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February 12, 2009 Meeting Transcript
STATE OF CALIFORNIA COMMISSION ON THE 21st CENTURY ECONOMY YZ REVENUE AND TAXATION STRUCTURAL ALTERNATIVES XW PUBLIC MEETING Thursday, February 12, 2009 9:06 a.m. – 5:03 p.m. University of California, Los Angeles De Neve Plaza, Plaza Room De Neve Commons 351 Charles E. Young Drive, West Los Angeles, California XW Reported by: Daniel P. Feldhaus Certified Shorthand Reporter #6949 Registered Diplomate Reporter, Certified Realtime Reporter Daniel P. Feldhaus, C.S.R., Inc. Certified Shorthand Reporters 8414 Yermo Way, Sacramento, California 95828 Telephone 916.682.9482 Fax 916.688.0723 [email protected] 1 st Commission on the 21 Century Economy – February 12, 2009 A P P E A R A N C E S COMMISSION ON THE 21ST CENTURY ECONOMY Commissioners Present GERRY PARSKY Commission Chair Aurora Capital Group RUBEN BARRALES President/CEO San Diego Regional Chamber of Commerce MICHAEL BOSKIN Professor Stanford University EDWARD DE LA ROSA Founder and President Edward J. De La Rosa & Company, Inc. CHRISTOPHER EDLEY, JR. Dean/Professor of Law Boalt Hall School of Law GEORGE HALVORSON Chairman/CEO Kaiser Foundation WILLIAM HAUCK Trustee, California State University Director Blue Shield of California & Blue Shield Foundation JENNIFER ITO Research, Training, Policy Director SCOPE FRED KEELEY Treasurer, County of Santa Cruz Professor, San José State University MONICA LOZANO Publisher/CEO La Opinión Daniel P. Feldhaus, CSR, Inc. 916.682.9482 2 st Commission on the 21 Century Economy – February 12, 2009 A P P E A R A N C E S COMMISSION ON THE 21ST CENTURY ECONOMY Commissioners Present continued REBECCA MORGAN President Morgan Family Foundation RICHARD POMP Alva P. -
April 9, 2009 Meeting Transcript
STATE OF CALIFORNIA COMMISSION ON THE 21st CENTURY ECONOMY YZ STATE OF CALIFORNIA REVENUE & TAXATION FUNDAMENTAL TAX ALTERNATIVES XW PUBLIC MEETING Thursday, April 9, 2009 9:07 a.m. – 5:03 p.m. University of California, Davis Walter A. Buehler Alumni & Visitors Center Mrak Hall Drive Davis, California XW Reported by: Daniel P. Feldhaus Certified Shorthand Reporter #6949 Registered Diplomate Reporter, Certified Realtime Reporter Daniel P. Feldhaus, C.S.R., Inc. Certified Shorthand Reporters 8414 Yermo Way, Sacramento, California 95828 Telephone 916.682.9482 Fax 916.688.0723 [email protected] 1 st Commission on the 21 Century Economy – April 9, 2009 A P P E A R A N C E S COMMISSION ON THE 21ST CENTURY ECONOMY Commissioners Present GERRY PARSKY Commission Chair Aurora Capital Group RUBEN BARRALES President/CEO San Diego Regional Chamber of Commerce MICHAEL BOSKIN Professor Stanford University JOHN COGAN Professor Stanford University EDWARD DE LA ROSA Founder and President Edward J. De La Rosa & Company, Inc. CHRISTOPHER EDLEY, JR. Dean/Professor of Law Boalt Hall School of Law GEORGE HALVORSON Chairman/CEO Kaiser Foundation WILLIAM HAUCK Trustee, California State University Director Blue Shield of California & Blue Shield Foundation JENNIFER ITO Research, Training, Policy Director SCOPE FRED KEELEY Treasurer, County of Santa Cruz Professor, San José State University Daniel P. Feldhaus, CSR, Inc. 916.682.9482 2 st Commission on the 21 Century Economy – April 9, 2009 A P P E A R A N C E S COMMISSION ON THE 21ST CENTURY ECONOMY Commissioners Present continued MONICA LOZANO Publisher/CEO La Opinión REBECCA MORGAN President Morgan Family Foundation RICHARD POMP Alva P. -
I Regional Oral History Office University of California the Bancroft
i Regional Oral History Office University of California The Bancroft Library Berkeley, California University History Series Stephen A. Arditti Assistant Vice President and Director of the Office of State Governmental Relations: Representing the University in Sacramento, 1969-2007 Interviews conducted by Ann Lage in 2008 Copyright © 2014 by The Regents of the University of California ii Since 1954 the Regional Oral History Office has been interviewing leading participants in or well-placed witnesses to major events in the development of Northern California, the West, and the nation. Oral History is a method of collecting historical information through tape-recorded interviews between a narrator with firsthand knowledge of historically significant events and a well-informed interviewer, with the goal of preserving substantive additions to the historical record. The tape recording is transcribed, lightly edited for continuity and clarity, and reviewed by the interviewee. The corrected manuscript is bound with photographs and illustrative materials and placed in The Bancroft Library at the University of California, Berkeley, and in other research collections for scholarly use. Because it is primary material, oral history is not intended to present the final, verified, or complete narrative of events. It is a spoken account, offered by the interviewee in response to questioning, and as such it is reflective, partisan, deeply involved, and irreplaceable. ********************************* All uses of this manuscript are covered by a legal agreement between The Regents of the University of California and Stephen Arditti dated September 5, 2013. The manuscript is thereby made available for research purposes. All literary rights in the manuscript, including the right to publish, are reserved to The Bancroft Library of the University of California, Berkeley. -
Annual Report 2019 ANNUAL REPORT 2019 REPORT – ANNUAL GROUP PARTNERS Contents
Dr. Anette Waygood Head Corporate Legal | André Frei Co-Chief Executive Officer As of 31 December 2019 ANNUAL REPORT 2019 REPORT ANNUAL Annual Report 2019 PARTNERS GROUP – GROUP PARTNERS Contents Key figures 4 Message from the Chairman and the Co-CEOs 6 2019 at a glance – Partners Group’s business model and review of financial performance Investments 10 Clients 17 Client outlook 21 Financials 22 Key definitions and alternative performance metrics (APM) 32 Consolidated financial statements 34 Financial statements of Partners Group Holding AG 107 Compensation Report 123 Corporate Governance Report 148 Contacts 178 ANNUAL REPORT 2019 2019 was another strong year for Partners Group in terms of performance. It was also a milestone year for the firm in terms of defining our approach to ownership excellence. We are a committed responsible investor and aim to create broad stakeholder impact through our active ownership and development of great businesses, desirable real estate and essential infrastructure. We would like to thank our clients, our business partners, our shareholders and – not least – our colleagues for their continued support and trust in our firm. Partners Group | 3 ANNUAL REPORT 2019 Key figures USD 1'464 20 94 1.82% billion professionals offices around assets under revenue margin1), 2) the world management CHF CHF CHF CHF 1'610 1'008 900 25.50 million million million per share revenues1) EBIT profit proposed dividend Total AuM3) Number of professionals (in USD bn) 1'464 94.1 83.3 1'203 74.4 1'036 930 57.2 840 50.0 701 746 43.5 45.5 2013 2014 2015 2016 2017 2018 2019 2013 2014 2015 2016 2017 2018 2019 Profit4) Share price development since IPO5) (in CHF m) 1'400% 900 Partners Group 1'200% +1'309% 752 769 1'000% 558 800% 600% 396 336 400% 292 200% Bloomberg European Financial Index -49% 0% -200% 2013 2014 2015 2016 2017 2018 2019 2007 2009 2011 2013 2015 2017 2019 1) Revenues from management services, net, including other operating income. -
Time for a Plaza II?
14 Time for a Plaza II? C. FRED BERGSTEN The Plaza-Louvre in Retrospect The Plaza Accord of September 1985—and its successor Tokyo Summit and Louvre Accord over the following 18 months—represents the high-water mark of international economic policy cooperation and indeed coordination over the entire postwar period.1 These agreements created a model that has not been replicated during the past 30 years. Numerous other international efforts have been undertaken to correct current account imbalances and currency disequilibria. They have taken place under both fixed and flexible exchange rates, both before and after the Plaza- Louvre. A number of emergency meetings of the G-10 sought to resolve sterling crises in the 1960s. The Franco-German imbalance was addressed in 1968–69. Much more prominently, the 1971 Smithsonian Agreement established a new set of parities after the United States suspended the convertibility of the dollar into gold and adopted an import surcharge. C. Fred Bergsten was founding director of the Peterson Institute for International Economics from 1981 through 2012 and is now senior fellow and director emeritus there. The comments of William Cline, Charles Dallara, Jeffrey Frankel, Joseph Gagnon, Ted Truman, and John Williamson on earlier drafts of this chapter are greatly appreciated. Abir Varma provided invaluable research assistance. 1. This account of the Plaza-Louvre draws heavily on the defi nitive study of the period by Yoichi Funabashi (1989). Funabashi interviewed all but one of the ministers and central bank governors who negotiated the agreement (including Secretary James Baker, Assistant Secretary (later Under Secretary) David Mulford, Assistant Secretary Charles Dallara, and Fed Chairman Paul Volcker and his chief lieutenant, Ted Truman) as well as a who’s who of other government offi cials and outside observers. -
Congressional Record United States Th of America PROCEEDINGS and DEBATES of the 111 CONGRESS, FIRST SESSION
E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 111 CONGRESS, FIRST SESSION Vol. 155 WASHINGTON, WEDNESDAY, MAY 13, 2009 No. 73 House of Representatives The House met at 10 a.m. and was THE JOURNAL Rev. Smith is a native of Texas and a called to order by the Speaker pro tem- The SPEAKER pro tempore. The longtime resident of Fort Worth, where pore (Mr. SALAZAR). Chair has examined the Journal of the he and his wife live with their six chil- dren. A graduate of the Southern Bible f last day’s proceedings and announces to the House his approval thereof. Institute and of the University of DESIGNATION OF THE SPEAKER Pursuant to clause 1, rule I, the Jour- Texas at Arlington, with a degree in architecture, Rev. Smith has served as PRO TEMPORE nal stands approved. a spiritual foundation in his commu- The SPEAKER pro tempore laid be- f nity for over 25 years. fore the House the following commu- PLEDGE OF ALLEGIANCE Mr. Speaker, I commend Rev. Smith nication from the Speaker: for his longstanding service to his pa- The SPEAKER pro tempore. Will the WASHINGTON, DC, rishioners and congregants in Forest May 13, 2009. gentleman from Illinois (Mr. SHIMKUS) Hill, Texas, in the Forth Worth area, I hereby appoint the Honorable JOHN T. come forward and lead the House in the and to members of his congregation SALAZAR to act as Speaker pro tempore on Pledge of Allegiance. whom he has so capably served. -
Information to Users
INFORMATION TO USERS This manuscript has been reproduced from the microfilm master. UMI films the text directly from the origmal or copy submitted. Thus, some thesis and dissertation copies are in typewriter free, vdnle others may be from any type of computer printer. The quality of this reproduction is dependent upon the quality of the copy submitted. Broken or indistinct print, colored or poor quality illustrations and photographs, print bleedthrough, substandard margins, and improper alignment can adversety affect reproduction. In the unlikely event that the author did not send UMI a complete manuscript and there are missing pages, these will be noted. Also, if unauthorized copyright material had to be removed, a note will indicate the deletion. Oversize materials (e g., maps, drawings, charts) are reproduced by sectioning the original, b%inning at the upper left-hand comer and continuing from left to right in equal sections with small overlaps. Each original is also photographed in one exposure and is included in reduced form at the back of the book. Photographs included in the original manuscript have been reproduced xerographicaUy in this copy. ISgher quality 6” x 9” black and white photographic prints are available for aity photographs or illustrations appearing in this copy for an additional charge. Contact UMI directly to order. UMI A Bell & HowcQ Ln&nnabon Company 300 Noith Zed) Road, Ann Arbor NQ 4S106-1346 USA 313/761-4700 800/521-0600 PERFORMING POLITICS: A THEATRE-BASED ANALYSIS OF THE 1996 NATIONAL NOMINATING CONVENTIONS DISSERTATION Presented in Partial Fulfillment of the Requirements for the Degree Doctor of Philosophy in the Graduate School of The Ohio State University by John Brooks Lawton m , A.B., M.A. -
Time for a Plaza II??
Working Paper Time For a Plaza II?? C. Fred Bergsten, Ph.D. Senior Fellow and Director Emeritus, Peterson Institute for International Economics © 2015 by the James A. Baker III Institute for Public Policy of Rice University This material may be quoted or reproduced without prior permission, provided appropriate credit is given to the author and the James A. Baker III Institute for Public Policy. Wherever feasible, papers are reviewed by outside experts before they are released. However, the research and views expressed in this paper are those of the individual researcher(s) and do not necessarily represent the views of the James A. Baker III Institute for Public Policy. This paper is a work in progress and has not been submitted for editorial review. The Plaza-Louvre in Retrospect1 The Plaza Agreement of September 1985, and its successor Tokyo summit and Louvre Accord over the succeeding eighteen months, represent the high water mark of international economic policy cooperation and indeed coordination over the entire postwar period from 1945 until today. They created a model that has not been replicated during the past thirty years. There have been numerous other international efforts to correct currency disequilibria. They have taken place under both fixed and flexible exchange rates. They have taken place both before and after Plaza-Louvre. A number of emergency meetings of the G-10 sought to resolve sterling crises in the 1960s. The Franco-German imbalance was addressed in 1968-69. Most prominently, the Smithsonian Agreement established a new set of parities after the United States suspended the convertibility of the dollar into gold and adopted an import surcharge in 1971. -
U.S.-Japan Structural Impediments Initiative Talks Stall During the Second Round of SIT Talks, Japanese and U.S
INTERNATIONAL ECONOMIC REVIEW United States International Trade Commission Washington DC Office of Economics 20436 December 1989 In This Issue: International Economic Comparisons U.S. Trade Developments International Trade Developments: U.S.—Japan structural impediments initiative talks stall Korea relinquishes its right to use GATT balance—of—payments exemption U.S. investigation of Brazil's reserved computer market ends United States presents agriculture proposal in Uruguay Round talks Joint ventures accelerate in the U.S.S.R. Hungary receives "permanent" most—favored—nation status Statistical Tables IMMIX 111111117\111 r IP .1 UNITED STATES INTERNATIONAL TRADE COMMISSION OFFICE OF ECONOMICS John W. Suomela, Director The International Economic Review is a monthly staff publication of the Office of Economics, U.S. Inter- national Trade Commission. The opinions and conclusions it contains are those of the authors and do not necessarily reflect the views of the Commission or of any individual Commissioner. The Review is pro- duced as part of the Commission's international trade monitoring program. Its purpose is to keep the Commission informed about significant developments in international economics and trade, and to main- tain the Commission's readiness to carry out its responsibility to provide technical information and advice on international trade matters to policymakers in the Congress and the Executive branch. The Review is available to Government officials outside the Commission on a request basis. Inquiries or comment on items appearing in the Review may be made directly to the author, or to: Editor, International Economic Review Trade Reports Division/OE, Room 602 U.S. International Trade Commission 500 E Street SW., Washington, DC 20436 Telephone (202) 252-1255 December 1989 International Economic Review CONTENTS Page International Economic Comparisons (Michael Youssef, 252-1267) 1 U.S. -
Materialism and the Critique of Energy
Materialism and the Critique of Energy Edited by Brent Ryan Bellamy and Jeff Diamanti Materialism and the Critique of Energy Materialism and the Critique of Energy Brent Ryan Bellamy and Jeff Diamanti Copyright 2018 by MCM' Publishing. Anyone may reproduce, store, and transmit any part of this publication in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, under the following conditions: you must give the original authors and editors credit; you must include original publication data; and you may not use this work for commercial purposes. Failing these conditions, all rights are reserved. Published by MCM' Publishing Chicago 60608 www.mcmprime.com Library of Congress Control Number: 2018949294 To Imre Szeman, for everything and more. For all those broken and exhausted by the impasse and for what yet may come. Materialism and the Critique of Energy ix Brent Ryan Bellamy and Jeff Diamanti: Materialism and the Critique of Energy Theories 1 Allan Stoekl: Marxism, Materialism, and the Critique of Energy 29 Peter Hitchcock: “Water, water, every where, Nor any drop to drink”: Accumulation and the Power over Hydro 51 Daniel Cunha: The Anthropocene as Fetishism 73 Katherine Lawless: Mapping the Atomic Unconscious: Postcolonial Capital in Nuclear Glow 95 George Caffentzis: Work or Energy or Work/Energy? On the Limits to Capitalist Accumulation 121 Elmar Flatschart: Crisis, Energy, and the Value Form of Gender: Towards a Gender-Sensitive Materialist Understanding of Society- Nature Relations Histories 161 Andreas Malm: Long Waves of Fossil Development: Periodizing Energy and Capital 197 Adam Broinowski: Nuclear Power and Oil Capital in the Long Twentieth Century 243 David Thomas: Keeping the Lights On: Oil Shocks, Coal Strikes, and the Rise of Electroculture 289 Gerry Canavan: Peak Oil after Hydrofracking 315 Daniel Worden: Oil and Corporate Personhood: Ida Tarbell’s The History of the Standard Oil Company and John D. -
Principles for Stable Capital Flows and Fair Debt Restructuring
PRINCIPLES FOR STABLE CAPITAL FLOWS AND FAIR DEBT RESTRUCTURING REPORT ON IMPLEMENTATION BY THE PRINCIPLES CONSULTATIVE GROUP WITH A COMPREHENSIVE UPDATE ON INVESTOR RELATIONS PROGRAMS AND DATA TRANSPARENCY OCTOBER 2019 TRANSPARENCY COOPERATION GOOD FAITH FAIR TREATMENT This page intentionally left blank. REPORT ON IMPLEMENTATION BY THE PRINCIPLES CONSULTATIVE GROUP | OCTOBER 2019 page 1 CONTENTS I. Overview 3 II. Principles Consultative Group (PCG) Discussions of Regional and Country Developments 7 a. Overview of PCG Discussions 7 b. PCG Discussions of Country Cases 7 c. Annual Meeting of the Group of Trustees 14 d. Global Debt and Financial Stability Roundtable 15 III. Sovereign Bond Markets 16 Private Sector Debt Transparency Initiative 16 IV. Investor Relations (IR) and Data Dissemination 17 a. IIF Assessments of Investor Relations and Data Dissemination Practices 18 b. IIF 2019 Assessment Results 19 Boxes 1. Benefits of Implementing the Principles 5 2. Framework for the Monitoring of Implementation of the Principles 6 Charts 1. Private Non-Resident Capital Inflows to Emerging Markets 3 The cut-off date for the data used in this report was October 10, 2019. REPORT ON IMPLEMENTATION BY THE PRINCIPLES CONSULTATIVE GROUP | OCTOBER 2019 page 2 Tables 1. Active Investor Relations Programs 18 2. Overall Assessment of Investor Relations and Data Transparency Practices 22 3. Assessment of Data Dissemination Practices 24 Appendices A. Evaluation Criteria for Investor Relations Programs 27 B. Differences Between IR Offices and Investment Promotion Agencies 31 Annexes I. The Principles for Stable Capital Flows and Fair Debt Restructuring 33 II. Addendum to the Principles for Stable Capital Flows and Fair Debt Restructuring 37 III. -
The International Monetary Fund and the Neoliberal Revolution in the Developing World
CREATING CREDIBILITY: THE INTERNATIONAL MONETARY FUND AND THE NEOLIBERAL REVOLUTION IN THE DEVELOPING WORLD A Dissertation Presented to the Faculty of the Graduate School of Cornell University in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy by Stephen Craig Nelson August 2009 © 2009 Stephen Craig Nelson CREATING CREDIBILITY: THE INTERNATIONAL MONETARY FUND AND THE NEOLIBERAL REVOLUTION IN THE DEVELOPING WORLD Stephen Craig Nelson, Ph.D. Cornell University 2009 The International Monetary Fund (IMF) has been deeply involved in economic governance in developing countries through its conditional lending since the late 1970s. Despite the importance of the IMF in the economic and political life of its borrowers, we have, at best, an incomplete understanding of the roots of the institution’s behavior. This dissertation attempts to answer some important questions about the IMF’s lending activities, namely: why is there so much variation in the IMF’s treatment of its borrowers? I argue that the IMF is best viewed as a purposive actor driven by a set of economic ideas. These ideas shape the way the institution’s staff and management make decisions about the use of its resource in complex and unsettled political and economic circumstances. The IMF has political preference for policy teams composed of likeminded officials. I use new data to test the argument on three aspects of IMF treatment; the cross-national evidence shows that governments with a higher proportion of neoliberal policymakers receive larger loans with fewer binding conditions and are more likely to receive waivers for missed policy targets. Further, I show that the ability of top neoliberal economic officials to deliver better treatment from the IMF enables them to extend their time in office.