appointed to the role was Senior Manager, Securities at a Product Development Manager. of Acting Finance & Admin Stanbic Bank Botswana Limited. Thapelo holds a Bachelor of Manager. She assumed the role Before then, she worked for the Social Sciences (Single Major of Finance & Administration Attorney General’s Chambers Economics) from the University Manager in February 2014. Prior as a Senior State Counsel in the of Botswana and a Master of to joining the BSE she worked Civil Litigation Department. She Commerce (MComm) in Financial for Motswedi Securities as an holds an LLB from the University Markets from Rhodes University Accountant. Before then, she of Botswana and Post Graduate (RSA). Further, he holds a Masters worked for Grunwald Construction Diploma Strategic Management in Business Administration (MBA) as an Assistant Accountant. Mrs. from the University of Derby, UK. from the Graduate School of Mogasha graduated with a BA in Business, University of Cape Town Accounting from the University of (RSA). Botswana. She is ACCA qualified and a member of the Botswana Thapelo has also completed Institute of Chartered Accountants several financial markets (BICA). She is currently pursuing programmes which include a Management Development Registered Person Examination Programme with the University (RPE) conducted by South African of Stellenbosch Business School Institute of Financial Markets (RSA).
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