GUILÉ FUNDS PRESENTATION
This document is published for information purposes only. The content of this document does not constitute an offer for sa...
1. GUILÉ PROFILE   Reconciling Performance & Engagement2. FINANCIAL MANAGEMENT   Philosophy / Methodology / Performance3. ...
RESPONSIBLE INVESTMENT STRATEGIES  Negative         Positive                                 Best in class   Engagement   ...
FINANCIAL AND SHAREHOLDER APPROACH                                                                               Portfolio...
FINANCING SHAREHOLDER ACTIVITY                     %                              Management fee                          ...
1. GUILÉ PROFILE   Reconciling Performance & Engagement2. FINANCIAL MANAGEMENT   Philosophy / Methodology / Performance3. ...
de PURY PICTET TURRETTINI & Cie S.A.   De Pury Pictet Turrettini & Cie SA was created in 1996 by David de Pury,   Guillaum...
EUROPEAN RESEARCH AND MANAGEMENT TEAM   Christopher Quast              Christopher Quast is a Managing Partner of PPT, whi...
INVESTMENT PHILOSOPHY   bottom-up                           long term (5 to 10 years)   25 to 45 securities            ...
INVESTMENT PROCESS                                                      Portfolio                                         ...
COMPANY SELECTION: INVESTMENT CRITERIA                                                                      - Significant ...
1. CREATING VALUE …   … what does that mean?           Return on          How much RETURN        MUST BE HIGH        inves...
2. COMPETITIVE ADVANTAGE?                                                                     - - Market share?           ...
3. WHAT IS GOOD MANAGEMENT?         Use of cash          Allocates cash consistently between capital                      ...
VALUATION: THE DIVIDEND    The DIVIDEND is the best criteria for measuring value         The dividend doesn’t lie         ...
VALUATION MODEL            Σ             ∞ FV =             Dn / (1+k) n               - - Analyst expectations           ...
PROVEN LONG-TERM PERFORMANCE  Guilé European Engagement Fund (GEEF)   created in 2006   managed in Geneva by de Pury Pic...
RELATIVE PERFORMANCE OF THE GEEF                                                                                Launch    ...
EUROPEAN INVESTMENT MANAGEMENT PERFORMANCE   Investment management that beats the market 9 years out of 12            Year...
PERFORMANCE OF THE GEMEF (MAGELLAN)     Date              NAV                                   MSCI Emerging Mkts *(closi...
1. GUILÉ PROFILE   Reconciling Performance & Engagement2. FINANCIAL MANAGEMENT   Philosophy / Methodology / Performance3. ...
PRESENTATION OF THE FONDATION GUILÉ  Guilé is the name formed by combining the first names of Maguy and Léon   Burrus for...
GLOBAL COMPACT: THE ONLY NORMATIVE FRAMEWORKLaunched in January 2000, the United Nations Global Compact: is a groundbreak...
FONDATION GUILÉ & GLOBAL COMPACT PARTNERSHIP              Memorandum           Cooperation    Recognition   LEGITIMACY Me...
THE TEN PRINCIPLES OF THE GLOBAL COMPACT               The Ten Principles of the Global Compact state that businesses     ...
ANALYZING THE COMPREHENSIVENESS OF THE REPORTINGThis analysis seeks to determine how each principle is implemented through...
ANALYSIS OF EACH OF THE TEN PRINCIPLES                                         28
ANALYZING THE QUALITY OF THE REPORTINGThis analysis seeks to determine whether the information provided by the companyis p...
OVERALL GUILÉ ANALYSIS FOR EACH COMPANYAnalysis sent to the:1. Chairman of the Board of Directors   COMPREHENSIVENESS OF T...
GUILÉ DIALOGUE CONCLUSION: PROGRESS EXPECTATIONS                     Results of Guilé analysis                            ...
1. GUILÉ PROFILE   Reconciling Performance & Engagement2. FINANCIAL MANAGEMENT   Philosophy / Methodology / Performance3. ...
MONTHLY AND QUARTERLY REPORTING Monthly (front): - Financial information; - Manager’s comments. Quarterly (back): - Main d...
ANNUAL REPORTING Annual activity report:        HEINEKEN - Hollande                                Assemblée générale du 2...
ANNUAL REPORTING                                                                                                         C...
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Melchior de Muralt

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Melchior de Muralt

  1. 1. GUILÉ FUNDS PRESENTATION
  2. 2. This document is published for information purposes only. The content of this document does not constitute an offer for sale or a solicitation ofan offer to purchase nor does it constitute an incentive to invest or to engage in arbitrage transactions. It may not be construed as a contractunder any circumstances.The information contained in this document has not been analyzed with regard to your personal profile. If you have questions regarding anyinvestment or if you have doubts as to whether an investment decision is appropriate, please contact your particular client representative or, ifapplicable, 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 his or her sole initiative by theinvestor 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 variableshare 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 partto a third party without the prior written authorization of de Pury Pictet Turrettini S.A. is strictly prohibited.
  3. 3. 1. GUILÉ PROFILE Reconciling Performance & Engagement2. FINANCIAL MANAGEMENT Philosophy / Methodology / Performance3. SHAREHOLDER MANAGEMENT Analysis and dialogue with companies / Exercising voting rights4. REPORTING Activity / Results / Impact assessment 3
  4. 4. RESPONSIBLE INVESTMENT STRATEGIES Negative Positive Best in class Engagement Integration screening screening Exclusion Inclusion Best in class Shareholder ESG criteria according to according to selection activism in the overall anti-ESG management of (on a relative through voting analysis criteria ESG criteria basis) and dialogue 4
  5. 5. FINANCIAL AND SHAREHOLDER APPROACH Portfolio ConstructionIdentification of Detailed Valuation basedpossible fundamental on a proprietaryinvestments analysis model FINANCIAL VOTING RIGHTS MANAGEMENT & DIALOGUEDivestment:• valuation Governance Committee• change of conviction with regard to the company• persistent refusal to maintain dialogue AND no progress on sustainability challenges 5
  6. 6. FINANCING SHAREHOLDER ACTIVITY % Management fee de Pury Pictet Turrettini or Comgest Management fee paid by the investor Shareholder activity fees Exercising voting rights & %* Shareholder dialogue: Team of specialists within the Guilé Foundation * only source of financing for Guilé engagement activities 6
  7. 7. 1. GUILÉ PROFILE Reconciling Performance & Engagement2. FINANCIAL MANAGEMENT Philosophy / Methodology / Performance3. SHAREHOLDER MANAGEMENT Exercising voting rights / Analysis and dialogue with companies4. REPORTING Activity / Results / Impact assessment 7
  8. 8. de PURY PICTET TURRETTINI & Cie S.A. De Pury Pictet Turrettini & Cie SA was created in 1996 by David de Pury, Guillaume Pictet, Henri Turrettini and Christian Berner. The company is held by its 8 managing partners. It manages CHF 2.5 billion as of end 2011 and employs 21 people. The company specializes in European equities with a quality growth investment style. It is dedicated to contributing to responsible finance in a tangible way. 8
  9. 9. EUROPEAN RESEARCH AND MANAGEMENT TEAM Christopher Quast Christopher Quast is a Managing Partner of PPT, which he joined in 1999. He is responsible for the asset management division. Previously, he was a Senior Project Manager at McKinsey & Co in Zurich, New York and Geneva, where, among other achievements, he directed several strategic and investment projects for banking and insurance groups. Christopher Quast is a graduate of HEC Lausanne, the Faculty of Business and Economics of the University of Lausanne, and earned an M.B.A. from INSEAD Business School in Fontainebleau. Jean Niklas, CPA, CFA, CMT Jean Niklas joined PPT in 2001. He is in charge of European equities research and technical market analysis. He co-manages the European equities investment portfolios. He began his career as an auditor with Arthur Andersen and then Ernst & Young in Geneva, before joining the Finance Department of the Pargesa Group in 1997, where he held various positions. Jean Niklas is a graduate of HEC Lausanne, the Faculty of Business and Economics of the University of Lausanne. He is also a Certified Public Accountant (a CPA in the US), a Chartered Financial Analyst (CFA) and a Chartered Market Technician (CMT). 9
  10. 10. INVESTMENT PHILOSOPHY  bottom-up  long term (5 to 10 years)  25 to 45 securities  companies (not shares)  no benchmark influence  fundamental research  sector diversification  proprietary valuation model  regular contact with the companies  revisiting investment cases Consequently:  very low turnover (5 to 7 years)  high tracking error (up to 7%) 10
  11. 11. INVESTMENT PROCESS Portfolio 25-40 positions Risk management Risk management Portfolio construction (sectors / /liquidity / /position size ni t cl e S Portfolio construction (sectors liquidity position size noi tcele S / /market risk) market risk) o e Fundamental analysis (approx. 100 companies) Fundamental analysis (approx. 100 companies) Broker Broker Macro-economic Macro-economic Screening Screening Visits Visits recommendations recommendations and technical analysis and technical analysis i sl a n A sisyla n A Investment universe: major European companies with capitalization above EUR 33billion Investment universe: major European companies with capitalization above EUR billion s y 11
  12. 12. COMPANY SELECTION: INVESTMENT CRITERIA - Significant return on invested capital - Low debt level Value creation - Capable of growing AND - Consistent use of cash distributing dividends - Concentrated on strategy execution for Shareholders - Experienced, transparent and accessible - In a position of strength with regard to: Suppliers / Clients / Competitors / etc. Company Company Confidence in Competitive Management Advantage 12 12
  13. 13. 1. CREATING VALUE … … what does that mean? Return on How much RETURN MUST BE HIGH invested capital from each € invested? How may years to REPAY the debt with Free Cash Flow? MUST BE LOW Level of debt Does the shareholder (Net debt / FCF < 5x) have ACCESS to the cash? How much does growth COST? PROFITABILITY CAN FINANCE Growth AND dividends Can the company BOTH grow and distribute dividends? 13 13
  14. 14. 2. COMPETITIVE ADVANTAGE? - - Market share? Market share? - - Relative size? Relative size? - - Size? Size? - - Pricing power? Pricing power? - - Financial power? Financial power? - - etc. etc. - - Etc. Etc. Competitors New entrants & Substitution Risk Suppliers & - - Technologically advanced? Technologically advanced? inputs - - Cost leadership? Cost leadership? - - Investment in R&D? Investment in R&D? - - etc. etc. Company - -Loyalty? Loyalty? - -Product mix? Product mix? - -Pricing? Pricing? - -etc. etc. - -Regulation? Regulation? - -Community relations? Community relations? - -Reputation ? ? Reputation - -etc. etc. Clients Community 14 14
  15. 15. 3. WHAT IS GOOD MANAGEMENT? Use of cash Allocates cash consistently between capital expenditures and dividends Management interests are Develops and executes a clear aligned with shareholder strategy interests Is compensated as a consequence Management is Says what it does experienced, transparent and accessible Does what it says 15 15
  16. 16. VALUATION: THE DIVIDEND The DIVIDEND is the best criteria for measuring value The dividend doesn’t lie It’s cash Its growth is steadier than EPS growth It’s less volatile It represents the ultimate measure of value It’s what remains once all the rest has been paid for (capital expenditures, interest, suppliers, salaries, etc.) 16
  17. 17. VALUATION MODEL Σ ∞ FV = Dn / (1+k) n - - Analyst expectations Analyst expectations - - Source: Bloomberg Source: Bloomberg n=1- - WACC = (Risk Free + premium) WACC = (Risk Free + premium)- - Risk Free = 10Y German Yield Risk Free = 10Y German Yield - - g* = ROE x (1-D%) g* = ROE x (1-D%)- - Inferred premium (market expectations) Inferred premium (market expectations) - - g* and ROE: PPT analysis g* and ROE: PPT analysis- - Source: Bloomberg Source: Bloomberg 17
  18. 18. PROVEN LONG-TERM PERFORMANCE Guilé European Engagement Fund (GEEF)  created in 2006  managed in Geneva by de Pury Pictet Turrettini  aggregate data over 10 years with the same portfolio managers  superior performance and excellent rankings (see next page) 180.00 160.00 140.00 120.00 100.00 80.00 PPT STOXX 50 ND 60.00 40.00 20.00 0.00 18
  19. 19. RELATIVE PERFORMANCE OF THE GEEF Launch Price Institution Fund Name Cy Date 31.12.2011 2011 2010 2009 2008 2007 Since 1.1.07 LOMBARD ODIER LO FUNDS-EUROPE HIGH CONV-IA EUR 18.01.2006 6.7 1.5% 8.0% 31.7% -42.0% 3.76% -13.1% FIDELITY FIDELITY FDS-EUROPEAN GRW-A€ EUR 02.10.1990 8.7 -14.8% 15.7% 26.8% -45.7% 21.11% -18.0%Universe of REYL REYL GLOBAL-EUROPEAN EQTYS-B EUR 07.02.2003 197.6 -15.2% 23.7% 32.7% -41.6% 0.75% -18.1% ROTSCHILD EDM ROTH PRIFUND-EURO EQTY-A EUR 14.12.2000 106.2 -15.8% 18.0% 29.7% -38.3% 2.45% -18.5%investment funds PPT CADMOS FUND MGMT-GUILE EUR-A EUR 19.10.2006 80.5 -9.5% 12.28% 26.64% -39.90% 2.39% -20.8%sold in Switzerland GAM GAM STAR-EURO EQ-ORD EUR ACC EUR 12.10.1992 180.7 -9.3% 8.8% 25.0% -40.2% 4.98% -22.6%and quoted in the STOXX 50 NET DIVIDEND EUR 4180.5 -5.1% 3.1% 28.7% -41.2% 2.62% -24.0% SYZ - OYSTER OYSTER-EUROPE OPPORT-EUR EUR 01.06.1999 256.9 -15.2% 21.1% 30.2% -45.1% 3.18% -24.3%daily newspaper UBS UBS LUX EQTY-EUROPEAN OPP-P EUR 28.08.1990 433.1 -11.1% 12.5% 35.5% -44.8% 1.10% -24.4%“Le Temps”: FIDELITY FIDELITY FNDS-IN EU BLU-I€ EUR 16.07.2004 126.5 -15.2% 10.1% 24.7% -41.9% 10.01% -25.5% BCGE BCGE SYNCHRONY EUROPE EQUITY EUR 29.11.1996 942.3 -13.7% 19.5% 26.5% -42.9% -0.31% -25.7% BORDIER BO FUND II-EUROPE EUR 12.12.2006 70.3 -9.4% 10.9% 18.3% -41.9% 1.40% -30.0% CAPITAL INT. CAP INT EUROPEAN EQ-B EUR EUR 02.07.1999 9.2 -11.2% 11.9% 27.7% -44.7% -2.30% -31.4% JULIUS BAER JB EUROPE STOCK FUND-C EUR EUR 24.08.1999 262.4 -18.5% 13.4% 32.0% -46.2% 2.88% -32.5% PICTET PICTET-EUROPE EQ SEL-P€ EUR 31.10.1990 404.3 -11.5% 12.0% 33.3% -49.8% 0.12% -33.6% BANQUE MORVAL WILLEREQUITY EUROPE-P€ EUR 02.07.1992 16.0 -7.5% 2.5% 16.2% -39.8% -0.98% -34.3% MIRABAUD MIRABAUD-EQ SEL EUROP-A DIS€ EUR 28.06.2011 51.7 -22.6% 17.9% 24.1% -43.4% 1.67% -34.8% RAIFFEISEN RAIFFEISEN EUROAC-B EUR 23.03.1994 92.1 -10.1% 9.9% 31.1% -50.3% 1.06% -35.0% EFG BANK EFG EQUITY FDS-EUROPE EUR 01.10.2004 101.7 -16.4% 15.1% 24.4% -48.9% 4.58% -36.2% IFP QUANTAVIOUR IFP QUANT EE-€-A EUR 28.09.2006 65.8 -23.6% 7.6% 25.7% -40.2% 1.96% -37.0% IAM IAM EUROPEAN EQUITY FUND CHF 05.05.1997 1005.7 -4.0% -10.6% 22.2% -46.6% 12.18% -37.1% BCV AMC PRO EUR B EUR 22.06.2005 78.6 -16.5% 5.3% 28.8% -47.3% 2.73% -38.7% SWISSCANTO SWISSCANTO CH EQ EUROPE EUR 26.09.1986 98.8 -16.9% 7.9% 30.0% -48.6% 2.29% -38.8% BALOISE ASS. BFI EUROSTOCK EUR-R EUR 22.05.2001 29.5 -10.0% 0.4% 24.3% -47.4% 1.71% -39.9% BCV AMC PRO ACT€-A EUR 15.11.2004 60.4 -12.9% 11.9% 26.4% -53.5% 1.11% -42.1% JP MORGAN JPMORGAN F-EURO STRAT VL-A€ EUR 14.02.2000 9.6 -14.3% 2.9% 30.1% -51.0% -9.28% -49.1% BANQUE MIGROS MI-FONDS CH-EUROPESTOCK-A CHF 28.02.2006 55.6 -14.1% -10.0% 30.1% -53.8% 3.89% -51.7% ETHOS ETHOS-EQUITIE EUROPE EX CH-E CHF 13.12.2005 73.4 -12.5% -9.0% 26.6% -54.0% -2.32% -54.7% Average: Moyenne -12.7% -31.9% Standard deviation Ecart-Type : 5.3% 10.5% Source: Bloomberg 19
  20. 20. EUROPEAN INVESTMENT MANAGEMENT PERFORMANCE Investment management that beats the market 9 years out of 12 Year PPT Stoxx 50ND* Diferrence Above the benchmark? 1999 50.93 32.5 18.43 √ 2000 -0.13 -2.63 2.50 √ 2001 -16.65 -17.36 0.71 √ 2002 -42.77 -33.69 -9.08 2003 12.39 13.74 -1.35 2004 9.59 7.15 2.44 √ 2005 26.02 24.17 1.85 √ 2006 17.99 13.58 4.41 √ 2007 3.25 2.62 0.63 √ 2008 -38.78 -41.22 2.44 √ 2009 27.16 28.74 -1.58 2010 13.34 3.13 10.21 √ 2011 -8.78 -5.11 -3.67 Calculation method: from April 99 to Dec. 2006: PPT investment advisory agreement; since January 2007: Guilé Fund performance (class A), recalculated with a fee rate for institutional investors (0.8%) * Dow Jones Stoxx 50 Index, with net dividends reinvested. 20 20
  21. 21. PERFORMANCE OF THE GEMEF (MAGELLAN) Date NAV MSCI Emerging Mkts *(closing prices) in Euro yearly compound in Euro yearly compound 30/12/1994 3,586.65 100.00 307.99 100.00 29/12/1995 2,974.56 83.44 -16.56% 251.93 81.80 -18.20% 31/12/1996 3,669.77 103.54 24.09% 280.40 91.04 11.30% 31/12/1997 3,597.05 101.49 -1.98% 272.15 88.37 -2.94% 30/12/1998 2,748.46 77.54 -23.59% 189.84 61.64 -30.25% 30/12/1999 480.95 135.69 74.99% 366.00 118.84 92.79% 29/12/2000 422.79 119.29 -12.09% 275.00 89.29 -24.86% 28/12/2001 455.57 128.53 7.75% 356.54 89.59 0.34% * As of 01/01/06, the MSCI Emerging Markets was changed, becoming dividends reinvested 22.8% 31/12/2002 416.46 117.50 -8.58% 278.08 69.87 -22.01% 31/12/2003 600.45 169.41 44.18% 352.19 88.50 26.65% 18.2% 31/12/2004 720.09 203.16 19.93% 400.01 100.51 13.58% 30/12/2005 1,011.69 285.44 40.49% 596.79 149.96 49.19% Morningstar GOLD Rating 29/12/2006 1,292.39 364.63 27.75% 225.41 177.30 18.23% 12.5% 31/12/2007 1,597.41 450.69 23.60% 283.37 222.89 25.71% 8.6% 8.8% 31/12/2008 898.95 253.63 -43.72% 139.10 109.41 -50.91% 31/12/2009 1,417.36 399.89 57.67% 240.56 189.21 72.94% 4.2% 31/12/2010 1,809.03 510.40 27.63% 305.83 240.55 27.13% 2.8% 2.7% 30/12/2011 1,485.13 419.01 -17.90% 8.79% 257.83 202.79 -15.70% 4.24% 3 YEARS 5 YEARS 10 YEARS SINCE INCEPTION MAGELLAN MSCI EMERGING MKTS 21
  22. 22. 1. GUILÉ PROFILE Reconciling Performance & Engagement2. FINANCIAL MANAGEMENT Philosophy / Methodology / Performance3. SHAREHOLDER MANAGEMENT Exercising voting rights / Analysis and dialogue with companies4. REPORTING Activity / Results / Impact assessment 22
  23. 23. PRESENTATION OF THE FONDATION GUILÉ  Guilé is the name formed by combining the first names of Maguy and Léon Burrus for their family home in Boncourt, Switzerland  The Burrus family company was the first to introduce retirement funds and family allowances in Switzerland  After the sale of the company, the 6th generation decided to create a foundation  Its mission is to promote entrepreneurial responsibility with respect for human dignity and the environment 23
  24. 24. GLOBAL COMPACT: THE ONLY NORMATIVE FRAMEWORKLaunched in January 2000, the United Nations Global Compact: is a groundbreaking global initiativeto promote self regulation(now 5,300 signatory companies, they will besome 20,000 in 2020!) Self regulation an initiative that aims for CorporateSocial Responsibility by aligningbusiness operations and strategies with Signing theten universally accepted principles(in the areas of human rights, labor, the Annual obligation ofenvironment and combating corruption, see transparency:appendix) which first and foremost requirestransparency and the disclosure ofinformation open to all. 24
  25. 25. FONDATION GUILÉ & GLOBAL COMPACT PARTNERSHIP Memorandum Cooperation Recognition LEGITIMACY Memorandum that gives the Guilé Foundation the role of catalyst to help companies implement the ten principles of the Global Compact Letter from the Director of the Global Compact, Mr. George Kell, confirms this collaboration and cooperates in the launch of the Guilé Funds Letter from the Secretary-General of the United Nations, Mr. Ban Ki-moon, testifies to the pioneering role of the Guilé Foundation. 25
  26. 26. THE TEN PRINCIPLES OF THE GLOBAL COMPACT The Ten Principles of the Global Compact state that businesses should:HUMAN RIGHTS 1.- support and respect the protection of internationally proclaimed human rights 2.- make sure that they are not complicit in human rights abusesLABOR STANDARDS 3.- uphold the freedom of association and the effective recognition of the right to collective bargaining 4.- eliminate all forms of forced and compulsory labor 5.- abolish child labor 6.- eliminate discrimination in respect of employment and occupation ENVIRONMENT 7.- support a precautionary approach to environmental challenges 8.- undertake initiatives to promote greater environmental responsibility 9.- encourage the development and diffusion of environmentally friendly technologies ANTI-CORRUPTION 10.- work against corruption in all its forms, including extortion and bribery. 26
  27. 27. ANALYZING THE COMPREHENSIVENESS OF THE REPORTINGThis analysis seeks to determine how each principle is implemented throughout themanagement cycle according to eight criteria:1)How does the company describe the importance of the principle?(i.e. the impact of this principle on its activities and performance throughout its value chain)2)To what point does the company express engagement with regard to the principle?(i.e. explicit and practical engagement of its responsibility and its priorities)3)How does the company integrate the principle with its strategy?(i.e. its practical integration in the companys strategy and processes)4)Are the objectives clearly defined?(how does the company transform its engagement into tangible objectives?)5)Are the necessary measures properly described? (i.e. are the actions ensuring that theprinciple is properly integrated implemented into the companys day-to-day activities?)6)What performance-measurement indicators has the company identified?7)Is the control system in place? (i.e. supervision, audit, corrective measure procedures)8)What is the impact of the measures taken? (i.e. results, performance, successes or failures) 27
  28. 28. ANALYSIS OF EACH OF THE TEN PRINCIPLES 28
  29. 29. ANALYZING THE QUALITY OF THE REPORTINGThis analysis seeks to determine whether the information provided by the companyis plausible an conclusive.Six criteria with different weightings are taken into account in order to judge thequality of the information provided:1) accessibility 15% = is the necessary information easy to find?2) clarity 15% = is the information precise and easy to understand?3) comparability 10% = can the information be analyzed over time and in relation to competitors?4) accuracy 25% = how did the company collect the information to ensure that it is relevant?5) reliability 25% = to what point can we have confidence in the information / verification?6) rapidity 10% = is the report issued early enough in the year and with consistent frequency? 29
  30. 30. OVERALL GUILÉ ANALYSIS FOR EACH COMPANYAnalysis sent to the:1. Chairman of the Board of Directors COMPREHENSIVENESS OF THE REPORTING2. CEO3. Sustainable Development managers. QUALITY OF THE REPORTING 30
  31. 31. GUILÉ DIALOGUE CONCLUSION: PROGRESS EXPECTATIONS Results of Guilé analysis of the CoP Presentation to senior management Joint analysis of the issues EITHER OR real internal dichotomy challenges for between reality PROGRESS FOR improvement and information STAKEHOLDERS + SHAREHOLDER VALUE Information Strategy dialogue dialogue 31
  32. 32. 1. GUILÉ PROFILE Reconciling Performance & Engagement2. FINANCIAL MANAGEMENT Philosophy / Methodology / Performance3. SHAREHOLDER MANAGEMENT Exercising voting rights / Analysis and dialogue with companies4. REPORTING Activity / Results / Impact assessment 32
  33. 33. MONTHLY AND QUARTERLY REPORTING Monthly (front): - Financial information; - Manager’s comments. Quarterly (back): - Main dialogues conducted; - A few more specific analytical results of the companies in relation to the GC principles. 33
  34. 34. ANNUAL REPORTING Annual activity report: HEINEKEN - Hollande Assemblée générale du 22 avril 2010 – Beurs van Berlage, Amsterdam HEINEKEN - signataire du Global Compact depuis 2006 ANALYSE DES RAISONS DE L’INVESTISSEMENT : Analyse des enjeux de responsabilité D’ENTREPRISE : Le défi est de promouvoir la bière (alcool) de façon Informations générales : La seule véritable marque mondiale – la société est responsable (« consommation responsable »). CONFIDENTIAL DOCUMENT Nombre d’employés : plus de 55’000, actionnaires principaux : L’Arche Green N.V. virtuellement mono-produit. Heineken a besoin 1) de récoltes et dun approvisionne- (détenue presque à 100% par la famille Heineken) 58.78%, Massachusetts Financial Ceci permet une concentration des moyens marketing – ment en eau en grande quantité et de très bonne Services 5.03%, après le deal du point 3b, FEMSA aura 14.94%. la clé dans cette activité. qualité, ainsi que 2) de beaucoup dénergie pour brasser Le Directeur Général (van Boxmeer) et Président du CA (van Lede) sont deux fonctions Présence et croissance dans de nombreux pays sa bière. Les risques pour son image sont liés à lapplica- séparées. émergents (tendance: consommation moindre mais de tion systématique de normes éthiques et environne- produits de marque haut de gamme). mentales dans sa chaîne dapprovisionnement. Faits marquants pour la votation à l’Assemblée Générale: for Guilé’s clients ANALYSE: Rémunération 5e analyse de la Responsabilité d’entreprise (COP) La politique de rémunération est basée sur une structure et une transparence 2011: 2e discussion de Guilé avec la société, réunion correspondant aux standards de gouvernance en place en Hollande. Le salaire est divisé téléphonique avec 4 personnes: CSR manager, en une part fixe, une part de compensation variable à court terme, et un part de sustainable development manager, integrity/compliance compensation variable à long terme. manager et un spécialiste en droit du travail. Le point 5a souhaite permettre de fixer des objectifs quantitatifs, comme c’est déjà Résultats pour 2010 : - Statistics on voting and prévu, pour estimer 75% du « bonus court terme », mais de façon annuelle en début d’année sans communiquer ces objectifs considérés comme «informations sensibles » commercialement. Le point 5b, dans la même logique mais pour le plan de compensation à long terme, stipule des éléments de mesure de performance sur lesquels se basent la rémunération, mais les seuils des objectifs ne sont pas communiqués non plus. engagement over the year; Composition du Conseil d’Administration La société ne respecte pas un des points du Code de Gouvernance des Pays-Bas qui stipule que les membres du CA ne devraient pas être élus pour plus de 3 mandats de 4 ans (cet élément ne s’appliquant pas aux membres de la famille propriétaire Heineken). Cela concerne en particulier M. Das. - Analysis of the ten GC Source: Fondation Guilé Source: Fondation Guilé DIALOGUE : Combler les principales lacunes Alors que lexhaustivité et la qualité du reporting sont relativement bonnes, le rapport sur les normes fondamentales du travail est encore relativement faible. La vérification interne/externe est expliquée en détail, ce qui est un gage de qualité pour le rapport. principles, points discussed Lévaluation Guilé a révélé des lacunes concernant la gestion de la chaîne dapprovisionnement, les technologies respectueuses de lenvironnement et la lutte anticorruption. Heineken a accepté les principales conclusions de lévaluation Guilé et annoncé sa décision de renforcer le reporting sur les questions liées au travail. Heineken publiera prochainement de nouvelles directives sur les normes du travail, qui seront examinées par un groupe de partenaires. Guilé est lun des partenaires qua choisis Heineken pour lui fournir un feedback. Heineken est daccord during the dialogue with the avec Guilé sur la nécessité de contrôler lapplication des nouvelles directives et den rendre compte lan prochain. Lentreprise a refusé la proposition de Guilé dintégrer ou dharmoniser le rapport financier et le rapport sur la durabilité. Heineken préfère un rapport distinct sur la durabilité pour sassurer que les questions ESG reçoivent lattention nécessaire, en interne comme à lextérieur de lentreprise. companies, people met, DEGRÉ D’ENGAGEMENT degree of impact of this engagement. 34
  35. 35. ANNUAL REPORTING Coca-Cola Hellenic – signataire du Global Compact depuis 2005 Grèce ANALYSE DES RAISONS DE L’INVESTISSEMENT : Analyse des enjeux de responsabilité D’ENTREPRISE: Plus grand embouteilleur de boissons Coca Cola au La société est évidemment exposée aux enjeux liés à la monde en terme de ventes. bonne gestion de l’eau, mais aussi à la problématique Présent dans 27 pays d’Europe et au Nigeria avec une de la lutte contre la corruption étant donné ses activités exposition forte aux marchés émergents. de production dans les pays de l’est notamment. Annual activity report: HEINEKEN - Hollande Assemblée générale du 22 avril 2010 – Beurs van Berlage, Amsterdam Couvre une population totale de 560 millions de consommateurs. Contrôle un des plus beaux réseaux de distribution dans la région avec entre autres 1,7 million En matière de gouvernance, Kar-Tess Holding et Coca- Cola Company contrôlent 50% de la société; ces deux actionnaires ont donc une influence significative sur la Informations générales : de réfrigérateurs placés dans les points de vente. stratégie de Coca-Cola Hellenic. CONFIDENTIAL DOCUMENT Nombre d’employés : plus de 55’000, actionnaires principaux : L’Arche Green N.V. (détenue presque à 100% par la famille Heineken) 58.78%, Massachusetts Financial Services 5.03%, après le deal du point 3b, FEMSA aura 14.94%. ANALYSE RSE: Le Directeur Général (van Boxmeer) et Président du CA (van Lede) sont deux fonctions séparées. 3e analyse de la Responsabilité d’entreprise Faits marquants pour la votation à l’Assemblée Générale: 2011: 3e discussion avec la société, réunion avec le for Guilé’s clients Sustainability Manager. Participation aussi de 2 Rémunération La politique de rémunération est basée sur une structure et une transparence membres de Guilé à leur « stakeholder panel ». correspondant aux standards de gouvernance en place en Hollande. Le salaire est divisé en une part fixe, une part de compensation variable à court terme, et un part de compensation variable à long terme. Résultats pour 2010 : Le point 5a souhaite permettre de fixer des objectifs quantitatifs, comme c’est déjà - Statistics on voting and prévu, pour estimer 75% du « bonus court terme », mais de façon annuelle en début d’année sans communiquer ces objectifs considérés comme «informations sensibles » commercialement. Le point 5b, dans la même logique mais pour le plan de compensation à long terme, stipule des éléments de mesure de performance sur lesquels se basent la rémunération, mais les seuils des objectifs ne sont pas communiqués non plus. engagement over the year; Composition du Conseil d’Administration La société ne respecte pas un des points du Code de Gouvernance des Pays-Bas qui stipule que les membres du CA ne devraient pas être élus pour plus de 3 mandats de 4 ans (cet élément ne s’appliquant pas aux membres de la famille propriétaire Heineken). Cela concerne en particulier M. Das. - Analysis of the ten GC principles, points discussed Source: Fondation Guilé Source: Fondation Guilé during the dialogue with the DIALOGUE : Une notation au-dessus de la moyenne et un engagement à aller encore plus loin Lexhaustivité et la qualité du COP se sont toutes les deux améliorées par rapport aux années précédentes : davantage dinformations ont été fournies sur limportance de sujets comme la liberté dassociation, la non -discrimination, la companies, people met, responsabilité environnementale et la lutte anticorruption, ainsi que sur la stratégie appliquée dans ces domaines. Les prochains rapports doivent décrire plus en détail le processus et les critères appliqués pour évaluer limportance des problèmes de durabilité dentreprise. degree of impact of this Pour pouvoir maintenir une position de leader, il convient de définir des objectifs plus spécifiques et à long terme sur des sujets importants comme lemballage, la santé des consommateurs, lengagement des fournisseurs ou des communautés. CCHBC a confirmé cette ambition en projetant de faire apparaître la responsabilité sociale dans son rapport annuel de engagement. lannée prochaine. Guilé continuera à faire partie du panel de parties prenantes de CCHBC qui, parmi dautres activités, commente également le rapport sur la responsabilité sociale. DEGRÉ D’ENGAGEMENT 35

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