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Topic: Demutualised

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Demutualization

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	Knowledge Base
		With a demutualised structure, exchanges will be able to re-configure their business operations and initiate a fundamental transformation of its strategic position to meet stakeholder needs.
		The final decision was based on the value of the contributions of the various stakeholders, given their legal status with regard to ownership and control, as well as the direct and indirect historical economic contributions made by the various parties to the growth of the exchange over time.
		It was decided that a total of 40% of the value of the demutualised exchange would be allocated to the stockbroking industry of which 30% would be allocated to stockbroking companies and 10% to remisiers.
	www.sc.com.my /eng/html/resources/speech/sp_20021121.html (1247 words)

	The Hindu Business Line : Demutualised stock exchanges — Broker-members' voting rights may be capped
		The committee had suggested that within a timeframe of three to five years, at least 51 per cent of the shares of the demutualised exchange would be held by non-trading members of the exchange.
		It had also mooted a ceiling of five per cent of the voting rights which could be exercised by a single entity, or groups of related entities, irrespective of the size of ownership of the shares.
		In a demutualised exchange, there is a separation of ownership, management and trading rights, to avoid conflicts of interest.
	www.blonnet.com /2002/12/26/stories/2002122601390300.htm (384 words)

	Press Release - Public interest representation in the governance structure of the demutualised KLSE
		The consideration of public interest representation on the governance structure is central for the demutualised exchange to address the commercial pressures of a for-profit entity and to ensure that the exchange remains committed to fulfill its regulatory and public interest responsibilities to appropriate standards.
		The proposed legislation will state explicitly that these public interest directors are appointed to represent the broader stakeholder interests in the capital market and, in the discharge of their duties as such, they are mandated to ensure that public interests are not compromised.
		Attached in the appendix is a jurisdictional comparison of the governance structure of the demutualised exchanges in Australia, Singapore, United Kingdom, Hong Kong and Canada.
	www.sc.com.my /eng/html/resources/press/pr_20021121.html (756 words)

	McCarthy Tétrault LLP - Publications - Insurance Companies: New Financial Services Legislation (Site not responding. Last check: 2007-10-26)
		For all four demutualised insurers, a common transition period is established ending on December 31, 2001 during which all must remain widely held.
		For demutualised insurers with less than the $5 billion surplus and minority interests, the widely-held rule will apply to the end of the transition period but then give way immediately to a regime permitting these companies to be closely held.
		Thus the demutualised insurers with pre-demutualisation surplus and minority interest of less than $5 billion will automatically lose the benefit of the widely-held rule but the largest converted insurers will still have the opportunity to negotiate out of this status.
	www.mccarthy.ca /pubs/publication.asp?pub_code=448 (1732 words)

	Looting the Mutuals: The Ethics and Economics of Demutualisation
		Mutuals demutualised prior to the current demutualisation of the insurance arm of the National Roads and Motorists' Association (NRMA) are reported to have had an aggregate net worth of $21 billion, and assets under their control of $180 billion.
		The law permits a mutual to be demutualised at any time by its current generation of members, without regard for the intentions of generations before them or the interests of those still to come.
		It has not, like the demutualised AMP, so gravely damaged itself through its takeover of the GIO as to have brought about a precipitous decline in its share price and thereby given rise to speculation that it too will shortly be targeted for a takeover.
	www.australia.coop /rmlm.htm (4819 words)

	Demutualised companies since 1985 by deListed
		If more shares were purchased through the Facility the acquisition cost of those additional shares is $2.75 each.
		The Tax Office granted Hibernian/Aevum an extension of time to list its shares after a two year period from it demutualising.
		Check on the ATO website for the tax concessions available to Hibernian/Aevum shareholders who were Hibernian members.
	www.delisted.com.au /Demutualised.aspx (536 words)

	McCarthy Tétrault LLP - Publications - Insurance Holding Companies: New Financial Services Legislation (Site not responding. Last check: 2007-10-26)
		For the newly demutualised insurance companies, there is a special temporary rule that until December 31, 2001 no person may be a major shareholder of an IHC that controls a demutualised company.
		The Minister is not permitted, before January 1, 2002, to approve mergers of IHC of recently demutualised life insurance companies having surplus in excess of $1 billion.
		Thereafter, all restrictions applying to IHC of demutualised companies with less than $5 billion of surplus are removed, while if one of the amalgamating companies is widely-held (i.e., an IHC of a life insurance company with more than $5 billion of surplus), the amalgamated IHC must also be widely-held.
	www.mccarthy.ca /pubs/publication.asp?pub_code=449 (1446 words)

	[No title]
		The Board of the demutualised stock exchange will have equal representation of brokers, shareholders and investing public, except in the case of NSE where the present structure of the Board would be maintained.
		Assets were transferred from the mutual entity to the for-profit demutualised company and shares were given to the members in lieu of the ownership in the old entity.
		Besides, the demutualised corporatised structure envisages that brokers could continue to be shareholders and as such be eligible to be elected on the boards as directors.
	www.sebi.gov.in /circulars/2003/smdcir03.html (12822 words)

	Sebi gives bourses six months on corporatisation
		The committee, while mentioning the need for a uniform model for corporatisation and demutualisation by all the exchanges, said that the merger of exchanges, before or after demutualisation, was a commercial decision and the choice should be left to the concerned stock exchanges.
		The committee said that the members would be entitled for shares in the corporatised/demutualised exchanges in lieu of the existing rights and the voting rights would be determined in consultation with the government.
		As per the committee recommendations, the board of a demutualised exchange will have equal representation of stock brokers, shareholders and investing public, except in the case of NSE where the present structure of the board would be maintained.
	www.rediff.com /money/2003/feb/06bourse1.htm (401 words)

	Listed exchanges pose unique problems (Site not responding. Last check: 2007-10-26)
		The pioneers in this new "demutualised" framework were the Stockholm Exchange (1993) and India's NSE (1994).
		The governance problems of a demutualised exchange are qualitatively altered by going public.
		What we have seen of the successful functioning of demutualised exchanges in India reflects a genuine three-way separation, with managers who are not owners, and owners who think more like users of the exchange, and less like recipients of dividends.
	in.rediff.com /money/2006/may/17guest1.htm (1044 words)

	The Hindu Business Line : The power of demutualisation
		When they stipulate that exchanges should have professional management that is separate from ownership and control, they rely on the hypothesis that good governance is the result of an apt structure of incentives and disincentives.
		It is their bet that demutualised exchanges and professional management provide powerful and desirable sets of incentives and disincentives.
		The ADB does not regard the NSE as a demutualised stock exchange because it regards demutualisation as the change in legal status of an exchange from a mutual association with one vote per member, into a company limited by shares, with one vote per share.
	www.blonnet.com /2003/05/30/stories/2003053000030800.htm (1566 words)

	business.iafrica.com \| business news OM, Sanlam seek missing shareholders (Site not responding. Last check: 2007-10-26)
		Well, chances are you could be among thousands whose policies were converted into shares when the two companies demutualised and have yet to be claimed.
		Sanlam, which demutualised and listed in October 1998, has put a ten-year lifespan on its unclaimed shares trust, the daily reported.
		According to Old Mutual, 3.2 million policyholders qualified for free shares when it demutualised, and 1.1 million sold their shares in the run up to the listing, at 11.25 rand per share.
	business.iafrica.com /news/147359.htm (326 words)

	Casualties of Cashing In (Site not responding. Last check: 2007-10-26)
		Moreover, it has not like the demutualised National Mutual Society allowed itself to be acquired by the French insurance giant AXA.
		Far from the demutualised or privatised insurance businesses creating wealth as some claim, they are widely seen to be destroying it.
		The threat from perverse incentives to demutualisation is acknowledged in recent Canadian insurance legislation, which specifies that directors and managers of demutualising insurance bodies shall not receive benefits other than those applying to ordinary policy-holders.
	cog.kent.edu /lib/Mathews4.htm (843 words)

	Keral.com,Sensex. (Site not responding. Last check: 2007-10-26)
		The three functions of ownership, management and trading are intervened into a single Group in a mutual exchange.
		The broker members of the exchange over here are both the owners and the traders on the exchange and they further manage the exchange as well.
		These are not only corporatised but also demutualised with segregation of ownership and trading rights of members.
	www.keral.com /Sensex/secondarymarket.htm (973 words)

	The Hindu : Business : Betting on a corporate model for BSE
		These and other details given in the notification are part of a comprehensive plan to make stock exchanges function as corporate entities.
		Instead of being an organisation for mutual benefit (of members who are all brokers), the new entities, after converting themselves into "demutualised" entities, will issue share capital to the public.
		While the BSE is the subject of the current restructuring, the Government has already decided that all the stock exchanges in the country will be corporatised and demutualised.
	www.hindu.com /2005/05/30/stories/2005053000271600.htm (742 words)

	Hibernian demutualisation: impact on shareholders (Site not responding. Last check: 2007-10-26)
		If shares in the demutualised company are listed for trading on the Australian Stock Exchange (ASX) within two years of it demutualising or at such later time as the Commissioner allows, then certain tax concessions may apply to the original members and shareholders.
		On 18 October 2002, Hibernian demutualised and shares in Hibernian were issued to about 6,200 members.
		On 23 March 2004, amendments were made to the tax law which extended certain tax concessions to taxpayers who receive shares when a friendly society demutualises on or after 1 July 2000.
	www.ato.gov.au /content/51747.htm (1166 words)

	BSE - Whats New
		It is required to be corporatised and demutualised under the Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as ‘the SC(R)A’).
		Hence, it is felt that it is in the interest of trade and in the public interest that the assets and reserves (other than current assets) of BSE are used by the demutualised exchange only for exchange operations.
		1.3 BSE shall be corporatised and demutualised in accordance with this Scheme on and from the appointed date as may be notified by the Securities and Exchange Board of India (SEBI) in respect of BSE under Section 4A of the Securities Contracts (Regulation) Act, 1956.
	www.bseindia.com /whtsnew/SebiOrdCorpDMut.htm (3716 words)

	Demutualisation proves costly for with profits policyholders (Site not responding. Last check: 2007-10-26)
		The research suggests that, when a mutual life insurer becomes a plc, holders of with profits policies receive an average payout of £14,000 less than if the organisation had remained mutual.
		Today, each of the six organisations sit amongst the bottom quartile in the market and in just one year (2006) policyholders of the demutualised insurers have lost on average over £26,000 on the value of their twenty five year with profits policy.
		Shaun Tarbuck, CEO of AMI, commented: "When we started looking at the performance of the demutualised life insurers, we had not expected to see such a consistent pattern of decline in the value being delivered to their policyholders.
	www.moneyfacts.co.uk /Annuities/articles/demutualisation-costly.aspx (656 words)

	12 September 2000 - SFE Announces New Structure as a Demutualised Corporation (Site not responding. Last check: 2007-10-26)
		The new Board of Directors appointed to the demutualised Group comprises a Managing Director, four independent directors (including Chairman) and four participant representative directors.
		The new structure is expected to be implemented in the first half of 2001.
		SFE’s four classes of Members voted overwhelmingly in favour of demutualising SFE at Scheme meetings on 22 July this year.
	www.sfe.com.au /content/news/mediareleases/2000/mr_20000912_01.htm (320 words)

	GEO::Grassroots Economic Organizing
		1 Mutuals demutualised prior to the current demutualisation of the insurance arm of the National Roads and Motorists' Association (NRMA) are reported to have had an aggregate net worth of $21 billion, and assets under their control of $180 billion.
		It has not like the demutualised Colonial Mutual Life Society been swallowed up the Commonwealth Bank — a bank gravely compromised like its major counterparts by its recent involvement in the notorious 'cash for comment' broadcasting scandal and currently facing investigation by the Australian Competition Commission for its alleged complicity in collusive pricing practices.
		We are aware of the existence of legal and accounting firms who are openly assessing the net worth of credit unions and promoting programs delivering short term wealth distributions even though this eliminates the credit union as a credit union.
	www.geonewsletter.org /demutual.htm (3962 words)

	Welcome to the Financial Gazette Online! (Site not responding. Last check: 2007-10-26)
		The investigations, being undertaken by the Commissioner of Insurance, are expected to look into the financing of Capital Alliance’s acquisition of a lion’s share of FML’s issued share capital.
		Capital Alliance is the investment vehicle used by FML executives and senior managers to buy a 20 percent stake in the demutualised firm under a scheme that has created a furore among staff and policyholders who have labelled it as "a vehicle of executive greed".
		Investigations by The Financial Gazette this week established that Capital Alliance’s acquisition was financed by 10 financial institutions to the tune of almost $30 billion.
	www.fingaz.co.zw /fingaz/2004/February/February26/4820.shtml (698 words)

	BBC NEWS \| Programmes \| Moneybox \| Have Your Say: Standard Life proposal
		I was an investor at Northern Rock when it demutualised, and also had an account with Britannia Building Society at around the same time.
		There is no doubt in my mind that I have benefited significantly from the Northern Rock demutualisation, and presumably would have benefited in a similar manner if Britannia had done so similarly at the time.
		There is no incentive for a demutualised society to either reduce savings rates or increase mortgage rates as customers will simply move elsewhere if they try to do so.
	news.bbc.co.uk /1/hi/programmes/moneybox/4866570.stm (1701 words)

	World Exchanges: Global Industry Outlook and Investment Analysis - Market Research Reports - Research and Markets
		The aim is to provide consistent, reliable and impartial information on the performance and trends in the sector, highlighting key developments such as those we have flagged in the first edition.
		Andre Meyer Senior Fellow and Director of International Economics, Council on Foreign Relations, said: "The transformation of exchanges from quasi-public mutual associations to demutualised commercial entities is a significant global economic phenomenon.
		This volume is the first to attempt a comprehensive analysis of the exchange industry as a business, and it does so with impressive scope and depth.
	www.researchandmarkets.com /reports/c17464 (660 words)

	Business and economy - WebGuide.sg
		Asia-Pacific's first demutualised and integrated securities and derivatives exchange.
		Information and integrated media company providing directory advertising services via print and electronic model, in local and overseas markets.
		Self-help organisation of business people who run small and medium enterprises in Singapore.
	www.singaporedirectory1.com /business-and-economy/1.shtml (139 words)

	Nordea Liv I demutualised
		The Swedish life company Nordea Liv I was demutualised 1 January 2006.
		Nordea Life Holding A/S has added SEK 1,020m in capital to the new demutualised Nordea Liv I, in line with what was communicated 18 months ago.
		Of the total capital injection SEK 720m is in form of equity capital and SEK 300m as subordinated debt.
	cws.huginonline.com /N/1151/PR/200601/1029830_5.html (220 words)

	Resolution Life Appointment
		Biggs was part of the team that demutualised Norwich Union and brought the former society to the stock market in 1997.
		After three years he left to become Group Financial Controller of Morgan Grenfell, eventually leaving the bank in 1991 to join Norwich Union as Group Financial Controller.
		In 1995, he became General Manager of Norwich Union's international operations and was a member of the team that demutualised and floated the Society in 1997.
	www.advfn.com /news_appointment_9040556.html (945 words)

	Pakistan Link Headlines
		He showed nerves of steel to withstand pressure of brokers and listed companies to bring about transparency in stock trading and good corporate governance in listed companies.
		He left after granting license demutualised stock exchange after the stock exchanges showed resistance to his plan for unification and demutualisation of country’s capital market.
		He also stands committed to a unified and demutualised stock market.
	www.pakistanlink.com /headlines/May04/13/09.html (809 words)

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