THREE PRO­CESSES SHOULD BE IM­PLE­MENTED

Finweek English Edition - - INVESTMENT - FIRSTLY, SEC­ONDLY, THE THIRD I SSUE

all an­a­lyst pre­sen­ta­tions and tele­con­fer­ences must be made open to all, with the ob­vi­ous op­tion be­ing via live broad­cast over the In­ter­net or open-ac­cess tele­con­fer­ence. In both cases, these should be recorded and be made avail­able for fu­ture down­load­ing.

a rep­re­sen­ta­tive from a share­hold­ers’ as­so­ci­a­tion should al­ways be in­vited to site vis­its and other less pub­lic events. Un­for­tu­nately we don’t have such a lo­cal as­so­ci­a­tion, but more on that in a bit.

is per­haps the thick­i­est: pri­vate one-on-one meet­ings be­tween in­vestors and man­age­ment. I ac­cept that a lot of use­ful and not nec­es­sar­ily price-sen­si­tive in­for­ma­tion is re­layed at such meet­ings and this is im­por­tant for an­a­lysts to get a solid un­der­stand­ing of how the com­pany works. But the re­al­ity is that this en­forces the two-class sys­tem. Again, min­utes or record­ings of such meet­ings should be made pub­lic in or­der to help ad­dress this con­cern.

On the point of a share­holder as­so­ci­a­tion it is not hap­pen­ing in South

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