DOCSLIB.ORG

Annual Report 2004 / Enersis Contents

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2004 / Enersis Contents Enersis Management 2004 ANNUAL REPORT / ENERSIS CHAIRMAN Pablo Yrarrázaval Phone (56-2) 353 4663 CHIEF EXECUTIVE OFFICER Mario Valcarce Phone (56-2) 353 4613 REGIONAL PLANNING AND CONTROL OFFICER Macarena Lama Phone (56-2) 353 4684 REGIONAL FINANCIAL OFFICER Alfredo Ergas Phone (56-2) 630 9587 REGIONAL ACCOUNTING OFFICER Fernando Isac Phone (56-2) 353 4685 COMMUNICATIONS OFFICER José L. Domínguez Phone (56-2) 353 4666 AUDITING OFFICER Francisco Herrera Phone (56-2) 353 4647 HUMAN RESOURCES OFFICER Francisco Silva Phone(56-2) 353 4610 GENERAL COUNSEL Santa Rosa 76, Santiago - Chile Domingo Valdés (56 2) 353 4400, (56 2) 378 4400 Phone (56-2) 353 4631 Fax: (56 2) 378 4788 Investor and Shareholder Relations CHIEF INVESTMENTS AND RISKS OFFICER Ricardo Alvial 2004 ANNUAL REPORT / ENERSIS Phone (56-2) 353 4682 CITIBANK NY Ricardo Szlezinger Phone (1-212) 816 6852 SANTANDER CENTRAL HISPANO INVESTMENT Enrique Romero Phone (34-91) 342 9681 www.enersis.cl SANTIAGO STOCK EXCHANGE ENERSIS NEW YORK STOCK EXCHANGE (NYSE) ENI LATIN AMERICAN STOCK EXCHANGE OF MADRID STOCK EXCHANGE (LATIBEX) XENI Enersis Management 2004 ANNUAL REPORT / ENERSIS CHAIRMAN Pablo Yrarrázaval Phone (56-2) 353 4663 CHIEF EXECUTIVE OFFICER Mario Valcarce Phone (56-2) 353 4613 REGIONAL PLANNING AND CONTROL OFFICER Macarena Lama Phone (56-2) 353 4684 REGIONAL FINANCIAL OFFICER Alfredo Ergas Phone (56-2) 630 9587 REGIONAL ACCOUNTING OFFICER Fernando Isac Phone (56-2) 353 4685 COMMUNICATIONS OFFICER José L. Domínguez Phone (56-2) 353 4666 AUDITING OFFICER Francisco Herrera Phone (56-2) 353 4647 HUMAN RESOURCES OFFICER Francisco Silva Phone(56-2) 353 4610 GENERAL COUNSEL Santa Rosa 76, Santiago - Chile Domingo Valdés (56 2) 353 4400, (56 2) 378 4400 Phone (56-2) 353 4631 Fax: (56 2) 378 4788 Investor and Shareholder Relations CHIEF INVESTMENTS AND RISKS OFFICER Ricardo Alvial 2004 ANNUAL REPORT / ENERSIS Phone (56-2) 353 4682 CITIBANK NY Ricardo Szlezinger Phone (1-212) 816 6852 SANTANDER CENTRAL HISPANO INVESTMENT Enrique Romero Phone (34-91) 342 9681 www.enersis.cl ANNUAL REPORT 2004 / ENERSIS CONTENTS 4 CHAIRMANS' LETTER TO SHAREHOLDERS 10 HIGHLIGHTS OF 2004 12 THE COMPANY 18 OWNERSHIP AND CONTROL 24 BOARD OF DIRECTORS 27 DIRECTORS’ COMMITTEE 28 ORGANIZATIONAL STRUCTURE 29 ENERSIS MANAGEMENT TEAM 32 CULTURAL ACTIVITIES 34 FINANCIAL ACTIVITIES 37 BUSINESSES 42 INVESTMENT AND FINANCING POLICY FOR 2004 44 COMPARATIVE FINANCIAL STATEMENTS 45 CORPORATE STRUCTURE 46 ENERSIS GROUP STRUCTURE 48 ENDESA CHILE GROUP STRUCTURE ELECTRICITY GENERATION 52 ENDESA CHILE 56 ENDESA FORTALEZA ELECTRICITY DISTRIBUTION 60 COMPARATIVE OPERATING DATA 62 CHILECTRA 66 EDESUR 70 EDELNOR 74 CERJ (AMPLA) 78 COELCE 82 CODENSA OTHER BUSINESSES 88 SYNAPSIS 91 CAM 94 INMOBILIARIA MANSO DE VELASCO 97 DECLARATION OF RESPONSIBILITY 98 OTHER SUBSIDIARY AND ASSOCIATE COMPANIES 113 COMMERCIAL RELATIONS WITH SUBSIDIARY AND ASSOCIATE COMPANIES FINANCIAL STATEMENTS 115 CONSOLIDATED FINANCIAL STATEMENTS 257 UNCONSOLIDATED FINANCIAL STATEMENTS 297 FINANCIAL STATEMENTS OF SUBSIDIARY COMPANIES 3 Ralco hydroelectric plant. NOMBRE DEL CAPITULO 4 CHAIRMANS’ LETTER TO SHAREHOLDERS It is an honor for me to inform you of the principal activities of Enersis and its subsidiary companies during 2004 which have been summarized in this Annual Report which is presented for your consideration. 2004 was characterized as being one of consolidation of our financial recovery nationally and internationally following the making of the necessary timely adjustments in order to face the economic and social reality of the markets in which we operate. Year after year, we have been setting realistic targets which we have fully met. 2004 will remain engraved in the history of our Group for being one of take-off in terms of good financial results. We had already, in 2003, made significant achievements with profits of Ch$12,780 million, but these have now trebled to Ch$44,308 million in 2004. This result speaks for itself with respect to the good performance of Enersis and its subsidiaries throughout the whole electricity business chain and in the five countries where the Group has a presence. This is also reflected in the company’s operating income which increased 15.4% to Ch$634,202 million. Also notable was the 5.5% increase in electricity sales, both in generation and distribution, which confirms the projections made by our companies for achieving sustained growth within that range. The continuous increase of our distribution customers means that today we have close to 11 million electrical connections in the six cities where we provide electricity. We are constantly making improvements which we can measure, for example, in the increase in labor productivity, which grew by 6.4% to 1,521 customers per employee. But these good signs are also related to projects that our subsidiaries ventured on in 2004, including one that marks a milestone for us. I refer to the inauguration and start-up of Endesa Chile’s Ralco project, an unprecedented event in the history of Chile as it is the largest hydroelectric plant in the country which provides important energy support for the Central Grid System (SIC) with a maximum capacity of 690 MW. This has been completed despite many years of unfounded criticisms and has managed to combine respect for the environment with unbeatable solutions for the whole Pehuenche population that was affected by the passage of modern times. 2004 ANNUAL REPORT / ENERSIS 5 This hydroelectric plant joins the outstanding contribution made by the Endesa Fortaleza plant in Ceará State in Brazil which started operating in early 2004 and added 319 MW of capacity for sustaining the electricity needs of north-eastern Brazil. Just as the balance sheet reflects good situation, so do the financial ratios which continue to show considerable improvements. This is reflected in the healthy financial structure of Enersis whose liquidity increased and access to the financial markets improved. Particularly notable was the successful debt renegotiation in November 2004 when Enersis signed a loan agreement for US$ 350 million for the refinancing of the company’s debts. This new loan has substantially better conditions than the previous ones, with a Libor interest margin of 37.5 basis points compared to the previous margin of 115 basis points, and a term extended from 2006 to 2008. This new financial reality allows the Enersis Group to have a maturity pattern that better matches the characteristics of the electricity market where it operates. And what is even better, it has enabled the group to reduce its average financial debt last year by some US$1,228 million. One of the key improvements in the financial field has been the favorable change in EBITDA which has grown strongly, increasing over the last two years by more than US$450 million to a total of US$1,831 million at December 31. The perception of risk therefore has improved ostensibly, a situation noted by the credit-rating agencies which have begun to raise the company’s rating. This occurred together with a rise in the share price and the reduction in risk spreads, both in the cost of bank borrowings and the risk premium demanded on the company’s bonds. The improved liquidity explains why Enersis’s shares are more sensitive to the decisions of investors in the face of economic or market conditions. This was evident from the rise in the share price which ended the year at Ch$93.66, an 8.9% increase over the year, while the ADR rose 15.6% to US$8.51. In other hand it is a matter of satisfaction to know that our professional teams have been improving internal controls and procedures in order to comply with the requirements of the Sabarnes Oxley Act, concluding that these controls and procedures are effective to a reasonable level of reliability for the CHAIRMANS’ LETTER TO SHAREHOLDERS 6 collection, analysis and publishing of the information required from the company. In the same context, the finance management developed a so-called regulations and procedures project which is an extension of the rigor of that law to all aspects of the company’s financial management. With respect to our shareholders, we are sure we have done an efficient job in communicating with them and keeping them informed of our company’s actions. This was reflected in two important prizes received during the year. The first place, that was won for the investor relations web site, in the category TOP 5, “Best Investor Relations Website” awarded by the company MZ Award in this part of the world, called “Southern Cone”, which consists of all Spanish-speaking South American countries. The other award was given by the prestigious magazine “Institutional Investor” that annually gives prizes for Latin American companies whose shares are traded in the United States. Enersis was distinguished as being the best electrical company in the region in the Investor Relations category. The prize was instituted to recognize the company that has been known during the year for its optimum transparency and pro-activity in the provision of information to national and international investors in compliance with several strict requirements, while the evaluation criteria are based on a confidential survey made to the principal analysts and investors interested in the region. An important and symbolic landmark occurred on June 22 when the New York Stock Exchange celebrated Enersis Day, enabling our company to celebrate 11 years of trading on that important stock market and to present its new corporate image to the market. Enersis, being the star of the day, closed trading activities with the traditional “Ring the Bell”, in recognition of the years that the company has listed its stock on the New York Stock Exchange (NYSE). Considering Enersis’s position in the market, as the Latin American investment vehicle for Endesa (Spain), it decided to launch a new corporate image to reflect this relationship through a new logo.
Load more

Recommended publications
  • Annual Report Enel Chile 2016 Annual Report Enel Chile 2016 Annual Report Santiago Stock Exchange ENELCHILE
    2016 Annual Report Enel Chile 2016 Annual Report Enel Chile Annual Report Santiago Stock Exchange ENELCHILE Nueva York Stock Exchange ENIC Enel Chile S.A. was initially incorporated as Enersis Chile S.A. on March 1st, 2016 and changed to Enel Chile S.A. on October 18th, 2016. As of December 31st, 2016, the total share capital of the Company was Th$ 2,229,108,975 represented by 49,092,772,762 shares. Its shares trade on the Santiago Stock Exchange and the New York Stock Exchange as American Depositary Receipts (ADR). The main business of the Company is the development, operation, generation, distribution, transformation, or sale of energy in any form, directly or through other companies. Total assets of the Company amount to Th$ 5,398,711,012 as of December 31st, 2016. Enel Chile controls and manages a group of companies that operate in the Chilean electricity market. Net profit attributable to the controlling shareholder in 2016 reached Th$ 317,561,121 and operating income reached Th$ 457,202,938. At year-end 2016 the Company directly employed 2,010 people through its subsidiaries in Chile. Annual Report Enel Chile 2016 Summary > Letter from the Chairman 4 > Open Power 10 > Highlights 2016 12 > Main Financial and Operating Data 16 > Identification of the Company and Documents of Incorporation 20 > Ownership and Control 26 > Management 32 > Human Resources 54 > Stock Markets Transactions 64 > Dividends 70 > Investment and Financing Policy 76 > History of the Company 80 > Investments and Financial Activity 84 > Risk Factors 92 > Corporate
    [Show full text]
  • Creative Accounting, Fraud and International Accounting Scandals
    Creative Accounting, Fraud and International Accounting Standards Michael Jones University of Bristol [email protected] 1 Overview • Based on Book: Creative Accounting, Fraud and International Accounting Scandals • Investigates nature of creative accounting and fraud • Examines history of accounting scandals • Looks at creative accounting, fraud and accounting scandals in 13 countries worldwide • Focus on political aspects 2 Creative Accounting 3 Two Quotes “How do you explain to an intelligent public that it is possible for two companies in the same industry to follow entirely different accounting principles and both get a true and fair audit report?” M. Lafferty “Every company in the country is fiddling its profits”. I. Griffiths 4 Definitions 1. Fair Presentation Using the flexibility within accounting to give a true and fair picture of the accounts so that they serve the interests of users 5 Definitions 2. Creative Accounting Using the flexibility within accounting to manage the measurement and presentation of the accounts so that they serve the interests of preparers 6 Definitions 3. Impression Management Using the flexibility of the accounts (especially narrative and graphs) to convey a more favourable view than is warranted of a company’s results serving the interests of preparers 7 Definitions 4. Fraud Stepping outside the Regulatory Framework deliberately to give a false picture of the accounts 8 Definitions No Flexibility to give Flexibility to Flexibility to Flexibility a “true and fair“ give a give a view creative view fraudulent view Regulatory Working within Working within Working framework regulatory regulatory framework outside eliminates framework to ensure to serve preparer’s regulatory accounting choice users’ interests interests framework Within regulatory framework Outside regulatory framework 9 Managerial Motivation 1.
    [Show full text]
  • The Real Scandal on Spain's Economic Scene
    Click here for Full Issue of EIR Volume 10, Number 10, March 15, 1983 ical environment of Spain today would appear to have other motivations than economic ones. A key to the apparent mystery may be the unusual serenity of the private banks. Indeed, it is now suspected that the entire operation against Rumasa was cooked up between the top private banks, in particular Banesto, Bilbao, Central, and Hispanoamericano, and Mariano Rubio, deputy governor of the Bank of Spain since 1965 and architect of the monetarist The real scandal on takeover of the country's finances. The profile of these top banks is highly interesting. Spain's economic scene Investments abroad-otherWise known as capital flight­ doubled in 1982 relative to 1981. Ninty-five percent of all overseas investment by banks was carried out by the top 10, by Katherine Kanter in Paris and after the United States-Miami, to be precise--Chile, Portugal, and Puerto Rico were the major recipients of Span­ When Spanish Finance Minister Miguel Boyer announced ish bankers' money. Investments increased most into Chile, Feb. 23, that due to non-cooperation on the part of the coun­ Puerto Rico, and Uruguary, and decreased in those countries try's largest private enterprise Rumasa S.A. (1.5 percent of struggling to industrialize in spite of their debt burden: Ar­ the GNP, 400 companies, 350,000 employees, 18 banks), gentina, Mexico, Brazil, and Peru. the government would probably have to send in auditors from Now, whatever one may think of the "ride' em cowboy" the central bank, the Bank of Spain, he provoked an imme­ entrepreneurial approach of Ruiz Mateus, the unescapable diate run on the Rumasa group's banks and a stir in the fact is that the Rumasa empire he controlled was the only :'1ternational financialpress demanding that Spain should be major economic and financial power in the country with some blacklisted on the credit markets.
    [Show full text]
  • Information Statement Enersis Chile S.A
    INFORMATION STATEMENT ENERSIS CHILE S.A. Shares of Common Stock American Depositary Shares This information statement is being furnished to shareholders of Enersis Américas S.A. (formerly Enersis S.A.), or Enersis, in connection with the “división”, or “demerger”, under Chilean corporate law, of Enersis, which involves (i) the separation of the non-Chilean electricity generation and distribution businesses and assets of Enersis, (ii) the creation of Enersis Chile S.A., as part of the demerger, and (iii) the distribution by Enersis to its shareholders of all outstanding shares of common stock of Enersis Chile. The transactions described above are referred to collectively, as the “Spin-Off”. Following the Spin-Off, Enersis Chile will own and operate the Chilean electricity generation and distribution businesses and assets of Enersis. Enersis shareholders approved the Spin-Off at an Extraordinary Shareholders Meeting held on December 18, 2015. Enersis shareholders will not be required (i) to pay for the shares of Enersis Chile common stock to be received by them in the Spin-Off, (ii) to surrender or exchange shares of Enersis common stock in order to receive Enersis Chile common stock, or (iii) to take any other action in connection with the Spin-Off. There is currently no trading market for Enersis Chile common stock. Enersis Chile will apply to list the common stock on the Santiago Stock Exchange, the Electronic Stock Exchange and the Valparaíso Stock Exchange (collectively, the “Chilean Stock Exchanges”) and American Depositary Shares (“ADSs”), representing shares of Enersis Chile common stock, on the New York Stock Exchange. Each holder of record of Enersis common stock as of April 14, 2016, will have the right to receive one share of Enersis Chile common stock for each share of Enersis common stock held.
    [Show full text]
  • Common Draft Terms of Merger Banco Santander-Banesto
    Common Draft Terms of Merger BETWEEN BANCO SANTANDER, S.A. (as absorbing company) AND BANCO ESPAÑOL DE CRÉDITO, S.A. (as absorbed company) Boadilla del Monte and Madrid, 9 January 2013 1/50 1. INTRODUCTION For purposes of the provisions of sections 30 and 31, et seq. of Law 3/2009 of 3 April, on Structural Modifications of Mercantile Companies (hereinafter, the “Structural Modifications Act”), the undersigned, in their capacity as members of the Board of Directors of Banco Santander, S.A. (“Santander”) and Banco Español de Crédito, S.A. (“Banesto”), respectively, prepare and sign these common draft terms of merger (proyecto común de fusion) (hereinafter, the “Draft Terms of Merger” or the “Draft Terms”), which shall be subject to the approval of the General Shareholders’ Meetings of Santander and Banesto in accordance with the provisions of section 40 of the Structural Modifications Act. The integration of Banco Banif, S.A. (“Banif”) in Santander will be executed in a separate operation. The text of the Terms is as follows. 2. RATIONALE FOR THE MERGER The merger by absorption of Banesto by Santander occurs within the context of a profound restructuring of the Spanish financial system, which involves a major reduction in the number of institutions and the creation of larger institutions. In addition, the Spanish financial system has lost profitability over the last five years due to a drop in margins, which has adversely affected efficiency despite an improvement in costs, as well as to cyclically high provisions. In brief, the financial sector needs to optimise its income, margins, and fees, normalise provisions, and, in sum, improve efficiency.
    [Show full text]
  • Options for Resilient and Flexible Power Systems in Select South American Economies
    Options for Resilient and Flexible Power Systems in Select South American Economies Josue Campos do Prado, Jeffrey Logan, and Francisco Flores-Espino National Renewable Energy Laboratory (NREL) The Joint Institute for Strategic Energy Analysis is operated by the Alliance for Sustainable Energy, LLC, on behalf of the U.S. Department of Energy’s National Renewable Energy Laboratory, the University of Colorado-Boulder, the Colorado School of Mines, the Colorado State University, the Massachusetts Institute of Technology, and Stanford University. Technical Report NREL/TP-6A50-75431 December 2019 Contract No. DE-AC36-08GO28308 Options for Resilient and Flexible Power Systems in Select South American Economies Josue Campos do Prado, Jeffrey Logan, and Francisco Flores-Espino National Renewable Energy Laboratory (NREL) The Joint Institute for Strategic Energy Analysis is operated by the Alliance for Sustainable Energy, LLC, on behalf of the U.S. Department of Energy’s National Renewable Energy Laboratory, the University of Colorado-Boulder, the Colorado School of Mines, the Colorado State University, the Massachusetts Institute of Technology, and Stanford University. JISEA® and all JISEA-based marks are trademarks or registered trademarks of the Alliance for Sustainable Energy, LLC. The Joint Institute for Technical Report Strategic Energy Analysis NREL/TP-6A50-75431 15013 Denver West Parkway December 2019 Golden, CO 80401 303-275-3000 • www.jisea.org Contract No. DE-AC36-08GO28308 NOTICE This work was authored by the National Renewable Energy Laboratory, operated by Alliance for Sustainable Energy, LLC, for the U.S. Department of Energy (DOE) under Contract No. DE-AC36-08GO28308. Funding provided by the U.S.
    [Show full text]
  • Offering Circular BANESTO FINANCIAL PRODUCTS PLC
    Offering Circular BANESTO FINANCIAL PRODUCTS PLC (Incorporated with limited liability in Ireland but with its tax residence in the Kingdom of Spain) EUR 10,000,000,000 Euro Medium Term Note Programme guaranteed by BANCO ESPAÑOL DE CRÉDITO, S.A. (Incorporated with limited liability in the Kingdom of Spain) This base prospectus ("Base Prospectus") has been approved by the Central Bank of Ireland (the "Central Bank"), as competent authority under the Prospectus Directive 2003/71/EC (the "Prospectus Directive"). The Central Bank only approves this Base Prospectus as meeting the requirements imposed under Irish and EU law pursuant to the Prospectus Directive. Such approval relates only to the notes (the "Notes") which are to be admitted to trading on the regulated market of the Irish Stock Exchange or other regulated markets for the purposes of Directive 2004/39/EC or which are to be offered to the public in any Member State of the European Economic Area. This Base Prospectus, as approved and published by the Central Bank, in accordance with the requirements of the Prospective Directive, comprises a Base Prospectus for the purposes of the Prospectus Directive and the Prospectus (Directive 2003/71/EC) Regulations 2005, and for the purpose of giving information with regard to the issue of Notes issued under the Euro Medium Term Note Programme (the "Programme") described herein, during the period of twelve months after the date hereof. This document has also been approved as listing particulars (the "Listing Particulars") by the Irish Stock Exchange pursuant to its listing and admission to trading rules (the "Listing Rules") for the purpose of providing information with regard to the issue of Notes issued under the Programme described herein, to be admitted to trading on the Global Exchange Market ("GEM") during the twelve month period following the date hereof.
    [Show full text]
  • Our World Friday, September 16, 2011
    CHILE USAT pages 1-4 ok.qxd 6/9/11 20:26 Página 1 Our World Friday, September 16, 2011 DISCOVER CHILE AT worldfolio.co.uk CHILE Latin America’s great success story This supplement to USA TODAY was produced by United World Ltd.: Suite 179, 34 Buckingham Palace Road - London SW1W 0RH - Tel: 44 20 7409 3106 - [email protected] - www.unitedworld-usa.com SPECIAL 20-PAGE SUPPLEMENT INDUSTRY FINANCE COMMUNICATIONS INNOVATION TOURISM EDUCATION FOOD WINE CULTURE ENVIRONMENT Chile: #1 in Latin America on Forbes’ Best Countries for Doing Business list HILE EXUDES is possible that a country that confidence. A lived through such a costly confidence that earthquake so recently can the country has now be enjoying economic deservedly ac- growth of 6%. How? Why? Cquired over the past few What changed? I believe the decades as it has made a most important thing is that peaceful transition from dic- Chile has changed its vision of tatorship to democracy; as it world business: now there is continues to rise to its full greater confidence, there is a potential as a Latin Ameri- greater sense of calm and can economic powerhouse; knowing that the country will as it bounces back from continue to move forward, ‘CHILE ISN’T THE tragedies and recessions; and and that we’ll once again grow BIGGEST, RICHEST Ibañez Gobierno de Chile / Alex PHOTO: as it continues to attract for- at the same pace as before.” OR MOST eign businesses and invest- U.S. Ambassador to Chile POWERFUL ments to its shores. Alejandro Wolff attributes the COUNTRY IN THE 2010 was a landmark year country’s success to “stability, WORLD, BUT WE for Chile, beginning with a run- predictability and a national SHOULD DEDICATE off presidential election, which consensus about broad trends OURSELVES TO saw the first center-right can- and policies,” adding that “this TRANSFORMING IT didate, Sebastian Piñera of the creates an attractive environ- INTO THE BEST Coalition for Change, democ- ment for economic growth COUNTRY IN THE ratically elected to office in and investment.” WORLD’ more than half a century.
    [Show full text]
  • A Guide to Sources of Information on Foreign Investment in Spain 1780-1914 Teresa Tortella
    A Guide to Sources of Information on Foreign Investment in Spain 1780-1914 Teresa Tortella A Guide to Sources of Information on Foreign Investment in Spain 1780-1914 Published for the Section of Business and Labour Archives of the International Council on Archives by the International Institute of Social History Amsterdam 2000 ISBN 90.6861.206.9 © Copyright 2000, Teresa Tortella and Stichting Beheer IISG All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher. Niets uit deze uitgave mag worden vermenigvuldigd en/of openbaar worden gemaakt door middel van druk, fotocopie, microfilm of op welke andere wijze ook zonder voorafgaande schriftelijke toestemming van de uitgever. Stichting Beheer IISG Cruquiusweg 31 1019 AT Amsterdam Table of Contents Introduction – iii Acknowledgements – xxv Use of the Guide – xxvii List of Abbreviations – xxix Guide – 1 General Bibliography – 249 Index Conventions – 254 Name Index – 255 Place Index – 292 Subject Index – 301 Index of Archives – 306 Introduction The purpose of this Guide is to provide a better knowledge of archival collections containing records of foreign investment in Spain during the 19th century. Foreign in- vestment is an important area for the study of Spanish economic history and has always attracted a large number of historians from Spain and elsewhere. Many books have already been published, on legal, fiscal and political aspects of foreign investment. The subject has always been a topic for discussion, often passionate, mainly because of its political im- plications.
    [Show full text]
  • Corporate Governance in the 2007–2008 Financial Crisis: Evidence
    Journal of Corporate Finance 18 (2012) 389–411 Contents lists available at SciVerse ScienceDirect Journal of Corporate Finance journal homepage: www.elsevier.com/locate/jcorpfin Corporate governance in the 2007–2008 financial crisis: Evidence from financial institutions worldwide David H. Erkens a, Mingyi Hung a,⁎, Pedro Matos b a Leventhal School of Accounting, Marshall School of Business, University of Southern California, Los Angeles, CA 90089, United States b Department of Finance, Darden School of Business, University of Virginia, Charlottesville, VA 22906, United States article info abstract Article history: This paper investigates the influence of corporate governance on financial firms' performance Received 27 September 2011 during the 2007–2008 financial crisis. Using a unique dataset of 296 financial firms from 30 Received in revised form 15 January 2012 countries that were at the center of the crisis, we find that firms with more independent Accepted 17 January 2012 boards and higher institutional ownership experienced worse stock returns during the crisis Available online 28 January 2012 period. Further exploration suggests that this is because (1) firms with higher institutional ownership took more risk prior to the crisis, which resulted in larger shareholder losses during JEL classification: the crisis period, and (2) firms with more independent boards raised more equity capital G2 during the crisis, which led to a wealth transfer from existing shareholders to debtholders. G3 Overall, our findings add to the literature by examining the corporate governance determi- N2 nants of financial firms' performance during the 2007–2008 crisis. © 2012 Elsevier B.V. All rights reserved. Keywords: Corporate governance Credit crisis Global financial institutions 1.
    [Show full text]
  • 2020 Annual Report on Corporate Governance
    BANCO SANTANDER, S.A. 2020 INFORMATION ON CORPORATE GOVERNANCE AND REMUNERATIONS → 2020 Annual corporate governance report → 2020 Activities reports of the audit; nomination; remuneration; risk supervision, regulation and compliance; responsible banking, sustainability and culture; and innovation and technology committees → 2020 Annual directors’ remuneration report The corporate governance chapter of the consolidated directors’ report that forms part of the 2020 Annual Report of Banco Santander, S.A. (Banco Santander) is attached. The entire document is available on the Banco Santander’s corporate website (www.santander.com). This chapter includes the content of the 2020 annual corporate governance and remuneration report, drafted in a free format as we have been doing since the entry into force of the relevant Comisión Nacional del Mercado de Valores’s Circular, as well as the 2020 activities reports of the audit; nomination; remuneration; risk supervision, regulation and compliance; responsible banking, sustainability culture; and innovation and technology committees. The chapter must be read in conjunction with the other sections of the 2020 Annual Report given it forms part of it. In addition, due to that circumstance, it must be noted that the automatic links to other sections that are included in the attached document will not work. The references to find the above mentioned information within the attached chapter are the following: → 2020 Annual corporate governance report Entire corporate governance chapter → 2020 Activities reports of the audit; nomination; Sections 4.5, 4.6, 4.7, 4.8, 4.9 remuneration; risk, supervision and compliance; and 4.10, respectively responsible banking, sustainability and culture; and innovation and technology committees Sections 6 (excluding section → 2020 Annual directors’ remuneration report 6.6), 9.4 and 9.5 Annual report 2020 Contents Corporate governance 168 Responsible Corporate Economic Risk management banking governance and financial review and compliance 1.
    [Show full text]
  • The History and Remedy of Financial Crises and Bank Failures
    The author Michael Schemmann Michael Sche is a professional banker, certified public accountant, and university professor of accounting and finance. The book reviews a long litany of financial crises and bank failures since the 3rd century right up to the ongoing Global Financial Crisis. The author analyzes the financial statement mmann of a large international commercial bank in Frankfurt, Germany, and concludes that IFRS accounting principles and standards are not followed but violated, rendering the statements rather false and misleading. The book contains a remedy to end the Global Financial Crisis and prevent future crises, calling on the European Central Bank to step in and take over the role of money Money creator which is currently done by the private commercial banks, and allow governments to buy-back their general Breakdown and government debt theld by the banks, thereby reducing the MON outstanding sovereign debt of the euro area by 32% while improving the banks' liquidity sevenfold in a way that is Breakthrough completely inflation-neutral (sterile). The misconceived EY austerity programs 'to save the euro' can then be rolled back and abandoned. Br iicpa eak do The History and Remedy IICPA Publications wn and Br 1st Edition - 31 October 2013 of Financial Crises and ISBN 978-1492920595 eak Bank Failures thr ough IICPA PUBLICATIONS Money. Breakdown and Breakthrough. The History and Modern states gave control of monetary policy and markets to the Remedy of Financial Crises and Bank Failures. (1st Edition.) barons of global finance. The experiment has resulted in the same By Michael Schemmann disastrous outcomes as before.
    [Show full text]