Page 16 - C:\Users\Jim\AppData\Local\Temp\msoA969.tmp
P. 16

³5HPHPEHU WKDW WKH PHHWLQJ DV D ZKROH VKDUHV UHVSRQVLELOLW\ IRU HYHU\ FKLOG LQ LWV FDUH´

                                         $ DQG 4      6DIHJXDUGLQJ XSGDWH

       1DWLRQDO HYHQWV

                QG
       2Q WKH    6HSWHPEHU WKH ,QGHSHQGHQW ,QTXLU\ LQWR &KLOG 6H[XDO $EXVH SXEOLVKHG LWV UHSRUW ILQGLQJV
       RQ WKH    UHOLJLRXV RUJDQLVDWLRQV  LQFOXGLQJ 4XDNHUV WKDW LW KDG LQYHVWLJDWHG  7KLV IROORZHG DQ HDUOLHU
       UHSRUW LQWR WKH &KXUFK RI (QJODQG DQG 5RPDQ &DWKROLF FKXUFKHV ZKLFK KDG GHWDLOHG ZLGHVSUHDG
       DEXVH DQG FRYHU-XSV  7KLV VHFRQG UHSRUW LV D FDWDORJXH RI DEXVH  YLFWLP EODPLQJ  PLVXVH RI SRZHU
       DQG PLVWUXVW RI DXWKRULWLHV ZKHUHE\ FKLOGUHQ DUH QRW NHSW VDIH

       :KLOH WKHUH KDYH EHHQ QR VHULRXV LQFLGHQWV UHFRUGHG DQG DOO UHSRUWHG SUREOHPV KDYH EHHQ GHDOW ZLWK
       UHVSRQVLEO\  WKH 4XDNHUV DUH FULWLFLVHG IRU WKHLU ODFN RI QDWLRQDO UHFRUG NHHSLQJ VR WKHUH LV QR
       DFFXUDWH UHIOHFWLRQ RI KRZ ZH GHDO ZLWK VH[XDO DEXVH RI FKLOGUHQ  7KH LPSOLFDWLRQV RI WKLV UHSRUW ZLOO
       EH FRQVLGHUHG DW WKH QH[W PHHWLQJ IRU VXIIHULQJV DQG VWDWHPHQWV ZLOO EH SURGXFHG

       7KH PDLQ UHFRPPHQGDWLRQ IURP WKH ,QTXLU\ LV IRU HDFK UHOLJLRXV RUJDQLVDWLRQ WR KDYH D UHJXODUO\
       UHYLHZHG 6DIHJXDUGLQJ 3ROLF\


       1DWLRQDO 4XDNHU 6DIHJXDUGLQJ

       7KLV \HDU VDZ WKH DSSRLQWPHQW RI D QHZ 6DIHJXDUGLQJ 2IILFHU  0DUN 0LWFKHOO ZKR LV QRZ UHYLHZLQJ
       DQG UHILQLQJ D PRGHO 6DIHJXDUGLQJ 3ROLF\ ZKLFK KDV EHHQ GUDZQ XS ZLWK PXFK HIIRUW E\ %<0 RYHU
       WKUHH \HDUV LQ OLQH ZLWK SURIHVVLRQDO DGYLFH IURP WKH VSHFLDOLVW FKXUFKHV &KLOG 3URWHFWLRQ DJHQF\


       7KH PRGHO GRFXPHQWV IRU WKH SROLF\ FDQ EH DFFHVVHG RQ WKH 6DIHJXDUGLQJ SDJH RI TXDNHU RUJ XN

       7KHUH KDYH EHHQ =RRP PHHWLQJV IRU 6DIHJXDUGLQJ 2IILFHUV DQG 7UXVWHHV WR FRQVLGHU VRPH RI LWV
       VXJJHVWLRQV DV SDUW RI D FRQVXOWDWLRQ SURFHVV  7KLV SROLF\ LQFOXGHV DGXOWV ZKR DUH DW ULVN RI DEXVH
       $OO 4XDNHU PHHWLQJV DUH WR KDYH DGRSWHG D 6DIHJXDUGLQJ 3ROLF\ E\ 'HFHPEHU       %RXUQHPRXWK
       KDV KDG D 6DIHJXDUGLQJ &KLOGUHQ 3ROLF\ VLQFH      DQG DQ DGXOW SROLF\ VLQFH      ZKLFK KDYH EHHQ
       UHYLHZHG DQQXDOO\ E\ $UHD 7UXVWHHV

       7KH QHZ UHFRPPHQGDWLRQV LQ WKH GUDIW 6DIHJXDUGLQJ 3ROLF\ LQFOXGH


           $UHD PHHWLQJV WR KDYH D 6DIHJXDUGLQJ 7UXVWHH DQG D 6DIHJXDUGLQJ &R-RUGLQDWRU DSSRLQWHG
              7KLV LV DOUHDG\ LQ SODFH ZLWK $OLVRQ 6HSSLQJ DV 7UXVWHH DQG .DWH :ULJKW DV &R-RUGLQDWRU

            6DIHU UHFUXLWPHQW SURFHGXUHV WR EH LQWURGXFHG IRU FKLOGUHQ¶V ZRUNHUV  WUXVWHHV  6DIHJXDUGLQJ
           RIILFHUV DQG SDVWRUDO FDUH WHDP  *RRG SUDFWLFH VXJJHVWV WKLV WDNHV WKH IRUP RI UROH GHVFULSWLRQV
           FRPSOHWLRQ RI DSSOLFDWLRQ IRUPV  LQWHUYLHZ UH VXLWDELOLW\  H[SHULHQFH DQG PRWLYDWLRQ  ZULWWHQ
           UHIHUHQFHV DQG '%6 FKHFN  0RGHO IRUPV DQG GHVFULSWLRQV RI DOO RI WKHVH DUH LQ WKH WRRONLW SDUW RI
           WKH SROLF\    '%6 FKHFNV LQ SODFH IRU FKLOGUHQ¶V ZRUNHUV  7KH GLVFHUQPHQW SURFHVV RI WKH
           1RPLQDWLRQV &RPPLWWHHV ZRXOG KDYH WR EH FKDQJHG WR DFFRPPRGDWH WKLV QHZ UHFUXLWPHQW
           SURFHVV
                                                                                                         FRQWLQXHG


                                                                                                                ϭϲ
   11   12   13   14   15   16   17   18   19   20   21