Steward-Ownership
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
Bosnia and Herzegovina Joint Opinion on the Legal
Strasbourg, Warsaw, 9 December 2019 CDL-AD(2019)026 Opinion No. 951/2019 Or. Engl. ODIHR Opinion Nr.:FoA-BiH/360/2019 EUROPEAN COMMISSION FOR DEMOCRACY THROUGH LAW (VENICE COMMISSION) OSCE OFFICE FOR DEMOCRATIC INSTITUTIONS AND HUMAN RIGHTS (OSCE/ODIHR) BOSNIA AND HERZEGOVINA JOINT OPINION ON THE LEGAL FRAMEWORK GOVERNING THE FREEDOM OF PEACEFUL ASSEMBLY IN BOSNIA AND HERZEGOVINA, IN ITS TWO ENTITIES AND IN BRČKO DISTRICT Adopted by the Venice Commission at its 121st Plenary Session (Venice, 6-7 December 2019) On the basis of comments by Ms Claire BAZY-MALAURIE (Member, France) Mr Paolo CAROZZA (Member, United States of America) Mr Nicolae ESANU (Substitute member, Moldova) Mr Jean-Claude SCHOLSEM (substitute member, Belgium) This document will not be distributed at the meeting. Please bring this copy. www.venice.coe.int CDL-AD(2019)026 - 2 - Table of Contents I. Introduction ................................................................................................................ 3 II. Background and Scope of the Opinion ...................................................................... 4 III. International Standards .............................................................................................. 5 IV. Legal context and legislative competence .................................................................. 6 V. Analysis ..................................................................................................................... 8 A. Definitions of public assembly .................................................................................. -
Monthly Ranking of Brokerage Firms 01/09/2018 - 30/09/2018
Month: 2018-09 Monthly Ranking of Brokerage Firms 01/09/2018 - 30/09/2018 EGX Information Center - Monthly Ranking of Brokerage Firms Page 1 Issued on : 01/10/2018 01/09/2018 - 30/09/2018 Brokerage Firms in Terms of Value Traded (Main Market - OTC - NILEX) Volume Value Traded % of # of # Brokerage Firm Traded (LE) Total Trades (Share) 1 Financial Brokerage Group 6,722,889,142 17.7% 641,074,707 46,480 2 Commercial International Brokerage company (CIBC) 2,897,758,232 7.6% 446,497,430 58,700 3 Beltone Securities Brokerage 2,434,066,653 6.4% 382,741,289 32,793 4 Pharos Securities 2,360,244,245 6.2% 242,045,477 17,047 5 Arab African International Securities 2,344,724,462 6.2% 147,489,664 10,106 6 Hermes Securities Brokerage 2,154,876,769 5.7% 778,888,588 55,347 7 Arqaam Securities Brokerage 1,752,661,044 4.6% 143,967,772 27,418 8 Pioneers Securities 1,343,291,915 3.5% 534,035,101 57,215 9 Mubasher International For Securities 965,250,854 2.5% 362,095,597 41,397 10 Naeem Brokerage 945,885,668 2.5% 315,440,142 25,466 11 Sigma Securities Brokerage 934,307,496 2.5% 321,416,657 31,886 12 HSBC Securities Egypt S.A.E 859,787,800 2.3% 24,591,458 7,176 13 HC Brokerage 727,084,286 1.9% 120,338,782 19,027 14 Arabeya Online Securities 718,347,298 1.9% 335,448,129 33,686 15 Prime Securities Brokerage 602,869,331 1.6% 122,262,766 11,786 16 Shuaa securities 599,308,708 1.6% 180,864,539 15,334 17 Egyptian Arabian Company(Themar) 480,005,229 1.3% 183,291,230 20,275 18 Ifa Securities Brokerage 401,523,234 1.1% 221,943,955 8,319 19 Metro Co. -
Share Capital
SHARE CAPITAL CAPITAL STRUCTURE The table below sets out details relating to our share capital as at the Latest Practicable Date. Authorised share capital(1): 3,600,000,000. Common Shares 7,200,000,000. Class A Preferred Shares Issued, fully paid or credited as fully paid(2): 3,256,724,482. Common Shares in issue 2,108,579,606. Class A Preferred Shares in issue 12. Golden Shares in issue Notes: (1) The By-laws authorise the issue of shares forming part of the authorised share capital of the Common Shares and the Class A Preferred Shares by the Board without any further approval by Shareholders. (2) Including 47,375,394 Common Shares and 99,649,571 Class A Preferred Shares in treasury. TWO CLASSES OF SHARES Our share capital is currently divided into two classes of shares: (i) Common Shares and (ii) Preferred Shares. The two classes of Shares were first issued at the time of our incorporation on 11 January 1943. The Preferred Shares are further divided into Class A Preferred Shares and Golden Shares. All of the issued Shares are registered shares with no nominal value. In accordance with our privatisation deed, the Shareholders’ meeting held after the privatisation approved the introduction of the Golden Share to be exclusively owned by the Brazilian Government which carried special veto rights over certain matters specified in the By-laws. After subsequent share splits, there are now 12 Golden Shares in issue. All of the Golden Shares are owned by the Brazilian Government. For more information on the rights attached to the Golden Shares, please refer to “Voting rights” below. -
2021-2022 Biennial BUDGET 2021 - 2022 CITY of GOLDEN, COLORADO BUDGET and CAPITAL PROGRAMS
CITY OF GOLDEN 2021-2022 Biennial BUDGET 2021 - 2022 CITY OF GOLDEN, COLORADO BUDGET AND CAPITAL PROGRAMS 2021 – 2022 Golden Downtown General Improvement District Budget 2021-2022 Downtown Development Authority Budget 2021 Budget Adopted by Resolution of the Golden City Council on December 3, 2020 2019 GOLDEN CITY COUNCIL Laura Weinberg, Mayor Robert Reed, Ward I Paul Haseman, Ward II Jim Dale, Ward III Bill Fisher, Ward IV JJ Trout, District I Casey Brown, Mayor Pro-Tem District II Submitted by: Jason Slowinski City Manager 2021Ͳ2022CITYOFGOLDENBIENNIALBUDGET TABLEOFCONTENTS INTRODUCTION BudgetMessage...................................................................................................................1 BudgetCalendar..................................................................................................................15 CitizensBudgetAdvisoryCommitteeMessage...................................................................17 GFOADistinguishedBudgetPresentationAward................................................................19 ϮϬϮϭͲϮϬϮϮBudgetSummaryFundTypeDescriptions.........................................................20 ϮϬϮϭͲϮϬϮϮFundStructureChart.........................................................................................24 ϮϬϮϭBudgetSummaryRevenueandExpenditureChartofallFunds.................................25 ϮϬϮϮBudgetSummaryRevenueandExpenditureChartofallFunds.................................26 ϮϬϮϭBudgetSummary–ByFundType.............................................................................27 -
Limited but Not Lost: a Comment on the ECJ's Golden Share Decisions
Fordham Law Review Volume 72 Issue 5 Article 35 2004 Limited But Not Lost: A Comment on the ECJ's Golden Share Decisions Christine O'Grady Putek Follow this and additional works at: https://ir.lawnet.fordham.edu/flr Part of the Law Commons Recommended Citation Christine O'Grady Putek, Limited But Not Lost: A Comment on the ECJ's Golden Share Decisions, 72 Fordham L. Rev. 2219 (2004). Available at: https://ir.lawnet.fordham.edu/flr/vol72/iss5/35 This Article is brought to you for free and open access by FLASH: The Fordham Law Archive of Scholarship and History. It has been accepted for inclusion in Fordham Law Review by an authorized editor of FLASH: The Fordham Law Archive of Scholarship and History. For more information, please contact [email protected]. COMMENT LIMITED BUT NOT LOST: A COMMENT ON THE ECJ'S GOLDEN SHARE DECISIONS Christine O'Grady Putek* INTRODUCTION Consider the following scenario:' Remo is a large industrialized nation with a widget manufacturer, Well-Known Co. ("WK") which has a strong international reputation, and is uniquely identified with Remo. WK is an important provider of jobs in southern Remo. Because of WK's importance to Remo, for both economic and national pride reasons, Remo has a special law (the "WK law"), which gives the government of southern Remo a degree of control over WK, all in the name of protection of the company from unwanted foreign takeovers and of other national interests, such as employment. The law caps the number of voting shares that any one investor may own, and gives the government of Southern Remo influence over key company decisions by allowing it to appoint half the board of directors. -
Assertions, the Golden Share Was Not a Condition Ofthe 1997 Enron/PGE Merger Transaction" and in Fact, PGE Did Not Create T
assertions, the golden share was not a condition ofthe 1997 Enron/PGE merger transaction" and in fact, PGE did not create this golden share mechanism until after Enron declared bankruptcy. Once Enron declared bankruptcy in 2001, PGE worked with S&P to develop a structure to avoid future downgrades ofPGE's bond ratings. PGE opted to issue one share with special voting rights with respect to any voluntary action by PGE regarding bankruptcy. PGE chose the holder ofthe share; neither the Oregon Public Utility Commission ("OPUC") nor its staff directly selected the shareholder. In 2002, OPUC approved PGE's application seeking authority to issue the single share of $1.00 par value Junior Preferred Stock in order to further insulate PGE from the effects of the Enron bankruptcy. 80 Thus, CPB is mistaken when it claims: "In fact ... as the DPS Staffs Policy Panel testified on cross-examination by the CPB, it was the existence of a golden share provision that was the entire reason why Portland was not dragged into the Enron bankruptcy" (CPB JB at 17). This misses the key point: because the so-called "golden share" provision in Oregon was not implemented until after Enron filed for bankruptcy protection. what the case actually shows is that state regulators have the means and ability, even after a holding company bankruptcy, to work cooperatively with a utility to protect itself from the effects of a parent's bankruptcy. Staff's third and final example claims that an LPE mechanism was required as a condition of the Mid-American Holding Company C'Mid-American") and PacitiCorp merger 79 In the merger order, POE was directed to maintain its own long-term debt ratings and preferred stock ratings for as long as it had preferred stock outstanding; to maintain the common equity portion of its capital structure at 48 G/o or higher unless a different level was approved; and to file information and disclosure notices for affiliated interest transactions. -
Lack of Proportionality Between Ownership and Control: Overview and Issues for Discussion
LACK OF PROPORTIONALITY BETWEEN OWNERSHIP AND CONTROL: OVERVIEW AND ISSUES FOR DISCUSSION Issued by the OECD Steering Group on Corporate Governance, December 2007 At its meeting on 14 November 2007 the Steering Group on Corporate Governance agreed on a common position based on the OECD Principles of Corporate Governance about the issue of whether there should be proportionality between ownership and control (also known as one-share-one-vote) in listed companies. Corporate Affairs Division, Directorate for Financial and Enterprise Affairs Organisation for Economic Co-operation and Development 2 rue André-Pascal, Paris 75116, France www.oecd.org/daf/corporate-affairs/ 2 Lack of proportionality between ownership and control TABLE OF CONTENTS SUMMARY AND CONCLUSIONS .............................................................................................................. 4 Summary of main findings ........................................................................................................................... 4 Conclusions .................................................................................................................................................. 5 LACK OF PROPORTIONALITY BETWEEN OWNERSHIP AND CONTROL: OVERVIEW AND ISSUES FOR DISCUSSION .......................................................................................................................... 6 1. Introduction ......................................................................................................................................... -
Financial Market Trends 79
Recent Privatisation Trends* I. Introduction and summary Over the past two decades, privatisation has become a key ingredient in eco- nomic reform in many countries. In the last decade alone, close to one trillion US dollars (USD) worth of state-owned enterprises have been transferred to the private sector in the world as a whole. The bulk of privatisation proceeds have come from the sale of assets in the OECD member countries. Privatisation have affected a range of sectors such as manufacturing, banking, defence, energy, trans- portation and public utilities. The privatisation drive in the 1990s was fuelled by the need to reduce budgetary deficits, attract investment, improve corporate effi- ciency and liberalising markets in sectors such as energy and telecommunications. The second half of the 1990s brought an acceleration of privatisation activity espe- cially among the members of the European Monetary Union (EMU), as they started to meet the requirements of the convergence criteria of the Maastrich Treaty. After a decade of growth, global privatisation proceeds in 2000 stood at USD 100 billion,1 down by almost one third from the levels attained in 1999 (Table 1). Much of the decline took place in the OECD countries, which saw their traditionally high share of world privatisation proceeds reduced. Nevertheless, the OECD area continued to account for well over half of global proceeds (Figure 1), the bulk of which came from members of the European Union (EU). * This article was prepared by Ladan Mahboobi, Corporate Affairs Division. The data are from the OECD Privatisation Database and have been prepared by Ayse Bertrand of the Financial Statistics Unit. -
Reluctant Privatization
Reluctant privatization Bernardo Bortolotti 1 and Mara Faccio 2 Abstract We study the evolution of the control structure a large sample of privatized firms in OECD countries and find evidence broadly consistent with the concept of “reluctant privatization”, defined as the transfer of ownership rights in State-owned enterprises without a corresponding transfer of control rights. Indeed, as of 2000, governments are the largest shareholder or use special control powers to retain voting control of 62.4% of privatized firms. However, contrary to accepted theory, greater government control over privatized firms does not negatively affect market valuation. In fact, government stakes are positively and significantly related to peer-adjusted market-to-book ratios. Results are not driven by the choice of the benchmark, reverse causality or by agency costs associated with private ownership. Rather, it appears that the relationship documented reflects more frequent financial aid (bailouts) accruing to privatized firms that remain under government control. Keywords: Privatization, Corporate Governance JEL ns: L33, D72, G15, H6, K22 1 Università di Torino, Department of Economics and Finance, Corso Unione Sovietica, 218 bis, Torino 10134, Italy; Phone: (+39) 02 52036968; Fax: (+39) 02 52036946; email: [email protected]. 2 Vanderbilt University, Owen Graduate School of Management, 401 21st Avenue South, Nashville, TN 37203, U.S.A.; Phone: (+1) 615 322-4075; Fax: (+1) 615 343-7177; email: [email protected]. Utpal Bhattacharya played an -
Reflections on the EU's System of Checks and Balances in the Age
21 Revisiting the State’s Role in the Private Sector: Reflections on the EU’s System of Checks and Balances in the Age of Covid-19 Peter Alexiadis Introduction Long before the advent of the Covid-19 pandemic, there was a growing consensus across the European Union that over a decade of austerity since the market failures of the financial crisis of 2008 had weakened the ability of many sovereign states’ institutions to deliver key public services.1 In response to the financial crisis, EU Member States felt compelled to prop up their corners of the international financial system through huge cash injections into ailing banks that were funded by taxpayers, and the European Commission (the ‘Commission’) supported them in those efforts.2 * Peter Alexiadis, partner at Gibson, Dunn & Crutcher – Brussels, Visiting Professor/King’s College, London. The author would like to thank the research efforts of his colleagues, Idil Kart, Konstantinos Sidiropoulos and Teodor Asenov, in bringing together this article. 1 Eg, refer to, inter alia, Benjamin Mueller, ‘What Is Austerity and How Has It Affected British Society?’ New York Times (New York, 24 February 2019); Odysseas Christou, Christina Ioannou and Anthos Shekeris, ‘Social Cohesion and the State in times of Austerity’, Friedriche Ebert Stiftung, September 2013. 2 See Adrian Blundell-Wignall and Paul Atkinson, ‘The Sub-Prime Crisis: Causal Distortions and Regulatory Reform’, Lessons from the Financial Turmoil of 2007 and 2008 (2008) www.rba.gov.au/publications/confs/2008/pdf/blundell-wignall-atkinson.pdf; Sol Trumbo Vila, ‘The Bail-out Business in the EU: 1.5 trillion Euros to rescue ailing banks in EU’, Euractiv, 23 February 2017; refer, eg, to the long list of Commission state aid decisions involving the financial services sector adopted over the period 2008–2014 https:// ec.europa.eu/competition/elojade/isef/index.cfm?fuseaction=dsp_result&policy_area_ id=3 accessed 27 November 2020. -
The Dutch Republic and Spain in the First
DIECIOCHO 32.2 (Fall 2009) 1 MERCHANTS AND OBSERVERS. THE DUTCH REPUBLIC’S COMMERCIAL INTERESTS IN SPAIN AND THE MERCHANT COMMUNITY IN CADIZ IN THE EIGHTEENTH CENTURY.1 ANA CRESPO SOLANA CSIC (Madrid) Introduction Around 1720, the Dutch merchant colony in Cadiz succeeded in restoring trade with Amsterdam after several crisis periods. At the end of the 17th century and during the Spanish War of Succession, Dutch-Spanish trade went into a period of recession, although only in relative terms. Trade in general, just like everything else as far as the United Provinces were concerned, was affected by this ‘decline’ (Achteruitgang), as once described by Jonathan Israel or even by Jan de Vries himself. Holland stepped off the aggressive international scenario but continued its fruitful growth in the cultural and economic fields (Israel 378-395). The signs of such decline vary depending on the different sectors of Dutch foreign trade. To the minds of the merchants in the Maritime Provinces trading with vast overseas regions and for those that received their consignments at various European port-towns, Dutch trade and shipping was the mainstay of the economy of the countries where they had spread their commercial networks. One of those countries was Spain, especially the areas of influence of various ports in Andalusia, the Mediterranean and the northern coast. With regard to trade with France and even with England, the Dutch lost ground in financial terms, although their role as capital and financial marine services (freights, insurance), exporters as well as manufacture providers and re-exporters of colonial produce and certain raw materials, did not diminish. -
ALCATEL LUCENT (Exact Name of Registrant As Specified in Its Charter)
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________ Form 20-F [ ] REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2007 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR [ ] SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 1-11130 ALCATEL LUCENT (Exact name of Registrant as specified in its charter) N/A (Translation of Registrant’s name into English) Republic of France (Jurisdiction of incorporation or organization) 54, rue La Boétie 75008 Paris, France (Address of principal executive offices) Rémi Thomas Telephone Number 33 (1) 40 76 10 10 Facsimile Number 33 (1) 40 76 14 00 54, rue La Boétie 75008 Paris, France (Name, Telephone, E-mail and/or Facsimile Number and Address of Company Contact Person) Securities registered pursuant to Section 12(b) of the Act: Name of each exchange Title of each class on which registered American Depositary Shares, each representing one ordinary share, nominal value €2 per share* New York Stock Exchange ____________ * Listed, not for trading or quotation purposes, but only in connection with the registration of the American Depositary Shares pursuant to the requirements of the Securities and Exchange Commission. Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.