Your SlideShare is downloading. ×
0
Bank for International Settlements (Financial Stability Institute) - Committee of Banking Supervisors of West and Central ...
Agenda <ul><li>SURVEILANCE </li></ul><ul><ul><li>BANKS ACT  </li></ul></ul><ul><ul><li>REGULATIONS  </li></ul></ul><ul><ul...
SURVEILLANCE
Banks Act <ul><li>Registrar empowered  to issue regulations </li></ul><ul><li>Directors of bank or controlling company </l...
Banks Act - cont. <ul><li>Directors of bank or controlling company  </li></ul><ul><ul><li>fiduciary relationship spelt out...
Banks Act - cont. <ul><li>Appointment of auditor by Registrar </li></ul><ul><ul><li>questionnaire to be completed by: </li...
Banks Act - cont. <ul><li>Special functions of auditor in relation to Registrar </li></ul><ul><ul><li>duty to report any f...
Banks Act - cont. <ul><li>Audit committee </li></ul><ul><ul><li>functions outlined  </li></ul></ul><ul><ul><li>three membe...
Regulations <ul><li>Process of corporate governance </li></ul><ul><li>Guidelines relating to conduct of directors </li></u...
Process of corporate governance <ul><li>Board of directors ultimately responsible </li></ul><ul><li>Includes maintenance o...
Guidelines relating to conduct of directors <ul><li>Must acquire basic knowledge and understanding of: </li></ul><ul><ul><...
Composition of the board of directors of a bank <ul><li>Chairperson of bank not an employee of : </li></ul><ul><ul><li>ban...
Composition of the board of directors of a controlling company  <ul><li>Chairperson of controlling company not an employee...
Statement relating to attributes of serving or prospective directors or executive officers <ul><li>Bank and controlling co...
Reportable offences <ul><li>Reportable offence includes </li></ul><ul><ul><li>breach of fiduciary duties by directors/ sen...
Compliance function <ul><li>Independent compliance function must be part of  risk-management framework </li></ul><ul><li>H...
Market abuse and financial fraud <ul><li>Implement and maintain policies and procedures to guard against the bank being us...
Market abuse and financial fraud - cont. <ul><li>Policies and procedures should be adequate to: (cont.) </li></ul><ul><ul>...
Public disclosure <ul><li>Reliable and timely information that enables users to make an accurate assessment of: </li></ul>...
Public disclosure - cont. <ul><li>Disclose each material item separately - material if omission or misstatement could chan...
Annual financial statements  <ul><li>Annual financial statements shall be compiled in accordance with Statements of Genera...
Consolidated financial statements <ul><li>Furnish the Registrar with consolidated annual financial statements </li></ul><u...
Audit reports <ul><li>Audit reports </li></ul><ul><ul><li>Preparation </li></ul></ul><ul><ul><ul><li>Annual bilateral disc...
Audit reports - cont. <ul><li>Audit reports (cont.) </li></ul><ul><ul><li>Significant weaknesses in the system of internal...
THE EXAMINATION PROCESS
Process <ul><li>Compliance checklists </li></ul><ul><li>Self-assessments </li></ul><ul><li>High level governance meetings ...
<ul><li>BANKS/BRANCHES OF FOREIGN BANKS </li></ul><ul><li>FORM NO DESCRIPTION </li></ul><ul><li>DI 800 Corporate governanc...
<ul><li>OFFSHORE BANKING SUBSIDIARIES /BRANCHES </li></ul><ul><li>FORM NO DESCRIPTION </li></ul><ul><li>DI 835 Corporate g...
Self-assessment of the effectiveness of the board of directors   1 = Strongly Disagree  5= Strongly Agree
What do we do with the self-assessment?
XYZ Bank Limited Management evaluation, composition and succession 1 = Strongly Disagree and 5= Strongly Agree
XYZ Bank Limited  Board meeting attendance %
High level governance meetings <ul><li>Board of directors </li></ul><ul><li>Trilateral discussions </li></ul>
DISCIPLINARY ACTIONS AND SANCTIONS
<ul><li>Inspection/ investigation in terms of Banking Act </li></ul><ul><li>Remedial plan of action required from board of...
<ul><li>Awareness is being raised about corporate governance issues </li></ul><ul><ul><li>Investors and analysts </li></ul...
Annexure A - useful websites on Corporate Governance <ul><li>www.amnesty.org.uk – Amnesty International, UK </li></ul><ul>...
Upcoming SlideShare
Loading in...5
×

14. Supervisory Responsibilities Relative to Corporate Governance

415

Published on

Published in: Economy & Finance, Business
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total Views
415
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
13
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

Transcript of "14. Supervisory Responsibilities Relative to Corporate Governance"

  1. 1. Bank for International Settlements (Financial Stability Institute) - Committee of Banking Supervisors of West and Central Africa Khartoum, Sudan, 11 April 2002 SUPERVISORY RESPONSIBILITIES RELATIVE TO CORPORATE GOVERNANCE Errol Kruger Deputy Head - Bank Supervision South African Reserve Bank
  2. 2. Agenda <ul><li>SURVEILANCE </li></ul><ul><ul><li>BANKS ACT </li></ul></ul><ul><ul><li>REGULATIONS </li></ul></ul><ul><ul><ul><li>PROCESS OF CORPORATE GOVERNANCE </li></ul></ul></ul><ul><ul><ul><li>GUIDELINES RELATING TO CONDUCT OF DIRECTORS </li></ul></ul></ul><ul><ul><ul><li>COMPOSITION OF THE BOARD OF DIRECTORS OF A BANK </li></ul></ul></ul><ul><ul><ul><li>COMPOSITION OF THE BOARD OF DIRECTORS OF A CONTROLLING COMPANY </li></ul></ul></ul><ul><ul><ul><li>STATEMENT RELATING TO ATTRIBUTES OF SERVING OR PROSPECTIVE DIRECTORS OR EXECUTIVE OFFICERS </li></ul></ul></ul><ul><ul><ul><li>REPORTABLE OFFENCES </li></ul></ul></ul><ul><ul><ul><li>COMPLIANCE FUNCTION </li></ul></ul></ul><ul><ul><li>REGULATIONS (Cont.) </li></ul></ul><ul><ul><ul><li>MARKET ABUSE AND FINANCIAL FRAUD </li></ul></ul></ul><ul><ul><ul><li>PUBLIC DISCLOSURE </li></ul></ul></ul><ul><ul><ul><li>ANNUAL FINANCIAL STATEMENTS </li></ul></ul></ul><ul><ul><ul><li>CONSOLIDATED FINANCIAL STATEMENTS </li></ul></ul></ul><ul><ul><ul><li>AUDIT REPORTS </li></ul></ul></ul><ul><li>THE EXAMINATION PROCESS </li></ul><ul><ul><li>COMPLIANCE CHECKLISTS </li></ul></ul><ul><ul><li>SELF-ASSESSMENT OF THE EFFECTIVENESS OF THE BOARD OF DIRECTORS </li></ul></ul><ul><ul><li>HIGH LEVEL GOVERNANCE MEETINGS </li></ul></ul><ul><li>DISCIPLINARY ACTIONS AND SANCTIONS </li></ul><ul><li>SOME GLOBAL TRENDS IN CORPORATE GOVERNANCE </li></ul>
  3. 3. SURVEILLANCE
  4. 4. Banks Act <ul><li>Registrar empowered to issue regulations </li></ul><ul><li>Directors of bank or controlling company </li></ul><ul><li>Appointment of auditor by Registrar </li></ul><ul><li>Special functions of auditor in relation to Registrar </li></ul><ul><li>Audit committee </li></ul>
  5. 5. Banks Act - cont. <ul><li>Directors of bank or controlling company </li></ul><ul><ul><li>fiduciary relationship spelt out </li></ul></ul><ul><ul><li>majority of board to be non-executives </li></ul></ul><ul><ul><li>of no legal force if fit and proper test failed </li></ul></ul>
  6. 6. Banks Act - cont. <ul><li>Appointment of auditor by Registrar </li></ul><ul><ul><li>questionnaire to be completed by: </li></ul></ul><ul><ul><ul><li>Audit firm </li></ul></ul></ul><ul><ul><ul><li>Lead partner </li></ul></ul></ul>
  7. 7. Banks Act - cont. <ul><li>Special functions of auditor in relation to Registrar </li></ul><ul><ul><li>duty to report any fact which may impair going concern, protection of depositors’ funds, or contrary to sound management and internal controls </li></ul></ul>
  8. 8. Banks Act - cont. <ul><li>Audit committee </li></ul><ul><ul><li>functions outlined </li></ul></ul><ul><ul><li>three members - majority non-executive </li></ul></ul>
  9. 9. Regulations <ul><li>Process of corporate governance </li></ul><ul><li>Guidelines relating to conduct of directors </li></ul><ul><li>Composition of the board of directors of a bank or of a controlling company </li></ul><ul><li>Statement relating to attributes of serving or prospective directors or executive officers (fit and proper test) </li></ul><ul><li>Reportable offences </li></ul><ul><li>Compliance function </li></ul><ul><li>Market abuse and financial fraud </li></ul><ul><li>Public disclosure </li></ul><ul><li>Annual financial statements </li></ul><ul><li>Consolidated financial statements </li></ul><ul><li>Audit reports </li></ul>
  10. 10. Process of corporate governance <ul><li>Board of directors ultimately responsible </li></ul><ul><li>Includes maintenance of effective risk management </li></ul><ul><li>Risks include any risk regarded as material by bank </li></ul><ul><li>Conduct of the business of a bank entails the management of risks </li></ul><ul><li>Overall effectiveness of process monitored by board of directors </li></ul><ul><li>Once a year assess and document whether process successfully achieves the objectives </li></ul><ul><li>External audit review of process followed by board of directors </li></ul>
  11. 11. Guidelines relating to conduct of directors <ul><li>Must acquire basic knowledge and understanding of: </li></ul><ul><ul><li>the business, laws and customs of a bank </li></ul></ul><ul><ul><li>commensurable with the nature and scale of the business conducted </li></ul></ul><ul><li>Perform functions with diligence and care </li></ul><ul><li>Duty to ensure risks managed in prudent manner - deposits from general public </li></ul><ul><li>Annual report to Registrar on: </li></ul><ul><ul><li>internal controls (material malfunction) </li></ul></ul><ul><ul><li>going concern </li></ul></ul><ul><ul><li>external auditors report if they concur </li></ul></ul>
  12. 12. Composition of the board of directors of a bank <ul><li>Chairperson of bank not an employee of : </li></ul><ul><ul><li>bank </li></ul></ul><ul><ul><li>any subsidiaries </li></ul></ul><ul><ul><li>controlling company </li></ul></ul><ul><ul><li>subsidiary of controlling company </li></ul></ul><ul><li>Chairperson of bank not a member of the audit committee of: </li></ul><ul><ul><li>bank </li></ul></ul><ul><ul><li>controlling company </li></ul></ul><ul><li>At least two members of board must be employees </li></ul>
  13. 13. Composition of the board of directors of a controlling company <ul><li>Chairperson of controlling company not an employee of: </li></ul><ul><ul><li>controlling company </li></ul></ul><ul><ul><li>any bank of which that company is registered as a controlling company. </li></ul></ul><ul><li>Chairperson of controlling company not a member of the audit committee of: </li></ul><ul><ul><li>controlling company </li></ul></ul><ul><ul><li>any bank of which that company is registered as a controlling company. </li></ul></ul>
  14. 14. Statement relating to attributes of serving or prospective directors or executive officers <ul><li>Bank and controlling company </li></ul><ul><li>Declaration submitted by the chairperson i.r.o. prospective candidates: </li></ul><ul><ul><li>30 days prior to appointment </li></ul></ul><ul><ul><li>first time accepts an appointment as director or executive officer </li></ul></ul><ul><ul><li>resigned and reappointed as director or executive officer </li></ul></ul><ul><ul><li>declaration by candidate </li></ul></ul><ul><li>At Registrar’s request </li></ul>
  15. 15. Reportable offences <ul><li>Reportable offence includes </li></ul><ul><ul><li>breach of fiduciary duties by directors/ senior management </li></ul></ul><ul><ul><li>market abuse or financial fraud that would result in the bank losing an amount in excess of 1 per cent of capital </li></ul></ul><ul><ul><li>Actions by directors/ senior management resulting in reputation of the bank being affected adversely </li></ul></ul><ul><ul><li>Actions by directors/ senior management resulting in the contravention of the code of conduct or ethical code of any institution of which the bank is a member or with which the bank is associated </li></ul></ul><ul><ul><li>any money-laundering activity not identified timeously and reported, as required by law </li></ul></ul><ul><ul><li>any activity declared as such by Registrar </li></ul></ul>
  16. 16. Compliance function <ul><li>Independent compliance function must be part of risk-management framework </li></ul><ul><li>Headed by a compliance officer with adequate stature and resources </li></ul><ul><li>Compliance officer duties: </li></ul><ul><ul><li>Effectiveness </li></ul></ul><ul><ul><li>Monitoring </li></ul></ul><ul><ul><li>Reporting </li></ul></ul><ul><ul><li>Resources </li></ul></ul><ul><ul><li>Manual </li></ul></ul>
  17. 17. Market abuse and financial fraud <ul><li>Implement and maintain policies and procedures to guard against the bank being used for purposes of market abuse and financial fraud including: </li></ul><ul><ul><li>insider trading </li></ul></ul><ul><ul><li>market manipulation </li></ul></ul><ul><ul><li>money laundering </li></ul></ul><ul><li>Policies and procedures should be adequate to: </li></ul><ul><ul><li>ensure compliance with legislation </li></ul></ul><ul><ul><li>facilitate co-operation with law-enforcement agencies </li></ul></ul>
  18. 18. Market abuse and financial fraud - cont. <ul><li>Policies and procedures should be adequate to: (cont.) </li></ul><ul><ul><li>identify customers and, in particular, recognise suspicious customers and transactions (KYC) </li></ul></ul><ul><ul><li>maintain high ethical standards in all business transactions </li></ul></ul><ul><ul><li>provide adequate training and guidance to relevant staff </li></ul></ul><ul><ul><li>maintain internal records of transactions </li></ul></ul><ul><ul><li>report suspicious customers and transactions </li></ul></ul><ul><ul><li>provide a clear audit trail </li></ul></ul>
  19. 19. Public disclosure <ul><li>Reliable and timely information that enables users to make an accurate assessment of: </li></ul><ul><ul><li>financial condition </li></ul></ul><ul><ul><li>performance business activities </li></ul></ul><ul><ul><li>risk profile </li></ul></ul><ul><ul><li>risk-management practices </li></ul></ul><ul><li>Compliance with Generally Accepted Accounting Practice - minimum disclosure </li></ul><ul><li>If not sufficient to give a true and fair presentation, additional disclosure should be made </li></ul>
  20. 20. Public disclosure - cont. <ul><li>Disclose each material item separately - material if omission or misstatement could change or influence judgement or decision of user </li></ul><ul><li>Shall hold copies of annual financial statements/ disclosures and shall provide copies to public on request </li></ul>
  21. 21. Annual financial statements <ul><li>Annual financial statements shall be compiled in accordance with Statements of Generally Accepted Accounting Practice and International Accounting Standards </li></ul><ul><li>Departures authorised by Banks Act or Registrar - onus on bank to inform external auditors </li></ul><ul><li>Interim reports prepared in accordance with Statements of Generally Accepted Accounting Practice </li></ul><ul><ul><li>Submitted to Registrar as soon as available </li></ul></ul>
  22. 22. Consolidated financial statements <ul><li>Furnish the Registrar with consolidated annual financial statements </li></ul><ul><li>Shall present the state of affairs of business activities conducted by: </li></ul><ul><ul><li>Reporting bank and subsidiaries </li></ul></ul><ul><ul><li>Associates of bank and subsidiaries </li></ul></ul><ul><li>Prepared in accordance with Statements of Generally Accepted Accounting Practice and International Accounting Standards </li></ul><ul><li>Equity method of accounting shall be applied </li></ul>
  23. 23. Audit reports <ul><li>Audit reports </li></ul><ul><ul><li>Preparation </li></ul></ul><ul><ul><ul><li>Annual bilateral discussion with Registrar </li></ul></ul></ul><ul><ul><ul><li>Obtain copies of statutory returns direct from Registrar </li></ul></ul></ul><ul><ul><li>Report whether statutory returns </li></ul></ul><ul><ul><ul><li>Reasonably reflects management accounts </li></ul></ul></ul><ul><ul><ul><li>Are complete </li></ul></ul></ul><ul><ul><ul><li>Are accurate </li></ul></ul></ul><ul><ul><ul><li>Are prepared using same accounting policies </li></ul></ul></ul><ul><ul><ul><li>Accord with Banks Act and Regulations </li></ul></ul></ul>
  24. 24. Audit reports - cont. <ul><li>Audit reports (cont.) </li></ul><ul><ul><li>Significant weaknesses in the system of internal controls i.r.o </li></ul></ul><ul><ul><ul><li>financial regulatory reports </li></ul></ul></ul><ul><ul><ul><li>compliance with Banks Act and Regulations </li></ul></ul></ul><ul><ul><ul><li>granting of loans </li></ul></ul></ul><ul><ul><ul><li>making of investments </li></ul></ul></ul><ul><ul><ul><li>ongoing management of loan and investment portfolios </li></ul></ul></ul><ul><ul><ul><li>loan loss provisions and reserves </li></ul></ul></ul>
  25. 25. THE EXAMINATION PROCESS
  26. 26. Process <ul><li>Compliance checklists </li></ul><ul><li>Self-assessments </li></ul><ul><li>High level governance meetings </li></ul>
  27. 27. <ul><li>BANKS/BRANCHES OF FOREIGN BANKS </li></ul><ul><li>FORM NO DESCRIPTION </li></ul><ul><li>DI 800 Corporate governance </li></ul><ul><ul><ul><ul><ul><li>Directors/management </li></ul></ul></ul></ul></ul><ul><li>DI 805 Compliance </li></ul><ul><ul><ul><ul><ul><li>Shareholding </li></ul></ul></ul></ul></ul><ul><li>DI 810 Compliance </li></ul><ul><ul><ul><ul><ul><li>Provisions relating to aspects of the conduct of the business of a bank </li></ul></ul></ul></ul></ul><ul><li>DI 815 Compliance </li></ul><ul><ul><ul><ul><ul><li>Functioning of banks and controlling companies, with reference to the Companies Act, 1973 (Act No. 61 of 1973) </li></ul></ul></ul></ul></ul><ul><li>DI 820 Compliance </li></ul><ul><ul><ul><ul><ul><li>Prudential/statutory requirements </li></ul></ul></ul></ul></ul><ul><li>DI 825 Reporting </li></ul><ul><ul><ul><ul><ul><li>Returns relating to banks and controlling companies </li></ul></ul></ul></ul></ul><ul><li>DI 830 Reporting </li></ul><ul><ul><ul><ul><ul><li>Requirements in terms of statutory returns </li></ul></ul></ul></ul></ul>Compliance checklists
  28. 28. <ul><li>OFFSHORE BANKING SUBSIDIARIES /BRANCHES </li></ul><ul><li>FORM NO DESCRIPTION </li></ul><ul><li>DI 835 Corporate governance </li></ul><ul><li>DI 840 Compliance </li></ul><ul><li>DI 845 Reporting </li></ul><ul><li>Certification of DI 800 series by: </li></ul><ul><li>Compliance Officer </li></ul><ul><li>Chief Executive Officer </li></ul>Compliance checklists - cont.
  29. 29. Self-assessment of the effectiveness of the board of directors 1 = Strongly Disagree 5= Strongly Agree
  30. 30. What do we do with the self-assessment?
  31. 31. XYZ Bank Limited Management evaluation, composition and succession 1 = Strongly Disagree and 5= Strongly Agree
  32. 32. XYZ Bank Limited Board meeting attendance %
  33. 33. High level governance meetings <ul><li>Board of directors </li></ul><ul><li>Trilateral discussions </li></ul>
  34. 34. DISCIPLINARY ACTIONS AND SANCTIONS
  35. 35. <ul><li>Inspection/ investigation in terms of Banking Act </li></ul><ul><li>Remedial plan of action required from board of directors </li></ul><ul><li>Increased capital and other prudential requirements </li></ul><ul><li>Only limited and controlled growth allowed </li></ul><ul><li>However, </li></ul><ul><li>The best disciplinary actions and sanctions is that of the market </li></ul><ul><li>Recent global studies have shown that those companies with proper corporate governance: </li></ul><ul><ul><li>Demand a premium </li></ul></ul><ul><ul><li>Attract global investors </li></ul></ul><ul><ul><li>Have reduced cost of capital and enhanced capital efficiency </li></ul></ul><ul><ul><li>Are more resilient in times of distress </li></ul></ul>Disciplinary actions and sanctions
  36. 36. <ul><li>Awareness is being raised about corporate governance issues </li></ul><ul><ul><li>Investors and analysts </li></ul></ul><ul><ul><li>Corporates and lenders </li></ul></ul><ul><ul><li>Governments and stock exchanges </li></ul></ul><ul><li>Institutional investors are paying increasing attention to the issue, particularly large institutions and pension funds </li></ul><ul><li>Institutional investors are starting to set-up corporate governance screens and use it as an investment decision making tool </li></ul><ul><li>Governments are encouraging improved corporate governance in order to boost their equity markets </li></ul><ul><li>Governments are also concerned about reducing country risk and consequently cost of capital for their companies </li></ul>Some global trends in corporate governance
  37. 37. Annexure A - useful websites on Corporate Governance <ul><li>www.amnesty.org.uk – Amnesty International, UK </li></ul><ul><li>www.asx.com.au – Australian Stock Exchange </li></ul><ul><li>www.boardgovernance.com/home.htm – Policy Governance </li></ul><ul><li>www.brtable.org – The Business Roundtable </li></ul><ul><li>www.calpers.org or www.calpers.com - CalPERS </li></ul><ul><li>www.cbc.to/ - Commonwealth Business Council </li></ul><ul><li>www.cii.org – Council of Institutional Investors - USA </li></ul><ul><li>www.ciionline.org – Confederation of Indian Industry </li></ul><ul><li>www.conferenceboard.org – The Conference Board </li></ul><ul><li>www.corpgov.net/links/links.html – Corporate Governance Portal </li></ul><ul><li>www.coso.org – COSO Fraudulent financial reporting </li></ul><ul><li>www.davisglobal.com – Davis Global Advisors </li></ul><ul><li>www.directorship.com – The Directorship Search Group </li></ul><ul><li>www.dti.gov.uk – The Department of Trade & Industry - UK </li></ul><ul><li>www.dvfa.com – German Society of Capital Market Experts </li></ul><ul><li>www.feicanada.org – Financial Executives International Canada </li></ul><ul><li>www.fsa.uk.gov – Financial Services Authority </li></ul><ul><li>www.fsb.co.za – Financial Services Board </li></ul><ul><li>www.gccg.de – German Code of Corporate Governance </li></ul><ul><li>www.globalreporting.org – Global Reporting Initiative </li></ul><ul><li>www.gm.com – General Motors Board of Directors </li></ul><ul><li>www.governance.co.uk – Governance </li></ul><ul><li> </li></ul><ul><li>www.hermes.co.uk – Hermes </li></ul><ul><li>www.hkex.hk – Stock Exchange of Hong Kong </li></ul><ul><li>www.icgn.org – International Corporate Governance Network </li></ul><ul><li>www.irrc.org – Investor Responsibility Research Centre </li></ul><ul><li>www.issaustralia.com – Independent Shareholder Services </li></ul><ul><li>www.jse.co.za – JSE Securities Exchange South Africa </li></ul><ul><li>www.klse.com.my/website – Kuala Lumpur Stock Exchange </li></ul><ul><li>www.londonstockexchange.com – London Stock Exchange </li></ul><ul><li>www.nacdonline.org – National Association of Corporate Directors - USA </li></ul><ul><li>www.napf.co.uk – National Association of Pensions Funds - UK </li></ul><ul><li>www.nyse.com – New York Stock Exchange </li></ul><ul><li>www.oecd.org/daf/governance/principles.htm – OECD </li></ul><ul><li>www.pirc.co.uk – Pensions Investment Research Consultants </li></ul><ul><li>www.sc.com.my – Malaysian Securities Commission </li></ul><ul><li>www.sec.gov – U.S. Securities and Exchange Commission </li></ul><ul><li>www.tse.com – Toronto Stock Exchange </li></ul><ul><li>www.wbcsd.ch – World Business Council for Sustainable Development </li></ul><ul><li>www.worldbank.org/html/fpd/privatesector/cg/index.htm – World Bank </li></ul><ul><li>www.tiaa-cref.org – Teachers Insurance and Annuity Association </li></ul><ul><li>www.ses.com.sg – Stock Exchange of Singapore </li></ul><ul><li>www.standardandpoors.com – Standard and Poor’s </li></ul><ul><li>www.stockex.co.uk – London Stock Exchange </li></ul>
  1. A particular slide catching your eye?

    Clipping is a handy way to collect important slides you want to go back to later.

×