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The Role of MENA Stock Exchanges in Corporate Governance the Role of MENA Contents Stock Exchanges Executive Summary Introduction in Corporate Governance Part I
The Role of MENA Stock Exchanges in Corporate Governance The Role of MENA Contents Stock Exchanges Executive Summary Introduction in Corporate Governance Part I. Key Features of MENA Markets Dominant state ownership Low regional and international integration Moderate competition for listings Young markets, dominated by a few sectors High levels of retail investment Diversifi cation of fi nancial products Part II. The Role of Exchanges in Corporate Governance The regulatory role The listing authority Corporate governance codes Disclosure and transparency The enforcement powers Concluding Remarks Annex I. About The Taskforce Annex II. Consolidated Responses to the OECD Questionnaire Annex III. Largest Listed Companies in the MENA region www.oecd.org/daf/corporateaffairs/mena Photos on front cover : © Media Center/Saudi Stock Exchange (Tadawul) and © Argus/Shutterstock.com 002012151cov.indd 1 12/06/2012 12:48:57 The Role of MENA Stock Exchanges in Corporate Governance This work is published on the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Organisation or of the governments of its member countries. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. © OECD 2012 You can copy, download or print OECD content for your own use, and you can include excerpts from OECD publications, databases and multimedia products in your own documents, presentations, blogs, websites and teaching materials, provided that suitable acknowledgement of OECD as source and copyright owner is given. -
THE Worldrs MOST POWERFUL SPIRITS & WINE BRANDS, 2015
THE POWER 100 THE World’s MosT POWERFUL SPIRITS & WINE BRANDS, 2015 The Power 100. The World’s Most Powerful Spirits & Wine Brands, 2015 www.drinkspowerbrands.com CONTENtS PAGE 1. INTRODUctION 03 2. METHODOLOGY 05 3. THE PANELLISTS 06 4. KEY ISSUES 09 5. THE TOP 10 10 6. THE BIggEST MOVERS 13 7. STAR PERFORMERS 16 8. TOP TRENDS OVER 10 YEARS 17 9. THE GOOD, THE BAD AND THE UgLY 19 10. DECADE AWARD 20 11. TOP SEctORS 22 12. STRONGEST BRANDS 23 13 BIggEST BRAND OWNERS 32 14 COUNTRIES OF ORIGIN 33 15 THE TOP 100 38 The Power 100. The World’s Most Powerful Spirits & Wine Brands, 2015 1 INTRODUctION We’ve witnessed brands scale the ranks and others fade into obscurity, but after 10 years of The Power 100, we can say without a doubt, there is never a dull moment in the wine and spirits industry! The last decade has seen the industry undergo major consolidation, creating a number of drinks brand powerhouses. The acquisition of Allied Domeq by Pernod Ricard and Fortune Brands in 2005 was one of the first in a spate of high-profile acquisitions, which has led to the more streamlined market we see today. The likes of Diageo, Pernod Ricard, Bacardi Martini and Beam Suntory dominate the market with a portfolio of mega-brands covering each sector. To honour 10 years of The Power 100, we have celebrated the decade’s high-flyers, analysed the decline of some brands, and reviewed our data to crown one brand the success story of the decade. -
Initiation Report
Company Sponsored Research Food Industry Initiation of Coverage Hunter Diamond, CFA 03/27/2019 Vivian Zhang (Equity Research Associate) Amira Nature Foods Ltd. [email protected] 1120 Avenue of Americas, 4th Floor New York, NY 10036 Attractive Valuation with Basmati Rice Representing A Large and Growing Market Price-Volume History Investment Highlights: • Amira Nature Foods (ANFI) operates within the large and growing basmati rice and specialty food market, which is expected to reach $17.74 billion by 20221. Amira Nature Foods is uniquely positioned with its global sourcing and distribution abilities and owned brands. The company targets various market segments with unique product offerings and price points, allowing it to diversify its revenue. The company operates globally on five continents, with a geographically diverse customer base. • Rice is an enormous global staple food, which enjoys favorable market dynamics, Key Statistics with Basmati rice having a large pricing premium over other varieties of rice with Share Price (As Of 03/25/2019) $1.52 Basmati rice prices additionally recently recovering from their 2015/2016 depressed price levels. The fragmented supply chain of Basmati rice has also made it difficult Valuation $4.00 for Western companies to effectively distribute it, creating a unique opportunity for 52 Week Range $0.30-$4.39 Amira. The company has a large opportunity to expand its top line, with the market for Indian Basmati rice representing $6.9 billion2 of which 70% is sold internationally. Average Daily Volume(th) 793.38 • The international opportunity is enormous, with the company looking to create a $200 Shares Outstanding (th) 46.384 to $300 million -dollar international business over the next three years (Amira averaged $320.2 million in international sales during the FY14 through FY18 period). -
Food Products
Rating |Target | Estimate Change USA | Consumer | Food Products February 14, 2018 EQUITY RESEARCH Food Products Brands Still Matter To Consumers - Do They To Investors? Key Takeaway Previously our sector thesis was that accelerating consolidation & cost cutting activity should drive earnings upside. We are adding a new element, related to brands that we believe will drive an inflection in sales growth and drive further earnings upside. The attached Brands Still Matter report, is the result of a collaborative project with Accenture & Barkley that we began 3 months ago, and forms the basis of this new “brand” element to our thesis. Key takeaways from our Brands Still Matter report are outlined below. AMERICAS Consumer preferences have not changed, and emerging brands are not tapping into newfound preferences. Taste and price remain top attributes for consumers. However, consumers have more leverage and are demanding that brands do more – i.e. meeting needs of a “holistic experience” that includes attributes such as health, trust and sustainability. Contrary to popular belief, leading brands have maintained their ground & it is important to be a leader. 60% of leading brands are growing sales and 53% are growing share. Mid-tier brands and the long “tail” is struggling. Loyalty to Leading Brands remains very high and relatively stable. Leading Brands are incredibly productive at retail. Consumer insights, brand activation and operating model agility are key to succeeding. Companies that build next-generation capabilities in consumer insights and category development, brand activation and operating model agility are likely to succeed. Cost-savings opportunity is significant and can fund next-gen capability investments. -
Oiml Certificate Issued Under Scheme A
OIML Member State OIML Certificate No. Denmark R76/2006-A-DK2-2020.03 OIML CERTIFICATE ISSUED UNDER SCHEME A OIML Issuing Authority Name: FORCE Certification A/S Address: Park Allé 345, 2605 Brøndby, Denmark Person responsible: Leif Madsen Applicant Name: CAS Corporation Address: #262, Geurugogae-ro, Gwangjeok-myeon, Yangju-si, Gyeonggi-do REPUBLIC OF KOREA Manufacturer CAS (Zhejiang) Electronics Co. Ltd, China. CAS Corporation, Republic of Korea CAS Elektronik San. Tic. A.S., Turkey CAS Deutschland AG, Germany. Identification of the certified type (the detailed characteristics will be defined in the additional pages) PB Designation of the module (if applicable) Non-automatic electronic weighing instrument This OIML Certificate attests the conformity of the above identified type (represented by the sample(s) identified in the OIML type evaluation report) with the requirements of the following Recommendation of the International Organization of Legal Metrology (OIML): OIML R 76-1, Edition (year): 2006 For accuracy class (if applicable): III Page 1 of 3 pages OIML Certificate No. R76/2006-A-DK2-2020.03 This OIML Certificate relates only to metrological and technical characteristics of the type of measuring instrument covered by the relevant OIML Recommendation identified above. This OIML Certificate does not bestow any form of legal international approval. The conformity was established by the results of tests and examinations provided in the associated OIML reports: Type examination report: No. 119-23195.13, dated 28 January 2020, that includes 72 pages Type evaluation report: No. 119-23195.90.26 dated 19 March 2020, that includes 20 pages The technical documentation relating to the identified type is contained in documentation file: 119-23195.13 OIML Certificate History Revision No. -
Background of the Corporate Debtor*
Background of the Corporate Debtor* Amira Pure Foods Pvt Ltd (‘Amira’) is a major international producer of packaged Indian specialty rice, with sales in over 60 countries. AMIRA offers an extensive portfolio of brands that have been carefully developed to appeal to local markets around the world. Customer tastes and expectations have been finely segmented to deliver authentic flavours that go well with a variety of popular cuisines. Consumer palettes across the market segments have been well researched and adapted to suit the requirements of various trade channels. AMIRA has expanded its product line into snacks, Ready-to-eat and organic food products. Founded in 1915, AMIRA group in the past six years, transitioned from a family-managed company to a professionally run international food company, under the leadership of the fourth generation. In October 2012, AMIRA Nature Foods Ltd (parent company of Amira Pure Foods Pvt Ltd) completed an initial public offering. Its stock trades on the New York Stock Exchange (NYSE) listed under the ticker symbol “ANFI”. They generate the majority of their revenue through the sale of Basmati rice, premium long-grain rice grown only in certain regions of the Indian sub-continent, under their flagship AMIRA brand as well as under third-party brands. HISTORY WITH FARMERS Company has worked for decades with farmers in parts of India where basmati rice is grown. They work to educate them in the best techniques of agriculture, and share with them their technology for mapping and weather analysis. The result is that Amira have a regular and a large supply of the highest quality product. -
Comparación Del Posicionamiento De Ron Gran Reserva® Y Cacique® En
Universidad Católica Andrés Bello Facultad de Humanidades y Educación Escuela de Comunicación Social Mención Comunicaciones Publicitarias Trabajo de Grado Comparación del Posicionamiento de ron Gran Reserva® y Cacique® en Estudiantes de la UCAB Montalbán Autor: María Alejandra Córdova Ruiz-Salinas Tutor: Karyn Ramos Caracas, septiembre de 2015 1 DEDICATORIA A mi abuela en paz descanse, quien estuvo presente a lo largo de este recorrido, como una figura de apoyo y amor incondicional, sin duda alguna mi ejemplo a seguir y mi profesora de vida, a quien le debo la persona que soy hoy en día. Este logro va para ti. A mi padre, quien me condujo a una de las mejores decisiones que he tomado en mi vida, estudiar esta carrera. Sus consejos fueron motivo de perseverancia, esfuerzo y entusiasmo. A toda mi familia, por estar presentes y brindarme un aliento y una sonrisa en cada momento. A mis compañeros de clases; un grupo único, en especial a mi equipo de trabajo, sin cada una de ellas nada hubiese sido tan espectacular, juntas aprendimos a amar la publicidad. A las personas con quienes comparto mí día a día y estuvieron presentes de principio a fin en esta etapa. A Dios por ser mi guía y compañero. María Alejandra Córdova. I AGRADECIMIENTOS Fue un año cargado de experiencias inolvidables, de momentos altos y bajos, donde logré ser una mejor persona en cada ámbito de mi vida. Una etapa que agradezco a la mejor casa de estudio que la vida me pudo ofrecer. Quiero hacer un especial agradecimiento a mi profesora de Seminario de Trabajo de Grado, Jazmín Trak, por su excelente labor como docente y profesional. -
9913 2004 Cover Outer
Diageo Annual Report 2004 Annual Report 2004 Diageo plc 8 Henrietta Place London W1G 0NB United Kingdom Tel +44 (0) 20 7927 5200 Fax +44 (0) 20 7927 4600 www.diageo.com Registered in England No. 23307 Diageo is... © 2004 Diageo plc.All rights reserved. All brands mentioned in this Annual Report are trademarks and are registered and/or otherwise protected in accordance with applicable law. delivering results 165 Diageo Annual Report 2004 Contents Glossary of terms and US equivalents 1Highlights 63 Directors and senior management In this document the following words and expressions shall, unless the context otherwise requires, have the following meanings: 2Chairman’s statement 66 Directors’ remuneration report 3Chief executive’s review 77 Corporate governance report Term used in UK annual report US equivalent or definition Acquisition accounting Purchase accounting 5Five year information 83 Directors’ report Associates Entities accounted for under the equity method American Depositary Receipt (ADR) Receipt evidencing ownership of an ADS 10 Business description 84 Consolidated financial statements American Depositary Share (ADS) Registered negotiable security, listed on the New York Stock Exchange, representing four Diageo plc ordinary shares of 28101⁄108 pence each 10 – Overview 85 – Independent auditor’s report to Called up share capital Common stock 10 – Strategy the members of Diageo plc Capital allowances Tax depreciation 10 – Premium drinks 86 – Consolidated profit and loss account Capital redemption reserve Other additional capital -
VMC 2019 Annual Report
COVER SHEET COMPANY REGISTRATION AND MONITORING DEPARTMENT Nature of Application S.E.C. Registration Number SEC FORM 17-A P W 0 0 0 0 0 3 6 4 Company Name V I C T O R I A S M I L L I N G C O M P A N Y , I N C . Principal Office (No./Street/Barangay/City/Town/Province) V M C C O M P O U N D , J J O S S O R I O S T . B R G Y . X V I V I C T O R I A S C I T Y N E G . O C C . COMPANY INFORMATION Company’s Email Address Company’s Telephone Number Company’s Facsimile Number 034-488-7900 - Contact Person Information Name of Contact Person Email Address Telephone Number/s Facsimile Number/s EVA V. RODRIGUEZ 034-488-7900 - Contact Person’s Address J.J. Ossorio Street, Barangay XVI, Victorias City, Negros Occidental To be accomplished by CRMD Personnel Date Signature Assigned processor: ___________________________________ __________________________ __________________ ___________________________________ __________________________ __________________ __________________________ ___________________ ______________ Document I.D. Received by Corporate Filing and Records Division (CFRD) _________________________ ___________________ Forwarded to: Corporate and Partnership Registration Division ________________________ ___________________ Green Lane Unit ________________________ ___________________ Financial Analysis and Audit Division ________________________ ___________________ Licensing Unit ________________________ ___________________ SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-A ANNUAL REPORT PURSUANT TO SECTION 17 OF THE SECURITIES REGULATION CODE AND SECTION 141 OF THE CORPORATION CODE OF THE PHILIPPINES 1. For the fiscal year ended: August 31, 2019 2. -
Markit Index Standard Treatment Index Manual / 7 May 2021
Markit Index Standard Treatment Index Manual / 7 May 2021 Copyright © 2021 IHS Markit Ltd T180614 Markit Index Standard Treatment | CA003 1 Introduction..................................................................................................4 2 Terminology and Notation........................................................................... 5 3 Divisor Methodology....................................................................................8 4 Dividend Points Calculation........................................................................ 9 5 Indices Conversion to Different Currencies.............................................. 10 6 Corporate Actions Treatment Specifications............................................. 11 6.1 General rules of corporate actions treatment....................................11 6.1.1 Price Return, Net Return and Gross Return index adjustments................................................................................... 11 6.1.2 Corporate actions implementation date.................................... 11 6.2 Cash Dividends ................................................................................ 11 6.2.1 Regular Cash Dividend.............................................................11 6.2.1.1 Definition .......................................................................... 11 6.2.1.2 Treatment ......................................................................... 12 6.2.2 Special Cash Dividend..............................................................13 6.2.2.1 -
Smes and Public Equity Financing: a New Dataset of SME Boards in Emerging-Market and Developing Economies
SMEs and Public Equity Financing: A New Dataset of SME Boards in Emerging-Market and Developing Economies John Schellhase and Jim Woodsome August 2017 Introduction In recent years, a number of stock exchanges in emerging-market and developing economies have established dedicated market segments for small and medium-sized enterprises (SMEs). The main purpose of these SME boards, as they are often called, is to expand access to equity finance for relatively small but growing firms with the potential, as a group, to significantly contribute to economic growth and employment. In some cases, SME boards also serve as feeder exchanges, incubating firms for later graduation to a stock exchange’s main board. Today, there around 30 dedicated SME boards in emerging-market and developing economies, the majority of which have been established in the last decade or so. Due to the role these firms can play in creating jobs and diversifying economies, improving access to finance for SMEs is a long-standing policy goal in developed and developing countries alike. As banks have curbed their lending to SMEs in the wake of the global financial crisis, policymakers and industry bodies are now increasingly emphasizing non-bank financing alternatives for SMEs. Public equity financing is one option that may be suitable for fast-growing SMEs with the capacity to meet the listing requirements. SME boards may contribute to expanding financial access for SMEs both directly, by facilitating access to public equity financing, and indirectly, by incentivizing listing firms to improve their financial reporting and corporate governance practices, which may, in turn, make them more appealing to credit-based lenders. -
Securities and Exchange Commission
SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-A ANNUAL REPORT PURSUANT TO SECTION 17 OF THE SECURITIES REGULATION CODE AND SECTION 141 OF THE CORPORATION CODE OF THE PHILIPPINES 1. For the fiscal year ended: August 31, 2012 2. SEC Identification Number: PW-364 3. BIR Tax Identification No.: 000-270-220-000 4. Exact name of Issuer as specified in its charter: VICTORIAS MILLING COMPANY, INC. 5. Plant site: Victorias City, Negros Occidental2020 6. (SEC Use Only) 07 Province, Country or other jurisdiction of Industry Classification Code: incorporation or organization 7. VICMICO Compound Victorias City, Negros Occidental 6119 Address of office Postal Code 8. (034) 399-33-78; (034) 399-35-88 Issuer's telephone number, including area code 9. Not Applicable a Former name, former address, and former fiscal year, if changed since last report. 10. Securities registered pursuant to Sections 8 and 12 of the SRC, or Sec. 4 and 8 of the RSA Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding (a) Common Stock (Par Value of P1.00 per share) Authorized Capital Stock 2,563,035,708 shares Subscribed and Paid-up 2,024,616,452 shares Amount of Debt Outstanding as of August 31, 2012: 4,826,907,367 11. Are any or all of these securities listed on a Stock Exchange. Yes [ X ] No [ ] If yes, state the name of such stock exchange and the classes of securities listed therein: Philippine Stock Exchange, - Common Stocks Inc. 12. Check whether the issuer: (a) has filed all reports required to be filed by Section 17 of the SRC and SRC Rule 17 thereunder or Section 11 of the RSA and RSA Rule 11(a)-1 thereunder, and Sections 26 and 141 of The Corporation Code of the Philippines during the preceding twelve (12) months (or for such shorter period that the registrant was required to file such reports); 1 Yes [ X ] No [ ] (b) has been subject to such filing requirements for the past ninety (90) days.