DOCSLIB.ORG

Rothschild & Co

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Rothschild & Co Rothschild & Co Annual Report 2020 Annual Report 2020 One Group organised around 3 businesses • Global Advisory • Wealth and Asset Management • Merchant Banking 3,587 employees 62 locations 43 countries Contents Message from the Chairman of the Supervisory Board 2 Message from the Management Board 4 1. Overview Overview of businesses 8 Rothschild & Co business model 10 World presence 12 Corporate governance 14 Organisation chart as at 31 December 2020 17 Corporate Responsibility 18 Rothschild & Co and its shareholders 22 2. Business review Global Advisory 28 Wealth and Asset Management 34 Merchant Banking 38 3. Management report A. Activities and results for the 2020 financial year 50 B. Information on the Company and its share capital 60 C. Internal control, risk management and accounting procedures 76 D. Corporate Responsibility 83 E. Report on corporate governance 128 4. Financial statements Consolidated financial statements 172 Statutory auditors’ report on the consolidated financial statements 236 Parent Company financial statements 239 Statutory auditors’ report on the parent company financial statements 251 General Information Abbreviations and glossary 256 Statement by the persons responsible for the annual financial report 259 Other information 260 Rothschild & Co | Annual Report 2020 1 Message from the Chairman of the Supervisory Board Dear Shareholders, At the end of what can only be described a tumultuous François Henrot retired from his position as observer on year, when the world faced unprecedented challenges, the Board in May 2020. François first joined the Board I would like to thank the Supervisory Board members of Rothschild & Co in 2010 and was appointed to be for their continued support and engagement with Vice-Chairman of the Board at the time of the Group’s Rothschild & Co. We all benefit hugely from their reorganisation in 2012. For the past ten years, he has experience and wisdom both during and outside our Board been a loyal and wise counsel to us. François's immense meetings. This year, given the particular circumstances, contribution to the Board meetings will be missed and the Board met on seven separate occasions, notably to I would like to thank him, on behalf of the Board, for his review the impact of and responses to COVID-19. dedication to the Group over this period. Rothschild & Co’s heritage and strong foundations Following the departure of Angelika Gifford, we were give us a unique perspective at times of crises, and delighted to announce the nomination of Véronique Weill throughout our history we have built our reputation on as Board member. Véronique Weill has enjoyed a highly providing sound advice for our clients. This pandemic successful career in financial services, including at both is no different and the Managing Partner, represented J.P. Morgan and AXA group. Her experience and in-depth by Alexandre de Rothschild, Executive Chairman, and understanding of finance, M&A, new technology and the three Managing Partners, Marc-Olivier Laurent, digital will be real assets to the Board. In December, Robert Leitão and François Pérol, have shown exceptional Véronique was appointed to be a member of the leadership under the most difficult and challenging of Remuneration and Nomination Committee. circumstances this year. At the Annual General Meeting held on 14 May 2020, the shareholders approved the re-election of Éric de Rothschild and Suet-Fern Lee, and the appointment of Gilles Denoyel as members of the Supervisory Board for a period of three years. Angelika Gifford, retired from the Board and I would like to thank her for her dedication and insightful input that she brought to our Board meetings during the more than five years that she was a member. 2 Rothschild & Co | Annual Report 2020 Gilles Denoyel’s career spans both the public and private Following the recommendations of our regulator, no sector in France, and he is reputed as a leading financial dividend payment was made in 2020 and the dividend expert. The Board has already benefitted from his expertise proposed to the AGM in May 2021 will be restricted, in in the French and international banking sector, in particular spite of Rothschild & Co’s strong performance. However, with regard to risk and compliance, as well as his regular it is the Group's intention to make an exceptional interim practice of relations with the regulatory authorities including dividend payment in respect of the 2021 financial year, the ACPR. Gilles has been appointed to be a member of if and when allowed by our regulator, in order to revert to a both the Risk Committee and the Audit Committee. global payout more in line with our usual distribution policy. We are delighted that both Véronique and Gilles have Finally, I would also like to congratulate all the teams accepted our invitation to join the Board, and we are in our Group, in the 43 countries where we are present, fortunate to enjoy already the benefits of working who, despite the difficulties linked to the pandemic, have with them. continued to provide their daily assistance effectively, thus contributing for a large part to the success of As I informed you in my message last year, a Board Rothschild & Co in 2020. Committee has been set up to cover Corporate Responsibility. Lucie Maure-Aubert has accepted Last, but not least, I would like to thank our shareholders to act as Chairwoman of our Corporate Responsibility for their valuable support and express my sincere gratitude. Committee, which is also made up of Carole Piwnica and Anthony de Rothschild. In this annual report, as well as on the Company's David de Rothschild website, you will find detailed information on the Chairman of the Supervisory Board of Rothschild & Co composition of the Supervisory Board and its specialised committees, as well as the other directorships held by the Board members. In our Annual General Meeting (AGM) document to be published soon on our website, you will find the information about the members of the Board due to be re-elected at this year's Annual General Meeting. Rothschild & Co | Annual Report 2020 3 Message from the Management Board Dear Shareholders, 2020 was a particularly challenging year for all Financing Advisory revenue for the full year was our stakeholders. Our focus was on ensuring the €380 million, 33% above 2019 levels, which represents welfare of all our colleagues who reacted swiftly and a record performance. Revenue was driven by demand remained focused on our clients’ needs during these from existing and new clients for advice around liquidity, unprecedented circumstances. Thanks to this strong financing and balance sheet repair matters, as well as commitment and collaboration on a global scale, the restructuring activity. We ranked 2nd in Europe in 2020 business continued to operate effectively and produced by number of completed restructuring transactions and a robust set of results. maintained our position as adviser on more European equity assignments than any other independent The results for our Global Advisory business were financial adviser(3). resilient. In Europe, we continue to advise on more M&A transactions than any of our competitors, a position we During 2020, we promoted 20 new Managing Directors have held for more than 15 years. The business delivered across the business, demonstrating our focus on growing revenue for the full year of €1,146 million, down 1% talent from within. We continued our ongoing strategic below 2019, despite the challenging market environment. investment in North America with a new Vice-Chairman We ranked 8th globally by advisory revenue(1) for the last of North America and one new MD focusing on the twelve months to December 2020. Operating income for automotive sector. We recruited two new MDs into our 2020, excluding ongoing investment in the development Swiss and Middle Eastern businesses. of our North American M&A franchise, was €178 million Despite volatile market conditions and a declining representing an operating margin of 15.6%. interest rate environment around the world, our Wealth M&A advisory revenue the year was €766 million, down and Asset Management business performed strongly 13% year-on-year, but in line with the decrease of 14% in with 2020 full year results marginally up compared to value in the global M&A market. For 2020, we maintained 2019. In December 2020, we announced the acquisition our market leading position, ranking 2nd globally and 1st of Banque Pâris Bertrand, a renowned private bank in Europe by number of completed transactions(2). headquartered in Switzerland, with c. CHF6.5 billion of AuM (€6 billion). (1) Source: Company filings. (2) Source: Refinitiv. (3) Source: Dealogic. 4 Rothschild & Co | Annual Report 2020 1. Overview Net New Assets (NNA) for 2020 were reasonable at Corporate Responsibility and ESG €0.7 billion. Excluding outflows of €1.8 billion from our North American Asset Management business Corporate Responsibility and ESG integration continued (AM US), NNA for 2020 were €2.5 billion. This is due to be key priorities for us in 2020. to an excellent performance in Wealth Management, The Group is now signatory to the UN Global Compact. with net inflows of €2.9 billion, up 16%, in all our main Operationally our key areas of focus in 2020 were on geographies, partially offset by net outflows in Asset (i) employee wellbeing and productivity in a remote working Management Europe of €0.4 billion. environment; (ii) gender and ethnic minority inclusion, Revenue for the full year 2020 was broadly flat at with a clear ambition to increase female representation €499 million. However, Wealth Management revenue alongside other diverse profiles in our workforce; 2. Business review increased by 4% to €402 million whereas Asset (iii) further reduction in operational GHG emissions. Management revenue decreased by 13%, of which A clear business priority was the continued integration €10 million in relation to our AM US business.
Load more

Recommended publications
  • Barings Bank Disaster Man Family of Merchants and Bankers
    VOICES ON... Korn Ferry Briefings The Voice of Leadership HISTORY Baring, a British-born member of the famed Ger- January 17, 1995, the devastating earthquake in Barings Bank Disaster man family of merchants and bankers. Barings Kobe sent the Nikkei tumbling, and Leeson’s losses was England’s oldest merchant bank; it financed reached £827 million, more than the entire capital the Napoleonic Wars and the Louisiana Purchase, and reserve funds of the bank. A young rogue trader brings down a 232-year-old bank. and helped finance the United States government Leeson and his wife fled Singapore, trying to “I’m sorry,” he says. during the War of 1812. At its peak, it was a global get back to London, and made it as far as Frankfurt financial institution with a powerful influence on airport, where he was arrested. He fought extradi- the world’s economy. tion back to Singapore for nine months but was BY GLENN RIFKIN Leeson, who grew up in the middle-class eventually returned, tried, and found guilty. He was London suburb of Watford, began his career in sentenced to six years in prison and served more the mid-1980s as a clerk with Coutts, the royal than four years. His wife divorced him, and he was bank, followed by a succession of jobs at other diagnosed with colon cancer while in prison, which banks, before landing at Barings. Ambitious and got him released early. He survived treatment and aggressive, he was quickly promoted settled in Galway, Ireland. In the past to the trading floor, and in 1992 he was “WE WERE 24 years, Leeson remarried and had two appointed manager of a new operation sons.
    [Show full text]
  • The Rothschild Bibliography Caroline Shaw of the Rothschild Archive Describes Her Attempts to Chart the Family’S Countless Ventures Into Print
    The Rothschild Bibliography Caroline Shaw of The Rothschild Archive describes her attempts to chart the family’s countless ventures into print The ‘Dunottar Castle’ from the cover of Three weeks in South Africa by Ferdinand de Rothschild Has there ever been such a family as the Rothschilds for getting into print? For me, after working on this project for two years, the question is coloured by a mixture of wonder and exasperation. Will they never stop publishing? Of course, one hopes not; but is there to be no rest for the bibliographer? It has been a long-standing goal of The Rothschild Archive to compile a bibliography of publications by members of the Rothschild family and now, 1,840 entries by fifty-one individuals further on, we are perhaps ready to acknowledge that critical mass has been reached whilst accepting that completion may never be achieved. The initial motivation for producing The Rothschild bibliography was a desire to bring some kind of intellectual order to this not insignificant aspect of the activities of the Rothschild family. It has been a mapping of a wide and diverse terrain and revealed some previously uncharted areas. Beyond this, and the greater insight allowed into the lives and interests of many members of the family, the bibliography has brought some other benefits to the Archive. New acquisitions have followed from our greater knowledge and awareness of the publications; and the ever-expanding database of references has also built up into a guide for locating material, whether held at the Archive or at another institution.
    [Show full text]
  • Descendants of Mayer Amschel Rothschild
    Descendants of Hirsch (Hertz) ROTHSCHILD 1 Hirsch (Hertz) ROTHSCHILD d: 1685 . 2 Callmann ROTHSCHILD d: 1707 ....... +Gütle HÖCHST m: 1658 .... 3 Moses Callman BAUER ....... 4 Amschel Moses ROTHSCHILD ............. +Schönche LECHNICH m: 1755 .......... 5 Mayer Amschel ROTHSCHILD b: 23 February 1743/44 in Frankfurt am Main Germany d: 19 September 1812 in Frankfurt am Main Germany ................ +Guetele SCHNAPPER b: 23 August 1753 m: 29 August 1770 in Frankfurt am Main Germany d: 7 May 1849 Father: Mr. Wolf Salomon SCHNAPPER .............. 6 [4] James DE ROTHSCHILD b: 15 May 1792 in Frankfurt am Main Germany d: 15 November 1868 in Paris France .................... +[3] Betty ROTHSCHILD Mother: Ms. Caroline STERN Father: Mr. Salomon ROTHSCHILD ................. 7 [5] Gustave DE ROTHSCHILD b: 1829 d: 1911 .................... 8 [6] Robert Philipe DE ROTHSCHILD b: 19 January 1880 in Paris France d: 23 December 1946 .......................... +[7] Nelly BEER b: 28 September 1886 d: 8 January 1945 Mother: Ms. ? WARSCHAWSKI Father: Mr. Edmond Raphael BEER ....................... 9 [8] Alain James Gustave DE ROTHSCHILD b: 7 January 1910 in Paris France d: 1982 in Paris France ............................. +[9] Mary CHAUVIN DU TREUI ........................... 10 [10] Robert DE ROTHSCHILD b: 1947 .............................. 11 [11] Diane DE ROTHSCHILD .................................... +[12] Anatole MUHLSTEIN d: Abt. 1959 Occupation: Diplomat of Polish Government ................................. 12 [1] Anka MULHSTEIN ......................................
    [Show full text]
  • Annual Report 2017 Annual Report 2017
    Rothschild & Co Annual Report 2017 Annual Report 2017 Report Annual Contents Message from the Chairman of the Supervisory Board 4 Message from the Chairman 5 Message from the Management Board 6 1. Overview Overview of businesses 10 World presence 12 Corporate governance 14 Organisation chart 17 Corporate Social Responsibility 18 Shareholder information 19 2. Business review Rothschild Global Advisory 24 Rothschild Private Wealth & Asset Management 30 Rothschild Merchant Banking 37 3. Management report Results for the 2017 financial year 46 Information on the Company and share capital 54 Internal control, risk management and accounting procedures 66 Corporate governance 73 Corporate Social Responsibility 98 4. Financial statements Consolidated financial statements 118 Parent company financial statements 181 Rothschild & Co | Annual Report 2017 1 History Preserving a first-class reputation across generations Paris Orléans streamlines its Relaunch of Rothschild’s organisation, French financial optimises its regulatory activities through Paris capital and preserves Rothschild & Co pursues Orléans following family control, with its its simplification with Rothschild & Co offers Creation of the nationalisation of conversion into the removal of banking full-scale financial advice Paris Orléans, a French the Rothschild French a partnership licences and the sale of and services around railway company. bank in 1981. limited by shares. non-core business. the world. 1838 1982 2012 2016 Today 1937 2008 2015 2017 Paris Orléans Paris Orléans acquires Paris Orléans Rothschild & Co discontinues control of the banking changes its name completes the merger railway business. activities at a global to Rothschild & Co, with Compagnie level and completes a necessary Financière Martin reorganisation of family step in the Maurel to enhance shareholdings.
    [Show full text]
  • Paintings and Works of Art from the Estates of Baron Fould-Springer and Cécile De Rothschild
    15 January 2003 Contact: Céline Hersant-Hoerter (Paris) 33 1 40 76 85 88 [email protected] Catherine Fenston (Londres) 44 (0) 207 389 2982 [email protected] PAINTINGS AND WORKS OF ART FROM THE ESTATES OF BARON FOULD-SPRINGER AND CÉCILE DE ROTHSCHILD Christie’s Paris 11 March 2003 Paris – Christie’s is to offer paintings and works of art from the estates of Baron Fould-Springer and Cécile de Rothschild on 11 March 2003. After the success of the sales of Rothschild Collections in London, Geneva and New York, Christie’s France is delighted to have been chosen as the auctioneer to hold the sale of works of art from the Estate of a member of the French branch of this illustrious family. The pieces to be included in the sale comprise French furniture and works of art, Asian art, silver, porcelain, maiolicas and paintings. Estate of Baron Fould-Springer Max Fould-Springer (1906 – 1999) was born in Vienna to an Austrian mother, whose family had businesses in Central Europe and France, and to a French father, descending from the illustrious Fould family of bankers that goes back to the Second Empire. Although he felt profoundly French throughout his life, his name - which was ennobled by Emperor François- Joseph of Austria (1830-1916) – made him a faithful adherent and supporter of both cultures. Though not a passionate collector, Baron Fould-Springer had a great sense of taste and an incomparable talent for successfully combining works of art and objects from different periods and styles, many of which were acquired by his father, Baron Eugène Fould-Springer, in the 19th century.
    [Show full text]
  • At the Centre of an Evolving Industrial World
    REGISTRATION AT THE CENTRE DOCUMENT 2011 OF AN EVOLVING INDUSTRIAL WORLD CONTENT 5.6. Major projects 130 1 Group overview 5 5.7. Responsibility for chemicals 133 5.8. Health and Safety 136 1.1. Group profi le 6 5.9. Human Resources 142 1.2. Key fi gures/Comments on the fi nancial year 7 5.10. Assurance report by one of the Statutory 1.3. History and development of the Company 12 Auditors on a selection of environmental, social and safety indicators 151 2 Activities 15 2.1. Group structure 16 6 Financial statements 153 2.2. The Nickel Division 16 6.1. 2011 consolidated fi nancial statements 154 2.3. The Manganese Division 26 6.2. 2011 separate fi nancial statements 233 2.4. Alloys Division 39 6.3. Consolidated fi nancial statements for 2010 2.5. Organisational Structure of ERAMET SA/ and 2009 260 ERAMET Holding company 48 6.4. Dividend policy 260 2.6. Activity of the Divisions in 2011 49 6.5. Fees paid to the Statutory Auditors 261 2.7. Production sites, plant and equipment 51 2.8. Research and Development/Reserves and Resources 52 7 Corporate and 3 share-capital information 263 Risk factors 65 7.1. Market in the Company’s shares 264 3.1. Commodity risk 66 7.2. Share capital 268 3.2. Special relationships with Group partners 66 7.3. Company information 275 3.3. Mining and industrial risks 68 7.4. Shareholders’ agreements 279 3.4. Legal and tax risks/Disputes 71 3.5. Liquidity, market and counterparty risks 73 3.6.
    [Show full text]
  • History of the Jews
    II ADVERTISEMENTS Should be in Every Jewish Home AN EPOCH-MAKING WORK COVERING A PERIOD OF ABOUT FOUR THOUSAND YEARS PROF. HE1NRICH GRAETZ'S HISTORY OF THE JEWS THE MOST AUTHORITATIVE AND COMPREHENSIVE HISTORY OF THE JEWS IN THE ENGLISH LANGUAGE HANDSOMELY AND DURABLY BOUND IN SIX VOLUMES Contains more than 4000 pages, a Copious Index of more than 8000 Subjects, and a Number of Good Sized Colored Maps. SOME ENTHUSIASTIC APPRECIATIONS DIFFICULT TASK PERFORMED WITH CONSUMMATE SKILL "Graetz's 'Geschichte der Juden1 has superseded all former works of its kind, and has been translated into English, Russian and Hebrew, and partly into Yiddish and French. That some of these translations have been edited three or four times—a very rare occurrence in Jewish literature—are in themselves proofs of the worth of the work. The material for Jewish history being so varied, the sources so scattered in the literatures of all nations, made the presentation of this history a very difficult undertaking, and it cannot be denied that Graetz performed his task with consummate skill."—The Jewish Encyclopedia. GREATEST AUTHORITY ON SUBJECT "Professor Graetz is the historiographer par excellence of the Jews. His work, at present the authority upon the subject of Jewish History, bids fair to hold its pre-eminent position for some time, perhaps decades."—Preface to Index Volume. MOST DESIRABLE TEXT-BOOK "If one desires to study the history of the Jewish people under the direction of a scholar and pleasant writer who is in sympathy with his subject, because he is himself a Jew, he should resort to the volumes of Graetz."—"Review ofRevitvit (New York).
    [Show full text]
  • Rothschild & Co
    Rothschild & Co Annual Report 2017 Annual Report 2017 Report Annual WorldReginfo - 145370ec-15f4-41f1-b402-4af90622e0bc WorldReginfo - 145370ec-15f4-41f1-b402-4af90622e0bc Contents Message from the Chairman of the Supervisory Board 4 Message from the Chairman 5 Message from the Management Board 6 1. Overview Overview of businesses 10 World presence 12 Corporate governance 14 Organisation chart 17 Corporate Social Responsibility 18 Shareholder information 19 2. Business review Rothschild Global Advisory 24 Rothschild Private Wealth & Asset Management 30 Rothschild Merchant Banking 37 3. Management report Results for the 2017 financial year 46 Information on the Company and share capital 54 Internal control, risk management and accounting procedures 66 Corporate governance 73 Corporate Social Responsibility 98 4. Financial statements Consolidated financial statements 118 Parent company financial statements 181 Rothschild & Co | Annual Report 2017 1 WorldReginfo - 145370ec-15f4-41f1-b402-4af90622e0bc History Preserving a first-class reputation across generations Paris Orléans streamlines its Relaunch of Rothschild’s organisation, French financial optimises its regulatory activities through Paris capital and preserves Rothschild & Co pursues Orléans following family control, with its its simplification with Rothschild & Co offers Creation of the nationalisation of conversion into the removal of banking full-scale financial advice Paris Orléans, a French the Rothschild French a partnership licences and the sale of and services around railway company. bank in 1981. limited by shares. non-core business. the world. 1838 1982 2012 2016 Today 1937 2008 2015 2017 Paris Orléans Paris Orléans acquires Paris Orléans Rothschild & Co discontinues control of the banking changes its name completes the merger railway business. activities at a global to Rothschild & Co, with Compagnie level and completes a necessary Financière Martin reorganisation of family step in the Maurel to enhance shareholdings.
    [Show full text]
  • Annual Report
    Annual report 2007/2008 This is a free translation into English of a report issued in the French language and fi led with the “Autorité des marchés fi nanciers” on August 1, 2008. This translation is provided solely for the convenience of English speaking readers and shareholders. This report should be read in conjunction with, and construed in accordance with, French law and regulatory standards applicable in France. Combined annual general meeting dated September 29th, 2008 02 Message from the Chairman of the Executive Board 04 Key fi gures 06 Historical data for the last three years 1. GENERAL OVERVIEW 11 The Group 17 Shareholders’ guide 23 Banking activities 37 Private equity 2. LEGAL AND FINANCIAL INFORMATION 57 Report of the Executive Board 97 Consolidated fi nancial statements 175 Individual fi nancial statements 201 Resolutions The 2007/2008 Þ nancial year saw the completion of a major restructuring of the Rothschild Group: the reuniÞ cation of worldwide banking activities. The long-term sustainability, independence and stability of the share ownership and 01 family control of Paris Orléans were enhanced through the creation of Rothschild Concordia, the controlling shareholder of Paris Orléans. MESSAGE FROM THE CHAIRMAN OF THE EXECUTIVE BOARD 02 Dear shareholders, As announced in the press on 17 July 2007, The strategy refl ecting the family shareholders’ common 2007/2008 marked the successful completion of goal to create a major group is now bearing fruit. The a major restructuring of the Rothschild group. This Group’s infl uence and reputation are underpinned by move, consisting of grouping the banking activities at the quality of its people and the standing of its clients a global level, had been long sought and awaited by as well as by a corporate culture that values innovation, the markets.
    [Show full text]
  • J&J Talc Global Supply Chain Research Brief Breast Cancer
    J&J Talc Global Supply Chain Research Brief Prepared for Breast Cancer Prevention Partners August 2020 Contents A. Introduction B. Summary of Key locations C. J&J Talc-Based Baby Powder Supply Chain Details 1. Talc Mines and Grinding Mills 2. J&J Mixing and Packaging Plants D. Appendix: J&J Baby Powder Distribution from Colombia A. Introduction This research brief identifies how talc moves around the world, from mines to Johnson & Johnson’s production hubs, to distributors in the global South. Three mines (in China, India, and Brazil) provide the talc used by J&J worldwide. This brief identifies the flow of raw talc from the mines to four mills that grind it, and from there, to J&J’s mixing and packaging facilities. Six key J&J locations are identified. From these sites, the company distributes talc-based baby powder to consumers worldwide. J&J continues to sell talc-based baby powder to these regions despite the company’s announcement in May 2020 that it was ending sales of such products in the U.S. and Canada.1 Much of this information is based on government shipping records from Colombia, India, and the United States, as viewed in the Datamyne commercial trade database. All trade data in this brief are drawn from this database, unless otherwise cited. B. Summary of Key Locations 1. Mines a. Golcha Group: Chainpura mine in Bhilwara, Rajasthan, India.2 Supplies Golcha’s mills in India and Thailand. b. Guiguang Talc Development: Guiguang Zhizh mine in Long Sheng County, Guangxi Province, China. Supplies Imerys Talc Americas mill in Houston, Texas.
    [Show full text]
  • Rothschild & Co: Annual Report 2020
    Rothschild & Co Annual Report 2020 Annual Report 2020 One Group organised around 3 businesses • Global Advisory • Wealth and Asset Management • Merchant Banking 3,587 employees 62 locations 43 countries Contents Message from the Chairman of the Supervisory Board 2 Message from the Management Board 4 1. Overview Overview of businesses 8 Rothschild & Co business model 10 World presence 12 Corporate governance 14 Organisation chart as at 31 December 2020 17 Corporate Responsibility 18 Rothschild & Co and its shareholders 22 2. Business review Global Advisory 28 Wealth and Asset Management 34 Merchant Banking 38 3. Management report A. Activities and results for the 2020 financial year 50 B. Information on the Company and its share capital 60 C. Internal control, risk management and accounting procedures 76 D. Corporate Responsibility 83 E. Report on corporate governance 128 4. Financial statements Consolidated financial statements 172 Statutory auditors’ report on the consolidated financial statements 236 Parent Company financial statements 239 Statutory auditors’ report on the parent company financial statements 251 General Information Abbreviations and glossary 256 Statement by the persons responsible for the annual financial report 259 Other information 260 Rothschild & Co | Annual Report 2020 1 Message from the Chairman of the Supervisory Board Dear Shareholders, At the end of what can only be described a tumultuous François Henrot retired from his position as observer on year, when the world faced unprecedented challenges, the Board in May 2020. François first joined the Board I would like to thank the Supervisory Board members of Rothschild & Co in 2010 and was appointed to be for their continued support and engagement with Vice-Chairman of the Board at the time of the Group’s Rothschild & Co.
    [Show full text]
  • Les 500 Familles Les Plus Riches De France – Leurs Revenus Convertis En Smic
    LES 500 FAMILLES LES PLUS RICHES DE FRANCE – LEURS REVENUS CONVERTIS EN SMIC Ce tableau à été réalisé à parr d’informaons trouvées dans les magazines « Challenges » de 2014, 2017 et 2018. Enrichissement en nombres de SMIC + patrimoine patrimoine patrimoine Rang Famille Groupe Secteur entre 2014/18 gain moyen/an gain moyen/mois Cot.Soc. + Cot.Pat. = Ville en 2018 en 2017 en 2014 ou 2017/18 1675€ Millions d’€ Millions d’€ Millions d’€ Millions d’€ Millions d’€ en €uros 1 Bernard Arnault et sa famille LVMH luxe 73 200 24 300 48 900 M€ 12 225 M€ 1 018 750 000 € 608209 smic/mois Paris Alain Wertheimer et Gérard Wertheimer CHANEL luxe 40 000 7 000 33 000 M€ 8 250 M€ 687 500 000 € 410448 smic/mois Neuilly sur Seine 2 ainsi que leur famille 3 Axel Dumas et Famille Hermès HERMES INTERNATIONAL luxe 39 600 17 400 22 200 M€ 5 550 M€ 462 500 000 € 276119 smic/mois Paris Françoise Beencourt-Meyers et sa famille L’OREAL cosméques 39 300 23 200 16 100 M€ 4 025 M€ 335 416 667 € 200249 smic/mois Clichy 4 5 Gérard Mulliez et sa famille GROUPE AUCHAN distribuon 38 000 19 000 19 000 M€ 4 750 M€ 395 833 333 € 236318 smic/mois Croix 6 François Pinault et sa famille KERING distribuon 30 500 11 000 19 500 M€ 4 875 M€ 406 250 000 € 242537 smic/mois Paris 7 Famille Dassault GROUPE MARCEL DASSAULT industrie 23 800 12 800 11 000 M€ 2 750 M€ 229 166 667 € 136816 smic/mois Paris 8 Pierre Castel et sa famille CASTEL FRERES boissons 12 500 7 000 5 500 M€ 1 375 M€ 114 583 333 € 68408 smic/mois Blanquefort 9 Emmanuel Besnier et sa famille LACTALIS agroalimentaire 12 000
    [Show full text]