2
Overview At the close of the first nine months of 2014 the Barbados Stock Exchange (BSE) recorded increases in trading volume but decreases in trading value. As illustrated in Table 1 below, the total volume of shares traded increased by 8% while total value of shares traded recorded a decrease of 32% when compared with the corresponding period in 2013. Excluding extraordinary transactions which occurred in 2013 (Republic Bank Barbados Limited - 1,304,956 shares, $6,524,780.00) total traded volume would have recorded an increase of 41% and total traded value would have recorded a decrease of 4%. The Regular Market recorded decreases in terms of both volume and value, the Put-Through Market experienced increases in volume but decreases in value while there was no activity on the Junior or Block Trade Markets. Table 1 - Trading activity for first nine months
Market
Year-to-Date
Year-to-Date
Year-to-Date
Year-to-Date
2014 Volume
2013 Volume
2014 Value
2013 Value
Volume
Value
4,560,366
4,706,443
$
11,988,386 $
17,983,039
-3%
-33%
1,561,161
952,350
$
3,436,192 $
4,603,446
64%
-25%
Junior
-
-
$
- $
-
NA
NA
Block Trade
-
-
$
- $
-
NA
NA
6,121,527
5,658,793
$
15,424,578 $
22,586,485
8%
-32%
Regular Put Through
Total
% Change % Change
The third quarter of 2014 was characterized by increases in total trading activity. Total trading volume and value for the quarter rose by 115% and 30% respectively (See Table 2). Table 2 - Trading Activity for Third Quarter
Market
Regular
Third Quarter
Third Quarter
Third Quarter
2014 Volume
2013 Volume
2014 Value
Third Quarter % Change % Change 2013 Value
Volume
Value
1,668,858
1,045,244 $
2,508,143 $
2,767,312
60%
-9%
650,785
33,711 $
1,188,818 $
78,915
1830%
1406%
Junior
-
- $
- $
-
NA
NA
Block Trade
-
- $
- $
-
NA
NA
2,319,643
1,078,955 $
3,696,961 $
2,846,227
115%
30%
Put Through
Total
3
Regular Market The Regular Market recorded decreases in both the volume and value traded at the end of the third quarter of 2014. As illustrated in Table 3 below, the total share volume was 4,560,366, representing a decrease of 3% when compared to the 4,706,443 shares recorded for the same period in 2013. There was also a decrease of 33% in the value of shares traded at the end of the quarter as compared to the same period in 2013. There was a 7% increase in the number of trades occurring on the Regular Market as 898 trades occurred by the end of the third quarter. This as compared to 840 trades in 2013. Figure 1 illustrates a monthly comparison of the volume of trades for 2014 and 2013. There was an improvement in average share price as well as positive changes being seen in the Cross-Listed Market measures, however, the Local and Composite Market measures recorded year-on-year decreases. The Cross-Listed Index recorded an increase of 13% while the Local and Composite indices recorded decreases of 28% and 18% respectively. Similar results were recorded for the Market Capitalization, where the Cross-Listed measure also recorded an increase of 13% while the Local and Composite Market Capitalization measures recorded declines of 36% and 25% respectively. The number of securities listed for the period ended September 30th, 2014 decreased to 261; down from 27 at the close of the third quarter of 2013. Figure 1 - Trade Frequency Comparison
BSE Trade Frequency Comparison 160
No. of Trades
140 120 100 80 60 40 20 0
1
January
February
March
April
May
June
July
August
September
2014
64
152
103
81
101
97
99
110
91
2013
116
101
72
155
41
94
74
93
94
Pursuant to the Rules of the Barbados Stock Exchange Inc. (BSE) and the Order of the Securities Commission, the shares of Barbados Shipping and Trading Company Limited were delisted from the Board of the BSE on February 5, 2014.
4 Table 3 - Year on Year Regular Market Statistics
Regular Market Year on Year Comparison Total Share Volume Total Share Value Average Daily Share Volume Average Daily Share Value
$
30-Sep-14
30-Sep-13
% Change
4,560,366
4,706,443
-3%
11,988,386
17,983,039
-33%
24,518
25,303
-3%
64,454 $
96,683
-33%
Number of Trades
898
840
7%
Number of Trade Days
186
186
0%
5.47 $
5.97
-5%
7/8
6/8
N/A
Local Index
2,136.73
2,979.25
-28%
Cross – Listed Index
1,676.68
1,486.78
13%
607.29
737.33
-18%
Local Market Capitalization
5,365,898,408
8,434,729,762
-36%
Cross-Listed Market Capitalization
2,798,239,355
2,481,309,653
13%
8,164,137,763
10,916,039,415
-25%
26
27
-4%
Average Share Price
$
Advance/Decline Ratio
Composite Market Index
Composite Market Capitalization Number of Listed Securities
Table 4 and Table 5 below show the top traded companies by volume and value for the year-to-date. Fortress Caribbean Property Fund - Value Fund and Fortress Caribbean Property Fund - Development Fund were the two top traded securities in terms of volume accounting for 28.4% and 18% of the total volume traded for the period January 1 to September 30, 2014 respectively. Although only accounting for 13.23% of the total volume traded for the year, Goddard Enterprises Limited was the top performer in terms of value traded due largely in part to its steadily increasing share price. Light and Power Holdings Limited and Sagicor Financial Corporation rounded out the top three; the latter being the most actively traded security on the board of the Exchange accounting for 30.62% of the number of trades conducted as at the close of the third quarter of 2014. Table 4 - Top Five Traded Companies by Volume: Year to date
Company
2014
2013
2014
2013
Volume
Volume
Value
Value
Fortress Caribbean Property Fund - Val Fund
1,295,317
0 $ 0 $
Fortress Caribbean Property Fund - Dev Fund
820,796
Sagicor Financial Corporation
744,404 1,291,187 $
Goddard Enterprises Limited
603,500
Insurance Corporation Of Barbados Limited
320,764
702,114 $
-
170,637 $
-
1,490,318 $ 2,604,032
318,831 $ 3,736,539 $ 91,478 $
828,658 $
1,951,200 234,787
5 Table 5 - Top Five Traded Companies by Value: Year-to-Date
Company
2014
2013
2014
2013
Value
Value
Volume
Volume
Goddard Enterprises Limited
$
3,736,539
$
1,951,200
603,500
318,831
Light And Power Holdings Limited
$
1,838,491
$
1,278,997
71,566
49,772
Sagicor Financial Corporation
$
1,490,318
$
2,604,032
744,404
1291187
Neal And Massy Holdings Limited
$
1,030,326
$
2,176,238
52,403
130,860
Insurance Corporation Of Barbados Limited
$
828,658
$
828,658
320,764
91,478
As Table 6 and Table 7 illustrate, Fortress Caribbean Property Fund - Development Fund and Fortress Caribbean Property Fund - Value Fund were the top two traded securities for the third quarter in terms of volume. In terms of value, Goddard Enterprises Limited and Sagicor Financial Corporation were the top two traded securities. Table 6 - Top Five Traded Companies by Volume: 3rd Quarter
2014
2013
2014
2013
Company
Volume
Volume
Value
Value
Fortress Caribbean Property Fund - Dev Fund
542,009
Fortress Caribbean Property Fund - Val Fund
533,675
0 $
293,521 $
-
Sagicor Financial Corporation
272,412
507,369 $
494,452 $
974,829
Banks Holdings Limited
90,935
40,708 $
268,143 $
119,203
Goddard Enterprises Limited
86,640
47,072 $
542,943 $
289,632
2013
2014
2013
0 $
119,217 $
-
Table 7 - Top Five Traded Companies by Value: 3rd Quarter
2014
Value
Volume
Volume
Goddard Enterprises Limited
Company $
542,943
Value $
289,632
86,640
47,072
Sagicor Financial Corporation
$
494,452
$
974,829
272,412
507,369
Fortress Caribbean Property Fund - Val Fund
$
293,521
$
-
533,675
0
Banks Holdings Limited
$
268,143
$
119,203
90,935
40,708
Light And Power Holdings Limited
$
266,721
$
500
10,405
25
6
Junior Market There was no activity on the Junior Market for the period January 1 to September 30, 2014.
Put-Through Market Table 8 - Put Through Market Activity - YTD
Security
No. of Trades
Volume
Value
Banks Holdings Limited
5
35,655 $
115,649.50
Cave Shepherd And Company Limited
1
1,600 $
3,536.00
Firstcaribbean International Bank
1
3,366 $
10,434.60
Goddard Enterprises Limited
1
25,396 $
158,725.00
Sagicor Financial Corporation
140
1,495,144 $
3,147,846.92
TOTAL
148
1,561,161 $
3,436,192.02
Table 8 above, illustrates the Put Through transactions which have occurred as at September 30, 2014.
Block Trade Market There were no recorded block trades on the board of the BSE for the period ending September 30, 2014.
7
Bond Market As at September 30, 2014 twenty-three (23) Barbados Government Debentures and fifteen (15) Barbados Government Treasury Notes traded on the board of the Exchange as compared to twenty-five (25) Barbados Government Debentures, fifteen (15) Barbados Government Treasury Notes and one (1) Government-backed security trading for the corresponding period in 2013. There were a total of 179 trades occurring on the Bond Market resulting in a face value of $5,471,000 trading as compared to 156 trades and a total face value of $38,016,000 trading as at September 30, 2013. Table 9 below summarizes all bonds traded for the period ended September 30, 2014. Table 9 - Summary of Bonds Traded
Security
No. of Trades
Amount Traded
BARBADOS GOVERNMENT DEBENTURE 4.75% 2016
3
56,000
BARBADOS GOVERNMENT DEBENTURE 5.875% 2018
8
110,000
BARBADOS GOVERNMENT DEBENTURE 6.125% 2021
8
120,000
BARBADOS GOVERNMENT DEBENTURE 6.25% 2019
8
29,000
BARBADOS GOVERNMENT DEBENTURE 6.25% 2022
6
805,000
BARBADOS GOVERNMENT DEBENTURE 6.625% 2018
1
52,000
BARBADOS GOVERNMENT DEBENTURE 6.625% 2020
3
52,000
BARBADOS GOVERNMENT DEBENTURE 6.75% 2021
2
6,000
BARBADOS GOVERNMENT DEBENTURE 6.75% 2022
4
521,000
BARBADOS GOVERNMENT DEBENTURE 6.875% 2023
16
193,000
BARBADOS GOVERNMENT DEBENTURE 6.875% 2024
6
25,000
BARBADOS GOVERNMENT DEBENTURE 7% 2017
7
554,000
BARBADOS GOVERNMENT DEBENTURE 7% 2023
11
52,000
BARBADOS GOVERNMENT DEBENTURE 7.125% 2026
3
514,000
BARBADOS GOVERNMENT DEBENTURE 7.25% 2025
1
10,000
BARBADOS GOVERNMENT DEBENTURE 7.25% 2026
2
21,000
BARBADOS GOVERNMENT DEBENTURE 7.25% 2028
2
16,000
BARBADOS GOVERNMENT DEBENTURE 7.375% 2027
6
170,000
BARBADOS GOVERNMENT DEBENTURE 7.375% 2029
5
5,000
BARBADOS GOVERNMENT DEBENTURE 7.50% 2026
1
1,500,000
BARBADOS GOVERNMENT DEBENTURE 7.75% 2025
3
14,000
BARBADOS GOVERNMENT DEBENTURE 7.75% 2032
2
2,000
BARBADOS GOVERNMENT DEBENTURE 8.50% 2018
3
8,000
8 Security
No. of Trades
Amount Traded
BARBADOS GOVERNMENT T/NOTE 4.125% 2015
1
2,000
BARBADOS GOVERNMENT T/NOTE 4.25% 2016
1
9,000
BARBADOS GOVERNMENT T/NOTE 4.375% 2014
1
1,000
BARBADOS GOVERNMENT T/NOTE 4.5% 2015
2
3,000
BARBADOS GOVERNMENT T/NOTE 5.875% 2015
3
170,000
BARBADOS GOVERNMENT T/NOTE 6% 2016
16
142,000
BARBADOS GOVERNMENT T/NOTE 6% 2017
3
16,000
BARBADOS GOVERNMENT T/NOTE 6% 2018
2
10,000
BARBADOS GOVERNMENT T/NOTE 6.125% 2021
1
17,000
BARBADOS GOVERNMENT T/NOTE 6.25% 2018
7
37,000
BARBADOS GOVERNMENT T/NOTE 6.375% 2019
2
2,000
BARBADOS GOVERNMENT T/NOTE 6.5% 2016
12
155,000
BARBADOS GOVERNMENT T/NOTE 6.5% 2019
3
16,000
BARBADOS GOVERNMENT T/NOTE 6.625% 2019
12
50,000
BARBADOS GOVERNMENT T/NOTE 7.25% 2014
2
6,000
TOTALS
179
5,471,000
9
Index and Market Capitalisation Movement There were mixed results for the indices and market capitalization when examined over the past three, nine and twelve month periods. For the third quarter, as illustrated in Table 10, only the Local and Composite Indices recorded declines of 1.12% and 0.73% respectively from their positions at June 30, 2014; there was no change in the CrossListed Index measure. When the comparison is extended to nine and 12 months (Table 11 and Table 12), performance was similar, as the Local and Composite Indices recorded declines in the 28% and 17% range respectively while the Cross-Listed Index recorded increases of 12.77% for both the nine and twelve month respectively. The market capitalization comparisons are illustrated in Table 13 - 15. The Cross-Listed Market Capitalization was the only measure to record increases over the 9 month (12.77%) and 12 month (12.77%). These results can be attributed to marked increases in the share prices of both Massy Holdings Limited (formerly Neal and Massy Holdings Limited) and One Caribbean Media Limited. Massy Holdings Limited’s share price appreciated from $17.25 at the close of 2013 to $19.50 by the end of the third quarter of 2014; an increase of $2.25. One Caribbean Media Limited’s share price rose from $4.80 to $6.20 representing an increase of 29.17% over the nine month period under consideration. Figure 2 below illustrates index movements over the last twelve months. Table 10 - Index Comparison 3rd Quarter
Index
30-Sep-14
30-Jun-14
% Change
Local
2,136.73
2,161.03
-1.12%
Cross Listed
1,676.68
1,676.68
0.00%
607.29
611.75
-0.73%
Index
30-Sep-14
31-Dec-13
% Change
Local
2,136.73
2,995.52
-28.67%
Cross Listed
1,676.68
1,486.78
12.77%
607.29
740.42
-17.98%
Index
30-Sep-14
30-Sep-13
% Change
Local
2,136.73
2,979.25
-28.28%
Cross Listed
1,676.68
1,486.78
12.77%
607.29
737.33
-17.64%
Composite Table 11 - Index Comparison Nine Months
Composite
Table 12 - Index Comparison Year-on-Year
Composite
10 Table 13 - Market Capitalization Comparison 3rd Quarter
Market Capitalisation
30-Sep-14
30-Jun-14
% Change
Local
5,365,898,408
5,423,749,948.68
-1.07%
Cross Listed
2,798,239,355
2,798,239,354.90
0.00%
Composite
8,164,137,763
8,221,989,304
-0.70%
30-Sep-14
31-Dec-13
% Change
Local
5,365,898,408
7,999,308,023
-32.92%
Cross Listed
2,798,239,355
2,481,309,653
12.77%
Composite
8,164,137,763
10,480,617,676
-22.10%
30-Sep-14
30-Sep-13
% Change
Local
5,365,898,408
8,434,729,762
-36.38%
Cross Listed
2,798,239,355
2,481,309,653
12.77%
Composite
8,164,137,763
10,916,039,415
-25.21%
Table 14 - Market Capitalization Comparison Nine Months
Market Capitalisation
Table 15 -Market Capitalization Comparison Year-on-Year
Market Capitalisation
Figure 2 - Index Movement - 12 months
Year on Year Index Movement 15.00% 10.00%
0.00%
Local Index
-5.00%
Cross-Listed Index Composite Index
-10.00% -15.00% -20.00% -25.00%
September
August
July
June
May
April
March
February
January
December
November
-35.00%
October
-30.00% September
% Change
5.00%
11
Company Activity Comparative Report For the first nine months of the year, ending September 30th 2014, seven (7) securities advanced, eight (8) declined, seven (7) remained unchanged, and four (4) did not trade; one (1) security was delisted. This is compared to six (6) securities advanced, eight (8) declined, seven (7) remained unchanged, and six (6) did not trade; one (1) security was delisted. Fortress Caribbean Property Fund - Development Fund was the top advancer for the first nine months of 2014 doubling in price from $0.11 as at December 30, 2013 to $0.22 at the close of the third quarter. Fortress Caribbean Property Fund - Value Fund (37.5%), One Caribbean Media Limited (29.17%), Barbados Farms Limited (20%) and Massy Holdings Limited (13.04%) were the remaining four companies to experience share price appreciation in excess of 10%. The two other companies to increase in price were West India Biscuit Company Limited and Goddard Enterprises Limited. Four companies experienced declines in excess of 10% for the first nine months of 2014. Barbados Dairy Industries Limited suffered the largest decline as their share price fell by 50% at the close of the period. FirstCaribbean International Bank, Sagicor Financial Corporation and Cable and Wireless Barbados Limited were the other companies to experience double digit declines. Table 16 - Year-to-date Trading Activity by Company (Regular and Junior Market (J) only)
SECURITY
YTD 2014
YTD 2014
CLOSING PRICE
CLOSING PRICE
Volume
Value
Sep 30 2014
Dec 31 2013
% Change
Almond Resorts Incorporated
5,000
$
1,540
0.32
0.32
0.00%
BICO Industries Limited
4,768
$
8,517
1.75
1.80
-2.78%
Barbados Dairy Industries Limited
1,850
$
2,775
1.50
3.00
-50.00%
Barbados Farms Limited
28,221
$
15,144
0.60
0.50
20.00%
Banks Holdings Limited
237,692
$
715,745
2.95
3.03
-2.64%
Fortress Caribbean Property Fund - Dev Fund
820,796
$
170,637
0.22
0.11 100.00%
Fortress Caribbean Property Fund - Val Fund
1,295,317
$
702,114
0.55
0.40
37.50%
Cave Shepherd and Company Limited
53,242
$
126,876
2.51
2.70
-7.04%
Cable and Wireless Barbados Limited
62,094
$
183,187
3.00
3.40
-11.76%
FirstCaribbean International Bank
109,326
$
229,725
1.80
2.98
-39.60%
Goddard Enterprises Limited
603,500
$
3,736,539
6.31
6.15
2.60%
12 YTD 2014
YTD 2014
CLOSING PRICE
CLOSING PRICE
SECURITY
Volume
Value
Sep 30 2014
Dec 31 2013
Insurance Corporation Of Barbados Limited
320,764
$
828,658
2.44
2.60
-6.15%
1,012
$
155
0.15
0.15
0.00%
71,566
$
1,838,491
25.70
25.70
0.00%
40
$
125
3.11
3.11
0.00%
52,403
$
1,030,326
19.50
17.25
13.04%
129,757
$
793,956
6.20
4.80
29.17%
587
$
1,327
2.26
2.26
0.00%
744,404
$
1,490,318
1.80
2.24
-19.64%
Trinidad Cement Limited
2,968
$
3,969
0.80
0.80
0.00%
West India Biscuit Company Limited
1,834
$
19,126
10.46
10.03
4.29%
10,217
$
81,734
8.00
8.00
0.00%
Royal Fidelity TIGRS A Fund (J)
0
$
-
10.50
10.50
0.00%
Royal Fidelity TIGRS A1 Fund (J)
0
$
-
10.00
10.00
0.00%
Royal Fidelity TIGRS A2 Fund (J)
0
$
-
10.00
10.00
0.00%
Royal Fidelity TIGRS A3 Fund (J)
0
$
-
10.00
10.00
0.00%
4,560,366
$
11,988,386
Jamaica Money Market Brokers Limited Light and Power Holdings Limited Light And Power Holdings Ltd 5.5% Pref Massy Holdings Limited One Caribbean Media Limited Sagicor Financial Corporation 6.5% Pref Sagicor Financial Corporation
The West Indies Rum Distilleries Limited
% Change
For the third quarter of 2014, five (5) securities advanced, five (5) declined, ten (10) remained unchanged and six (6) did not trade. This is compared to five (5) securities advanced, four (4) declined, nine (9) remained unchanged and nine (9) did not trade.
13 Table 17 - 3rd Quarter Trading Activity By Company (Regular and Junior Market (J) only)
SECURITY
3rd Quarter 2014
3rd Quarter 2014
Volume
CLOSING PRICE
CLOSING PRICE
% Change
Value
Sep 30 2014
June 30 2014
300
0.32
0.32
0.00%
Almond Resorts Incorporated
1,000 $
BICO Industries Limited
2,747 $
4,932
1.75
1.80
-2.78%
Barbados Dairy Industries Limited
1,350 $
2,025
1.50
1.50
0.00%
Barbados Farms Limited
11,753 $
6,758
0.60
0.51
17.65%
Banks Holdings Limited
90,935 $
268,143
2.95
3.04
-2.96%
Fortress Caribbean Property Fund - Dev Fund
542,009 $
119,217
0.22
0.20
10.00%
Fortress Caribbean Property Fund - Val Fund
0.55
0.57
-3.51%
533,675 $
293,521
Cave Shepherd and Company Limited
20,047 $
46,588
2.51
2.20
14.09%
Cable and Wireless Barbados Limited
12,696 $
35,322
3.00
3.00
0.00%
FirstCaribbean International Bank
23,638 $
41,405
1.80
1.80
0.00%
Goddard Enterprises Limited
86,640 $
542,943
6.31
6.21
1.61%
Insurance Corporation Of Barbados Limited
31,885 $
78,896
2.44
2.59
-5.79%
1,012 $
155
0.15
0.15
0.00%
10,405 $
266,721
25.70
25.70
0.00%
0 $
-
3.11
3.11
0.00%
11,527 $
229,864
19.50
19.50
0.00%
7,100 $
44,668
6.20
6.20
0.00%
0 $
-
2.26
2.26
0.00%
272,412 $
494,452
1.80
2.00
-10.00%
Jamaica Money Market Brokers Limited Light and Power Holdings Limited Light And Power Holdings Limited 5.5% Pref Massy Holdings Limited One Caribbean Media Limited Sagicor Financial Corporation 6.5% Pref Sagicor Financial Corporation Trinidad Cement Limited
2,968 $
3,969
0.80
0.80
0.00%
West India Biscuit Company Limited
1,834 $
19,126
10.46
10.03
4.29%
217 $
1,734
8.00
8.00
0.00%
Royal Fidelity TIGRS A Fund (J)
0 $
-
10.50
10.50
0.00%
Royal Fidelity TIGRS A1 Fund (J)
0 $
-
10.00
10.00
0.00%
Royal Fidelity TIGRS A2 Fund (J)
0 $
-
10.00
10.00
0.00%
0 $
-
10.00
10.00
0.00%
1,668,858 $
2,508,143
-
-
The West Indies Rum Distilleries Limited
Royal Fidelity TIGRS A3 Fund (J)
14
Conclusion Table 18 - Regional Index Comparative Analysis
PERFORMANCE Regional Exchange
Three Month
Nine Month
Twelve Month
Barbados Stock Exchange Composite Index
-0.73%
-17.98%
-17.64%
Jamaica Stock Exchange Market Index
4.66%
-8.18%
-14.68%
Trinidad and Tobago Composite Index
-1.84%
-3.37%
0.13%
1.23%
-2.84%
-4.54%
Eastern Caribbean Stock Exchange Share Index
The third quarter of 2014 has been promising for the Barbados Stock Exchange with increases in both trading volumes and values of 115% and 30% respectively over their corresponding June 2014 closing figures. Despite improvements in the trading activity, the BSE Composite Index measure showed decreases of 0.73% for the three month, 17.98% over the nine month and 17.64% for the twelve month period. A look at our regional counterparts shows that both the Jamaica Stock Exchange (JSE) and the Eastern Caribbean Stock Exchange (ECSE) have recorded index growth over the three month period, however, all regional exchanges experienced declines over nine and twelve month periods. During the 4th quarter of 2014, the BSE will once again host its Corporate Governance and Accountability Conference in association with the Canadian Society of Corporate Secretaries (CSCS) and Chartered Secretaries Canada - the Canadian Division of the Institute of Chartered Secretaries and Administrators (ICSA). The two day conference will be held on November 13 and 14 at the Hilton Barbados at Needham’s Point, St. Michael. Featured speakers include York University’s Professor Richard Leblanc and Professor Poonam Puri, Sylvia Groves, President and Creative Director Governance Studio, Catherine Bromilow, Partner - PricewaterhouseCoopers Center for Board Governance, Meghan Herman, Senior Marketing Manager - Diligent Board Member Services and Andrew Fastow, former Chief Financial Officer - Enron Corporation. Featured panelists include Sandra Osborne, Q.C. - Attorney-at-Law and Chartered Secretary, Ronaele Dathorne-Bayrd, Engagement Leader, Corporate Services - PricewaterhouseCoopers Services Inc. and Dr. Axel Kravatzky, Founding Chairman of the Caribbean Corporate Governance Institute.
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