DOCSLIB.ORG

2019 Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2019 Annual Report Beazley plc | Annual report and accounts 2019 Navigating change www.beazley.com Navigating change The world is constantly changing. Strategic report IFC Highlights Our key performance indicators From the Lloyd’s market to climate 01 Our key differentiators 02 Entrepreneurial spirit change, internal structure to 03 Strong partnerships 04 Diversified business 08 Our business model management succession, change 10 Navigating change 12 Management changes is a constant and navigating these 16 Statement of the chair 18 Chief executive’s statement is something Beazley increased 22 Q&A with the chief executive 24 Chief underwriting officer’s report 28 Performance by division focus on in 2019. Change also 30 Navigating change for 33 years 32 Financial review brings opportunities and the steps 32 Group performance 37 Balance sheet management 39 Capital structure we have taken in preparation 41 Operational update 44 Risk management over the last year mean we are 51 Responsible business 66 Section 172 statement ready to take advantage of these 67 Directors’ report opportunities in 2020 and beyond. Governance 72 Letter from our chair 74 Board of directors 78 Investor relations 79 Statement of corporate governance 94 Letter from the chair of our remuneration committee 96 Directors’ remuneration report 125 Statement of directors’ responsibilities 126 Independent auditor’s report You can find out about how we have navigated changes throughout 2019 Financial statements wherever you see this symbol. 137 Consolidated statement of profit or loss 138 Statements of comprehensive income 139 Statements of changes in equity Find out more on pages 10 to 11 141 Statements of financial position 142 Statements of cash flows 143 Notes to the financial statements 207 Glossary Please turn overleaf for our key performance indicators and highlights. www.beazley.com Highlights Gross premiums written Net premiums written Net earned premiums $3,003.9m $2,503.5m $2,347.0m (2018: $2,615.3 m) (2018: $2,248.5 m) (2018: $2,084.6m) Net investment income Cash and investments Investment return $263.7m $5,851.3m 4.8% (2018: $41.1m) (2018: $5,052.6 m) (2018: 0.8%) Rate increase on renewals Profit before tax for the financial year 6% $267.7m (2018: 3%) (2018: $76.4m) Beazley Annual report 2019 Key performance indicators Financial highlights Earnings per share (c) Net assets per share (c) Gross premiums written ($m) 60 350 3,500 23.3 50 300 17.8 18.7 25.5 24.2 3,000 286.3 48.8 48.6 250 2,500 40 44.6 263.9 268.2 261.6 256.2 200 2,000 30 3,003.9 150 1,500 2,615.3 20 25.0 2,343.8 100 2,195.6 1,000 2,080.9 10 13.0 50 500 0 0 0 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 ■ Tangible ■ Intangible Dividends per share (p) Return on equity (%) Combined ratio (%) 100 30 25 100 99 98 87 89 25 20 80 20 19 15 18 60 15 15 40 48 48 58 59 62 18.4 10.0 10 10 11.7 12.3 39 41 41 39 38 9.9 10.5 11.1 9 5 5 20 5 0 0 0 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 ■ Interim and second interim ■ Special ■ Claims ratio ■ Expense ratio The interim and second interim dividend for 2019 Average five year return on equity of 13%. Our combined ratio has averaged 95% over has grown by 5%, which is in line with our dividend five years. strategy. The group is of the view that some of the above metrics constitute alternative performance measures (APMs). Further information on our APMs can be found in the financial review on page 33 and in the glossary on page 207. Find out more within our financial statements on pages 136 to 206 www.beazley.com Beazley Annual report 2019 01 Our key differentiators We create value through the implementation of three key differentiators – consistently applied and nurtured across our specialist insurance operations around the world. We look for individuals with a Entrepreneurial strong sense of ownership for the business they handle who spirit are willing – indeed keen – to be accountable for their decisions Strong long term relationships Strong with brokers, reinsurers and clients have sustained our partnerships business over three decades We maintain a diverse underwriting Diversified portfolio and actively manage the different insurance cycles business to target consistent results year on year 02 Beazley Annual report 2019 www.beazley.com Our key differentiators continued Entrepreneurial As companies grow, they often find it harder to maintain the entrepreneurial flame that brought spirit them success in their early days. Below are two ways Beazley has met the challenge of sustaining its entrepreneurial spirit. First, by a strong cultural bias towards openness and transparency. Organisations in which information is shared reluctantly, if at all, cannot hope to maintain an entrepreneurial culture because new products and new ways of doing business almost invariably spring from people sharing ideas and insights. Transparency is deeply rooted in Beazley’s culture, and information and ideas are widely shared. One forum that exemplifies Beazley’s commitment to openness is the NexCo, an alternative executive committee comprising high potential employees – usually at an early stage in their careers – from around the company. The NexCo meets monthly and reviews the same briefing papers as Beazley’s executive committee. Its role is to exchange ideas, challenge the senior management team ‘Our NexCo provides a and suggest alternative strategic platform for us to review approaches. The NexCo was first the thoughts and views established in 2018 and has made important contributions in a number from a more diverse of areas, including imagining the group of employees, future skills needed for an underwriter in 2030 and what the roadmap looks enhancing entrepreneurial like for how to move our talent from spirit, and allowing where it is today, to where we think it needs to be. Beazley to make more informed decisions.’ The second way in which Beazley R achel Turk encourages entrepreneurial spirit is Head of corporate development by offering employees varied career paths. This has become easier as the company has grown around the world. Many Beazley employees have now worked for a duration of two years or more outside their home countries. This too supports the cross- fertilisation of ideas that characterises entrepreneurial companies. www.beazley.com Beazley Annual report 2019 03 Strategic report Strong partnerships have underpinned Beazley’s success since the company was founded in 1986. As a leading participant in the such as risks relating to intangible Lloyd’s market, Beazley is constantly assets and new technologies. Strong cooperating – as well as competing The PIF launched its first product – with other Lloyd’s syndicates. in September 2019. partnerships Sometimes these relationships are formalised into Lloyd’s consortia or Around the world, Beazley’s lineslip facilities, whereby syndicates partnerships with insurance brokers allocate pre-determined capacity are also critical in securing access to particular classes of business. In to high quality business. For smaller 2019, Beazley partnered with other risks these relationships are Lloyd’s syndicates to form consortia increasingly dependent on online focusing on reputational risk and systems that allow brokers to place technology-enhanced marine cargo business with Beazley with minimal insurance. effort. A growing number of brokers have been gaining access to Beazley’s Beazley is also a founding member award-winning e-trading platform, of the product innovation facility (PIF) myBeazley, through application at Lloyd’s, launched in June 2019 by programming interfaces (APIs) a number of syndicates to develop that enable them to link their solutions for non-standard risks that own trading platforms to ours. might not suit the traditional market, ‘In 2019, we launched myBeazley in Germany and Spain and added new products to our offering in France and the UK. As the platform continues to grow it allows us to strengthen the partnerships we have and form new ones.’ 04 Beazley Annual report 2019 www.beazley.com Our key differentiators continued Diversified business In 2019, the mix of business underwritten Each year we review the make up of Beazley’s diverse by Beazley was particularly important our portfolio and assess which areas portfolio of business, as a succession of natural catastrophes offer profitable growth opportunities in the US and Japan rocked the world’s and which require us to reduce our combined with the reinsurance markets and some underwriting appetite. risk selection skills of lines of US liability business saw jury awards climb steeply. The latter mainly Every underwriting portfolio will have its underwriters, has impacted Beazley’s management peaks and troughs and Beazley’s liability book, comprising predominantly underwriting profit was reduced to been critical to the directors’ & officers’ (D&O) and $4.8m in 2019. However, achieving company’s track employment practices liability (EPL) an underwriting profit albeit small, is risks, as well as healthcare liability testament to the benefits of a carefully record of profitability risks, particularly for large hospitals. balanced portfolio of non-correlated lines Other lines of liability business have of business that Beazley has built up through widely varying been less affected. over many years. market conditions. 2009 gross premiums written 2014 gross premiums written 2019 gross premiums written Specialty lines 28% Specialty lines 24% Specialty lines 33% Property 23% Cyber & executive risk 20% Cyber & executive risk 27% Cyber & executive risk 15% Property 17% Property 14% Marine 15% Marine 16% Marine 10% Political, accident & contingency 11% Political, accident & contingency 13% Political, accident & contingency 9% Reinsurance 8% Reinsurance 10% Reinsurance 7% www.beazley.com Beazley Annual report 2019 05 Strategic report Diversified portfolio The spread of our overall portfolio by division and the impact this diversification has had on our combined ratio over the past ten years can be seen in the chart below.
Load more

Recommended publications
  • 22 Bishopsgate London EC2N 4BQ Construction of A
    Committee: Date: Planning and Transportation 28 February 2017 Subject: Public 22 Bishopsgate London EC2N 4BQ Construction of a building arranged on three basement floors, ground and 58 upper floors plus mezzanines and plant comprising floorspace for use within Classes A and B1 of the Use Classes Order and a publicly accessible viewing gallery and facilities (sui generis); hard and soft landscaping works; the provision of ancillary servicing and other works incidental to the development. (201,449sq.m. GEA) Ward: Lime Street For Decision Registered No: 16/01150/FULEIA Registered on: 24 November 2016 Conservation Area: St Helen's Place Listed Building: No Summary The planning application relates to the site of the 62 storey tower (294.94m AOD) granted planning permission in June 2016 and which is presently being constructed. The current scheme is for a tower comprising 59 storeys at ground and above (272.32m AOD) with an amended design to the top. The tapering of the upper storeys previously approved has been omitted and replaced by a flat topped lower tower. In other respects the design of the elevations remains as before. The applicants advise that the lowering of the tower in the new proposal is in response to construction management constraints in relation to aviation safeguarding issues. The planning application also incorporates amendments to the base of the building, the public realm and to cycle space provision which were proposed in a S73 amendment application and which your Committee resolved to grant on 28 November 2016, subject to a legal agreement but not yet issued. The building would provide offices, retail at ground level, a viewing gallery with free public access at levels 55 and 56 and a public restaurant and bar at levels 57 and 58.
    [Show full text]
  • Title: the Future of Workplace in Vertical Cities: Hanging Gardens, Roof Terraces and Vertical Plazas Author: Stephan Reinke, Di
    ctbuh.org/papers Title: The Future of Workplace in Vertical Cities: Hanging Gardens, Roof Terraces and Vertical Plazas Author: Stephan Reinke, Director, Stephan Reinke Architects Limited Subjects: Occupancy/Lifestyle/User Experience Social Issues Vertical Transportation Keywords: Green Walls Public Space Sky Garden Vertical Urbanism Workplace Publication Date: 2020 Original Publication: International Journal of High-Rise Buildings Volume 9 Number 1 Paper Type: 1. Book chapter/Part chapter 2. Journal paper 3. Conference proceeding 4. Unpublished conference paper 5. Magazine article 6. Unpublished © Council on Tall Buildings and Urban Habitat / Stephan Reinke International Journal of High-Rise Buildings International Journal of March 2020, Vol 9, No 1, 71-79 High-Rise Buildings https://doi.org/10.21022/IJHRB.2020.9.1.71 www.ctbuh-korea.org/ijhrb/index.php The Future of Workplace in Vertical Cities: Hanging Gardens, Roof Terraces and Vertical Plazas Stephan C. Reinke FAIA RIBA Director, Stephan Reinke Architects Level 02, 28 Margaret Street, London W1W 8RZ Abstract As the workplace evolves in our vertical cities, the need for “think spaces” and the public realm to meet, create and innovate will become integral to tall buildings. These people places are designed to address the social challenges and enhance the co- working environments which are emerging in the dense urban context of our future cities. The design of sky terraces and the “spaces between” offer a greener, more humane and smarter work environment for the future. The public realm should no longer be held down, fixed to the ground plane, but rather become part and parcel of the upper levels of our workplace centers.
    [Show full text]
  • Unconventional & Pioneering A.K.A. London
    UNCONVENTIONAL & PIONEERING A.K.A. LONDON Much like Ziggy Stardust ( A.K.A. D av i d Bowie) this ground breaking London landmark has many alter egos... From an iconic part of the City skyline to one of the most future focused addresses in which to locate a forward thinking business. IT’S TIME TO LOOK AT 30 ST. MARY AXE FROM A WHOLE NEW ANGLE. With options ranging from approx. 5,162 to 41,828 sq ft of world class, office space across 3 spectacular floors, this is also known as your next move. 007 A.K.A. James bond A NATIONAL TREASURE WITH STYLE AND MAGNITUDE The available office floors in this suave building offer dramatic Grade A specification workspaces that make a real statement. A.K.A. THE Gherkin 22 BISHOPSGATE THE LEADENHALL BUILDING SALESFORCE TOWER A.K.A. THE GHERKIN 52 Lime Street 100 BISHOPSGATE The Willis Building 70 St Mary Axe AN ICONIC PART OF THE LONDON CITY SKYLINE A.K.A. THE ULTIMATE COMPANY Imagine positioning your business as part of the London Skyline at an address that everybody knows. 30 St. Mary Axe is your opportunity to join a thriving and diverse community of game changers. Unrivalled WORKSPACE INSPIRING VIEWS AND ALL THE ON-SITE AMENITIES YOU CAN DREAM OF. AS SOME MIGHT SAY, A MORE ENERGISED AND PRODUCTIVE WORKFORCE. Reception CGI double height space Reception CGI available office floor Rum & Coke A.K.A. C u b a L i b r e A new twist on an old favourite Historically known as the Insurance District, the immediate area has since become a magnet for a more eclectic range of sectors, from technology to education and media to finance.
    [Show full text]
  • Experts in Central London Planning & Development
    EXPERTS IN CENTRAL LONDON PLANNING & DEVELOPMENT PLANNING & DEVELOPMENT Gerald Eve’s planning and development advisory business is one of the most respected in the UK. Consisting of over 100 professionals, we are one of the only fully integrated planning and development teams in our industry. The vast majority of the team are based in central London, working on some of the capital’s largest and most complex projects. Active in all London Acted for Advised all major central boroughs and the London developers and City of London REITS, including British Land, Derwent London, 50% Great Portland Estates, of London First's property Landsec and Stanhope and housing members We act for all the major London million estates, including The Bedford 15 sq ft £12.5 billion Estates, Capital & Counties Covent Garden, The Church of commercial gross development Commissioners, City of London, floorspace approved value The Crown Estate, Grosvenor Britain & Ireland, The Howard de Walden Estate, The Portman Estate, and Soho Estates 2 EXPERTS IN CENTRAL LONDON PLANNING & DEVELOPMENT OUR CENTRAL LONDON CLIENTS OUR CENTRAL LONDON CLIENTS 3 YOUR INTELLIGENT ADVISOR Gerald Eve is recognised among the UK’s leading experts in planning and development. Our clients look to us to help them realise or improve asset value. One of the largest fully integrated planning and development teams in the sector Deep understanding of the entire planning system Harnessing imaginative strategies and a tenacious approach to optimise outcomes Agile, flexible and adaptable to changing
    [Show full text]
  • Description Holding Book Cost Market Price Market Value £000'S £000'S
    DORSET COUNTY PENSION FUND VALUATION OF PORTFOLIO AT CLOSE OF BUSINESS 31 March 2017 Book Market Description Holding Market Value Cost Price £000's £000's UK EQUITIES MINING ACACIA MINING 33,000 147.93 4.502 148.57 ANGLO AMERICAN ORD USD0.54 270,390 2,804.18 12.27 3,317.69 ANTOFAGASTA ORD GBP0.05 74,500 151.50 8.355 622.45 BHP BILLITON ORD USD0.50 436,926 2,401.54 12.395 5,415.70 CENTAMIN EGYPT LTD 226,000 349.07 1.732 391.43 FRESNILLO 35,500 88.20 15.52 550.96 GLENCORE XSTRATA 2,412,543 5,662.91 3.141 7,577.80 HOCHSCHILD MINING ORD GBP0.25 49,000 108.90 2.765 135.49 KAZ MINERALS 53,600 89.80 4.551 243.93 PETRA DIAMONDS 106,900 169.67 1.329 142.07 POLYMETAL INT'L 53,800 514.30 9.945 535.04 RANDGOLD RESOURCES ORD USD0.05 19,250 485.32 69.7 1,341.73 RIO TINTO ORD GBP0.10 (REG) 250,150 2,876.49 32.185 8,051.08 VEDANTA RESOURCES ORD USD0.10 18,500 75.07 8.11 150.04 Total MINING 15,924.89 28,524.69 OIL & GAS PRODUCERS AFREN PLC 218,000 215.93 0 0.00 BP ORD USD0.25 3,948,100 13,177.95 4.5885 18,115.86 CAIRN ENERGY ORD GBP0.06153846153 119,207 236.32 2.048 244.14 NOSTRUM OIL & GAS 17,700 84.36 4.796 84.89 ROYAL DUTCH 'B' ORD EUR0.07 1,642,961 20,190.09 21.945 36,054.78 TULLOW OIL ORD GBP 0.10 188,500 789.92 1.99026 375.16 Total OIL & GAS PRODUCERS 34,694.58 54,658.45 CHEMICALS CRODA INTL ORD GBP0.10 26,995 211.15 35.77 965.61 ELEMENTIS 99,000 130.23 2.899 287.00 JOHNSON MATTHEY ORD GBP1.00 40,357 446.31 30.82 1,243.80 SYNTHOMER 57,665 118.87 4.751 273.97 VICTREX ORD GBP0.01 17,000 111.61 19.02 323.34 Total CHEMICALS 1,018.16 3,087.91 CONSTRUCTION
    [Show full text]
  • Central London Development Pipeline Q2 2017
    Central London Development Pipeline Q2 2017 Development Completions - As at Q2 2017, there is 9.45m sq ft of available space under construction across Central London. 1.32 million sq ft of office space completed in Q2 2017, adding 710,000 sq ft of available office space to the market. - For future 2017 development completions, 49% of the space is prelet, rising to 55% for 2018. - 10% of space has been prelet for 2019 completions, the low figure being largely the result of the commencement of 22 Bishopsgate adding 1.275m sq ft of availability to the market. - Total take-up by prelets in Q2 2017 equalled 520,000 sq ft, 17 % of total take-up in the quarter. The largest prelet of the quarter was to WeWork at Two Southbank Place, taking 280,000 sq ft. In the third largest letting of the quarter, NEX took 120,000 sq ft at London Fruit & Wool Exchange. Development Pipeline - Completion Year Oversite developments 7,000,000 at Crossrail stations are 6,000,000 projected to begin 5,000,000 construction following 4,000,000 ticket office completion. Sq Ft 3,000,000 The oversite 2,000,000 developments are 1,000,000 projected to complete in 0 2020. 2017 2018 2019 2020 Available Office Sq Ft (NIA) Let Office Sq Ft (NIA) - The most active market is City Core with 7.98m sq ft of proposed office space under construction. City Fringe, Midtown and West End have 1.74m, 2.47m, & 1.70m sq ft of space under construction respectively. - The market with the highest percentage of prelets is Southbank with only 19% of under construction space still available.
    [Show full text]
  • CTBUH Research Paper Title: Towards Post-Crisis Tall Buildings
    CTBUH Research Paper ctbuh.org/papers Title: Towards Post-Crisis Tall Buildings and Cities Authors: Daniel Safarik, Editor-in-Chief, CTBUH Will Miranda, Research Coordinator, CTBUH Subjects: COVID MEP Social Issues Vertical Transportation Keywords: Commercial COVID-19 MEP Occupancy Vertical Transportation Workplace Publication Date: 2020 Original Publication: CTBUH Journal 2020 Issue IV Paper Type: 1. Book chapter/Part chapter 2. Journal paper 3. Conference proceeding 4. Unpublished conference paper 5. Magazine article 6. Unpublished © Council on Tall Buildings and Urban Habitat / Daniel Safarik; Will Miranda CTBUH Special Report Towards Post-Crisis Tall Buildings and Cities Abstract The COVID-19 pandemic has caused a massive and sudden rethink of how tall office buildings, and cities as a whole, should operate. With national and local government responses varying widely across the globe, and much about the virus still unknown, it is impossible to generate a single safe operational model for the immediate near term. However, the aggregate knowledge of the building industry Daniel Safarik William Miranda can be activated by creating an indicative, general assessment of how today’s tall buildings and their cities could be modified. This report collates the advice of the Authors Council on Tall Buildings and Urban Habitat’s Expert Peer Review Committee and Daniel Safarik, Editor-in-Chief William Miranda, Research Coordinator its database of the global tall building industry, as well as the consultancies and Council on Tall Buildings and Urban Habitat The Monroe Building professional organizations in the wider CTBUH orbit, forming a hypothetical model 104 South Michigan Avenue, Suite 620 Chicago, Illinois of the potential changes coming to the existing stock of tall office buildings and USA 60603 the cities where they are located, and speculates on the urban implications of t: +1 312 283 5599 e: [email protected] extrapolating these changes.
    [Show full text]
  • 7390 the London Gazette, 14 November, 1933
    7390 THE LONDON GAZETTE, 14 NOVEMBER, 1933 and is hereby appointed liquidator for the pur- Meeting was resumed at 4 p.m., when the follow- pose of such winding-tip." ing Extraordinary Resolution was submitted and At a subsequent Meeting of creditors of the passed unanimously: — above named Company, duly convened, and held " That it has been proved to the satisfaction on the same day at 27, Portland Terrace, of this Meeting that the Company cannot, by Southampton, the creditors confirmed the appoint- reason of its liabilities continue its business, and ment of Mr. Edward Beal as Liquidator of the that it is advisable to wind up the same, and Company in the voluntary winding-up.—Dated accordingly that tihe Company be wound up the 8th day of November, 1933. voluntarily; and that Mr. Harry William Buck- (072) ERNEST T. SPENCE, Chairman. ingham and Mr. Alfred Charles Surrey, be and are hereby appointed Joint Liquidators for the purpose of such winding-up." (105) K. F. BRUMFIT, Chairman, LONDON PETROL CO. Ltd. T an Extraordinary General Meeting of the A Members of the above named Company, duly convened, and held at 39, Victoria Street, J. W. ROBINSON Limited. London, S.W.I, on Tuesday, the 7th November, The Companies Act, 1929. 1933, the following Extraordinary Resolution was T an Extraordinary General Meeting of the duly passed: — A Members of the above named Company, duly " That the Company cannot, by reason of its convened, and held at the offices of J. H. Milner liabilities, continue its business, and that it is & Son, Solicitors, Albion Walk Chambers, Leeds, advisable to wind up the same, and that the in the county of York, on the 8th day of Novem- Company be wound up voluntarily; and that Mr.
    [Show full text]
  • Review of Narrative Reporting by UK Listed Companies: Key Findings
    Rising to the challenge. A review of narrative reporting by UK listed companies The Accounting Standards Board The Accounting Standards Board (ASB) is an operating body of the Financial Reporting Council (FRC). The FRC is the UK’s independent regulator responsible for promoting confi dence in corporate reporting and governance. For corporate reporting, the outcome we seek is this: Corporate reports contain information which is relevant, reliable, understandable and comparable, and are useful for decision-making, including stewardship decisions. For further information visit www.frc.org.uk/asb Why did we write this report? The Accounting Standards Board (ASB), an operating body of the Financial Reporting Council Preparing a good (FRC), fi rst undertook a review of narrative reporting “quality annual report in 2006. The review concluded that certain areas that communicates effectively all the of reporting were a challenge for companies. Since important information then, further content requirements have come into is a major force for quoted companies in the form of the intellectual and enhanced business review requirements in the logistical challenge. Companies Act 2006 (CA), prompting us to take another look. ” Preparing a good quality annual report that communicates effectively all the important information is a major intellectual and logistical challenge. Many companies continue to devote signifi cant time and effort to improving their narrative reporting, but there are always opportunities for further enhancement as experience and best practice develop. We hope this report will be helpful to companies looking to rise to this challenge. We also have some internal goals as well. As the ASB is responsible for the UK best practice narrative reporting guidance in its Reporting Statement: Operating and Financial Review (RS), it is useful to continue to monitor the effects of the statement on current practice.
    [Show full text]
  • Aberforth Smaller Companies Trust Plc
    Aberforth Smaller Companies Trust plc Annual Report and Accounts 31 December 2007 INVESTMENT OBJECTIVE ‘‘The investment objective of Aberforth Smaller Companies Trust plc (ASCoT) is to achieve a net asset value total return (with dividends reinvested) greater than on the Hoare Govett Smaller Companies Index (Excluding Investment Companies) over the long term.’’ CONTENTS Financial Highlights 1 Ten Year Investment Record 2 Company Summary 3 Chairman’s Statement 4 Directors and Corporate Information 7 Aberforth Partners LLP – Information 8 Managers’ Report 9 Portfolio Information 14 Thirty Largest Investments 16 List of Investments 17 Long-Term Record 20 Directors’ Report 22 Corporate Governance Report 28 Directors’ Remuneration Report 32 Directors’ Responsibility Statement 34 Independent Auditors’ Report 34 Income Statement 36 Reconciliation of Movements in Shareholders’ Funds 37 Balance Sheet 38 Cash Flow Statement 39 Notes to the Accounts 40 Shareholder Information 50 Notice of the Annual General Meeting 52 THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the action you should take you should consult your stockbroker, bank manager, solicitor, accountant or other independent ¢nancial adviser authorised under the Financial Services and Markets Act 2000 immediately. If you have sold or otherwise transferred all of your ordinary shares in Aberforth Smaller Companies Trust plc, please forward this document and the accompanying form of proxy as soon as possible to the purchaser or transferee or to the stockbroker, bank or other agent through whom the sale or transfer was or is being effected for delivery to the purchaser or transferee. FINANCIAL HIGHLIGHTS Year to 31 December 2007 ASCoT Net Asset Value (total return) –10.4% Hoare Govett Smaller Companies Index (Excl.
    [Show full text]
  • [Jll] Version 01: 25 11 2020 a Guide to the Art
    22 ART GUIDE [JLL] VERSION 01: 25 11 2020 A GUIDE TO THE ART We have consciously designed 22 Bishopsgate to bring culture and colour into the everyday, working alongside The Contemporary Art Society, Maison Parisienne and a few other renowned creatives, to bring our space to life. These artists sat down to tell us a little more us about what’s on display, and their inspiration for each commission. 22 BISHOPSGATE — Culture Guide 2 OUR ART FOLIAGE INSTALLATIONS KARINE LAVAL https://www.instagram.com/ karinelaval/?hl=en Thanks to Karine’s artwork, much of the Lobby is transformed into an indoor garden. Three storeys tall and filled with imagery of plants, flowers and foliage, the pieces create an immersive ‘organic’ installation in the heart of the City. It was important to her that each installation evoked a sense of light and shadow, creating shifting ‘colourscapes’ as the light changed and played across the walls. The works were made to create a space that brought the outside in, allowing ABOVE: visitors and occupiers to reconnect Karine Laval, with nature, recharge and reflect. Heterotopia 2020 22 BISHOPSGATE — Culture Guide 3 OUR ART LOBBY TAPESTRIES RYAN MOSLEY https://www.instagram.com/ ryanmosley01/?hl=en Ryan has developed a series of 10 artworks for the Lobby. Part wall hangings, part collaged tapestries, the works address 22 Bishopsgate as a place of sanctuary. The artist’s starting point is the blanket. Each blanket features a human figure and is to be viewed like a stage curtain with a changing ‘cast‘ entering around it. Ryan is internationally regarded as a painter, so this commission is a new direction in his practice, as he begins working with textiles.
    [Show full text]
  • CDP Climate Change Report 2015 United Kingdom Edition
    CDP Climate Change Report 2015 United Kingdom Edition Written on behalf of 822 investors with US$95 trillion in assets CDP Report | October 2015 1 Contents Foreword 3 Global overview 4 2015 Leadership criteria 8 The Climate A List 2015 10 2015 FTSE 350 Climate Disclosure Leadership Index (CDLI) 12 Investor engagement in the UK 13 Profile: BT Group 14 United Kingdom snapshot 16 Profile: SSE 18 Natural Capital 20 Appendix I 24 Investor signatories and members Appendix II 25 FTSE 350 scores Appendix III 30 Responding FTSE SmallCap climate change companies Please note: The selection of analyzed companies in this report is based on market capitalization of regional stock indices whose constituents change over time. Therefore the analyzed companies are not the same in 2010 and 2015 and any trends shown are indicative of the progress of the largest companies in that region as defined by market capitalization. Large emitters may be present in one year and not the other if they dropped out of or entered a stock index. ‘Like for like’ analysis on emissions for sub-set of companies that reported in both 2010 and 2015 is included for clarity. Some dual listed companies are present in more than one regional stock index. Companies referring to a parent company response, those responding after the deadline and self-selected voluntary responding companies are not included in the analysis. For more information about the companies requested to respond to CDP’s climate change program in 2015 please visit: https://www.cdp.net/Documents/disclosure/2015/Companies-requested-to-respond-CDP-climate-change.pdf Important Notice The contents of this report may be used by anyone providing acknowledgement is given to CDP Worldwide (CDP).
    [Show full text]