On behalf of its clients, PGGM Investments manages
several real estate investment portfolios structured
around listed real estate and private real estate.
PGGM Investments recognizes the impact real estate
has on the environment as well as on societal
systems, for instance with regard to CO2 emissions.
This document addresses PGGM Investments’ policy
on integrating material environmental, social and
governance (ESG) issues into our real estate
investments. The scope of this policy covers both
the listed and the private real estate portfolios.
Chapter 6 - Understanding business cycles. This chapter describe the business cycle and its phases; describe the typical patterns of resource use fluctuation, housing sector activity, and external trade sector activity, as an economy moves through the business cycle; describe theories of the business cycle;...
In 2008 and 2009, the policy challenge was all about putting
out ﬁres. It was a call to action to address a lot of issues, and
ICI was deeply involved with regulators and other market
participants to sort things out.
This year and last, we’ve been in a dierent phase. It’s not
uncommon after any ﬁnancial crisis to have a regulatory
response, and this one has been broad and deep. Essentially,
the sprint of 2008 has turned into a marathon. You have to call
on dierent skills and dierent muscles. So now, perseverance
is the order of the day. And what...
The Fund has not elected to early adopt IFRS,
therefore it will adopt IFRS effective October 1, 2014.
The Fund expects to report its financial results for the
six month period ending March 31, 2015 prepared on
an IFRS basis. The Fund will also provide
comparative data on an IFRS basis, including an
opening balance sheet as at October 1, 2013. Further
revisions by the AcSB to the IFRS adoption date for
investment companies are possible.
The Manager has not identified any changes that will
impact NAV per share as a result of the changeover to
The level of insurance risk may vary during the period of the insurance contract.
For example, in a pure endowment policy the insurance risk reduces as the value
of the investment increases. Also, in a deferred annuity contract there may be no
insurance risk during the savings phase but there is significant insurance risk
during the annuity phase.
In assessing the significance of insurance risk at the inception of the contract the
effect of discounting on the expected cash flows may be significant.
Many social funds were designed to rehabilitate existing infrastruc-
ture. Rehabilitation was undoubtedly appropriate when the social
funds were in the emergency phase, but it may not always be the
service the users want now, because those facilities were originally
put in place under a perhaps more centralized and very different
service delivery system.
Offering technology choices that are too complex or expensive is as
much of a problem as offering technology choices that are too sim-
plistic or inexpensive to deliver at the level of service people are will-
ing to pay for.
In this view of the saving-investment nexus, aggregate credit expansion comes before saving.
The process of credit-expansion here starts with the wish of an entrepreneur to get some
means of payment to invest into some new equipment or simply to buy intermediary products
or hire workers in order to star, expand or start production. The financial system with the
support of the central bank then expands the money supply ex nihilo (“out of nothing”) and
lends the newly created liquidity to the firms.
Following the vote of the EU Parliament plenary session of
11 November 2010, and without formally waiting for the entry into force of the Directive expected for mid-2011, work on the implementation phase has started. This work will span more than two years, and will consist of two main pillars: Member States will draft their implementing legislation while the Commission and ESMA (former CESR)6 will work on so-called “Level 2” measures or technical and regulatory guidelines for implementation.
Business Angels (BAs) are an important financing source for SMEs, and seed and start-up
companies in particular. BAs are even more important in countries and regions lacking an
institutionalised VC infrastructure, often being the only major source of equity finance for young
innovative SMEs. An important additional element of their activity is often the provision of non-
financial benefits like mentoring/advice, contacts etc.
Typically, Business Angels take minority stakes; according to the study, only 5% of the BA financed
companies have majority participations of Business Angels. Slightly more than 50% received
financing at or before creation. Almost one third received support 3 years after creation - this
means that Business Angels do not only finance companies in the seed and start-up, but also in
the expansion phase.
Table 2 below shows the attributes of companies with Business Angel or/and VC support.
Investment banks have strong capital adequacy, in particular with
respect to their hedge credit fund exposures – some estimates of
which are provided below.
Ironically, the fastest growing area of new financial products that
utilise highly-complex derivative products exclusively lies mostly
within the regulated sector. This is the market for “structured
products” that are produced by investment banks and sold to retail,
private bank and institutional clients.
In the implementation of our strategy we focus on
the following ESG factors:
Environmental: For us this means that we focus
on climate change. We believe that climate change
issues are very important and that climate change
(related) policy will lead to more focus on, for
instance, energy efficiency and urban regeneration
and that it will lead to shifting tenant and investor
Social: For us this means that we focus on human
rights and work conditions.
Putting some real numbers around this provides more color. A fund with $200 million in AUM and
zero or negative performance would generate revenue of $3 million. A return of 5% bumps the total
revenue up to $5 million. With a 7.5% return, the fund’s revenues are $6 million: $3 million from the
management fee and $3 million from the performance fee. Beyond the 7.5% performance mark, the
incentive fee becomes the primary revenue contributor.
The performance fee effect is what makes the hedge fund model so appealing and unique.
Other important elements of good design include independence of the agencies making funding
decisions, use of peer review and competitive procedures with clear criteria for project selection. Support
for commercialisation should also be temporary and accompanied by clear sunset clauses and transparent
As noted before, support policies also require a good understanding of the state of
development of green technologies; support for commercialisation should not be provided before
technologies reach a sufficiently mature state. ...
Consistent with this logic, the pension plan
assets of Boots, the U.K. pharmaceutical retailer,
were made up of 75% stocks and 25% bonds at yearend
1999. But between the spring of 2000 and July
2001, the company’s pension plan sold all its equities
and invested the proceeds in duration-matched bonds.
Security analysts, accountants, and actuaries
were critical of Boots’s new strategy.
The audit should be performed in accordance with the approved plan. However,
the planning process does not end with the start of the execution phase. Rather,
as implementation of the audit proceeds, unanticipated circumstances will often
require that the plan be modified. Such changes should be documented, along
with the reasons for them. If any changes alter significantly the methodology of
the audit or the time or other resources required to carry it out, those changes
should be reviewed and approved by the official, if any, who approved the
After you've bored your friends, relatives and pets to death, you should give seminar. This
is a really important phase: the more you can talk about your work, the better the nal
paper will be. This is because a talk forces you to get to the point. If you want your
audience to listen to you, you've got to make your idea clear, concise, and organized|and
the experience that you gain by doing this is extremely useful for writing your paper.
I listen to a lot of stupid ideas|but that's what I'm paid to do. Lots of people listen to
stupid ideas from me, too: my...
This is a wide-ranging and ambiguous condition, which actually refers to the need to
retain some scope for manoeuvre, or policy space, so that every developing country can
choose the most appropriate international trade integration policy or strategy on the basis
of its social and economic characteristics and its historical evolution.
These characteristics will therefore condition the rhythm, scope and phases of trade
Although America provides some of the world’s best health care
and spent over $2.5 trillion for health in 2009, the U.S. still
ranks below many countries in life expectancy, infant mortality,
and many other indicators of healthy life.
1 Most of our nation’s
pressing health problems can be prevented. Eating healthfully
and engaging in regular physical activity, avoiding tobacco,
excessive alcohol use, and other drug abuse, using seat belts, an
receiving preventive services and vaccinations are just a few of
the ways people can stay healthy.
You also have to provide for a service connection for the technical rack mentioned earlier, wherever it
may be located in the cinema. Provide for a service connection of 20A single-phase.
In territories, in which problems with the electric power supply occur frequently (for example local
power-cuts in the mountains) or to prevent an unscheduled deletion by the server, it may be necessary
to invest in an uninterruptible power supply (UPS) that maintains the electric current for...