TIDMASHM
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
www.Hemscott.com/nsm.do
The above documents can also be downloaded from the Company's
website at :-
http://www.ashmoregroup.com
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
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
quarterly.
------------------------- ------------------------ -------------------------
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
launches.
------------------------- ------------------------ -------------------------
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
managers.
------------------------- ------------------------ -------------------------
Enquiries:
Michael Perman
Company Secretary
Tel : +44 (0) 203 077 6000
27 September 2011
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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