DOCSLIB.ORG

Diapositive 1

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Diapositive 1 ACTIVITY REPORT 2012-2013 GUILÉ EUROPEAN ENGAGEMENT FUND Socially Responsible Investment Fund NOTICE This document is published for information purposes only. The content of this document does not constitute an offer for sale or a solicitation of an offer to purchase nor does it constitute an incentive to invest or to engage in arbitrage transactions. It may not be construed as a contract under any circumstances. The information contained in this document has not been analyzed with regard to your personal profile. If you have questions regarding any investment or if you have doubts as to whether an investment decision is appropriate, please contact your particular client representative or, if applicable, seek financial, legal, or tax advice from your customary advisors. de Pury Pictet Turrettini S.A. makes every effort to verify the information provided but cannot give any guarantee as to its accuracy. Past performance that might be indicated in the information transmitted by de Pury Pictet Turrettini S.A. in no way determines future returns. Any decision to invest or divest that may be made by the reader of the information appearing herein is made at the sole initiative of the investor who is familiar with the mechanisms governing the financial markets. All documents legally required to be made available to investors, in particular the prospectus relating to an investment company with variable share capital (SICAV), will be provided to them upon their request. This document is the intellectual property of de Pury Pictet Turrettini S.A. Any reproduction or transmission of this document in whole or in part to a third party without the prior written authorization of de Pury Pictet Turrettini S.A. is strictly prohibited. ABSENCE OF CONFLICT OF INTEREST DECLARATION The mission of the Fondation Guilé requires strict attention to matters of independence and impartiality in order to preserve the integrity of its engagement process. It is extremely important that the extra-financial analysis of companies in the Guilé Funds, a critical part of these products, is not compromised by any conflict of interest on the part of analysts. Therefore, the Fondation Guilé formally states that BHP, the company that provided the specialists on the Guilé Engagement Team, received no fees in 2012-2013 from the companies that compose the Guilé Funds. WELCOME For the third consecutive year, the Guilé Funds are publishing a transparent and exhaustive report on their engagement activities on behalf of their investors, with one minor operational change. We have decided to modify our reporting period, which will now cover the 12 months starting on April 1 and ending March 31. We made this decision because many companies publish their extra-financial information after their financial statements, sometimes even very late in the calendar year, which made us feel that we had to rush our analysis in order to carry out the engagement on time. Therefore, this new reporting period will allow the Guilé Engagement Team to take all the time it needs to pursue its work. We hope you will enjoy reading this 2012-2013 Activity Report. ENGAGEMENT OF GUILÉ INVESTORS Socially responsible investing is making great progress in Switzerland: By choosing to invest in Guilé Funds or mandates, private and institutional investors are assuming their responsibility as shareholders: - by meticulously exercising their voting rights, - and by having an annual dialogue with the companies in the portfolio. At Guilé, the fund manager takes on the financial cost of this action, and pays back to the Fondation Guilé part of his management commission so that the Fondation’s experts can perform these tasks independently and objectively: - analyze the company’s sustainable development policy; - assess to what extent the company observes the commitments it made by signing the United Nations Global Compact and/or sustainable development goals favorable to its shareholders; -hold discussions with the representatives of each company to establish and/or plan the progress expected by investor-shareholders. Lastly, this active shareholder responsibility does not occur at the expense of fund or mandate performance: wealth managers and corporate responsibility experts combine their respective knowledge of each company to add value to Guilé investments over the long term, while assessing the financial AND extra-financial risk they present. 3 ENGAGEMENT OF GUILÉ INVESTORS The Novethic study, “Controversial companies: do investor blacklists make a difference?”, published in early 2013, reviews the various types of responsible investors among 19 European institutional investors managing over 1.5 trillion euros. The study shows that engagement, followed by exclusion as a last resort, is the strategy adopted by companies such as ABP and APG in the Netherlands, Nordea and AP1-4 in Sweden, and by the Government Pension Fund in Norway. The study states, “The large Dutch pension fund APG is skilled in this strategy. It explains that its responsible investing policy, applied to 200 billion euros of assets, consists of using its role as a shareholder to encourage companies to improve their sustainable development strategies. It feels that engagement is the best way to create long-term change.” Although the Guilé Funds are not comparable to the largest funds in northern Europe in terms of assets managed, they do manage to engage effectively with other companies due to the acknowledged expertise of the Fondation Guilé. Many corporate executives whom we work with confirm this view: “Guilé's COP assessment provided very helpful input for compiling our next report. The external expertise confirmed my feeling to report more information that might seem obvious to us, but not necessarily to our external stakeholders.“ Ms. Nicki Crayfourd, Director of Health, Safety and Environment, COMPASS GROUP "H&M is very committed to addressing and openly reporting on the UN Global Compact principles. The assessment of and feedback to our COP that is provided by Fondation Guilé is very helpful; it is valuable to have an external point of view and the suggestions from Guilé will be incorporated into H&M’s next report.“ Maritha Lorentzon, Global Code of Conduct Coordinator and Nils Vinge, Head of Investor Relations, H&M “It is most appreciated and very useful to have an external opinion on the way our reporting is perceived by our stakeholders.” Mr. Grégory Soudan, Deputy Head of Group Risk Management, SCOR At times, the expertise of the Fondation Guilé is requested earlier by some companies, who state this directly in their public annual Corporate Social Responsibility report (see following pages). 4 Extract from the CSR report of Coca-Cola Hellenic published in 2012 5 Extract from the CSR report of Heineken published beginning 2013 6 ENGAGEMENT OF GUILÉ INVESTORS Over the six years of engagement of our European fund, company representatives we’ve met have often stressed that our experts actively contributed to the progress we witnessed within their companies in the area of extra-financial disclosure and sustainable development strategies. Based on the results of our annual analyses, we can now offer some observations. The following information is the product of six consecutive years of analysis and subsequent engagement with 20 companies*. principles analized Average comprehensiveness of by yearin pointspoints 48 (max. per principle) Improvement in extra-financial information transparency for all Global Compact principles is quite clear. Of the 10 principles, the greatest progress has undeniably been made in information on measures involving principle no. 2, combating complicity in human rights abuses. It is even more encouraging that the data in this graphic represent European multinationals. They are therefore assumed to have long-standing established policies on human rights in their own companies. But the Fondation Guilé helped convince others of these companies’ responsibility all along their value chains (upstream with suppliers, and downstream with distributors/clients), which can be seen in the considerable progress the companies have made in strategic efforts and the information they provided to show that they are not complicit in objectionable practices elsewhere by their business partners. * = Siemens, Société Générale, HSBC, E.ON, Standard Chartered, UBS, Nestlé, H&M, Danone, Credit Suisse, Total, Heineken, Novartis, Axa, Essilor, GDF Suez, Holcim, BP, ABB and Royal Dutch Shell, analysis of their CSR reporting published from 2007 to 2012. 7 ENGAGEMENT OF GUILÉ INVESTORS Our tracking of these 20 companies over six consecutive years also shows the progress made according to the various analysis criteria used by the Engagement Team: + 49% (+ 8.2%/y) Comprehensiveness criteria Average points per analyzedcriterion by year (max. 60 points per criterion) The companies expressed greater strategic thinking about the importance (materiality) that each Global Compact principle represents in the sustainable development of their business. Persuaded by shareholders such as Guilé Fund investors among others, they also publicly adopted many more indicators and monitoring procedures to demonstrate their environmental, social, and governance performance (ESG). + 29% (+ 4.8%/y) Quality criteria Averageanalyzed qualitysustainability of reportsby in pointsYearpoints (max. per item)3 Regarding the quality of extra-financial reports, we observed a vast improvement in the clarity of information, but also in terms of reliability of the information
Load more

Recommended publications
  • Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA
    Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT
    [Show full text]
  • Jahresbericht 2013
    JAHRESBERICHT 2013 JAHRESBERICHT 2013 Die Agenda Chemie Pharma Biotech JAHRESBERICHT 2013 Die Agenda Chemie Pharma Biotech scienceindustries Vorteile der Mitgliedschaft bei Kontakt: Wirtschaftsverband Chemie Pharma Biotech scienceindustries scienceindustries setzt sich nachhaltig für Mitglieder können über scienceindustries scienceindustries ein innovationsfreundliches Umfeld für die auf die geplanten staatlichen Regelungen Nordstrasse 15, Postfach Mitgliedunternehmen ein. 1882 gegründet, in den Bereichen Wirtschaftspolitik, CH-8021 Zürich gehören ihr heute rund 250 Unternehmen Chemie, Pharma, Biotechnologie, Umwelt- T +41 44 368 17 11 an. Die grösste Schweizer Exportindustrie schutz, Sicherheit und Technologie sowie F +41 44 368 17 70 beschäftigt in der Schweiz rund 70 000 Per- in Fragen des wissenschaftlich-technischen [email protected] sonen, weltweit über 338 000 Personen. Nachwuchses Einfluss nehmen. www.scienceindustries.ch In der Schweiz sind über 11 600 hochquali- Zudem erhalten Mitglieder von science- fizierte Mitarbeiter in der Forschung tätig. industries exklusiven Zugang zum Weitere 130 000 Arbeitskräfte in anderen Membernet, einer webbasierten Wissens- Branchen hängen von der Industrie Chemie plattform, die täglich mit E-Mail über alle Pharma Biotech ab. neueren politischen Geschäfte informiert, welche die Unternehmen in den science- Die Website www.scienceindustries.ch industries betreffen. informiert ausführlich über Ziele, Arbeits- weise, aktuelle Tätigkeiten und wichtige Weiter können Mitglieder Einsitz in Positionsbezüge
    [Show full text]
  • Switzerland Board Index Spencer Stuart in Switzerland
    2016 Switzerland Board Index spenCer stuart in sWitzerland aBout spencer stuart Spencer Stuart has had an uninterrupted presence in Switzerland since 1959, when it opened its Zurich office. At Spencer Stuart, we know how much leadership matters. We are trusted by organizations around the world to help them make the senior- level leadership decisions that have a lasting impact on their enterprises. Through our exec- utive search, board and leadership advisory services, we help build and enhance high- performing teams for select clients ranging from major multinationals to emerging companies to nonprofit institutions. Privately held since 1956, we focus on delivering knowl- edge, insight and results through the collaborative efforts of a team of experts — now spanning 56 offices, 30 coun- tries and more than 50 practice specialties. Boards and leaders consistently turn to Spencer Stuart to help address their evolving leadership needs in areas such as senior- level executive search, board recruitment, board effective- ness, succession planning, in- depth senior management assessment and many other facets of organizational effec- tiveness. For more information on Spencer Stuart, please visit www.spencerstuart.com. Social Media @ Spencer Stuart Stay up to date on the trends and topics that are relevant to your business and career. @Spencer Stuart © 2016 Spencer Stuart. All rights reserved. For information about copying, distributing and displaying this work, contact: [email protected]. 35 spencer stuart Contents 2 Foreword 3 HigHligHts 14 Our survey approacH 15 Board size and composition 21 Board governance 24 remuneration 26 International comparison 32 smi company Board data 34 Spencer stuart in switzerland 36 Board governance trends: A gloBal view switzerland board index 2016 1 Foreword The Spencer Stuart Board Index is an annual study that analyses aspects of board governance among major listed companies, including composition, committees and remuneration.
    [Show full text]
  • Corporate Governance Contents Dear Shareholder
    82 | Novartis Annual Report 2017 Corporate governance Contents Dear shareholder, Letter from the Chairman 82 2017 was an important and successful year for our Our corporate governance approach 84 company and our Board. We made good progress in pursuing our mission, managed the selection of the new Our shares and our shareholders 85 CEO, reinforced the Board’s membership, increased Our Board of Directors 92 our strategic focus on digital technology, accelerated Our management 106 our corporate culture change, and further improved our Our independent external auditors 111 corporate governance. Our corporate governance framework 113 Further information 114 Progress in pursuing our mission At a time of big geopolitical uncertainties and increas- ing regulatory, pricing and enforcement pressure, we achieved a solid business performance, launched import- ant new products, and made further efficiency gains. Strong and diverse Board We have a strong, diverse and independent Board. A key to our achievements is the excellent collaboration between our Board and our CEO and his Executive Committee. The diversity of our Board was further strengthened when Ton Buechner and Liz Doherty joined in February 2016, and Frans van Houten in February 2017, re inforc- ing our expertise in finance and accounting, in digital health solutions, as well as in leadership and manage- ment. With their arrival, we have substantially refreshed our Board. Two-thirds of our members have a tenure of less than six years, balancing the benefits of continuity and experience with new perspectives. We appointed new members of the Audit and Compliance Committee; the Risk Committee; and the Governance, Nomination and Corporate Responsibilities Committee, benefiting from the experience and know- ledge of new Board members.
    [Show full text]
  • Freedom Revisited
    50TH ST. GALLEN SYMPOSIUM Freedom Revisited 7-8 MAY 2020 FREEDOM REVISITED 50th ST. GALLEN SYMPOSIUM 7-8 MAY 2020 PEOPLE 50TH EDITION Welcome The International Students’ Committee is a student-driven initiative seeking to establish a platform for dialogue between generations. We believe that young people must have a responsi- bility, as well as a right, to take part in today's decision making. For one year, thirty students invest all their heart, energy, and time contributing to the organisation of the St. Gallen Symposium. The St. Gallen Symposium is more than a two-day conference. It is a meaningful contribution to an international debate about topics that matter. We look forward to welcoming you in St. Gallen from 7–8 May 2020 to become part of our initiative and play a role in our dialogue across three generations of leaders. Leonard Castritius, Marco Jost and Maximilian Wörlein Head of the Organising Committee 4 | SGS 5 | SGS PEOPLE 50TH EDITION Symposium The St. Gallen Symposium is the world's leading initiative for intergenerational debates on economic, political, and social developments. We bring together key decision makers, thought leaders, and brilliant young minds to address current challenges and opportunities on transforming ideas into action. We have fostered healthy debates and created an outstanding community for exchange since 1969. We are a student-run initiative combining excellence with innovation: a unique and extraordinary experience. 6 | SGS 7 | SGS PEOPLE 50TH EDITION People To inspire and be inspired by the most important topics of our time and spark new ideas and solutions across generations, three genera- tions of leaders from more than 90 nations meet in St.
    [Show full text]
  • Switzerland Wake up Reinforcing Switzerland’S Attractiveness to Multinationals
    SWITZERLAND WAKE UP REINFORCING SWITZERLAND’S ATTRACTIVENESS TO MULTINATIONALS APRIL 2019 McKinsey & Company is a global management consultancy firm that serves leading businesses, institutions, governments, and not-for-profit or- ganizations. We help our clients make lasting im- provements to their performance and realize their most important goals. Our more than 16’000 con- sultants and nearly 2’000 research and informa- tion professionals form a single global partnership united by a strong set of values focused on client impact. McKinsey Switzerland is based in Zurich and Geneva and serves clients in the private, pub- lic, and social sectors on strategy, operations, orga- nization, and technology across industries. Present in Switzerland for more than 50 years, we combine McKinsey’s global expertise with deep local in- sights and take part in public debates on the coun- try’s most pressing issues. The Swiss-American Chamber of Commerce is the largest association of internationally active compa- nies in Switzerland—Swiss and foreign, large and small. Swiss-AmCham represents its nearly 2’000 members on all issues that either handicap opti- mal operations in Switzerland or obstruct the free exchange of goods and services between Switzer- land and the eminently important US market. Swiss-AmCham focuses on economic policy issues such as fiscal conditions, mobility of qualified peo- ple, the economic relationships with the EU and the US (representing 70 percent of Swiss exports) and the attractiveness of Switzerland for foreign di- rect investments. Major topics are also the trading system and ensuring that Swiss-based interna­­tional companies have at least equal access to the key markets—first and foremost with the largest market in the world, the US market, with nearly 25 percent of global GDP.
    [Show full text]
  • Switzerland Board Index About Spencer Stuart
    2017 Switzerland Board Index About Spencer StuArt At Spencer Stuart, we know how much leadership matters. We are trusted by organisations around the world to help them make the senior-level leadership decisions that have a lasting impact on their enterprises. Through our executive search, board and leadership advisory services, we help build and enhance high-performing teams for select clients ranging from major multinationals to emerging companies to nonprofit institutions. Privately held since 1956, we focus on delivering knowledge, insight and results though the collaborative efforts of a team of experts — now spanning 56 offices, 30 countries and more than 50 practice specialties. Boards and leaders consistently turn to Spencer Stuart to help address their evolving leadership needs in areas such as senior-level executive search, board recruitment, board effectiveness, succession planning, in-depth senior management assessment and many other facets of organisational effectiveness. For more information on Spencer Stuart, please visit www.spencerstuart.com. Social Media @ Spencer Stuart Stay up to date on the trends and topics that are relevant to your business and career. @Spencer Stuart © 2017 Spencer Stuart. All rights reserved. For information about copying, distributing and displaying this work, contact: [email protected]. Contents 3 Foreword 4 HigHligHtS 6 in tHe SpotligHt “ Transitioning from an executive function to a non-executive board role – a personal view”, by Alexandre Zeller 10 Four-YeAr trendS 12 our SurveY ApproAcH 13 boArd Size And compoSition 20 boArd governAnce 23 remunerAtion 25 compAriSon tAbleS 26 International comparison chart 33 Smi compAriSon tAbleS 34 Board composition 36 Board remuneration in 2016 Switzerland board index 2017 1 Foreword The Spencer Stuart Board Index is an annual study that analyses aspects of board governance among major listed companies, including composition, committees and remuneration.
    [Show full text]
  • 3.85% P.A. Multi Barrier Reverse Convertible Auf ABB, Richemont, Geberit, Lafargeholcim, Sika
    Termsheet Öffentliches Angebot nur in: CH Renditeoptimierungsprodukte Produktetyp nach SVSP: 1230 3.85% p.a. Multi Barrier Reverse Convertible auf ABB, Richemont, Geberit, LafargeHolcim, Sika Kontinuierliche Multi Barrierebeobachtung - Callable Verfall 08.04.2024; emittiert in CHF; kotiert an SIX Swiss Exchange AG ISIN CH0595171783 - Valorennummer 59517178 - SIX Symbol BGRRCH Anleger sollten den untenstehenden Abschnitt „Bedeutende Risiken“ sowie den Abschnitt „Risikofaktoren“ im entsprechenden Emissions- und Angebotsprogramm in der jeweils geltenden Fassung lesen. Durch die Anlage in dieses Produkt (das „Produkt“) kann der Anleger sein in das Produkt investierte Kapital gefährden und es können zusätzlich Transaktionskosten anfallen. Möglicherweise verlieren Anleger ihr in das Produkt investierte Kapital sowie die Transaktionskosten ganz oder teilweise. Die Anleger sind dem Kreditrisiko der Emittentin ausgesetzt. Obwohl möglicherweise eine Übersetzung in andere Sprachen vorliegt, sind nur die Endgültigen Bedingungen und das entsprechende Emissions- und Angebotsprogramm in englischer Sprache rechtsverbindlich. Für die Schweiz: Dieses Produkt ist ein derivatives Finanzinstrument nach Schweizer Recht. Es ist kein Anteil einer Kollektiven Kapitalanlage im Sinne der Art. 7 ff. des Schweizerischen Bundesgesetzes über Kollektive Kapitalanlagen („KAG“) und es wird daher von der Eidgenössischen Finanzmarktaufsicht FINMA weder registriert noch überwacht. Anleger geniessen nicht den durch das KAG vermittelten spezifischen Anlegerschutz. Bei diesem Dokument handelt es sich um Werbung im Sinne von Art. 68 FIDLEG. Dieses Dokument ist ein Termsheet, das im Hinblick auf die Emission der Produkte angefertigt wurde, und es ist kein Prospekt im Sinne der Art. 35 ff. des Schweizerischen Bundesgesetzes über Finanzdienstleistungen („FIDLEG“), keine Dokumentation einer Privatplatzierung, kein Basisinformationsblatt gemäss Art. 58 ff. FIDLEG und es stellt auch kein anderes gleichwertiges Dokument gemäss FIDLEG dar.
    [Show full text]
  • Geberit Annual Report 2017 2
    GEBERIT GROUP INTEGRATED ANNUAL REPORT 2017 WorldReginfo - 7e5d198e-26f3-4565-8ff0-dd01ddce7692 HIGHLIGHTS OF THE BUSINESS YEAR 2017 EXPANDED LOGISTICS CENTRE The grand opening of the expanded lo­ gistics centre in Pfullendorf (DE) – which now boasts six new, ultra-modern stor­ age areas – took place on 10 March. The new features include an automatic small- parts warehouse as well as an efficient long-goods area for metal and plastic pipes. 1 Learn more GROUND-BREAKING CEREMONY IN LANGENFELD In Langenfeld (DE), the future began on 6 September. Geberit is investing around 35 million euros in the modernisation of the production site and is optimising the manufacturing process. A new produc­ tion hall is being built on an area of 15,400 m2 and a two-storey administra­ tion building is also being added. The new building sections are expected to be ready to move into as early as spring 2019. 1 Learn more TOUCH IT. LOVE IT. Non-porous, smooth and yet slip-proof, the texture of the new Geberit shower surface Setaplano impresses at first glance – and also from the first touch. Furthermore, sophisticated installation technology and premounted compo­ nents ensure that the time required for installation on the building site is reduced and that it is successfully installed at the first attempt. 1 Learn more WorldReginfo - 7e5d198e-26f3-4565-8ff0-dd01ddce7692 Geberit Annual Report 2017 2 BÜRGENSTOCK RESORT High above Lake Lucerne (CH), the Bür­ genstock Resort is now shining in new splendour. In all the bathrooms, the re­ sort made comfort a priority, installing the Geberit AquaClean Sela shower toilet in the three main buildings – the Palace, the Bürgenstock Hotel and the Medical Wellness Waldhotel.
    [Show full text]
  • Business Report 2020
    GEBERIT GROUP BUSINESS REPORT 2020 Business report Editorial EDITORIAL Dear shareholders, We look back on a very good business and financial year – despite the COVID-19 cri­ sis. The currency-adjusted sales growth was due to our strong market position, suc­ cessful crisis management, the conscious decision to not furlough employees in or­ der to also maintain the levels of contact with customers during the lockdown peri­ ods, and a rapid transition to a digital customer service approach. Thanks to further improved, high profitability, we succeeded in further consolidating our position as leading supplier of sanitary products and gained further market shares. SALES GROWTH DESPITE CRISIS In 2020, net sales in Swiss francs fell by 3.1% to CHF 2,986 million. This development includes negative currency effects of CHF 136 million. In local currencies, this result­ ed in an increase of 1.3%. This currency-adjusted growth was achieved despite the significant sales decrease seen in the second quarter as a result of COVID-19. Oper­ ating profit (EBIT) rose by 2.0% to CHF 772 million, and the EBIT margin reached 25.8% (previous year 24.5%). This increase in the margin was mainly due to the COVID-19-related cost savings (particularly marketing and travel expenses), the high levels of flexibility in production and logistics, lower raw material prices, the natural currency hedging, and price increases. Thanks to these measures, it was also possi­ ble to compensate for the significant tariff-related increases in personnel expenses and additional investments in digitalisation initiatives. Net income dropped slightly by 0.7% to CHF 642 million due to a higher tax rate and a lower financial result, with a re­ turn on net sales of 21.5% (previous year 21.0%).
    [Show full text]
  • Annual Report 2019 Worldreginfo - 00Ffbebd-74Ef-47D5-A101-42Abeeb3f0a0 Annual Report Publications
    Annual Report 2019 WorldReginfo - 00ffbebd-74ef-47d5-a101-42abeeb3f0a0 Annual Report publications Sustainability Report 2019 Annual Report 2019 2019 at a glance d5590b52ed634e379df52d595e9a3f72.indd 1 21.01.2020 11:21:09 ba4bf1cd544b4829bac2e63f455b14bb.indd 1 15.01.2020 16:01:44 The Annual Report, Sustainability Report and “2019 at a glance” together make up Swisscom’s reporting on 2019. The three publications are available online at: swisscom.ch/report2019 Concept of “Simply using opportunities” In the city and in the country, at home and on the road – people everywhere in Switzerland can take advantage of the countless opportunities offered by the networked world. Swisscom wants to connect Switzerland and enable the Swiss public to benefit from the opportunities offered by digitisation. The pictures in the 2019 Annual Report show the diversity of digital needs and how easy it is for people to make use of the opportunities available to them. A big thank you to all who took time to pose for these photographs: Nina and Louis, 5th grade, Hagen primary school in Altdorf, Dominique Bausback, Malik Hashim, Claudia Lenzi, Nils Kessler, Patric and Tatjana Fischli with Anais, Laurence Brun from the Clinique de Genolier (Swiss Medical Network private clinic group) and Gérard Fornerod from Confiserie Fornerod. WorldReginfo - 00ffbebd-74ef-47d5-a101-42abeeb3f0a0 Table of contents Introduction 1 – 11 Management Commentary 12 – 65 Corporate Governance and Remuneration Report 66 – 107 Consolidated Financial Statements 108 – 179 Further Information 180 – 190 1 WorldReginfo - 00ffbebd-74ef-47d5-a101-42abeeb3f0a0 2019 in review in 2019 2019 in review Introduction | Net revenue EBITDA Capital expenditure billion CHF billion CHF billion CHF 11.5 4.4 2.4 2.2% 3.4 % 1.4 % Net income Net debt incl.
    [Show full text]
  • Performance & Impact of Cadmos Engagement Funds
    Performance & Impact of Cadmos Engagement Funds EUROPEAN — EMERGING MARKETS — SWISS 2017-2018 KEY ENGAGEMENT IMPACTS AND PROGRESS FOREWORD SINCE 2006, CADMOS REPRESENTS: Since 2006, Cadmos has succeeded in simultaneously delivering financial performance and tangible impact. It has done so by engaging with the portfolio companies and helping them to integrate their most material environmental, social and governance (ESG) topics into their corporate strategy. Although many people question whether responsible investing makes sense financially or in terms of impact, this report shows that all the Cadmos Funds have outperformed their benchmarks since 2006 bringing together key stake- and that in 170 cases, companies holders such as multinational 175 12’000 have implemented our progress companies, social enterprises, recommendations. non-governmental organizations INVESTMENTS ITEMS VOTED and civil society. The portfolio managers’ participation in the engagement meetings together with our sustainability experts who together formulate progress recommendations remains Cadmos’ unique selling prop- osition. Through this dialogue, the portfolio managers obtain a deeper insight into the sustaina- bility of each company’s business 800 450 model while creating additional COMPANY ENGAGEMENT social impacts potentially ESG contributing to the 17 UN ASSESSMENTS MEETINGS Sustainable Development Goals (SDG’s). The first part of this report provides a complete update of the Cadmos Funds’ Buy & Care® strategy. Our engagement goes well beyond simple dialogue with the company’s management. Each year we make clear progress recommendations and provide a thorough analysis of the gaps in 170 the reporting. POSITIVE The second part of this report contains the 2017–2018 IMPACTS impact and performance reports of the three Cadmos equity funds (Europe, Emerging Markets and Swiss).
    [Show full text]