DOCSLIB.ORG

Goldman Sachs Funds II SICAV Annual Report Audited Financial Statements

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Goldman Sachs Funds II SICAV Annual Report Audited Financial Statements Goldman Sachs Funds II SICAV Annual Report Audited Financial Statements R.C.S. Luxembourg B 133 806 1117 Goldman Sachs Funds II Table of Contents Page Directors and Other Information 1 Investment Adviser’s Report 2 Audit Report (ISA ) 4 Report of Independent Auditor (US GAAS) 7 Statement of Assets and Liabilities 9 Statement of Operations 10 Statement of Changes in Shareholders’ Equity 11 Statistical Information 12 Notes to the Financial Statements 14 Schedule of Investments 45 GOLDMAN SACHS FUNDS II—GLOBAL MANAGER STRATEGIES PORTFOLIOS Goldman Sachs Funds II—Multi-Manager Emerging Markets Equity Portfolio 45 Goldman Sachs Funds II—Multi-Manager Europe Equity Portfolio 49 Goldman Sachs Funds II—Multi-Manager Global Equity Portfolio 52 Goldman Sachs Funds II—Multi-Manager US Equity Portfolio 59 Goldman Sachs Funds II—Multi-Manager US Small Cap Equity Portfolio 62 GOLDMAN SACHS FUNDS II—SPECIALIST PORTFOLIOS Goldman Sachs Funds II—Global Event Driven Portfolio 65 Goldman Sachs Funds II—Global Multi-Manager Alternatives Portfolio 69 GOLDMAN SACHS FUNDS II—DEDICATED PORTFOLIOS Goldman Sachs Funds II—Balanced Allocation Portfolio 100 Goldman Sachs Funds II—Tactical Tilt Overlay Portfolio 105 Goldman Sachs Funds II—Strategic Factor Allocation Portfolio 114 APPENDICIES Appendix I—Advisory Fee s Rates, Expense Caps and Total Net Expense Ratios (Unaudited) 117 Appendix II—Portfolio and Share Class Launches, Closures and Mergers (Unaudited) 119 Appendix III—Shareholder Concentration (Unaudited) 121 Appendix IV—Calculation Method Used for Global Exposure (Unaudited) 122 Appendix V—Management Company Annual Report Disclosures (Unaudited) 124 Appendix VI—Securities Financing Transactions Regulation (“SFTR”) Disclosures (Unaudited) 126 Additional Information (Unaudited) 133 Goldman Sachs Funds II Directors and Other Information Goldman Sachs Asset Management GOLDMAN SACHS FUNDS II 4 Paying and Information Agent in Société d’Investissement à Capital (Singapore) Pte Ltd . Germany Variable 1 Raffles Link State Street Bank GmbH An undertaking for collective investment #07-01 South Lobby Brienner Strasse 59 organised under the laws of the Grand Singapore 039393 80333 Munich, Germany Duchy of Luxembourg (from 1 April 2017) Goldman Sachs Asset Management Paying Agent in Italy Board of Directors 4 Société Générale Securities Services S.p.A. 1 Australia Pty Ltd . Grainne Alexander (Irish) Maciachini Center MAC 2 1 Level 17, 101 Collins Street Frank Ennis (Irish) Via Benigno Crespi, 19/A 2,3 Melbourne VIC 3000, Australia Theodore Sotir (UK/US ) 20159 Milan, Italy Katherine Uniacke (US) 2 2 Goldman Sachs Asset Management Karl Wianecki (US) Co., Ltd .4 AllFunds Bank S.A. Roppongi Hills Mori Tower Milan Branch Management Company 10-1, Roppongi 6-chome Via Santa Margherita 7 Goldman Sachs Asset Management 4 Minato-Ku, Tokyo 106-6144, Japan 20121 Milan, Italy Global Services Limite d Peterborough Court Goldman Sachs Asset Management, L.P .4 RBC Dexia Investor Services Bank S.A. 133 Fleet Street 200 West Street Milan Branch London EC4A 2BB 10282 New York Cia Vittor Pisani, 26 United Kingdom United States of America 20154 Milan, Italy Auditor Goldman Sachs Hedge Fund 4 State Street Bank S.p.A. PricewaterhouseCoopers, Société Strategies LL C Via Ferrante Aporti, 10 coopérative 1 New York Plaza 20125 Milan, Italy 2, rue Gerhard Mercator 10004 New York B.P. 1443 United States of America BNP Paribas Securities Services – L-1014 Luxembourg 4 Succursale di Milano Grand Duchy of Luxembourg Goldman Sachs Internationa l Peterborough Court Via Ansperto 5 20121 Milan, Italy Depositary, Domiciliary Agent, 133 Fleet Street Administrator, Listing Agent and London EC4A 2BB United Kingdom Banca Sella Holdings S.p.A. Luxembourg Paying Agent Piazza Gaudenzio Sella 1 State Street Bank Luxembourg S.C.A. I-13900 Biella, Italy 49, avenue J.F. Kennedy Legal Advisers Arendt & Medernach S.A. L-1855 Luxembourg Banca Monte Dei Paschi Grand Duchy of Luxembourg 41A, avenue J.F. Kennedy L-2082 Luxembourg Via Sassetti 4 50123 Firenze, Italy Distributor Grand Duchy of Luxembourg Goldman Sachs Internationa l4 Peterborough Court Registered Office Paying Agent in Liechtenstein 133 Fleet Street c/o State Street Bank Luxembourg S.C.A. LGT Bank AG London EC4A 2BB 49, avenue J.F. Kennedy Herrengasse 12 United Kingdom L-1855 Luxembourg FL-9490 Vaduz R.C.S. Luxembourg B 133 806 Investment Adviser Grand Duchy of Luxembourg Paying Agent in Sweden Goldman Sachs Asset Management Global Transaction Services Internationa l4 Registrar and Transfer Agent SEB Merchant Banking Peterborough Court RBC Investor Services Bank S.A. Sergels Torg 2 133 Fleet Street 14, Porte de France SE-10640 Stockholm, Sweden London, EC4A 2BB L-4360 Esch-sur Alzette United Kingdom Grand Duchy of Luxembourg Paying Agent in Switzerland Goldman Sachs Bank A G4 5 Sub-Adviser s : Paying and Information Agent in Austria Münsterhof 4 Goldman Sachs (Asia) L.L.C. – Hong Kong Raiffeisen Bank International AG 8001 Zurich, Switzerland Branc h4 Am Stadtpark 9 68th Floor Cheung Kong Center, 1030 Vienna, Austria Representative in Switzerland 2 Queen’s Road First Independent Fund Services AG Central, Hong Kong Paying and Information Agent in Belgium Klausstrasse 33 (until 31 March 2017 ) RBC Investor Services Belgium S.A. Place Rogier II 8008 Zurich, Switzerland 4 Goldman Sachs (Singapore) Pte . 1210 Brussels, Belgium 1 Raffles Link The Fund’s Prospectus with its Supplements, #07-01 South Lobby Representative in Denmark Key Investor Information Documents, Articles Singapore 039393 StockRate Asset Management A/S of Incorporation, Annual Report, Semi- (until 31 March 2017 ) 18D, sdr Jernbanevej Annual Report and the list of all transactions 3400 Hillerod, Denmark carried out by the Investment Adviser during Goldman Sachs Asset Management (Hong the year are available free of charge at the 4 Kong) Ltd. Paying and Information Agent in offices of the local Paying and Information 68th Floor Cheung Kong Center, France Agents and the Swiss Representative. 2 Queen’s Road RBC Investor Services Bank France S.A. Central, Hong Kong 105, rue Réaumur (from 1 April 2017) 75002 Paris, France ________________________________________________________________________________________________________________ 1 Independent Directors. 2 Director of the Fund employed by Goldman Sachs Group, Inc. or its direct or indirect subsiadiry. 3 Theodore Sotir resigned from the Board of Directors as of 31 December 2017. 4 A related party to Goldman Sachs Funds II. 5 Refer to Note 6 for non-affiliated Sub-Advisers. 1 Goldman Sachs Funds II Investment Advi ser’s Report Dear Shareholders: Enclosed is the report for the year ended 30 November 2017. A. Market Review 1 The global economy improved during the 12 months ended 30 November 2017. Looking back, the U.S. Department of Commerce reported that fourth quarter 2016 U.S. Gross Domestic Product (“GDP”) growth was 1.8%. U.S. GDP growth was 1.2% and 3.1%, respectively, during the first and second quarters of 2017, and then increased to 3.2% for the third quarter of 2017. In its October 2017 World Economic Outlook Update the International Monetary Fund (“IMF”) said, “the pickup in growth projected in the April 2017 World Economic Outlook is strengthening. The global growth forecast for 2017 and 2018—3.6 percent and 3.7 percent, respectively—is 0.1 percentage points higher in both years than in the April 2017 and July 2017 forecasts. Notable pickups in investment, trade, and industrial production, coupled with strengthening business and consumer confidence, are supporting the recovery.” From a regional perspective, the IMF estimates 2017 growth in the Eurozone will be 2.1%, versus 1.8% in 2016. Japan's economy is expected to expand 1.5% in 2017, compared to 1.0% in 2016. Elsewhere, the IMF projects that overall growth in emerging market countries will increase to 4.6% in 2017, versus 4.3% in 2016. The global equity market generated outstanding results during the reporting period. The U.S. stock market rose during all 12 months of the year. This was driven by overall solid corporate profits, expectations for improving economic growth and robust investor demand. These positives more than offset monetary tightening by the U.S. Federal Reserve (“Fed”), political uncertainties and several geopolitical events. For the 12 months ended 30 November 2017, the S&P 500 Index gained 22.13% . International equities produced even stronger results, as were positively impacted by, amongst other things, signs of accelerating global growth, overall strong corporate profits and continued monetary policy accommodation. During the period, international developed equities, as measured by the MSCI EAFE Index (net), returned 27.27%. Meanwhile, emerging market equities, as measured by the MSCI Emerging Markets Index (net) gained 32.82% during the reporting period.* The global fixed income market generated positive results over the 12 months ended 30 November 2017. Both short-term and long-term U.S. Treasury yields moved higher over the period. The Fed raised interest rates three times during the reporting period and initiated a plan to start reducing its balance sheet. In contrast, the European Central Bank and the Bank of Japan maintained their highly accommodative monetary policies. Inflation remained tame despite a pickup in global growth. For the 12 months ended 30 November 2017, the Bloomberg Barclays US Aggregate Bond Index and Bloomberg Barclays Global Aggregate Bond Index (hedged to USD) returned 3.21% and 6.53% respectively. Investors were rewarded for taking on additional risk in the fixed income market during the reporting period. The U.S. high yield bond market, as measured by the Bloomberg Barclays U.S. Corporate High Yield Bond Index, gained 9.16%, whereas the emerging market debt asset class, as measured by the JPMorgan EMBI Global Diversified Index, returned 10.82 % over the 12 months ended 30 November 2017.* Past performance is not indicative of future results, which may vary. 2 Goldman Sachs Funds II Investment Advi ser’s Report (Continued) B.
Load more

Recommended publications
  • LG CNS Co., Ltd. 23 June 2014
    Corporate Analysis Rating Date: LG CNS Co., Ltd. 23 June 2014 Analysts Rating Overview Rating History Lee Yong Hoon +822 368 5431 5th and 6th unsecured [email protected] bond AA-/Stable Jeong Sang Hun, Team Head정 Rating Type Periodic Rating +822 368 5676 [email protected] Sub. Bond NR CP A1 Financial Highlights (Unit:KRW100mn, x, %) 2010(12) 2011(12) 2012(12) 2013(12) 2014(03) Revenue 28,067 31,912 31,372 31,967 5,378 EBIT 1,437 1,201 1,355 1,479 -52 EBITDA 1,920 1,780 1,959 2,195 154 Total assets 14,373 16,852 19,546 20,639 18,152 Net borrowings -58 395 2,962 3,571 4,162 EBIT/Revenue 5.1 3.8 4.3 4.6 -1.0 EBITDA margin 6.8 5.6 6.3 6.9 2.9 EBITDA/Financia l expense 25.0 15.3 13.2 11.4 3.0 Net borrowings/OCF 0.0 0.3 1.7 1.6 6.5 Debt ratio 134.6 168.7 183.0 170.0 144.9 Total borrowings/Total 8.1 10.2 20.9 25.6 29.5 assets F/S Consolidated Consolidated Consolidated Consolidated Consolidated Accounting IFRS IFRS IFRS IFRS IFRS Notestandard 1: Figures have been adjusted and reclassified in accordance with K-IFRS. Note 2: 2012 F/S is the comparative financial statement presented with 2013 consolidated audit report. Rating Rationale Korea Ratings Corporation(KR) has assigned a rating of ‘AA-‘ to the 5th and 6th unsecured bond issued by LG CNS Co., Ltd.(the Company).
    [Show full text]
  • 2007 IMRF Addendum to the Comprehensive Annual Financial
    Illinois Municipal Retirement Fund Addendum to the 2007 Comprehensive Annual Financial Report For the year ending December 31, 2007 Illinois Municipal Retirement Fund Investment Portfolio as of December 31, 2007 Interest Asset Description Rate Maturity Date Par Value Cost Value Market Value FIXED INCOME U.S. Securities Corporate Bonds 1st Mass Bk Na Sub 7.625% 06/15/2011 $ 110,000 $ 119,491 $ 122,813 1st Un Corp Sub Nt 6.550% 10/15/2035 2,175,000 2,277,421 2,130,602 6 Flags Inc Sr Nt 8.875% 02/01/2010 750,000 617,055 615,000 6 Flags Inc Sr Nt 9.750% 04/15/2013 1,740,000 1,650,300 1,305,000 AAC Group Hldg Corp Sr Disc Nt 0.000% 10/01/2012 80,000 56,800 68,800 Acco Brands Corp Sr Sub Nt 7.625% 08/15/2015 1,320,000 1,284,438 1,178,100 Ace Cash Express Inc Sr 10.250% 10/01/2014 330,000 330,000 318,450 Ace Secs Corp Home Equity Ln Tr 2006 3.456% 02/25/2036 132,635 132,651 132,095 Ace Secs Corp Home Equity Ln Tr 2006 4.945% 02/25/2036 912,841 912,950 909,123 Advanstar Inc Term Ln 0.000% 11/30/2014 90,000 90,000 81,900 AEP Inds Inc Sr Nt 7.875% 03/15/2013 180,000 180,000 171,450 AES Corp 7.750% 03/01/2014 1,464,000 1,564,337 1,474,980 AES Corp Sr Nt 9.375% 09/15/2010 215,000 209,088 225,750 AES Corp Sr Nt 9.500% 06/01/2009 586,000 555,664 606,510 AES Eastn Energy L P 9.670% 01/02/2029 2,910,000 2,898,857 3,462,900 Affinia Group Inc Sr Sub 9.000% 11/30/2014 720,000 668,494 648,000 Affinion Group Holdco Term Ln 11.660% 03/01/2012 940,000 930,600 920,251 Affinion Group Inc Sr Sub Nt 11.500% 10/15/2015 740,000 742,120 726,125 Ak Airls Inc 9.500%
    [Show full text]
  • Annual Report
    Top Ranking Report Annual Report Architectural Record ENR VMSD Top 300 Architecture Top 150 Global Top Retail Design Firms: Design Firms: Firms of 2014: # #1 Firm Overall #1 Architecture Firm #1 Firm Overall Building Design ENR Interior Design Message from the Board of Directors 2014 World Top 500 Design Firms: Top 100 Giants: Architecture 100 Most #1 Architecture Firm #1 Architecture Firm Admired Firms: Gensler is1 a leader among the #1 in Corporate Office As we celebrate our 50th anniversary, we world’s architecture and design #1 US Firm #1 in Retail #4 Global Firm #1 in Transportation firms. Here’s how we ranked in #1 in Government look forward to more record-setting years, our industry in 2014. #1 in Cultural thanks to our great client relationships and extraordinary people around the world. Financial Report Our financial performance and recognition throughout the We’re entering our 50th year stronger than ever. Financially strong and debt-free, we contributed industry are indications of the breadth of our practice, our global In 2014, our global growth continued apace $38.5 million in deferred compensation to our reach, and the long-standing trust of our clients. with our clients as they entrusted us with new employees through our ESOP, profit-sharing, and challenges and led us to new locations. Our international retirement plans. We made strategic expanded Gensler team of 4,700+ professionals investments in our research and professional We’ve broadened our services to 27 now work from 46 different offices. With their development programs, along with upgrades to practice areas, with total revenues help, we completed projects in 72 countries and our design-and-delivery platform and the tools for the year setting a new record $ increased our revenues to $915 million—a record and technology to support it.
    [Show full text]
  • Saudi Aramco's Global Expansion Strategy
    Young-Eun PARK / Journal of Distribution Science 18-5 (2020) 71-81 71 Print ISSN: 1738-3110 / Online ISSN 2093-7717 http://dx.doi.org/10.15722/jds.18.5.202005.71 Saudi Aramco’s Global Expansion Strategy: Evidence from Korea Young-Eun PARK1 Received: April 04, 2020. Revised: April 26, 2020. Accepted: May 04 , 2020. Abstract Purpose: This case study illustrates the successful entry of Saudi Aramco in the Korean market and how it grows to become one of the world‟s largest integrated energy enterprises. Research design, data and methodology: This case investigates diverse secondary sources to examine the entry strategy of Aramco in Korea, such as several interviews including public and anonymous dialogues, periodicals, dispatches (i.e. news articles and magazines), annual reports, industrial reports, and others. Results: The main concern for the international strategic approaching of Saudi Aramco is to enter into Korean market by joint venture with SsangYong Oil (today‟s S-Oil Corporation) in 1991 and finally, ending by Acquisition of S-Oil in 2015. This acquisition of local No.3 company, S-Oil, in Korea is the successful case in Asian Markets overcoming liability of foreignness. Moreover, Saudi Aramco‟s global distribution strategy through localization in the Korean market is appropriate given the market conditions, timing, effectiveness, and efficiency by sharing their resources and collaborating. Conclusions: It would be valuable, unique, and real story to analyze global leading company‟s entry and globalization strategy in overseas market. In addition, this study provides decision-makers with a significant and more strategic implication for the overseas expansion of businesses.
    [Show full text]
  • GS E&C Presentation
    GS E&C Presentation May 2018 www.gsenc.com CONTENTS Trend of New Orders & Sales Revenues Order Backlogs Results & Guidance Housing Business Liquidity Appendix - Global Networks and Major Projects - Ownership Structure - Dividends - IS/BS This material contains forward-looking statements that include our current beliefs and expectations on market factors and information obtained outside GS E&C, which are subject to uncertainties. Due to the volatility of these factors, actual results may differ from those set forth in the presented statements. Information found here should not be solely relied upon for making any investment decision, this material is provided as a reference purpose only for the investors. GS E&C shall not be responsible for any trading or investment decisions made based on this information. INVESTOR RELATIONS Trend of New Orders & Sales Revenues New Orders Sales Revenues by Portfolio Etc. Etc. 16.0 14.1 1% 1% 12.9 13.3 13.4 14.0 12.2 11.2 11.5 11.2 11.5 12.0 10.6 Infra Infra 9.1 9.0 New Orders 10.0 11% 9% 6.5 6.4 6.9 8.0 5.9 Overseas 5.0 4.6 5.1 Building Plant Building 6.0 New Orders Plant 3.1 3.0 3.1 57% 25% 54% 4.0 2.1 2.5 32% (Housing 40%) (Housing 38%) 2.0 - Power Power 07 08 09 10 11 12 13 14 15 16 17 18(P) 6% 4% Sales Revenues 1Q17 Revenues 1Q18 Revenues 14.0 11.7 12.0 Power 12.0 10.6 11.0 2% Power 9.6 9.6 9.5 Building 3% Building Infra 10.0 9.2 Infra 8.4 Revenues 12% 13% 14% 7.4 23% 8.0 6.9 6.0 6.0 5.5 6.0 4.7 5.0 5.0 Overseas Revenues 3.8 3.7 4.0 Plant Plant 2.4 4.5 Overseas 63% 70% 1.6 1.7 3.5 3.8 2.0 1.0
    [Show full text]
  • Klaytn Pte. Ltd
    Report Date 2020-06-04 Published for t*@coinone.com Singapore CrossAngle Pte. Ltd. EN Due Diligence Report Klaytn Pte. Ltd. Singapore 201835270G (Country or jurisdiction of incorporation) (Entity Registration Number) 71 Robinson road #14-01 Singapore (068895) (Address, including zip code, including area code, of principal executive offices) TABLE OF CONTENTS I. Corporate Profile II. Business Information III. Financial Information IV. Tokens V. Compliance WHERE YOU CAN FIND MORE INFORMATION Readers and others should note that the company announces material information to the public using the company website, press releases, public conference calls, and webcasts. They may also use the following social media channels as a means of disclosing information about the company, products, planned financial and other announcements and attendance at upcoming investor and industry conferences, and other matters. Channels Address Company Website https://www.klaytn.com/ Main communication channel Twitter https://twitter.com/klaytn_official Company Blog https://medium.com/klaytn Facebook https://www.facebook.com/klaytn.official/ Linkedin https://www.linkedin.com/company/klaytn Github https://github.com/klaytn Reddit https://www.reddit.com/r/klaytn/ Telegram https://t.me/Klaytn WeChat KaKaoTalk Custom Link The information posted through these social media channels may be deemed valid. Accordingly, the public should monitor these accounts and the blog, in addition to following company press releases, conference calls, and webcasts. This list may be updated from time to time and these channels may be updated without notice. Company Representative (Report Data Submitter) / Name Position Office Phone Number Telegram ID Klaytn / PART I. Corporate Profile ITEM 1. Basic Corporate Profile Official Company Name Klaytn Pte.
    [Show full text]
  • Gs E&C Integrated Report 2014
    GS E&C INTEGRATED www.gsconst.co.kr REPORT 2014 GS E&C INTEGRATED REPORT This report aims to incorporate our strategies and financial/non-financial achievements and to share information with INTRO CEO’s Message 02 stakeholders. Company Profile 04 Management Philosophy & Vision 06 Our Business 08 Value Creation Process 10 Integrated Reporting Map Stakeholder Participation 12 GREAT Episode 01. Strengthening the Strategic ELEMENTS FOR INTEGRATED REPORTING Business Competitiveness CHALLENGE Strengthening Global Business Competitiveness 17 •Business Models of GS E&C •Crises and Opportunities of the Construction Industry •Sound Corporate Governance Business Portfolio Optimization 18 •Concerns of Stakeholders •Our Promise for A Better Future Reinforcing the Primary Competitiveness 20 Value Created Activity 21 GREAT Episode 02. Response to Climate Change INNOVATION Climate Change Response Activities 25 Corporation Strategy Value Adding Activities Company-wide Energy Saving Activities 26 •Mission Statement, Core values •Creating Financial Results and Episode 03. Eco-Friendly Technical Capability Economic Values •Sustainable Management Development of Eco-Friendly R&D 28 •Enhancement of Cost Competitiveness •Strengthening Competitiveness INTEGRATED FINANCIAL Eco-Friendly R&D Infrastructure 29 in Global Business •Improving of Business Efficiency STRATEGY PERFORMANCE Development of Eco-Friendly Technology 30 •Business Portfolio Optimization •Our Business Eco-Friendly Resource 32 •Reinforcing the primary competitiveness INTEGRATED THINKING GREAT Episode
    [Show full text]
  • 2013 Feb IK Bulletin
    March 2018 www.kotra.or.kr www.investkorea.org EXPRESS Read on page 10 >> A Platform for Dialogue AMCHAM is at the forefront of strengthening the Korea-U.S. alliance by serving as a vital communication channel between the two countries James Kim Chairman and CEO American Chamber of Commerce in Korea No. of new No. of cases corporate declared bodies Jangan 1,623 542 1,727 509 7 879 259 Economic 5pIndustry 8pOlympics 12p Zone 13p Analysis JANGAN FOREIGN INVESTMENT ZONE ECONOMIC EXCHANGE PROVES TO BE AND MAJOR AREAS OF THE OLYMPICS AND COOPERATION BETWEEN PYEONGCHANG FRIENDLY HOST FOR KOREA’S KOREA AND OLYMPICS IN HIGH-TECH FOREIGN TRANSFORMATION THE UNITED STATES NUMBERS INVESTORS Event 6p KOTRA News 3p Overview Korea News 4p Trade News, Government & Policy Investment News 7p MEXICO SEEKS TO WORK WITH KOREAN PARTNERS KOTRA's Services 14p THROUGH KOTRA’S KNOWLEDGE SHARING Introducing Korea's 14p PROGRAM SMEs Economic Indicators Greetings From KOTRA Dear Readers, Since the establishment of our agency, Invest KOREA has successfully launched projects that connect foreign investors with promising Korean companies and investment opportuni- ties. To start off, there’s Invest Korea Week, the country’s largest international investment promotion event. Then there’s the Job Fair for Foreign-Invested Companies, which helps international companies recruit talent Korean jobseekers. Of course we have Get To Know Korea, a cultural event where we take members of the foreign business communi- ty and their family members around Korea. And we have now proudly added one more achievement to our resume—the launch of Invest Korea Market Place, also known as IKMP.
    [Show full text]
  • GS Caltex 2013 Sustainability Report GS Caltex 2013 Sustainability Report
    GS Caltex 2013 Sustainability Report GS Caltex 2013 Sustainability Report Recycled papers and soy ink, certified by Forest Stewardship Council(FSC), was used to print this report. ABOUT THIS REPORT Sustainability that GS Caltex pursues GS Caltex pursues management activities for sustainable growth. To this end, the company builds up trust through communication with various stakeholders and creates economic, environmental, and social values throughout the entire service process. GS Caltex, a corporation representing the energy & chemical industry in Korea, reveals the activities and success of sustainable business operation to stakeholders in a transparent manner, and takes this as an opportunity to obtain feedback from internal stakeholders and make another leap forward. Contents Introduction 04 CEO’s Message 06 Corporate Overview 08 GS Caltex Vision 09 GSC Way Reporting Period This sustainability report covers the activities and 10 Ethics Management performance from January 1 to December 31, 2013. For the key quantitative 11 Corporate Governance Structure performance, the results of the past three years(from 2011 to 2013) are revealed for comparative analysis. The report also mentions some major issues 12 Sustainability Management which occurred in the first half of 2014 in order to make these issues public in a 13 Selection of Report Subject timely manner. Reporting Scope The report scope ranges from GS Caltex headquarters 18 Management Activities for Sustainable Growth to key domestic workplaces including Yeosu complex. Some data was derived Material from the logistics center, lubricant plant, gas stations, filling stations, and Aspects 23 Providing the Best Quality Products and Services for Customers affiliated companies. Parts which need to be noted are marked with an asterisk.
    [Show full text]
  • Private Sector Assessment
    Korea Private Sector Assessment A Preliminary Scoping Study The primary objective of the study is to provide a broad-based overview of the private sector in Korea as a stakeholder in combating modern slavery in the country PB The Mekong Club Korea Private Sector Assessment The Mekong Club Korea Private Sector Assessment 1 The Mekong Club 1. Contents The Mekong Club is a catalyst 8.2. Retail 21 for change – engaging, inspiring 2. Objectives of the Study 4 and supporting the private 8.3. Manufacturing 24 sector to eradicate slavery from 3. Definition of Terms 5 their business. Given that the 8.3.1. General 24 majority of modern-day slavery exists in the private sector, these 4. Demographic Overview & Key Social Trends 6 8.3.2. Electronics 2 5 companies are ideally placed to help turn the tide of this global 8.3.3. Automative 26 4.1. Summary 6 epidemic. 8.3.4. Garment and textile Industry 26 The only organisation of its kind, 4.2. Population Distribution 6 The Mekong Club steers away 8.4. Banking Industry 26 from the approach taken by other 4.3. Social Indicators 8 players in this space, which is to 8.4.1. General 26 4.3.1. Human Development Index (HDI) ‘name and shame’ companies – 8 ousting bad behaviour or issues 4.3.2. GINI Coefficient 9 8.4.2. Top Banks 27 related to this subject. Instead, 4.3.3. Poverty Rate 9 8.5. Tourism, Food Service & Hospitality 29 we believe in starting and ending with collaboration. 8.5.1.
    [Show full text]
  • Video-Conference
    AKBC | EVENTS AKBC | EVENTS VIDEO-CONFERENCE: VIDEO-CONFERENCEINFRASTRUCTURE, ENERGY AND RESOURCES SEMINAR: OPPORTUNITIES BETWEEN AUSTRALIA AND KOREA (26 JUNE 2017) FOOD AND AGRICULTURE OPPORTUNITIES IN KOREA This video-conference seminar will offer targeted, insightfulBACKGROUND and practical business perspectivesThe Australia-Korea on opportunities Business and Council challenges hosted between a videoconference Australia on infrastructure, energy and and Korea resourcesin the Food opportunities and Agribusiness with sector. Korea This on is26 the June first 2017 of a seriesacross 6 locations including Melbourne, of three video-conferences.Sydney, Brisbane, The Adelaide, other two Perth video-conferences and Seoul. The videoconferencewill be outlined practical business held later inperspectives the year on financial on some services of the opportunitiesand infrastructure, and energychallenges and for Australian and Korean firms in resources theopportunities infrastructure, with Korea.energy and resources industry. The session was moderated by Peter Cleary, Executive Committee member of the Australia-Korea Business Council.DISCUSSION A summary MODERATORof the insights provided by the three expert panellists are outlined below.Rod Commerford Counsellor & Trade Commissioner Marie Piccone, Managing Director and owner of Manbulloo Ltd. AUSTRADE SEOUL Manbulloo produces mangoes in four locations in the Northern Territory and North Queensland and is the largest producer of Kensington Pride mangoes in Australia. Marie has more recently been recognized for her achievements and won the 2015 Telstra Women’s Award for National Entrepreneur of the Year and was inducted into the Her Business Australian Hall of Fame 2017. DATE Sungwon Yoon, Managing Director of POSCO Australia Pty Ltd 10 May 2017 • POSCO is the 5th largest steelmaking company worldwide, producing 41.6 million tonnes of steelTIME in 2016.
    [Show full text]
  • LG Corp. (003550 KS ) Betting on Automotive Electronics
    LG Corp. (003550 KS ) Betting on automotive electronics Holding companies Electronics affiliates’ net profit contribution is increasing; LGE’s earnings improvement will be key Company Update LG Corp. recognizes the earnings of most of its listed subsidiaries—LG Electronics (LGE ; September 14, 2018 066570 KS/Buy/TP: W110,000/CP: W71,500), LG Chem (051910 KS/Buy/TP: W460,000/CP: W350,000), LG Uplus (032640 KS/Buy/TP: W19,000/CP: W17,400), etc.— under equity method, and consolidates the earnings of its unlisted subsidiaries (Serveone, LG CNS, etc.). (Maintain) Buy While unlisted subsidiaries have delivered notable earnings improvements since 2015, we believe the rate of earnings growth will begin to moderate in 2018. As such, we Target Price (12M, W) ▼ 100,000 think LG Corp.’s re-rating will hinge on whether its electronics affiliates , such as LGE, LG Innotek (011070 KS/Buy/TP: W210,000/CP: W130,500), and LG Display (LGD; 034220 Share Price (09/13/18, W) 71,400 KS/Buy/TP: W27,000/CP: W20,250), can restore their competitiveness and impr ove earnings. Electronics affiliates, led by LGE , make up more than half of LG Corp.’s total Expected Return 40% assets and revenue (profit). As such, LG Corp.’ s stock has naturally exhibited a strong correlation with LGE. OP (18F, Wbn) 2,196 At the group level, the automotive electronics business is being actively driven by LGE, alongside LG Chem, LG Innotek, and LGD, as a future growth engine. In particular, the Consensus OP (18F, Wbn) 2,270 acquisition of Austrian auto parts maker ZKW, which closed in August, is expected to EPS Growth (18F, %) -23.0 diversify the group’s product portfolio and create synergies with its existing Market EPS Growth (18F, %) 13.7 automotive electronics businesses.
    [Show full text]