DOCSLIB.ORG

Contract for Bank Custody Services

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Contract for Bank Custody Services Council Agenda Report From: Mike Compton, City Treasurer Subject: Contract for Bank Custody Services Date: June 18, 2019 Facts 1. Union Bank has provided custody services for the City’s long- and short-term investments since 1987. 2. Union Bank has provided said services in an exemplory matter and consistent with the City’s Investment Policy (Attachment 2). 3. In late 2017, Union Bank raised the City’s annual maintenance fee from $600 to $10,000 annually. 4. Given the size of the increase, RFPs were distributed to six banks known to provide the custody services required by the City. 5. Two banks declined to respond, including Union Bank. 6. The Request for Proposals (RFP) called for an initial contract length of five years with two, three-year extensions at the sole discretion of the City. Options 1. Take no action; 2. Amend the foregoing option; 3. Refer back to staff for further analysis. Analysis and Conclusions Custody services are necessary to protect the City’s investments from loss. Securities purchased from broker/dealers should not, under any circumstances, by held by the broker/dealer from whom the City purchased the securities. The custodial bank acts much like an escrow agent. The custodial bank holds the securities until maturity or sale at which time it provides assurances to both parties that the transaction(s) is settled appropriately. The custodial bank also collects and remits all interest coupons to the City in a timely fashion. Lastly, the custodial bank provides monthly reports identifying all trading activity, balances held, and market value of each security held in custody. As noted above, the City received four RFP responses, from Wells Fargo Bank, Zion Bank, BNY Mellon Bank, and US Bank. Upon review of the responses and discussions with all four respondees, it was concluded that all the banks provided adquate reporting services and that said reporting could be customized to meet the City’s reporting needs. Thus, focus was narrowed to cost. The pricing ranged from $8,960 to $5,100. It is projected that the City’s current annual cost is $18,200. Individual responses are summarized as follows: Wells Fargo Bank – Currently provides custody services to 304 California clients. Their cost was at the high range; $8,960. It has been reported that Wells Fargo Bank is about to sell the entire custodial/safekeeping servicing unit as well as trust services to Principal Financial. Wells Fargo Bank is agreeable to the desired length of the proposed contract and will hold the fees unchanged throughout the first (5) years. If the City desires to extend the contract, the fees shall be subject to negotiation. Fees are also subject to negotion after Page 371 the first five (5) years should there be a dramatic shift in asset allocation. The City currently utilizes Wells Fargo Bank for custody services for its’ Section 115 Trust account (unfunded retirement account). US Bank – Currently provides custody services to 760 California clients. Their cost was in the middle range at $7,500. They were agreeable to the contract terms as proposed by the City. They did not guarantee their proposed fees and noted that they review fees annually and any change in fees would be discussed at least thirty (30) days prior to implemenation. BNY Mellon – Currently provides custody services to a variety of 435 California clients, not necessarily all of which are government agencies. Their cost was also in the middle range at $7,600. They were non- committal as to the length of the desired contract. They simply stated that they looked forward to developing a lasting relationship with the City. With respect to fees, they would also evaluate their fee structure on an annual basis based upon their cost and market conditions and trends. Zion Bank – Their custody services are more limited as they serve only ten western states with 100 government clients. Their cost was at the low end at $5,100, except that in the first year there would be a one-time $500 charge to cover their cost to move the City’s securities from our current custody bank to Zion Bank. The bank is agreeable to the contract terms proposed by City. All fees will be fixed throughout the contract term, including extensions, except the annual maintenance fee may be adjusted should the market value exceed $75 million. Should the City’s market value reach this level the fee would be increased by $1,200. In sum, Zion Bank offers the desired level of services at the lowest cost. Fiscal Impact Moving custody services from Union Bank to Zion Bank would result in an estimated annual cost savings of approximately $13,140. Recommendation That the City Council authorize the City Treasurer to negotiate a final contract with Zion Bank for custody services subject to City Manager and City Attorney approval. Attachments 1. Zion Bank RFP Response 2. Investment Policy Page 372 Mark D. Petrasso Senior Vice President May 9, 2019 Mike Compton, City Treasurer City of Paso Robles 821 Pine Street, Suite A Paso Robles, CA 93446 Delivered via email: [email protected] Re: City of Paso Robles - Request for Proposal – Custody/Safekeeping Services Dear Mr. Compton: On behalf of Zions Bank, we thank you for the opportunity to provide a proposal for Custody/Safekeeping Services for City of Paso Robles (the “City”). Zions Bank is a division of Zions Bancorporation, National Association, a bank holding company that currently operates banking divisions in eleven states, including California. We are a consistent recipient of numerous Greenwich Excellence Awards in recognition of exemplary customer service delivered to our clientele and were honored among the “Best Banks to Work For” in 2018 by American Banker magazine. Zions Bank also received the Secretary of Defense Employer Support Freedom Award recognizing our support of Guard and Reserve employees. In addition, Thomson Reuters has consistently ranked Zions Bank as one of the “Top 5” providers of bond trustee and paying agent services in the country. We believe that the proposed fees will provide overall value to the City based on the experience of our staff, our processing systems and our commitment to provide the California marketplace with exceptional customer service. Thank you again for the opportunity to submit our Custody/Safekeeping Services proposal. Should you have any questions concerning our response or any related matters, please contact me at (213) 593- 3153. Sincerely, Mark D. Petrasso Senior Vice President and Business Development Officer Page 373 REQUEST FOR PROPOSAL CUSTODY/SAFEKEEPING SERVICES CITY OF PASO ROBLES 1. Describe your bank’s experience in providing similar custodial services for local government clients. Founded in 1873, Zions Bank is a division of Zions Bancorporation, National Association, a financial holding company headquartered in Salt Lake City, Utah. Zions Bancorporation provides a full range of banking and related services through its locally-managed divisions operating in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. Zions Bank’s Corporate Trust Division has provided Corporate Trust services to issuers for over 100 years based on our strong commitment to our clients. We are recognized in the industry as having reliably and consistently provided exceptional and stable customer service without name changes, mergers or acquisition of other Corporate Trust providers. Zions Bank’s Corporate Trust Division is staffed by over 90 professionals (including our own in-house counsel) in twelve locally managed offices located in Boise, Chicago, Cleveland, Dallas, Denver, Houston, Los Angeles, Phoenix, Pittsburgh, Portland, Salt Lake City, and Seattle. In addition, we have a team of risk management and compliance officers fully dedicated to monitoring the trust activities we provide to our customers. Zions Bank has been providing Third-Party Safekeeping and Custody services working in unison with municipalities since 1965. As our Corporate Trust Division has grown so has on our custody business line so that we may better support our public/municipal clients. Our staff has grown our business from the ground up and organically and now administer over $4.7 billion in assets held for close to 100 local government clients. As evidence of our growth, Zions Bank has recently completed the successful transition of numerous custody portfolios for several municipal entities across our national footprint from other custodians. Zions Bank is regulated by the OCC, EY (SOC type II) and Internal Audit to ensure that custody service is in line with current and ongoing regulations. This encompasses all aspects of settlement, reconciliation, income processing and applicable corporate action processing. This also tests the effectiveness of segregation of duties to ensure that there are proper dual controls in place. Many of our custody clients utilize an investment manager. We ensure investment managers have current and up to date delivery instructions and settlement information. We verify trades and inform our clients and their investment managers of any unresolved issues. We have a standard authorization template which is completed by our clients which allows us to take instructions from their investment managers. We also provide investment managers electronic access to the custodial account(s) for purposes of monitoring and trading securities. Zions Bank also interfaces with ELECTRA, ADVENT, CLEARWATER, FISERV in transmitting holdings and transaction information to investment managers. Related to trade processing, once trade execution has taken place, the City or PFM can provide those instructions to the Zions Bank to complete trade verification and input. Zions Bank can also accommodate participating entities’ requirements related to purchases via industry standard methods. PFM can also provide an “Adhoc” agreement whereas they will provide affirmed confirms to Zions Bank and the trades will be processed with the affirmed confirm with no notification from the participating entities.
Load more

Recommended publications
  • Platinum Networking Reception Sponsored By
    Platinum Networking Reception Sponsored by The Credit Suisse Insurance Linked Strategies team has one of the longest track records in insurance-linked strategies (ILS). Since its start at Credit Suisse in 2006, the team has firmly established itself as one of the leading ILS managers globally. Over the years, the team and the assets under management have grown significantly. Today, the team manages over USD 8 bn in assets and is among the largest providers of property catastrophe solutions in the world. (Source: Credit Suisse, data as of 31.12.2018) Contact: Credit Suisse Insurance Linked Strategies, Europaallee 1, 8004 Zurich, Switzerland, www.credit-suisse.com Co-Branded Attendee Lanyard and Pocket Guide Ad Sponsored by Mayer Brown is a leading global law firm that represents insurers, reinsurers, bankers, brokers and investors in structuring and executing complex multi-jurisdictional transactions. Many of our recent transactions have broken new ground at the convergence of the insurance and capital markets, and we have been at the forefront of the development of third-party capital management arrangements in the reinsurance markets. Within the past three years alone, Mayer Brown acted on the formation of more than 15 new insurers, reinsurers, and alternative capital funds, and advised on more than 50 catastrophe bond offerings providing in aggregate more than $19 billion of risk capital. Visit mayerbrown.com to learn more. Contact: Stephen G. Rooney, Partner, Mayer Brown LLP / +1.212.506.2567 / [email protected] / www.mayerbrown.com Learn more about Mayer Brown (PDF) Networking Luncheon Sponsored by Sidley Austin LLP is a full-service law firm with 2,000 lawyers across 20 offices worldwide.
    [Show full text]
  • BNY Mellon Corporate Social Responsibility 2019 Report
    2020CSR Report-cover.pdf 1 6/17/20 4:24 PM C M Y CM MY CY CMY K About This Report About This Report This is BNY Mellon’s 13th report covering corporate social responsibility (CSR) and environmental, social and governance (ESG) topics. Our annual updates in this report are not just about our company’s social and environmental impact, but also about how we view and integrate ESG considerations throughout our operations, leveraging opportunities and mitigating risks cross-functionally and across our lines of business. We publish our CSR report annually in the second quarter on www.bnymellon.com/CSR. Unless otherwise noted, this report includes data and activities from BNY Mellon’s global operations for the calendar year 2019. Unless otherwise noted, all data is as of 12/31/2019 and covers The Bank of New York Mellon Corporation and its subsidiaries. The report provides select data from past years in order to facilitate year-over-year analysis. This is our 11th report using the Global Reporting Initiative’s (GRI) framework, the world’s most widely used sustainability reporting framework. We prepared the report according to GRI Standards Comprehensive option. View the GRI Index on page 80. 2019 CSR and ESG Awards and Recognition Dow Jones Sustainability World Index (DJSI) 6 consecutive years CDP A List for climate management leadership 7 consecutive years FTSE4Good Global Benchmark Index 8 consecutive years Perfect score on the Corporate Equality Index for LGBTQ workplace equality, Human Rights Campaign Foundation 13 consecutive years Bloomberg Gender-Equality Index 5 consecutive years See a full list of our awards.
    [Show full text]
  • Declaration of Seema Kakade in Support of United States' Unopposed Motion Requesting Appointment of Trustee
    Case 3:16-cv-00295-CRB Document 46-1 Filed 02/23/17 Page 2 of 29 I, Seema Kakade, declare as follows: 2 1. I am employed as an attorney-advisor in the Office of Enforcement and Compliance 3 Assurance by the U.S. Environmental Protection Agency ("EPA") in its headquarters office in 4 Washington, D.C. From approximately September 2015 to the present, I have worked as enforcement 5 counsel for EPA on this case. Among other things, l have worked on issues relating to the process for a 6 selection of a trustee pursuant to Paragraph 15 and Appendix D of the Partial Consent Decree 7 ("'Decree") entered by this Court on October 25, 2016. Dkt. No. 2103-1. I have personal knowledge of 8 the facts set forth in this declaration, and 1 am competent to testify thereto at any trial or evideotiary 9 hearing in this matter. 10 2. Paragraph 15.a. of the Decree permitted certain specified entities to submit to the United 11 States, no later than 30 days after the Effective Date, a list of three to five recommended candidates for 12 the position of trustee under Appendix D to the Decree. 13 3. Pursuant to Paragraph 15 .a. of the Decree, the State of New York, on behalf of a coalition 14 of 42 States, Puerto Rico, and the District of Columbia (the "Coalition"), submitted the names of five 15 recommended institutional candidates for trustee in a Jetter dated November 23, 2016. 16 4. The State of California chose to support the candidate list forwarded by New York on I 7 behalf of the Coalition and did not submit its own list of trustee candidates as permitted by Paragraph 18 15.a.
    [Show full text]
  • 2010 CSR Report, We Used the Global Reporting Initiative (GRI) G3 Sustainability Guidelines
    2010 Corporate SoCial RepoRt reSponSibility MAkINg ThE Most Of OuR iMpaCt on the world t his marks the fourth Corporate Social Responsibility (CSR) report since BNY Mellon formally launched its current commitment to corporate citizenship in 2007. While our CSR initiatives continue to evolve and, in many cases, intensify, our overriding goal remains the same: to choose where we can make a strong, positive impact on the world — and then make the most of that impact. this commitment is centered on our core values of Client Focus, trust, teamwork and outperformance. our people are involved in the CSR program at every level, from the Board of Directors, which has created an oversight committee for all CSR initiatives, to individuals in operations around the globe. Year over year, we have seen steady increases in the number of employees actively engaged in CSR activities. through focus and a continued commitment to strong CSR performance, BNY Mellon has been able to achieve impressive results. this report provides a detailed overview of BNY Mellon’s CSR program for 2010. All of our company’s reporting follows Global Reporting Initiative (GRI) guidelines as detailed in the GRI Index. Looking ahead, BNY Mellon will continue working to enhance its CSR program. We will work to increase awareness among stakeholders, and we will continue to report on the challenges, progress and success of BNY Mellon’s standing commitment to make the most of our impact on the world. a Message froM our ChairMan and CEO 3 our CoMPANY 4 2010 CSr SnapShot 5 our Corporate
    [Show full text]
  • Numerical.Pdf
    DTC PARTICPANT REPORT (Numerical Sort ) Month Ending - July 31, 2021 NUMBER PARTICIPANT ACCOUNT NAME 0 SERIES 0005 GOLDMAN SACHS & CO. LLC 0010 BROWN BROTHERS HARRIMAN & CO. 0013 SANFORD C. BERNSTEIN & CO., LLC 0015 MORGAN STANLEY SMITH BARNEY LLC 0017 INTERACTIVE BROKERS LLC 0019 JEFFERIES LLC 0031 NATIXIS SECURITIES AMERICAS LLC 0032 DEUTSCHE BANK SECURITIES INC.- STOCK LOAN 0033 COMMERZ MARKETS LLC/FIXED INC. REPO & COMM. PAPER 0045 BMO CAPITAL MARKETS CORP. 0046 PHILLIP CAPITAL INC./STOCK LOAN 0050 MORGAN STANLEY & CO. LLC 0052 AXOS CLEARING LLC 0057 EDWARD D. JONES & CO. 0062 VANGUARD MARKETING CORPORATION 0063 VIRTU AMERICAS LLC/VIRTU FINANCIAL BD LLC 0065 ZIONS DIRECT, INC. 0067 INSTINET, LLC 0075 LPL FINANCIAL LLC 0076 MUFG SECURITIES AMERICAS INC. 0083 TRADEBOT SYSTEMS, INC. 0096 SCOTIA CAPITAL (USA) INC. 0099 VIRTU AMERICAS LLC/VIRTU ITG LLC 100 SERIES 0100 COWEN AND COMPANY LLC 0101 MORGAN STANLEY & CO LLC/SL CONDUIT 0103 WEDBUSH SECURITIES INC. 0109 BROWN BROTHERS HARRIMAN & CO./ETF 0114 MACQUARIE CAPITAL (USA) INC. 0124 INGALLS & SNYDER, LLC 0126 COMMERZ MARKETS LLC 0135 CREDIT SUISSE SECURITIES (USA) LLC/INVESTMENT ACCOUNT 0136 INTESA SANPAOLO IMI SECURITIES CORP. 0141 WELLS FARGO CLEARING SERVICES, LLC 0148 ICAP CORPORATES LLC 0158 APEX CLEARING CORPORATION 0161 BOFA SECURITIES, INC. 0163 NASDAQ BX, INC. 0164 CHARLES SCHWAB & CO., INC. 0166 ARCOLA SECURITIES, INC. 0180 NOMURA SECURITIES INTERNATIONAL, INC. 0181 GUGGENHEIM SECURITIES, LLC 0187 J.P. MORGAN SECURITIES LLC 0188 TD AMERITRADE CLEARING, INC. 0189 STATE STREET GLOBAL MARKETS, LLC 0197 CANTOR FITZGERALD & CO. / CANTOR CLEARING SERVICES 200 SERIES 0202 FHN FINANCIAL SECURITIES CORP. 0221 UBS FINANCIAL SERVICES INC.
    [Show full text]
  • Corporate Social Responsibility : Perception, Practice, and Performance in Present Era
    Journal of Xi'an University of Architecture & Technology Issn No : 1006-7930 Corporate Social Responsibility : Perception, Practice, and Performance in Present Era. Yogesh Hole, Associate Professor, Department of Public Administration, Cihan University-Erbil, Kurdistan Region, Iraq. Email Id: [email protected] Snehal Pawar-Hole, Assistant Lecturer, Department of Business Administration, Lebanese French University-Erbil, Kurdistan Region, Iraq. Email Id: [email protected] Shilpa Bendale, Director, KCES’s Institute of Management and Research, Jalgaon, India. Email Id: [email protected] Abstract This study deals in context to the perception, practice, and performance of CSR. The study is mainly conferred CSR activities in enhancing the employees' sense of self-esteem and self- identity, CSR Perception and Corporate Reputation, Practicing CSR in the present era, CSR Perception, and Loyalty. In this paper, the CSR activities in different sectors by the various organization has been reviewed and approach is undertaken to study relevant processes that may influence different forms of CSR-based perceptions. As part of the goal of this research paper also considers the aspect of corporate performance that further work will incorporate into the various CSR activities. The study examined the aspect of CSR by highlighting the impact of different CSR activities in the context of business performance or customer feedback. It will be good to conclude Volume XII, Issue II, 2020 Page No: 331 Journal of Xi'an University of Architecture & Technology Issn No : 1006-7930 that the companies must be able to achieve and build an association with the customers based on positivity by addressing their CSR responsibilities. Keywords CSR, Perception, performance, practice, organization, business.
    [Show full text]
  • Resolution Plan
    Resolution Plan PUBLIC SECTION July 1, 2015 Table of Contents Introduction ..................................................................................................................................................................... 3 Index of Defined Terms ................................................................................................................................................. 7 SECTION I: OVERVIEW OF BNY MELLON ............................................................................................................................10 A. Material Entities ....................................................................................................................................................... 12 B. Description of Core Business Lines ...................................................................................................................... 28 SECTION II: DESCRIPTION OF RESOLUTION STRATEGY .......................................................................................................30 A. Resolution Strategy for Material Entities .............................................................................................................. 34 B. Resolution Strategy for Core Business Lines ...................................................................................................... 39 C. Resulting Organization upon Completion of Resolution Process ..................................................................... 40 SECTION III: BNY MELLON’S SIGNIFICANT EFFORTS TO
    [Show full text]
  • Narrowing the Gap of Financial Fraud Detection in Corporations Solomon Aborbie Walden University
    Walden University ScholarWorks Walden Dissertations and Doctoral Studies Walden Dissertations and Doctoral Studies Collection 2015 Narrowing the Gap of Financial Fraud Detection in Corporations Solomon Aborbie Walden University Follow this and additional works at: https://scholarworks.waldenu.edu/dissertations Part of the Accounting Commons, and the Finance and Financial Management Commons This Dissertation is brought to you for free and open access by the Walden Dissertations and Doctoral Studies Collection at ScholarWorks. It has been accepted for inclusion in Walden Dissertations and Doctoral Studies by an authorized administrator of ScholarWorks. For more information, please contact [email protected]. Walden University College of Management and Technology This is to certify that the doctoral study by Solomon Aborbie has been found to be complete and satisfactory in all respects, and that any and all revisions required by the review committee have been made. Review Committee Dr. Peter Anthony, Committee Chairperson, Doctor of Business Administration Faculty Dr. Robert Miller, Committee Member, Doctor of Business Administration Faculty Dr. Kenneth Gossett, University Reviewer, Doctor of Business Administration Faculty Chief Academic Officer Eric Riedel, Ph.D. Walden University 2015 Abstract Narrowing the Gap of Financial Fraud Detection in Corporations by Solomon Aborbie MAFM, DeVry University, 2010 B.Com, University of Cape Coast, 1990 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University April 2015 Abstract Business leaders remain exposed to financial and accounting fraud as well as loss of profitability, despite the dictates of the SOX Act of 2002. The most challenging aspect of corporate management is the unexpected nature of an emerging, existing, or an inherent financial risk.
    [Show full text]
  • CSR INFORMATION DISCLOSURE VIA SOCIAL MEDIA: COGNITIVE, AFFECTIVE, and BEHAVIOR RESPONSES by Desiree M. Hazel, BSFCS a Thesis S
    CSR INFORMATION DISCLOSURE VIA SOCIAL MEDIA: COGNITIVE, AFFECTIVE, AND BEHAVIOR RESPONSES by Desiree M. Hazel, BSFCS A thesis submitted to the Graduate Council of Texas State University in partial fulfillment of the requirements for the degree of Master of Science with a Major in Merchandising and Consumer Studies May 2016 Committee Members: Jiyun Kang, Chair Gwendolyn Hustvedt Mira Ahn COPYRIGHT by Desiree M. Hazel 2016 FAIR USE AND AUTHOR’S PERMISSION STATEMENT Fair Use This work is protected by the Copyright Laws of the United States (Public Law 94-553, section 107). Consistent with fair use as defined in the Copyright Laws, brief quotations from this material are allowed with proper acknowledgment. Use of this material for financial gain without the author’s express written permission is not allowed. Duplication Permission As the copyright holder of this work I, Desiree M. Hazel, refuse permission to copy in excess of the “Fair Use” exemption without my written permission. DEDICATION I would like to dedicate my master’s thesis to my beautiful grandmother, Glodene Hodges, my “Momsie”. These past nine months without you have been some of the hardest times I have gone through in my life. I have wanted to give up so many times and just walk away from it all because I did not see the point in continuing on without having you here. Everyday has been a struggle for me as I think about you every day and remind myself that you are no longer with us, but then I can hear your voice in my head telling me to stop all that crying! I know you would never want me to give up on school or anything that I want in life.
    [Show full text]
  • DTC PARTICPANT REPORT (Alphabetical Sort ) Month Ending - July 31, 2021 PARTICIPANT ACCOUNT NAME NUMBE R ABN AMRO CLEARING CHICAGO LLC 0695
    DTC PARTICPANT REPORT (Alphabetical Sort ) Month Ending - July 31, 2021 PARTICIPANT ACCOUNT NAME NUMBE R ABN AMRO CLEARING CHICAGO LLC 0695 ABN AMRO SECURITIES (USA) LLC 0349 ABN AMRO SECURITIES (USA) LLC/A/C#2 7571 ABN AMRO SECURITIES (USA) LLC/REPO 7590 ABN AMRO SECURITIES (USA) LLC/ABN AMRO BANK NV REPO 7591 ALPINE SECURITIES CORPORATION 8072 AMALGAMATED BANK 2352 AMALGAMATED BANK OF CHICAGO 2567 AMHERST PIERPONT SECURITIES LLC 0413 AMERICAN ENTERPRISE INVESTMENT SERVICES INC. 0756 AMERICAN ENTERPRISE INVESTMENT SERVICES INC./CONDUIT 7260 APEX CLEARING CORPORATION 0158 APEX CLEARING CORPORATION/APEX CLEARING MATCHBOOK 4439 APEX CLEARING CORPORATION/APEX CLEARING STOCK LOAN 8308 ARCHIPELAGO SECURITIES, L.L.C. 0436 ARCOLA SECURITIES, INC. 0166 ASCENSUS TRUST COMPANY 2563 ASSOCIATED BANK, N.A. 2257 ASSOCIATED BANK, N.A./ASSOCIATED TRUST COMPANY/IPA 1620 AXOS CLEARING LLC 0052 AXOS CLEARING LLC/ CORRESPONDENT FLIP FACILITATION ACCOUNT 1186 AXOS CLEARING LLC/STOCK LOAN 7576 B. RILEY SECURITIES, INC. 9186 BANK OF AMERICA, NATIONAL ASSOCIATION 2236 BANK OF AMERICA, NA/FBO TEMASEK 1367 BANK OF AMERICA, NA/GWIM TRUST OPERATIONS 0955 BANK OF AMERICA/LASALLE BANK NA/IPA, DTC #1581 1581 BANK OF AMERICA NA/CLIENT ASSETS 2251 BANK OF CHINA, NEW YORK BRANCH 2555 BANK OF CHINA NEW YORK BRANCH/CLIENT CUSTODY 2656 BANK OF MONTREAL, CHICAGO BRANCH 2309 BANKERS' BANK 2557 BARCLAYS BANK PLC NEW YORK BRANCH 7263 BARCLAYS BANK PLC NEW YORK BRANCH/BARCLAYS BANK PLC-LNBR 8455 BARCLAYS CAPITAL INC. 5101 BARCLAYS CAPITAL INC./LE 0229 BARCLAYS CAPITAL INC./BARCLAYS BANK PLC, LONDON BRANCH 7254 BARCLAYS CAPITAL INC./BARCLAYS CAPITAL INC. FIXED INCOME 7256 BBVA SECURITIES INC.
    [Show full text]
  • Our Full Service Trustee Experience Is the Advantage Your Deal Deserves
    Our experience is your advantage. We have the talent, resources, and infrastructure to handle all aspects of your deal. DOCUMENT CUSTODY BACKUP SERVICING OUR QUALITY STAFF, EFFICIENT PROCESSES, OUR PROFICIENCY IN DEAL EXECUTION CAN Our full service trustee AND ACCURATE AND TIMELY REPORTING INSTILL THE CONFIDENCE AND PEACE OF MIND MAKE THE DIFFERENCE. YOU NEED WHEN CLOSING A TRANSACTION. experience is the advantage INDENTURE TRUSTEE INDEPENDENT DIRECTOR SELECTING A QUALITY CORPORATE TRUSTEE HAS OUR KNOWLEDGEABLE, RELIABLE, AND ACCESSIBLE your deal deserves. BECOME AN INCREASINGLY COMPLEX TASK. OUR INDEPENDENT DIRECTORS HAVE EXPERIENCE LONG-TENURED EXPERTS, CLIENT RETENTION, AND WITH A WIDE VARIETY OF STRUCTURED FINANCE NIMBLENESS MAKE OUR TEAM THE CLEAR CHOICE. AND SECURITIZATION TRANSACTIONS. Visit our SFIG Vegas 2017 booth to meet our team – and learn about how we can be your trustee of choice. AN M&T BANK AFFILIATE Wilmington Trust is a registered service mark. Wilmington Trust Corporation is a wholly owned subsidiary of M&T Bank Corporation. Wilmington Trust Company, operating in Delaware only, Wilmington Trust, N.A., M&T Bank and certain other afliates, provide various duciary and non-duciary services, including trustee, custodial, agency, investment management and other services. International corporate and institutional services are offered through Wilmington Trust Corporation’s international afliates. INDENTURE TRUSTEE | PAYING AGENT | BACKUP SERVICING | DOCUMENT CUSTODY Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank, member FDIC. INDEPENDENT DIRECTOR | OWNER TRUSTEE | TAX & ACCOUNTING ©2017 Wilmington Trust Corporation and its afliates. All rights reserved. CS14580 2017 GCM-ASR_BellyBand.indd 2-3 2/8/2017 9:46:07 AM CS14580 (wt013014)_ASR Belly Band _ 17” w x 5” h WILMINGTON TRUST RENOWNED EXPERIENCE | CORPORATE TRUST WILMINGTON TRUST RENOWNED EXPERIENCE | CORPORATE TRUST A local touch OUR EXPERIENCE IS YOUR ADVANTAGE.
    [Show full text]
  • Corporate Social Responsibility in the APEC Region
    Prepared By Institute for International Studies and Training #10 Mori Building, 1-18-1 Toranomon, Minato-ku, Tokyo, Japan Tel: (81)3-3503-6621 Fax:(81)3-3501-0550 Website: www.iist.or.jp FOR THE ASIA-PACIFIC ECONOMIC COOPERATION SECRETARIAT 35 Heng Mui Keng Terrace Singapore 119616 Tel: (65) 6775-6012 Fax: (65) 6775-6013 Email: [email protected] Website: www.apec.org © 2005 APEC Secretariat APEC#205-HR-01.2 ISBN 981-05-4987-3 ii Preface Preface The Asian economic crisis in the late 1990s and the advent of the so-called “new economy”, where information and communication technologies changed the way of doing business, brought new challenges to enterprises management. It also created a greater need for enhanced corporate governance. Globalization and the interdependency of business across borders have multiplied the complexity of risks, making it necessary for management to tackle those risks in a more systematic and integrated manner. The Asia Pacific Economic Cooperation (APEC) Human Resources Development-Capacity Building Network (HRD-CBN) has decided to address the issues of developing the capacity of management for effective corporate governance. To this end it has endorsed the project entitled, “Enhanced Risk Management System in the APEC Region – Toward Establishing Effective Corporate Governance”. Since then the idea of Corporate Social Responsibility (CSR) as an encompassing concept has emerged, affecting all facets of business with which management has to be concerned. Increasingly, CSR is being used to shape the behavior of an enterprise. Failure to meet the expectation of stakeholders on CSR matters may pose great risk to management and enterprise.
    [Show full text]