Release of AGM Notice and Annual Report

Date : 09/27/2011 @ 12:31PM
Source : UK Regulatory (RNS & others)
Stock : Ashmore (ASHM)
Quote : 389.2  2.4 (0.62%) @ 12:35PM
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Release of AGM Notice and Annual Report

Ashmore Group (LSE:ASHM)
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RNS Number : 0490P

Ashmore Group PLC

27 September 2011

Ashmore Group PLC

27 September 2011

Notice of Annual General Meeting and Annual Report for the year ended 30 June 2011

Ashmore Group plc issued its Notice of Annual General Meeting (" the Notice") today, 27 September 2011. The Circular containing the Notice contains a summary of the business of the resolutions to be proposed at the meeting which is available on the Company's website.

The Company's Annual General Meeting will be held at 12 noon on Thursday 27 October 2011 at Kingsway Hall Hotel, 66 Great Queen Street, London WC2B 5BX.

Copies of the Company's Notice of Annual General Meeting, together with the Annual Report for the year ended 30 June 2011, have been uploaded to the UK Financial Services Authority National Storage Mechanism and will shortly be available for inspection at

The above documents can also be downloaded from the Company's website at :-

Additional Information :

Included in this announcement is additional information, for the purposes of compliance with the Disclosure and Transparency Rules, which includes the Directors responsibility statement and Risk Statement, all as extracted from the 2011 Annual Report and Accounts dated 12 September 2011.

Statement of Directors' Responsibilities

The Directors are responsible for preparing the Annual Report and the Group and parent company financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare Group and parent company financial statements for each financial year. Under that law they are required to prepare the Group financial statements in accordance with IFRSs as adopted by the EU and applicable law and have elected to prepare the parent company financial statements on the same basis.

Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and parent company and of their profit and loss for that period. In preparing each of the Group and parent company financial statements, the Directors are required to:

-- select suitable accounting policies and then apply them consistently;

-- make judgements and estimates that are reasonable and prudent;

-- state whether they have been prepared in accordance with IFRSs as adopted by the EU; and

-- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the parent company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent company's transactions and disclose with reasonable accuracy at any time the financial position of the parent company and enable them to ensure that its financial statements comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.

Under applicable law and regulations, the Directors are also responsible for preparing a Directors' report, Directors' remuneration report and corporate governance statement that comply with that law and those regulations.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Responsibility statement of the Directors in respect of the annual financial report

We confirm that to the best of our knowledge:

-- the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view

-- of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and

-- the Directors' report includes a fair review of the development and performance of the business and the position of the issuer and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.


Risk is inherent in all businesses and is therefore present within the Group's activities. The Group seeks to effectively identify, monitor and manage each of its risks and actively promotes a risk awareness culture throughout the organisation. The ultimate responsibility for risk management rests with the Board. However, from a practical perspective some of this activity is delegated.

The key risks, their mitigants, and their delegated owners are set out on the page below for each of the four risk categories that Ashmore considers most important: strategic and business, investment, operational, and treasury - with reputational risk being a common characteristic across all four categories.

During the year the Group's risk control framework has been enhanced to take account of changing business and market conditions. This included reviews conducted by the Group's Internal Audit function. There has also been specific focus on the further refinement of the Group Risk Matrix, which seeks to identify the key risks to the Group, as well as current mitigants and forward-looking action plans.

Risk management and control

Risk management and control is one element of the Group's overall system of internal controls within its corporate governance framework - incorporating risk, compliance and internal audit. Further details of the Group's internal control environment are described in the corporate governance report on pages 37 to 41 of the Ashmore 2011 Annual Report .

Key risks and mitigants

 Risk type/owner            Description of risk       Mitigation 
-------------------------  ------------------------  ------------------------- 
 Strategic and               These include: -- A       These include: -- The 
  business risk              long-term downturn in     Board's long investment 
  The risk that              the fundamental and       management experience; 
  the medium and             technical dynamics of     -- A clearly defined 
  long-term profitability    emerging markets; --      Group strategy, 
  of the Group               Reputational damage to    understood throughout 
  could be adversely         Ashmore impacting         the organisation and 
  impacted by the            marketing and             actively monitored; -- 
  failure to identify        distribution              The diversification of 
  and implement              capabilities; --          investment capabilities 
  the correct strategy,      Potential market          to reduce single 
  and to react               capacity issues and       event/product exposure; 
  appropriately              increased                 -- A committee based 
  to changes in              competition.              top down investment 
  the business                                         methodology to create a 
  environment.                                         scalable business 
  Delegated to:                                        model; -- Experienced, 
  Ashmore Group                                        centrally managed and 
  plc Board                                            globally located 
                                                       distribution team. 
-------------------------  ------------------------  ------------------------- 
 Investment risk The risk    These include: -- That    These include: -- 
 of non-performance or       the investment manager    Experienced Investment 
 manager neglect,            does not adhere to        Committees meet weekly 
 including the risk that     policies; -- A            ensuring consistent 
 long-term investment        downturn in investment    core investment 
 outperformance is not       performance; --           processes are applied; 
 delivered thereby           Expansion into            -- Dedicated emerging 
 damaging prospects for      unsuccessful themes;      markets research and 
 winning and retaining       -- Insufficient           investment focus, with 
 clients, and putting        counterparties.           frequent country 
 average management fee                                visits; -- Strong 
 margins under pressure.                               Compliance and Risk 
 Delegated to: Ashmore                                 Management oversight of 
 Group Investment                                      policies, restrictions, 
 Committees                                            limits and other 
                                                       related controls; -- 
                                                       Formal counterparty 
                                                       reviews held at least 
-------------------------  ------------------------  ------------------------- 
 Operational risk Risks      These include: -- The     These include: -- The 
 in this category are        inability to fairly       valuations of the most 
 broad in nature and         price assets; --          material assets are 
 inherent in most            Oversight of overseas     outsourced to 
 businesses and              subsidiaries including    independent third 
 processes. They include     the recent acquisition    parties with the 
 the risk that               of AshmoreEMM; --         Pricing Methodology 
 operational flaws result    Compliance with           Committee (PMC) 
 from a lack of resources    regulatory                providing additional 
 or planning, error or       requirements as well      oversight of valuations 
 fraud, the inability to     as with respect to the    used for hard-to-price 
 capitalise on market        monitoring of             assets; -- An 
 opportunities, or           investment breaches;      integrated control and 
 weaknesses in systems       -- Controls around        management framework is 
 and controls. Delegated     special purpose           in place to ensure 
 to: Ashmore Group Risk      vehicles; -- Execution    day-to-day global 
 and Compliance              and process               operations are managed 
 Committee                   management; --            effectively; -- A Risk 
                             Business and systems      and Compliance 
                             disruption; -- The        Committee meets on a 
                             risk associated with      monthly basis to 
                             the integration of        consider the Group's 
                             AshmoreEMM                Key Risk Indicators 
                             particularly migrating    ("KRIs"); -- A disaster 
                             the entity onto the       recovery procedure 
                             Group's core systems;     exists and is tested 
                             -- Fraud by an            regularly; -- 
                             employee or third         Engagement letters or 
                             party service             service level 
                             provider.                 agreements are in place 
                                                       with all significant 
                                                       service providers; -- 
                                                       The development of a 
                                                       structured AshmoreEMM 
                                                       integration plan with 
                                                       dedicated resources 
                                                       applied to its 
                                                       execution; -- A New 
                                                       Product Committee 
                                                       approves new product 
-------------------------  ------------------------  ------------------------- 
 Treasury risk               These include: --         These include: -- 
  These are the              Group revenues are        Monthly reporting of 
  risks that management      primarily US              all balance sheet 
  does not appropriately     dollar-based, whereas     exposures to the 
  mitigate balance           results are               Executive; -- A 
  sheet risks or             denominated in            proportion of Group 
  exposures which            Sterling; -- The Group    currency exposures are 
  could ultimately           invests in its own        hedged as a matter of 
  impact the financial       funds from time to        policy; -- Significant 
  performance or             time, exposing it to      corporate investments 
  position of the            price risk, credit        are approved by the 
  Group.                     risk and foreign          Board, and all others 
  Delegated to:              exchange risk; --         by the CEO; -- Cash 
  Chief Executive            Liquidity management;     flows are forecast and 
  Officer and Group          -- The Group is           monitored on a regular 
  Finance Director           exposed to credit risk    basis and managed in 
                             and interest rate risk    line with approved 
                             in respect of its cash    policy; -- The 
                             balances.                 availability of GBP and 
                                                       USD S&P AAA rated 
                                                       liquidity funds managed 
                                                       by experienced cash 
-------------------------  ------------------------  ------------------------- 


Michael Perman

Company Secretary

Tel : +44 (0) 203 077 6000

27 September 2011


This information is provided by RNS

The company news service from the London Stock Exchange



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