Financiële Studievereniging Groningen. Magazine. A New Era in the Financial World. Jaargang 23 - februari

Financiële Studievereniging Groningen

Magazine

A New Era in the Financial World

Jaargang 23 - februari 2013

3

© 2012 KPMG N.V., alle rechten voorbehouden.

120 UUR MADRID: DE KPMG MADRID BUSINESS EXPERIENCE 21 T/M 25 NOVEMBER 2012. SCHRIJF JE IN VÓÓR 1 OKTOBER OP WWW.GAAAN.NU/120UURMADRID

Daniël Wiersma

Editor-in-chief 2012-2013

Preface While the Risk Conference Committee is

Balkenende, who started the discussion about

way to be mistrusted. Despite the financial

making its final preparations, the annual

fading values and believes. Now, several years

crisis, some were recently, as addressed in the

Risk Conference is getting closer. This

later, the topic is as current and relevant

Financial Headlines of the previous magazine,

edition will be held within the scope of

as ever. The stage has shifted, however.

involved in the LIBOR scandal, for example.

the conference’s theme: “A New Era in the

Where Balkenende spoke in terms of the

One could wonder whether this discussion

Financial World”. During the conference

general public, today’s discussion is mainly

is just a product of these times and will

day the committee aims to get an answer to

about companies and the financial sector

slowly fade. One example where this already

some key questions, by allowing speakers

in particular. Kindled by the ongoing world

happened is the environmental discussion.

from different areas of expertise to give their

crisis, many believe bankers to be unethical,

Having been top priority for many companies

view. The theme itself has various elements,

greedy people – but is this truly fair? It goes

for quite a while, maintaining a solid balance

as will be elaborated on in the conference

without saying that there are always a few

sheet is concern number one these days. This

special starting on page 29. These elements

that fit the bill, however, that does not mean it

clearly rouses the suspicion that the entire “go

consist of recession proof industries, ethical

applies to every single one of them. On top of

green” campaign by companies was simply

investing, scarcity of commodities and tech

that, are they really to blame if their contracts

strategic and a way to keep their customers.

giants.

offer a certain amount of money? Would you turn down a million euros just because some

A lot of these issues give us food for thought.

Ethics is a subject that has been given quite

might never see that amount of money in a

Be sure to visit the conference, where you can

a lot of attention since the beginning of the

lifetime? And if you do not, are you unethical

discuss those thoughts with key figures from

last decade, at least in the Netherlands. It all

or just in possession of common sense? Truth

the business world. For now, however, enjoy

started with then Prime Minister Jan Peter

be told, there are banks that go out of their

the magazine!

Risk Magazine 03 – 13

3

Colofon

6 Financial Headlines

Publisher: Risk, Financiële Studievereniging Groningen Editor-in-chief: Daniël Wiersma Editors: Edwin Bulthuis Fleur Mulder Bram Raatjes Daniël Schippers Thijs Scholte Albers Daniël Wiersma

8

White Knights

Guest Editor: Sanne Dijkstra Final Editor: Dylan Kuiper Fleur Mulder Address: Financiële Studievereniging Risk Kamer 5414.0040 Nettelbosje 2 9747 AD Groningen

Layout: Daniël Wiersma Design: LS Ontwerpers BNO Cover: Elsbeth Habets Photography: Henk Veenstra Printing: Almanakker, Oosterhout

Investeringen in

12 Controversiële Wapens

Circulation: 1.400 copies Subscription The Risk Magazine is published five times a year. The price of a subscription is twelve Euros per year. To get a subscription, please contact Pieter Zandee (050 363 7306). Advertizing If you are interested in advertizing in the Risk Magazine, please contact Pieter Zandee (050 363 7306).

Risk is gelieerd aan de Economische en Bedrijfskundige Faculteitsvereniging

4

Content 17

20

26

Risk Member Abroad Column Sanne Dijkstra

Cover Interview with Elsbeth Habets

6

Financial Headlines

8

Article: White Knights

10

Article: SRI in the Alcohol Industry

12

Artikel: Investeringen in Controversiële Wapens

15

Column Wouter Joustra Chairman Risk Board

17

Risk Member Abroad Sanne Dijkstra

18

Accountancy Column Edwin Bulthuis

20

Cover Interview Elsbeth Habets

22

Academic Insights Lammertjan Dam

26

Column Telegraaf Financiële Goeroes

29

Risk Conference Special

Verenigingsnieuws 36

Review Traders Trophy

34

Review Investor Evenings

44

Pictures

46

Testimonial PwC

48

Risk Investment Team

49

Graduates

50

Calendar

Column Telegraaf Financiële Goeroes

5

Financial Headlines Written by:

Fleur Mulder & Daniël Wiersma

The forgotten PIIGS Of the so-called PIIGS countries (Portugal,

2012. The yields on Irish government bonds

heavily dependent on foreign companies,

Italy, Ireland, Greece & Spain), Greece has

that are maturing in 2020 were at 8.5% at

which shows in the large gap between GDP

been given the most attention in the media

the beginning of 2012 and dropped to 4.5%

and GNP. In conclusion the question can be

last year. This is not surprising yet one could

by the end of that year. Additionally, the

asked, will we have a PIGS or keep the PIIGS?

not help but wonder what is happening

IMF indicated that Irish GDP has grown

to the other four. While Portugal, Spain

by 0,4% in the same year. While this might

and Italy have been given some media

not seem as much, compare it to the harsh

attention, Ireland seems almost forgotten.

recessions in Spain and Italy and we can

The reason for this occurrence might actually

clearly see that Ireland is faring a lot better.

be the fact that Ireland is doing somewhat

Furthermore, Ireland is still experiencing

well at the moment. In January the Economist

the highest foreign direct investments of

reported that the country had a good year in

the past decade. However, Ireland is also

First African female billionaire Keeping the topic of this Magazine in mind

still striving to tackle the physical, social

started her own business, a restaurant in

- ‘A New Era in the Financial World’ - we

and political legacy of a 27-year civil war

Luanda, at age 24,. Since then she has grown

might have reached an important milestone.

that ravaged the country after gaining

her fortune by acquiring shares in a number

Most of the population in oil-rich Angola

independence from Portugal. The conflict

of different businesses. These include a 28.8

live on about $2 a day and the country is

ended in 2002 and Angola has since emerged

percent stake in the Portuguese media firm

as one of Africa’s leading oil producers and

Zon, worth $385million, a 19.5 percent share

fastest-growing economies. In this case it is

of the Portuguese bank Banco BPI worth

not surprising that US financial magazine

$465m and a 25 percent stake in Angola’s

Forbes has indicated Angolian Isabel dos

Banco BIC worth $160m. There are also

Santos as Africa’s first female billionaire. She

unsubstantiated reports saying Dos Santos

is the eldest daughter of Angola’s president.

owns a 25 percent shareholding in the

The 40-year-old entrepreneur, who studied

Angolan telecommunications firm Unitel,

engineering at King’s College in London, UK,

which is believed to be worth $1 billion.

6


Coming

of

age:

China’s

used

car market outpaces new sales growth Used car sales in China grew faster than new car sales for a second straight year in 2012, and should account for half of all sales within

little attention to the pre-owned market as

fourth car. Just 4.8 million used cars were

seven years as the world’s biggest auto market

they sought to win market share by selling

sold last year, while 15.5 million new cars

matures. While new cars still outsold used

new models to China’s newly wealthy. Also,

rolled out of showrooms. However, the used

vehicles by more than 3 to 1 last year, they

in a market where annual sales were just 3.1

car market’s growth of almost 11 percent has

are sputtering after a period of breakneck

million as recently as 2005, there weren’t

now outpaced the new car sales growth of 7.1

growth, and the potential for the pre-owned

many used cars available. That’s now changing

percent. Over the next three years, used car

market to be the industry’s growth engine is

as cars bought during China’s auto boom are

deals are expected to more than double to 10

prompting foreign automakers to open more

beginning to age, and as rising incomes draw

million, and catch up with new car sales, at

used-car outlets. Foreign carmakers paid

drivers into buying a second, third or even

around 35 million by 2020

Insiders from Facebook have spilled the beans

location of users. The app, scheduled for

Europe have already scrutinized Facebook

about one of Facebook’s most recent plans.

release by mid-March, is designed to help

amid concerns that is does not do enough to

The social media company aims to create a

users find nearby friends and would run even

keep data private. However, Facebook is not

smartphone application that will track the

when the program is not open on a handset.

the first company to develop a tracker app,

Facebook aims to reap more benefits from

both Google and Apple already have similar

its more than 1 billion users that access the

tools in their arsenal.

Facebook: At it Again

service via handheld devices. The tracking app will enable Facebook to sell more advertisements based on the daily habits of the users.

One of the first concerns raised is the one about privacy. Regulators in both the U.S. and Risk Magazine 03 – 13

7

White Knights With the supposed harms done by globalization to the environment and workers in poor countries, many nongovernmental organizations, journalists and private individuals now urge every major corporation to focus on practicing so called corporate social responsibility (CSR). Written by: Daniël Schippers

The European Commission defines CSR as:

any real positive changes; it is incentive

Motors’ CSR strategy consisted solely of

“..to fully meet their social responsibility,

incompatible and proponents of CSR hardly

changing the color of their logo to green so

enterprises should have in place a process

give any standards to judge by.

as to create an environmental friendly image.

to integrate social, environmental, ethical

Or consider the many initiatives by packaging

and human rights concerns into their

Let us briefly look at the implications of the

company TNT in which they strive for more

business operations and core strategy in close

EU definition of CSR. What does it mean?

sustainability in their production process

collaboration with their stakeholders”.

How does one judge whether corporations

while simultaneously having massive lay-offs

have

social,

of their mail deliverers on the ground that

This sounds pretty decent don’t you think?

environmental, ethical and human rights

they were too expensive. If TNT was really

Businesses should not behave like Gordon

concerns into their business operations?” A

committed to having a good relationship

Gekko in the movie Wall Street, but rather do

common interpretation of CSR in general

with their stakeholders then their decision to

business with their conscience. The scandals

is that corporations should be proactive in

fire thousands of low skilled workers at the

surrounding banks in “Libor-gate” or British-

combatting climate change, poverty and

same time strikes as very odd. This behavior

petroleum with their environmental disaster

should donate to charity.

is known as window dressing. Many firms

“a

process

to

integrate

point out that such ethical awareness is not

try their best to portray a very positive and

always guaranteed. Yet, how professionals,

Put bluntly, much of this CSR hype has

involved image of themselves without making

politicians and pressure groups go about

translated

set

any effort for real change. And this is what

and advocate CSR is an entirely different

of actions such as seals of approval,

we might have expected. The fundamental

matter. This article discusses the negative

heartwarming television commercials

and

problem with the whole CSR movement is

aspects of the current trend called CSR. Note,

token charity activities which both NGO’s

that it is an empty promise. It is not incentive

however, that this article does not argue

and corporations use in order to sustain

compatible to expect corporations to behave

that corporations should behave immorally,

some socially responsible image. A cynic

“ethically” just by themselves. A standard

but rather that the concept of CSR itself is

would judge that CSR is nothing but another

assumption in economic theory is that

fundamentally flawed. The CSR philosophy

trend in advertizing and marketing. This is a

businesses strive to maximize profits. Even

has three major shortcomings: it is used as

rather strong claim, but a few examples can

though this assumption might not hold up

an advertising tool without bringin about

illustrate this prejudice. For instance, General

in each and every case, blatantly ignoring

8

itself

into

a

superficial


this notion is very dangerous. Individuals, likewise, are assumed to only serve their self interest. Of course, in reality people do donate to charity or sacrifice their time and effort for some greater good. However, actually basing your economic system on this notion has been proven to have dire consequences. Therefore, expecting businesses to behave in a proactive way to “make the world a better place” (whatever that may mean), without having a mechanism to enforce that

While many journalists and concerned

be, but employees giving workshops at events

behavior, is utterly hopeless. Businesses will

citizens complained, Apple continued to grow

such as the Risk Conference seem to act as if it

simply end up choosing the path of least

as a company and is currently still one of the

is exactly clear what CSR entails and what this

resistance and turn the whole charade into

most profitable American firms. Consumers

doctrine expects companies to do. In reality,

a giant advertizing campaign. Supporters of

fancy iPhones and iMacs way too much to be

people’s perspectives of how morally sound

CSR often claim that the public could in fact

concerned with some poor workers in a far off

a company is, are completely arbitrary and

enforce positive behavior in firms by simply

country.

very easy to manipulate. Just look at the Nike and Apple examples above. Nike actually

stopping to purchase their products. In order These examples show that public enforcement

paid higher wages than Vietnamese owned

of

their

sweatshops and those workers chose to work

“In reality, people’s perspectives of

consumption can prove to be completely

for Nike out of free will, but no protester

how morally sound a company is, are

arbitrary. It would have been far more effective

seemed to bother. The public view can be as

completely arbitrary and very easy to

for the Chinese or Vietnamese government

fickle as the weather.

manipulate”

to impose better working conditions by law.

to maximize profit, firms should try to behave

ethical

behavior

by

changing

Yet, CSR gurus claim that businesses should

Concluding, because the idea of CSR is not

as CSR-ish as possible or else they might face

go beyond obeying the law and take an active

incentive compatible and the guidelines and

the same situation as NIKE did over a decade

approach in becoming more “ethical”.

recommendations made to companies are too vague, CSR is simply used as an advertizing

ago. Many protests ensued because Nike was supposedly exploiting workers in sweatshops

This brings us to the next problem: vagueness.

gimmick. It would be far more beneficial if

in China and Vietnam. The company faced an

Notice how I keep putting quotation marks

the public criticized or praised companies

enormous boycott by consumers and had to

around the word “ethical”. The European

for their actual practices rather than to

commit to changing their image. A few years

Commission’s

never

blurt senseless jargon. The behavior of firms

ago, however, it was revealed that Chinese

actually states what companies should do. The

matters and laws and regulations cannot

suppliers of electronics giant Apple were

definition is so utterly vague that there is no

prevent all malpractice. It is therefore crucial

mistreating their employees and that one of

standard whatsoever to say which behavior is

that companies are scrutinized by the public

them even committed suicide. There were

in line with CSR and which is not. Of course,

on their moral conduct. Having fads such as

also tales of torture and other brutalities.

morality in general is as subjective as it can

CSR, however, hurts this process.


definition

of

CSR

9

Socially Responsible Investing in the Alcohol Industry When investing, investors and SRI funds use ethical standards and arguments to select or deselect specific companies. This is basically done in two ways: through ‘negative’ and ‘positive’ screening. Written by: Bram Raatjes

Negative screening consists of excluding ‘sin’

the Russian Federation has the highest

an impact on society. Figures of the National

industries from your investment portfolio,

proportion of alcohol-attributable deaths,

Alcohol and Drugs Information System

thus not investing in tobacco, gambling,

they simply drink too much vodka, whereas

show that approximately 30.000 alcohol

alcohol, weaponry, pornography and nuclear

Western European countries and Islamic

addicted people enter counseling yearly in

energy, for example. Positive screening is the

countries in Africa and the Middle East have

the Netherlands. Not to mention the alcohol

process wherein investments are made in

the lowest proportion of alcohol-attributable

related vandalism and its costs for society.

particular securities or firms believed to have

deaths.

a positive social impact.

This clearly does not indicate any benefits to The low figures from the Middle East

society, however, one could argue that alcohol

Alcohol

and

self-explanatory.

abuse, or preventing it from happening is the

Why would one invest in the alcohol industry?

Consumption of alcohol is not very common

responsibility of the individual. Then why do

Alcohol is a staple item. Even during bad

in these areas, due to the fact that most of

we still have alcohol in our society? We must

economic times demand is fairly steady,

the population is Muslim, and according to

not forget of course that it also brings us

making it an attractive commodity. However,

the Koran drinking is forbidden. Naturally,

pleasure, lots of pleasure. We love alcohol and

many

investors from these regions exclude alcohol

the Dutch are among the largest consumers

for religious reasons.

in Europe. Nevertheless, one could question

socially

responsible

funds

avoid

investment in the alcohol industry, but when

Africa

are

quite

facing the flipside of alcohol it becomes pretty obvious why some investors and funds do.

some of the dubious marketing strategies Accept for alcohol-attributable mortality,

of companies in the industry. Marketing of

many offenders consumed alcohol previous to

so-called alcopops and malternatives, and

Why not invest in the alcohol

or while conducting a crime. According to the

the deployment of beergirls for example are

industry?

U.S. Bureau of Justice Statistics offenders in

highly unethical.

According to the World Health Organization

violent crimes, robbery, assault, aggravated

alcohol-attributable deaths amount to a

assault or simple assault had used alcohol

Alcopops, sometimes called malternatives,

little more than 2.2 million a year worldwide

in 33.3-40.5% of the time. And also in the

are an easy to drink, sweet alternative to

in 2011. Perhaps it is not surprising that

Netherlands the consumption of alcohol has

beer. Examples are Smirnoff Ice and Bacardi

10


Breezer. They are sold in cans, hardly distinguishable from soft drinks. They have a ‘hard liquor’ image, but do not have the taste typical for spirits. According to Professor of Financial Ethics Boudewijn de Bruin of the University of Groningen, alcopops are “ethically problematic for a different reason, which has to do with the phenomenon of target marketing”. Market segmentation is in essence an ethical and important part of

these social issues. The alcohol industry is

possibility of facing uncertain explicit claims

a firm’s marketing strategy, however, when

dependent on sexual imagery in its marketing

in the future due to irresponsible behavior

the segment contains vulnerable consumers,

messages to get customer attention, and

of firms will increase the perceived riskiness,

and the marketed product is harmful, the

gender stereotypes are widely prevalent.

and thereby increases the cost of capital only

strategy can become unethical. Children

further. The industry’s impact on society is

and young adults are vulnerable consumers,

How to responsibly invest in the

not improved, and the industry is not offered

and it is general knowledge that excessive

alcohol industry

any incentives to better its social impact as

alcohol consumption is especially harmful

Key to investing responsibly in the Alcohol

there will always be investors willing to invest

for this group. The soft drink kind of taste of

industry is shareholder activism. Being active

in ‘sin’ industries.

different alcopops introduces new drinkers

as a shareholder and trying to influence

and drinkers at an earlier age to the drinking

corporate

of alcoholic beverages. The natural barrier

through discussions with management and

no

of the strong smell and unpleasant taste that

alike is the solution. Negative screening is not

shareholders will not address ethical issues

avoid experimentation by children and young

improving the unethical practices going on in

on shareholder meetings. By deliberately

adults is diminished by alcopops.

the business. Shareholder activism, however,

investing in the alcohol industry shareholders

can change things.

can exercise their right to vote, address

policy

and

decision

making

Another issue is the scantily clad beergirls

By negatively screening the alcohol industry, ethical

investors

will

remain,

and

their concerns about social issues, discuss

in Cambodia, who represent and promote

The investors that abstain from buying

marketing practices with management and if

beer brands in local pubs. They frequently

alcoholic beverages securities only create a

necessary, file lawsuits against management.

supplement their income with paid sex and

market wherein the investor base of firms

It’s basically power to the activists. As

have a significantly increased risk for HIV.

in the alcohol industry becomes smaller.

Heineken always puts it: “Enjoy Responsibly!”

Breweries have been reluctant to address

This leads to a higher cost of capital. And the

“Examples are Smirnoff Ice and Bacardi Breezer. They are sold in cans, hardly distinguishable from soft drinks.” Risk Magazine 03 – 13

11

Investeringen in Controversiële Wapens Maatschappelijk Verantwoord Ondernemen (MVO) is een begrip geworden dat bij veel bedrijven gehanteerd wordt bij het opstellen van hun visie. Wanneer een bedrijf dit doet, houdt dat in dat het net als elk ander bedrijf streeft naar optimale financiële prestaties, maar dat ze dit doel verwezenlijken op een manier waarbij ook verantwoordelijkheid wordt genomen ten aanzien van milieu en maatschappij. Geschreven door: Thijs Scholte Albers

MVO is hot in het bedrijfsleven en wordt

verantwoord is het eigenlijk om te investeren

onder het vergrootglas komen te liggen wat

ook maatschappelijk gewaardeerd.

Voor

in organisaties die verantwoordelijk zijn voor

betreft hun investeringsbeleid. In dit licht is

de investeringssector gaat sinds een tijdje

de productie van landmijnen, clusterbommen,

de term MVI verschenen: Maatschappelijk

de

nucleaire en andere gruwelijke wapens? Al

Verantwoord Investeren.

term

MVI

rond:

Maatschappelijk

Verantwoord Investeren.

deze controversiële wapens zorgen jaren na

Onethisch beleid Investeringsfondsen voor

kort

zelden

werden afgerekend

een gestreden oorlog nog voor onschuldige

MVI kan kortweg gezien worden als MVO

slachtoffers.

voor niet-investeringsbedrijven. Bij MVI

tot op

hun

wordt gezocht naar een balans tussen goede

Maatschappelijk

werkwijze. De heersende opvatting was

Investeren

dat

Investeringen

Verantwoord

financiële resultaten en een sociaal en ethisch bewustzijn. In deze context zouden

onethische

investeringen in landen als Syrië, Iran,

pensioenfondsen, banken, etc. een goed

wapenfabrieken gaat vaak gepaard met

Noord-Korea en Myanmar uit den boze

rendement behaalden, er weinig op hun

hoge rendementen, iets waar investeerders

zijn. Daarnaast maakt een goed MVI-beleid

beleid aan te merken viel. Waar grote

veel belang bij hebben. Gelukkig moeten

investeringen in controversiële wapens ook

zolang

verzekeringsmaatschappijen,

in

dit

soort

multinationals reeds afgestraft werden op

onmogelijk.

onethische handelingen (denk aan protesten

“Klanten van grote banken willen

tegen kinderarbeid bij Nike-fabrieken en

niet indirect bloed aan hun handen

Ook de consument wordt zich steeds meer

de olieschandalen van Shell in Nigeria)

hebben”

bewust van het belang van Maatschappelijk

ontsprongen de financiële instellingen de dans

Verantwoordelijk Investeren. Klanten van

nog, terwijl ook veel van hen zich bezig hielden

ook financiële instellingen er tegenwoordig

grote banken willen niet indirect bloed aan

met onethische praktijken. Hoe ethisch

aan geloven. Sinds een aantal jaar zijn ze

hun handen hebben door beleggingen in

12


“Investeringen in dit soort onethische wapenfabrieken gaat vaak gepaard met hoge rendementen”

dubieuze sectoren en kijken daarom niet louter meer naar het rendement van hun bank.

Indirecte investeringen Echter, waar veel Nederlandse financiële instellingen sinds een aantal jaren pretenderen te investeren volgens een MVI-beleid, wekt

het nucleaire wapenarsenaal in de wereld af

America, BNP Paribas, Deutsche Bank, Credit

een aantal van hen slechts de suggestie dit

te bouwen blijkt uit recent onderzoek van de

Suisse, HSBC en the Royal Bank of Scotland

te doen. Zo blijkt uit onderzoek dat de vier

Verenigde Naties dat dit bijna onbegonnen

spelen allemaal een prominente rol in de

grote Nederlandse financiële instellingen

werk is. Per jaar gaat er meer dan 100

financiering van een handjevol grote spelers

Rabobank, ING, ABN Amro en Aegon indirect

miljard dollar om in deze industrie. Dit wordt

op nucleair gebied uit met name Amerika,

nog

Engeland, Frankrijk en India.

investeren

in

controversiële

gefinancierd door meer dan 300 financiële

Investeringen

in

deze

wapens

organisaties wereldwijd in de vorm van

worden beheerd door dochterondernemingen

leningen, obligaties en aandelen. Dit is wat

Kenners stellen dat ‘desinvestment’ in deze

in het buitenland, waardoor er dus nog steeds

de nucleaire wapenindustrie mede in leven

industrie de sleutel is naar het effectief

geïnvesteerd wordt in controversiële wapens.

houdt.

afbouwen van het wereldwijde nucleaire

volop

wapens.

wapenarsenaal. Zolang financiële instellingen

Nucleaire wapens

De

zijn

kunnen blijven investeren in deze alles

Waar de Amerikaanse president Barack

toonaangevende banken uit diverse Westerse

vernietigende wapens, blijft deze industrie in

Obama diverse pogingen heeft gedaan om

landen. Banken als JP Morgan, Bank of

leven.


meest

betrokken

organisaties

13

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Wouter Joustra

Chairman Risk Board 2012-2013

Column There’s no such thing as bad weather After a fairly harsh winter the weather is

world that will undeniably affect finance for

role of Chairman of the Risk Board 2013-

changing and the spring is approaching.

the better.

2014. I have had a fantastic year, for which I would like to thank all active member of

A change in seasons is marked by changes in weather, ecology, and hours of daylight.

It will be the students’ generation that has to

Risk for their enthusiasm, hard work and

Changing seasons result from the yearly

deal with the increasing scarcity of resources

commitment, our business partners for their

revolution of the Earth around the Sun and

and materials or the dominance of tech

contributions and pleasant corporation, the

the tilt of the Earth’s axis relative to the plane

giants. It will be the students’ generation

faculty and our specific departments, the

of revolution.

that has been educated with business ethics

other student associations with which we

and the concepts of responsible investing

cooperate, and to conclude, my fellow board

In the past era the world has also experienced

and investing in recession-proof industries.

members Dylan, Pieter, Luud and Rutger for

different ‘seasons’ in its economy. Our world

The conference will therefore provide these

the terrific year we have had! This year was an

economy has seen high peaks and low dubs.

students and other participants a positive

amazing experience, and without you guys it

The theme of the Risk Conference 2013 is

perspective that helps them to set up a road

would not have been the same! Thanks guys!

right in the focal point of today’s world. This

map for their financial lives and careers.

year’s theme is ‘A New Era in the Financial

The Conference Committee has been working

For those that are going, have fun at the Risk

World’.

for almost a year and is very excited to finally

Conference and enjoy this wonderful day!

see this day come true. On behalf of the Risk

When learning about changing (economic)

Over the course of the past decade, there

Board I would like to thank them for the time

weather, I always keep the following quote

has been a significant change in the financial

and effort they have put into this day.

in mind: “There’s no such thing as bad weather, only unsuitable clothing.” ~Alfred

environment. The role of ethics in business and the emergence of the concept of

Before closing this column I would like to

Wainwright. So prepare yourself for the

recession-proof industries are increasing. The

point out that this will be my final column as

weather that is coming!

aim of this year’s conference is to give useful

the Chairman of Risk. Currently my successor,

insights in the developments in the financial

Willem Sieben, is preparing himself for the


15

Financial Study Association Groningen

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21-1-2013 16:37:07

Risk Member Abroad

Sanne Dijkstra After studying for five years I graduated last

inhabitants China has the largest population

be successful and nowadays cows from New

September and decided to reward myself with

in the world and therefore offers great export

Zealand produce one third of all the milk

a trip to the other side of the world before

opportunities. Australia and New Zealand are

in the world. China is, among other Asian

starting my career. Unfortunately, all good

eagerly taking advantage of this by trading

countries, a very important export partner for

things come to an end resulting in having

with China.

New Zealand (about a fifth of New Zealand’s

to face the Dutch winter. I have had three

dairy exports go to China). The result: today

great months in Thailand, Australia and New

Australia’s strengths lie in its mining sector,

there are ‘only’ 7 times more sheep than New

Zeeland and have a lot of good memories

the country is rich in coal, iron ore, gold and

Zealanders (4.4 million people against 31

about that time. During several daytrips to

natural gas. Australia’s economic growth

million sheep). Export forecasts are promising

beautiful places in Australia and New Zealand

is mainly driven by the possession of those

as Asian dairy consumption is expected to

I heard a lot of interesting facts and stories

natural resources and the increasing demand

grow significantly until 2016. However, there

from enthusiastic bus drivers. I would like to

of them by Asian countries, especially

are some threats to New Zealand’s success

share some of these facts with you.

China. Australia’s exports to China helped

story as Chinese competitors in the milk

them escape the worst effects of the global

industry are becoming more important and

economic crisis.

are acquiring several New Zealand production

The financial crisis started in 2007 and is still affecting most developed Western countries

locations in China.

in many ways. Since Australia and New

New Zealand’s economy is influenced by

Zealand are in many ways similar to Western

the powerful China as well. Unlike Australia

Key point of this story is that during my trip

countries facing trouble one would expect

they are not rich in natural resources but

I experienced the still growing importance of

they are affected by the crisis in a similar way.

their magic resource turned out to be dairy

a very powerful, quite stable and influential

However, it turns out that both countries

products (especially powdered milk). About

China in the world economy. China is an

experienced little or no decline in economic

30 years ago New Zealand counted about 22

important factor in preventing both Australia

growth for the past five years. The answer for

times more sheep than people (3.2 million

and New Zealand from severe economic

this lies in a combination of trade with China

people against 70.3 million sheep). However,

downturn. China influenced the structure of

and a focus on recession proof industries.

this has gradually changed as Chinese demand

New Zealand’s agricultural sector as it made

for dairy products increased, which became a

them switch to milk producing cattle in order

Although China’s economic growth slowed

great opportunity for an agricultural country

to be able to meet Chinese demand. But the

down a bit, the country is a very important

like New Zealand. They decided to exchange

question is whether it is wise to continue this

player in the global economy that cannot

wool producing sheep for cows and focused

development.

be ignored. With more than 1.3 billion

on producing milk. Doing so turned out to


17

Accountancy Column

Edwin Bulthuis

De veranderende rol van de accountant de zaken waarover wij rapporteren.

Het zijn turbulente tijden in de accountancy

IFRS). Hierdoor verschaffen we zekerheid

branche. Sinds de grote boekhoudschandalen

over de beweringen van het management.

aan het begin van de eeuw, de invoering van

Voorbeelden hiervan zijn: is de voorziening

Het probleem zit hem echter in de datum

de WTA, de economische crisis en de reactie

voor de debiteuren terecht? Is de omzet

waarop wij de verklaring afgeven én de

daarop vanuit regelgevende instantie, zijn

volledig? Had de omzet niet meer moeten

verklaring op zichzelf. De verklaring komt

zaken die spelen sinds de eeuwwisseling.

zijn? Door zekerheid te verschaffen kunnen

meestal maanden na de balansdatum binnen.

Nog

technologische

belanghebbenden er op vertrouwen dat de

Zeker in de huidige economie waarin kapitaal

ontwikkelingen hebben deze veranderingen

beweringen van het management conform

zich snel verplaatst en kapitaalposities continu

een enorme impact gehad op het werk

de regels zijn. Daarnaast ook dat op basis

veranderen. Kan de situatie per balansdatum

van de accountant en ook op de rol van de

van de audit (negatieve verwoording) niet

enorm fluctueren met de datum waarop

accountant. Op het laatste onderdeel ga ik

gebleken is dat de beweringen niet conform

de

verder op in.

de van toepassing zijnde verslaggevingsregels

Multinationals

zijn. De situatie momenteel is echter dat niet

en verkoopbeslissingen hebben genomen,

De accountant is mijn inziens een onderdeel

financiële informatie een steeds belangrijke

waardoor de activa en de vermogensstructuur

van een krachtenveld dat zich afspeelt

rol gaat spelen (Strategische keuzes van de

enorm kunnen afwijken ten opzichte van

rondom een onderneming of een publieke

onderneming, governance stelsels, risico

de stand op balansdatum. Daarnaast is de

instelling. Hierbij kun je denken aan banken,

profiel van de onderneming). Hierop wordt

verklaring die we afgeven gestandaardiseerd

beleggers, medewerkers, belangengroepen,

in de verantwoording naar belanghebbenden

en geen maatwerk. Dit houdt feitelijk in dat

regelgevende instanties en afnemers. Daarbij

(nog) niet voldoende ingesprongen door de

een verklaring van de ING-Groep dezelfde

heeft een accountant de positie om toegang

accountants. Ook het tijdstip van het naar

strekking heeft als een verklaring bij de KAS

te krijgen tot informatie van de onderneming

buiten brengen van de jaarrekening vormt een

Bank, terwijl dit qua omvang totaal niet te

en deze te toetsen aan een norm. Dit uit

discutabel punt. We controleren na afloop van

vergelijken banken zijn. ING is een systeem

zich momenteel met name in de financiële

jaareinde, meestal is de balansdatum op 31

relevante bank en de KAS Bank is dat niet.

informatie die de onderneming naar buiten

december. Dat is waarvan ik hoop/verwacht

Desondanks is de strekking die wij afgeven

brengt. Deze informatie is te toetsten aan

dat de komende jaren de verandering in de

naar de belanghebbenden in het krachtenveld

een norm, gebaseerd op verslaggevingregels

rol van de accountant gaat plaatsvinden, het

exact hetzelfde. Ik verwacht dan ook dat de rol

die gestandaardiseerd zijn (Lokale GAAP en

moment van het afgeven van de verklaring en

van de accountant zal veranderen. We zullen

18

afgezien

van

de

controleverklaring kunnen

wordt

gegegeven.

belangrijke


aan-

naar een situatie toegaan waarin, afhankelijk

eigen beroepsorganisaties zijn er initiatieven

Dezelfde kreet geldt natuurlijk ook naar

van het aantal belanghebbenden van een

om ons werk zichtbaarder te maken en

buiten toe. De verschillende partijen hebben

onderneming, we toegaan naar een situatie

onze relevantie verhogen, zie daarvoor het

behoefte aan de visie van de accountant over

waarin continous auditing de toon gaat

NBA

onder andere de strategie van de onderneming

zetten. De huidige software systemen bieden

van

die mogelijkheden. Op deze wijze kunnen

Poortwachtersfunctie,

we zekerheid verschaffen over maanden

Daarin wordt ingegaan op hoe de accountant

kwartaalrapportages en kunnen daarbij ook

haar toegevoegde waarde kan verhogen.

een verklaring afgeven. De cijfers van nu

tevens wordt er in gegaan op welke zaken we

Het belangrijkste aan de nieuwe initiatieven

moeten het ijkpunt worden! Daarnaast zullen

dienen te rapporteren en met name ook wat

is dat er vervolg aan wordt gegeven.

we voor de controleverklaring van bedrijven

we openbaar dienen te maken. Dat zal als het

Aangaande

met een bepaalde omvang, toe moeten naar

aan het adviesrapport van de gelijknamige

er al pilots en AEGON participeert daar

maatwerk in de controleverklaring. We zullen

commissie ligt over veel meer zaken zijn.

onder meer in. Daarnaast is integratie in de

ons daarbij ook meer gaan focussen op niet-

Dit sluit ook nauw aan bij het Integrated

opleiding een essentieel onderdeel. De rol

financiële informatie en dit zien te integreren

reporting initatief. Voor geïnteresseerden is

van de accountant zal veranderen door deze

in de verklaring. Hierbij zullen we dus ook een

dit in te zien op www.theiirc.org.

initiatieven. We zullen meer extern moeten

(Nederlandse Accountants)

Beroepsorganisatie artikel:

Verbreding

november

2011.

mening dienen te hebben over de strategische

en de risico’s die ze loopt. Als we er niet over rapporteren kan de lezer van de jaarrekening ook niet weten hoe wij er tegen aan kijken.

Integrated

Reporting

lopen

rapporteren en dat gaat de relevantie van ons

keuzes van een onderneming, het governance

Persoonlijk denk ik dat dit goede initiatieven

werk zichtbaar verhogen is mijn overtuiging.

stelsel van de onderneming, de risico’s die de

zijn. We moeten toe naar meer maatwerk

Om ons daarop voor te bereiden zullen de

onderneming loopt en onze visie hierop. Hoe

en onze bijdrage zichtbaarder maken in

accountants hierin moeten worden opgeleid.

is de houding van de onderneming tegenover

het krachtenveld, door te rapporteren over

Het

de verschillende risico’s en wat doen wij als

relevante zaken. On the job hoor je veelal

maar dat maakt het beroep accountant ook

accountant met deze risico’s?

de kreet “niet gedocumenteerd is niet

interessant en uitdagend.

zijn

interessante

ontwikkelingen,

gedaan”. Dit is met name van belang voor Dit zijn zaken waarvan de buitenwereld graag

de dossierreviews van de AFM en zodat

wil dat wij erover rapporteren getuige het

hoger in het team de interne reviews kunnen

Integrated reporting initatief. Ook vanuit onze

plaatsvinden.


19

Coverinterview Elsbeth Habets Adorning the cover of the 3 rd magazine of this year is Elsbeth Habets, 5 th year Accountancy & Controling student and an active Risk Member in various committtees since 2009.

Elsbeth,

could

you

briefly

introduce yourself? I am 23 years old and a fifth year student in Groningen. I am studying Accountancy & Controlling. I am an active member within Risk since 2009. In addition to Risk I play field hockey at GCHC and there I am an active member as well.

What did you do within Risk? In 2009 I applied for de Risk Accountancy Tour which is a three day tour where you will visit the Big Four. After that I started up the Risk Acitiveiten Commissie. The main goal is to attract financial students for Risk. In 2011 I have been a member of the Risk Conference Committee. My functions were chairman of the day organization and vice chairman, this was my last commitee within Risk. In April 2013 I am going to Brazil as a participant of the Risk International Financial Program.

20


Why did you decide to become

From that point I have been thinking about

active at Risk and what did you

the study A&C. I learned a lot of basics of the

learn?

accountancy, financial en economic world.

I became an active member in my second year

Next year I am starting with my Master where

in Groningen. I played field hockey with a

I hope to find there some more deepness.

should act regarding the scarcity

member of the Risk Board and she told me all about Risk. Eventually she asked me to apply

What

will

you

do

when

you

for the Accoutancy Tour. I did not know what

graduate?

Companies have to focus on scarcity. However,

to expect, but one thing is for sure I do not

I am not sure what I want to do yet. I want

eventually the prices of commodities will

have any regrets. My knowledge about the

to travel for a year and after that I like to

increase because of the market. Companies

accountancy world is broad and I learned to

start within one of the big four companies as

will have to search for alternatives and

cooperate in all facets. I think it’s important

accountant and get my RA title.

respond to the changing world.

to experience that for your future.

As a future accountant, what is your opinion

of commodities?

on the current ethical behavior in this sector?

What advice would you like to

Why did you decide to study

The accountancy world is rule based but it

give your successor?

Accountancy and what did you

is not always ethical what is taking place at

Planning is the most important thing.

learn so far?

this moment. As an accountant you should

Additionally, be creative, innovative, take

In my youth I was ‘fiscus’ at the youth board

be integer, independent, critical and curious.

initiative and think detailed. Dare to take

of ZHC Kraaien. I was responsible for the

Only then are you a real professional.

risks and dare to make mistakes, this way you

budgets and statements. Back then I did it for ‘fun’ but I found it to be really interesting. Risk Magazine 03 – 13

will learn the most!

How

do

you

think

companies 21

Academic Insights

Lammertjan Dam Written by: Fleur Mulder & Daniël Wiersma

Could you briefly introduce yourself?

ago only a few companies published a social

acting in a socially responsible way or is he

I am Doctor Lammertjan Dam and I was born

responsibility report. Nowadays many more

simply maximizing profits in a niche market?

in Groningen but raised in Friesland. At the

companies do so, either by including it in

Would he also do it if the profits were lower?

age of 17 I started studying Economics, but

their annual financial report, or by publishing

Furthermore, I do have the impression that

I soon switched to Econometrics, in which I

a separate report. Furthermore, there are

the crisis is influencing the focus on ethics,

graduated cum laude. After an internship at

now audits for these reports where they look

although it is hard to measure this change

Shell I decided to become an AIO, as doing a

at whether or not the CO2 emissions reported

in focus at this point since we are still in the

PhD was called back then, at the University

by the firm are accurate, for example. So to

aftermath of it. But what I am picking up for

of Groningen. I defended my PhD in 2008 at

that end, I do think that companies are more

some companies, for example, is that in one

the department of General Economics and I

involved in it. The question is, however, is

year they express the wish to establish an

am currently in the tenure track program at

it driven by the companies themselves or

entire system for CO2 management, whereas

the department of Econometrics, Economics

by public opinion? Together with Michael

during the next year not a word is uttered

and Finance, where you aim to show in five

Koetter and Bert Scholtens, I have researched

about it anymore. Nonetheless, this is to be

years’ time that you are eligible to become an

whether it is pure altruism, or a strategic

expected since your priority as a business is

associate professor, with a possible promotion

move to increase the value of the company.

to survive and environmental issues will be

to full professor at a later stage.

Results have shown that it is mostly a

dealt with once survival is established. On the

strategic move. Often window dressing,

other hand, there is an increase in the focus

You have written a lot regarding ethics.

or greenwash, is involved, making a small

on governance. In part, the crisis was a result

First of all, in your opinion, how are

portion of your activities sustainable and

of greed and wrong incentives, and these

the ethical values within corporations

promoting this to the full extent. Meanwhile

aspects of ethics are getting a lot of attention;

faring at the moment? Secondly, do

not a lot has necessarily actually changed in

one example being the banker oath that is

you think that the crisis is making

the way such a company produces its output. I

currently discussed. However, this may all be

people more focused on the financial

have always struggled with interpreting these

a product of the times. A couple of years ago

aspects of business and less on its

observations. For example, a farmer could

when Al Gore had his famous movie about the

ethical aspects?

decide to produce free range eggs, instead

environment, it became a hot topic. Today it

We see that since the year 2000, attention for

of caged eggs, knowing that it is better for

is the high salaries and bonuses.

so-called corporate social responsibility has

the chicken. However, he can probably

grown. One example underlining this is what

also charge 10 cents more for an egg in this

Do you see any room for improvement

is reported by companies. A couple of years

case. So the real question is, is the farmer

regarding ethics within the Dutch/

22


“Investing in so-called “sin stocks” results in an average additional return of 1.5% per year”

Western corporate life?

governance problem. We are trying hard to

In the end, it all depends on what you would

follow an American model but if you look

like to see as a society. Of course, for certain

closely at how shareholders deal with these

issues you have the public good problem. The

issues, you can see that they are far less

environment is not merely a Dutch problem,

active than you would like. In principle, self-

but an international one. A while ago, the

regulation should be able to work through

European trading system for CO2 was

the shareholders, if they are an appropriate

introduced. Strikingly, a country like Sweden,

representation of society. In this manner no

however, does not want to get involved in this

regulations or laws regarding the CEO’s salary

at all al, despite the fact that it is, in principal,

should be necessary; the shareholders will

a good idea. In their opinion they do not need

signal when it is not acceptable. Apparently,

these permits. But the gist of the system is

though, this is not the case, and regulations

It is a well-established fact that certain

of course that you sell them in that case, but

are deemed necessary. The same applies to

people do not want to invest in such things,

somehow it is politically or culturally difficult

environmental issues. You could assume

whether or not you should ban it altogether is

to have such a country participate, resulting

that if one does not agree with corporate

another matter. Studies show that differences

in a system that does not incorporate all

environmental performance, one would sell

in returns arise from such preferences.

countries. With regards to the Netherlands, I

its shares, which in turn puts downward

Investing in so-called “sin stocks” results in

think that in the field of ethics there is still a lot

pressure on the share price. However, I think

an average additional return of 1.5% per year,

to be gained, especially since we have a large

this effect may be too small for companies

mainly because certain companies or persons

financial sector. It is hard to answer because

to find it relevant. So the alternative then is

are unwilling to invest in them. Due to a lower

it also depends on whether or not you want to

formal regulation, but the question remains

demand, the price-dividend ratio will be

establish this through direct regulation.

whether politicians can come up with the

higher. The question is, does an investor have

right answers.

green or ethical funds because of the “being

One question that could be asked in

good” element or is he simply optimizing his

that regard, are companies capable of

Where,

in

the

risk-return ratio? It may just represent risk

self-regulation or is political influence

ethical

boundaries

look

management; if there is a large environmental

necessary? Look at banks and the

at investments? Are investments in

scandal, such as an oil spill, it results in a

recent LIBOR scandal for example.

weapons or alcohol acceptable, for

huge blow for the value of the shares of that

Here you quickly arrive at a general

instance?

company. In this case, this substantial risk


your

opinion, when

are we

23

cannot be seen from the daily volatility of a

will eventually become scarce, some sooner

of energy, though, creating a choice between

share price. The same applies to consumer

than others, like most of the energy resources

several energy sources, making it easier to

boycotts that have occurred. If I take such

that we currently use. The problem with our

avoid power related conflicts. And it could

events into account while building up my

current most important energy resources

provide northern and central Africa with an

portfolio and look at it as an additional risk,

is that they are very much location bound,

economic boost.

then as an investor I am optimizing my risk-

which can lead to power or control conflicts.

return ratio and not so much concerned with

For example, a few years ago, a conflict

It is seen more and more often that

the wellbeing of an animal. Is this desirable?

between Russia and I believe the Ukraine

residents of the poorer countries strip

I do not see myself as the person to tell you if

made Russia decide to cut off all gas supplies

down and melt parts of cell phones in

it is right or wrong. I am not an ethicist; I only

to that country, causing quite a number of

order to gain precious metals, which

look at the effects of ethics.

Ukrainian citizens to literally freeze to death.

they can sell. These people literally live

You want to prevent this type of conflict, but

on heaps of our discarded electronics

Do you think the crisis is influencing

unfortunately, as resources become scarcer,

and spend their days amid toxic fumes.

the demand for these stocks?

the number power struggles over the existing

From an ethical point of view, do you

I think it does, people are currently just

raw materials will likely increase. Therefore,

think businesses should still buy from

looking for a nice return. Some people tend to

we need to look into alternative sources of

these people?

think that if they invest “green” they will get a

energy. When doing so, you inevitably wind

I am aware of situations like this. Your

better return. There is only little evidence that

up at the sun. Still, to some extent, also the

example is comparable to polluted Western

this is systematically so. People like to think

sun’s power is location bound: most of it is

ships being dismantled in African countries

that if they do good things, good things will

found in Africa and other places around the

on a large scale, also causing a lot of people to

happen to them while in theory your return

equator. But we could opt to start converting

come into contact with poisonous materials.

might in fact be lower.

solar energy into hydrogen and transfer to a

I think this is a very complex problem,

hydrogen based economy, with electric cars

because the question quickly arises what the

Can and should businesses approach

and what not. However, since electricity

alternative might be. When a situation comes

the increasing risk of raw material

would then still have be generated the old

into being where needy people are forced

scarcity

way, I do not think that in itself this would

to make a living in such manners, more

solutions?

be an improvement from the old situation. It

prosperous countries should start thinking

It is a given fact that all natural resources

would provide us with an alternative source

more about developing aid. For a single

with

more

innovative

company, however, it is easy to hide behind the opinion that by buying from those people they are at least providing them with some way of earning a living.

Still,

couldn’t

companies

take

responsibility by building factories in

said

countries,

enabling

the

people to conduct the same forms of work, but in a safer, healthier way? Professionalizing this industry could expand the businesses opportunities to gain recycled precious metals, which are getting scarcer by the minute. Of course, but you’re forgetting one thing. In Milton Friedman’s words: The ‘business’

24


itself is meaningless: it consists of clients,

by the wealthy West – in itself that’s

their positive impact on the environment. So

employees and stock holders. You should

understandable, however, when ‘we’

the question remains whether the net effect of

first decide whether you as their client are

were going through our industrial

clean alternatives is actually worthwhile. It is

willing to pay an additional 500 euros for

revolution, we did not yet possess all

not until every product within an economy is

your iPhone, enabling Apple to develop such

the environmental knowledge that we

produced through the use of clean technology

activities. Should Apple increase the prices

have today.

that we can forget about this discussion, but

of their products, you would probably buy a

True, but again the “tragedy of the commons”,

currently we still have a mix between polluting

Samsung. The thing is that everyone agrees

or public good problem, is in the way.

and non-polluting technologies, making it

that ‘someone’ has to take action, but the

Everybody thinks ‘sure, I could drive my car

a complex problem. A problem which, like I

moment that payments have to be done,

less, but if I am the only one, it won’t make any

said, I think can very well be tackled through

everyone backs out. You are now putting the

difference, except that my personal situation

tax regulations and permits.

responsibility with ‘the business’, which is

devalues’. For this reason, I feel that the

easy, it being a faceless institution, but in the

government should play a more prominent

Another

end that institution too is constituted out of

role in tackling environmental challenges, for

discuss with you is the dominance of

people. So I’m afraid it all gets back to the old

example through the imposition of taxes on

technological companies. In the news,

cliché: ‘a better environment starts with you’.

the use of polluting technologies.

a few very large companies that hold

topic

we

would

like

to

a lot of financial power are regularly

I am convinced, though, that when a group of consumers sends out enough signals of

Still, I am quite amazed at how many people

mentioned. Do you expect the Apples

dissatisfaction about a certain course of

choose to buy ‘green’ products nowadays.

and Googles of our world to start using

events, businesses respond. For instance,

In itself that is an irrational choice to make,

their financial means for horizontal

practically all the eggs that are for sale

because you know that your individual choice

integration in the near future?

at Albert Heijn today, and most other

is unlikely to affect the greater good. On the

Talk about looking into a glass sphere… It

supermarkets for that matter, are free range

other hand it can be viewed as very rational,

is true that currently there is an emphatic

eggs, which was certainly not the case some

because these people live by the thought

presence

ten years ago. And it is also true that as we

that if they don’t do anything, no one will, so

something we’ve seen before in the 90s. That

can afford a more luxurious lifestyle, we

better to contribute in their own small ways.

bubble soon burst, but I don’t think that

also gain the luxury of being more aware of

This leads to a sort of unconscious collective

there is much of a bubble left to burst right

where products come from. There is thing

cooperation that I find very interesting.

now. See, you have to make an assessment

of

technological

corporations,

of the replacement value of a company.

called the Environmental Kuznets Curve. On the one end are poor economies that don’t

Could the government create a good

A company like Google has server farms

pollute, simply because they don’t produce

incentive by making clean technology

that are worth at least something – server

anything. When an economy starts to grow,

cost the same as polluted technology?

farms which are terribly inefficient when it

pollution increases, but in these initial stages

That is what many ecologists insist on, but I

comes to energy use if I may add, but that’s

the average income is not yet high enough

think they better read a book about economics

another issue. However, a corporation like

toinduce nationwide support for tackling

before making such statements. Many people

Facebook is indeed hot air, because they lack

environmental issues. It is not until an entire

believe that if everyone starts buying low-

physical goods to represent the value they are

economy is prosperous enough that its people

energy light bulbs and what not, it will

ascribed. They are just this one idea, and the

start worrying about these things, because

instantly save a lot of energy. However, they

moment that for example Google + becomes

naturally everyone’s main priority is to attain

are overlooking one thing: the households

the next hype, the idea becomes worthless.

a good life for themselves.

that are saving on their electrical bill by using

So for Facebook, as well as for every other

low-energy light bulbs will inevitably spend

one product company, it would be wise to

This could explain, then, how rising

the money they save on other technologies,

diversify their goods. Still, though, the key is

economies like China aren’t eager to

which may be polluting ones. They might go

to create physical value.

meet

on a plain for a holiday in Turkey, nullifying

environmental


standards

set

25

Financiële Goeroes

Ex-Junk Bonds AMSTERDAM - Vroeger (tja, dat heb je met 67 jaar) was er eens een reclame die zei: “Rang is alleen Rang als er Rang op staat, Rang op staat”. Verpakt in een leuk melodietje wist binnen de kortste tijd iedereen de weg naar onze Friese fabriek te vinden.

Willem Okkerse Je zou hetzelfde melodietje kunnen gebruiken

100% en zijn dus met een “risico korting” te

niet eens in de junk-bonds [genoemde 36%]

voor junk bonds. Junk is alleen junk als

verkrijgen. De kunst is om vanuit die groep

MOGEN beleggen. Zij volgen klakkeloos de

er junk op staat, junk op staat. Dat laatste

dan alleen maar de beste te kiezen. [vraag

95% foutmeldingen en verzuimen daardoor

is echter niet waar. U wordt voorgelogen,

maar eens aan Ron Boer van Het Effectenhuis

rendement voor hun cliënten te maken.

dat junk, junk is. In mijn laatste artikel

Commissionairs, hoe dat werkt]. Door een

Dit geldt nog in ernstiger mate voor de

van afgelopen donderdag “Europa op zijn

voorselectie te maken van de goede of de

pensioenfondsen die dat soort rampzalige

best” mocht ik verhalen over de kwaliteit

slechte, maar nu op een iets professionelere

selectie methodes – inclusief de 95% fouten

vande “junkbeoordelaars” puur sang. Als

manier dan S&P, daalt het aantal, als

- nota bene als een conditie in hun statuten

voorbeeld haalde ik S&P aan, die met hun

mogelijke junks te bestempelen bonds, van

hebben staan en daarmee uw pensioen

“non-investable grade” wat een mooi ander

36% naar slechts 1,7% waarvan er uiteindelijk

beheren. Geen wonder dat zij er ook niets van

woord voor “junk” is, maar liefst 95% fouten

1,6% failliet zullen gaan.

bakken. Weinigen gegeven Zoals met alles in het leven, is echter de rek in de aankoop niet

wisten te maken in de beoordeling van die “junks”. Van de 36% junks ging er namelijk

Ex-Junks

eindeloos en dus maar beschikbaar voor een

uiteindelijk 34,4% NIET failliet. En aangezien

Aangezien één en één twee is, kunnen wij

beperkte groep. Als er te veel vraag komt,

34,4 gedeeld door 0,36 uitkomt op 95,5 kan

vanaf dat moment kiezen uit 36% min 1,7% is

stijgt uiteraard automatisch de afgiftekoers

dit als het foutpercentage worden beschouwd.

34,3% EX JUNKS. De keuze is aan ons, of wel

van de obligatie en daalt het rendement. Het

Met andere woorden, ruim 95% van de

in praktijk aan Ron Boer. Logisch dat daaruit

is dus zaak er tijdig bij te zijn en bij de eerste

“junks” zijn geen “junks” maar moeten daar

dan weer de “high yields” gekozen worden

10 tot 15% van de emissiewaarde te zitten. Dat

wel onder lijden. De kunst is, om daarin wel

met de beste looptijden.

valt echter buiten mijn vakgebied en verwijs ik graag door naar de daartoe vergunning

het onderscheid te maken.

Methode

houdende instanties.

Waarom?

Het zal u niet verbazen dat wij een warm

Het zal duidelijk zijn dat een “junk bond” een

voorstander zijn van deze selectie aan de

Willem D. Okkerse (1946) is sinds 2003 CEO van het

hogere couponrente biedt dan de “investable

poort. En wat nog veel interessanter is, is de

OK-Rating Institute, de eerste in de Benelux gevestigde

grade”, de non-junks. Vaak noteren de

verbetering van uw rendement. Vergeet niet,

Credit Rating Agency.

junk bonds onder pari, d.w.z. lager dan

dat banken op grond van uw profiel veelal al

26


At NIBC, entrepreneurial bankers start at the deep end As a trainee banker at NIBC, you also have a daily job. Your assignments and responsibilities start from day one. And you’ll have the chance to specialise, in for example mergers and acquisitions. You and your fellow analysts will follow our incompany training programme at the Amsterdam Institute of Finance, led by professors from international business schools. A flying start at the bank that thinks and acts like entrepreneurs. For more information, visit www.careeratnibc.com.

Financiële Goeroes

Oost en West, Twee Mentaliteiten AMSTERDAM - Ik heb net een reis van twee weken achter de rug. Eerst reisde ik door Europa, afgelopen week was ik in Azië. En als ik in twee woorden het contrast moet uitleggen kies ik voor ‘bijziendheid’ tegenover ‘illusie’.

Steen Jakobsen In Europa hebben we een tunnelvisie. We zijn

$4000 per hoofd van de bevolking (wanneer

Gebrek aan iPhones

vooral bezig het hoofd boven water te houden

volgens de Wereldbank groei een grotere

Nog een belangrijke verrassing in Azië was

tot het volgende kwartaal. In Azië spreekt men

uitdaging wordt) is een goede kandidaat, mits

het kleine aantal Apple producten. Alleen in

over een oververhitte onroerendgoed markt,

voorzien van een mix van de juiste politiek en

Hong Kong zag ik iPhones, maar dan in de

de gevolgen van het wereldwijd geld drukken

openstaand voor particuliere investeringen

handen van expats. En daar zijn er overigens

en over hoe het oude, grote Azië het aan het

naast

is

iedere keer dat ik daar kom minder van.

afleggen is tegen het jonge, kleinere Azië.

Indonesië weer een rijzende ster, maar Afrika

Samsung is daar overduidelijk dominant.

Terwijl men in Azië uitkijkt naar de volgende

is op die basis al lang een favoriet van mij.

Onder aan de streep resteert dit: Azië is

trend en naar manieren om geld te verdienen,

In veel opzichten voelt Azië als 1997/98, een

flexibel en dynamisch gebleven. De relatieve

viert Europa de ‘crisis-bestrijding’ en nieuwe

enorm positieve instroom van buitenlands

macht verschuift naar economieën met een

records in de werkloosheid. Nergens in Europa

kapitaal en geweldig met zichzelf ingenomen

gemiddelde omvang, maar de totale groei in

willen beleggers die ik ontmoet praten over

beleggers. En van Myanmar tot Maleisië

Azië zal terugvallen naar een meer houdbare

de volgende generatie succeslanden of over

beleggen ze in de groeiende middenklasse van

omvang van 4-5 procent per jaar, terwijl ik

hoe we weer naar een normale situatie terug

Azië. Klinkt goed, maar volgens mij zit er ook

in Europa frustratie tegenkom en gebrek aan

kunnen keren. Het enige wat zij willen is hun

een element van illusie in. Velen vergeten, als

bereidheid om de noodzaak tot verandering

goudstaven oppoetsen in afwachting van een

zij voorspellen dat China en India de nieuwe

te accepteren. En het gebrek aan Apple

nieuwe systeemcrisis . Het voelt niet prettig

supermachten zullen worden, dat in 1600

producten in de handen van hippe Aziaten zal

aan en illustreert de noodzaak de mentaliteit

China en India al goed waren voor bijna de

door de media en analisten worden genegeerd.

van het schuld-overladen Europa tegenover

helft van het wereldwijde BNP.

Maar de verandering is niet subtiel, ze is

politieke

stabiliteit.

Ook

dan

immens en dat zijn ook de veranderingen in

het spaarzame Azië te veranderen, en snel ook. In Azië hoorde ik alleen maar lof over

Megasteden

de groeimachines van de wereld. Beleggen in

Indonesië en Thailand. Wat betreft China

Ik verliet Azië met een sterk gevoel dat het

BRIClanden zal teleurstellen, maar intussen

signaleren de meesten een duidelijke opleving

gemakkelijke deel van de groeicyclus in Azië

zullen landen met inkomens van onder

van de economische activiteit , maar niemand

achter de rug is. Enkele slimme beleggers en

de $4000 per hoofd van de bevolking alle

denkt dat die houdbaar is. China zal het

CEO’s die ik sprak vertelden me dat het echte

verwachtingen overtreffen.

volgens Europese en Amerikaanse begrippen

geld op straat ligt buiten de megasteden.

prima doen, maar andere Aziatische landen

Shenzen bijvoorbeeld heeft net de belastingen

Steen Jakobsen is chief economist van Saxo

zullen het nóg beter doen. Elk willekeurig

verlaagd om beter te kunnen concurreren met

Bank. Hij richt zich op ontwikkelingen in de

land met een inkomen van minder dan

Hong Kong.

wereldeconomie en de financiële markten.

28


Conference 2013

7 of March th

Martiniplaza Risk Magazine 03– 13


29

A New Era in the Financial World

T

he theme of this years’ conference is ‘A New Era in the Financial World’. Over the course of the past decade, the financial environment has changed significantly. Some of these changes can be seen as a direct result of the crisis, others are for most part unrelated to the financial events that caused and contributed to the crisis. Examples of the former are the increasing focus on the role of ethics in business and the emergence of the concept of recession-proof industries. Examples of the latter are the increasing scarcity of natural resources and materials, which brings along new risks and the dominance of tech giants due to the digitalization of the world. These examples of shifts in the financial world are believed to be of high interest in the new era. At the Risk Conference 2013 the following topics will be discussed:

The Dominance of Tech Giants Tech giants, aside from playing an increasing role in our society, are continuously growing in size and financial capabilities.These firms, like Apple, Google and Microsoft, have a general similarity: they can acquire any start-up or small firm because of their near to unlimited financial power. This could lead to a monopolization of the market.Entry for new competitors is hardbecause the market isdominated by a few players. This interesting trend gives rise to several questions: What are these tech giants’ plans for the future? Can we expect them to enter and take over other industries, such as Apple did in the phone and tablet market? Will they continue to grow or will they encounter steep declines like other tech firms have experienced in the past? Being the CFO of Bol.com, Marijn de Wit, will talk about this topic from his point of view.

Risk of Scarcity Any production process is fully dependent on its resources. However, natural resources and materials exist in a limited quantity. The increasing scarcity of given resources can have huge negative impacts on industries. Think for example about the dependence of energy firms on fossil fuels. To respond, industries will need to find ways to mitigate the impact of scarce resources. Rising scarcity of resources brings up several interesting questions: Which resources have a high level of scarcity at the moment? Which risks does their scarcity pose? What are the main causes of increasing scarcity of resources? Could speculation be one of the causes for scarcity?How can we control these risks effectively? Could this increasing scarcity bring new business opportunities through innovation? Tjerk Huysinga, Vice President Investor Relations at Shell, will address these questions in his lecture.

30


Risk Magazine 03– 13

Recession-proof Industries The majority of industries have been hit hard by the crisis, and stories of such continue to dominate the media. However, the impact on other industries, such as the biotechnology, pharmaceutical, food, entertainment, alcohol and arms industries, has been much smaller or non-existent. In fact, some industries even manage to make a profit thanks to the crisis. What is the secret of these recession-proof industries? How does the recession-proof industries’demand differ from other industries? What can industries that suffered from the crisis learn from them? Will all these industries remain profitable during economic expansion, or can some of them be seen as countercyclical? Martien van Osch is the CFO of Forbion, a venture capital firm focused on life sciences. He will share his knowledge about these recession-proof industries with us during his lecture.

Principle Before Profit or Profit Before Principle? Principle

The discussion of ethics in business remains complex, mainly because ethical limits are not universally defined. Put differently, there is no universal business pattern that defines all actions to be ethical. Nonetheless, triggered by the crisis, the discussion of ethics in business becomes increasingly the center of attention. Our aim is to elaborate on the role of ethics in finance in the future. What is the formula to make ethical investments? What makes a firm believe that their actions are ethical? Will next generation finance leaders be more concerned with business ethics than previous generations because of the crisis? Gert Dijkstra, Chief Strategy and Communication at APG, will address these questions in his lecture. Profit

Although the discussion of ethics in business is very actual, some firms and investors continue to maximize profit regardless of the social consequences. These consequences usually come as part of dilemmas. Think of the financing of a tobacco producer, which could create thousands of jobs or cause illness to thousands of people. From their perspective, as long as their managementand investments remain legal, no ethical boundaries are crossed. What are the limits of this type of management and investment? Will these limits change in the near future due to the increasing focus on the role of ethics in business? How come this type of investor/ manager is able to ignore his emotions when doing business, knowing that his action will have serious social consequences? Alessio Rastani, a professional stock market trader from the United Kingdom, will address this topic.


31

Program 09.00 – 09.30

Welcome with Coffee & Tea

09.30 – 09.35

Introduction by Chairman of the Conference Committee

09.35 – 09.50

Introduction by Chairman of the Day: Frans Weisglas

09.50 – 10.35

Lecture 1: Dominance of Tech Giants by Marijn de Wit

10.35 – 11.20

Lecture 2: Risk Of Scarcity by Tjerk Huysinga

11.20 – 11.40

Zuivelhoeve Break

11.40 – 12.25

Lecture 3: Principle before Profit by Gert Dijkstra

12.25 – 13.10

Lecture 4: Profit before Principle by Alessio Rastani

13.10 – 14.10

(Business) Lunch

14.10 – 16.10

Masterclass & Workshops

16.10 – 16.30

Break

16.30 – 17.15

Lecture 5: Recession-proof industries by Martien van Osch*

17.15 – 18:00

Discussion Panel

18:00 – 18.15

Closing

18.15 – 19.00

Drinks

19:30 – 22:00

Dinner at ‘Huis De Beurs’ **

22:00 – 02:00

Afterparty at Club Arcana

* During this lecture the speeddates with de Belastingdienst, Deloitte and Kempen & Co will also take place. ** Dinner is for the first 200 participants only. If you are selected, you will be informed about this shortly after the 32



Speakers Frans Weisglas

Former Chairman Dutch House of Representatives

‘Chairman Of The Day’ Frans Weisglas is known as a former Chairman of the Dutch House of Representatives. He fulfilled this function from May 2002 until December 2006. His election for this function was special, because he was the first chairman to be elected (and re-elected) by a democratic vote among parliamentarians. Mr. Weisglas studied Economics at the Erasmus University in Rotterdam. For years he has been the spokesperson of the VVD for Foreign Affairs. Before he started his political career in 1982, he worked for the Dutch foreign service and was a secretary to the Dutch Minister for Development Cooperation. After many years as a diplomat and politician, he now shares his knowledge and experiences with the next generations. He is a frequent speaker at conferences and also an ambassador at Terre des Hommes.

Marijn de Wit Chief Financial Officer of Bol.com

‘Dominance of Tech Giants’ Marijn de Wit is the Chief Financial Officer (CFO) of Bol.com. Bol.com is the Dutch market leader in the online sale of books, entertainment, electronic devices and toys. Mr. de Wit has studied Economics and Law at the University of Groningen. He received his master degree in Business Administration from INSEAD in France and Singapore. As the CFO and a board member of Bol.com he has responsibilities for Finance, Legal, Tax and HR. Mr. de Wit believes that the next decade will bring a new era in the way customers shop. In the Benelux alone, tens of billions of euros will migrate to the online channel which will fundamentally change the retail industry.



33

Speakers Tjerk Huysinga

Vice President Investor Relations of Shell

‘Risk of Scarcity’ Tjerk Huysinga is the Vice President Investor Relations of Royal Dutch Shell and responsible for all contacts and relationship management with current and potential institutional shareholders of Shell in Europe. In 1987 Mr. Huysinga graduated at the University of Groningen in Business Economics. He joined Shell in 1989 after concluding his military service with the Royal Dutch Navy. He started as an assistant treasurer for Shell’s metals marketing and trading business. After that, he held several functions at Shell varying from business analyst to finance advisor. During the period from 2002 till 2006 Mr. Huysinga held the position as Vice President Finance and Planning for Shell Energy Europe.

Gert Dijkstra

Chief Strategy and Communication of APG

‘Principle Before Profit’ Gert Dijkstra is Chief Strategy and Communication at APG. APG is the pension fund for government and education employees in the Netherlands. Mr. Dijkstra graduated from his study Business Administration at the University of Groningen in 1983. Later on in his career he attended the Harvard Business School. He started his career as management consultant at several consulting firms. After a five-year period at ABP Pensionfund, Mr. Dijkstra started his career at APG. Within APG he has held several functions, ranging from manager legal and tax to business development manager. Since April 2011 he holds his current function.

34



Speakers Alessio Rastani

Professional Stock Market Trader and Marker Educator

‘Profit Before Principle’ Alessio Rastani is a professional stock market trader and market educator from the United Kingdom. He is the founder and owner of LeadingTrader. com. He has studied Commerial Law and International Trade at the University of Westminster, London. Afterwards he studied Law at the University of Whales, Cardiff. His daily work is trading on the stock and currency markets with a team of experienced and professional traders. He is also training the next generation of traders by learning them key trading methods and strategies in simple step-by-step language. You might know him from his appearances on the BBC, where he gained fame and notoriety when he stated on live TV that he prefers to make money in downward markets or recessions.

Martien van Osch Chief Financial Officer of Forbion

‘Recession-proof Industries’ Martien van Osch is managing partner and Chief Financial Officer (CFO) at Forbion Capital Partners. Forbion is a venture capital firm focusing on life sciences (biotechnology and medical devices, all related to human healthcare). Mr. van Osch graduated in Econometrics at the University of Groningen in 1995. Afterwards he started working at ABN AMRO, where he eventually became an investment director of a life sciences team. In 2007 he was one of the founding partners of Forbion. Currently he divides his time between the management of Forbion and the primacy business of a venture capitalist: scouting for new opportunities to invest in, managing investment processes and portfolio management of existing investments until a profitable exit can be achieved. Forbion tries to achieve a profitable exit through active involvement in the board of directors of the investee companies.



35

Workshops The following companies will give a workshop during the Risk Conference 2013

Speeddates It will be possible to have a speeddate with the following companies at the conference:

Business Lunch There will be a business lunch with De Belastingdienst

36



Sponsors



37

Impression Risk Conference 2012

SIGN UP NOW! www.riskconference.nl 38



Mazars is ontstaan uit een fusie tussen Mazars en Paardekooper&Hoffman

⎥ ⎦ W. we∼ kΨn bij mΕz ars . ⇔←

Ga verder met Mazars.

© 2012: Ernst & Young Nederland LLP. All Rights Reserved.

Lang leve de eerste keer.

Je eerste gesprek met een klant. Je eerste presentatie. Je eerste optreden voor een volle zaal. Het zijn drempels waar je overheen moet. En iedere keer leer je. Ook als het een keer minder goed gaat. Maar dan moet je wel werken in een organisatie die je steunt. Die erop is gericht je beter te maken. Zo’n organisatie is Ernst & Young. Kijk voor jouw mogelijkheden op ey.nl/carriere

Verenigingsnieuws

Traders Trophy 2012


Verenigingsnieuws

41

Review Traders Trophy On the 6th of December, the qualifying

had set up a lounge. Also, there was a contest

final. They all did very well, but unfortunately

rounds for the worldwide Traders Trophy

regarding who did the Optiver calculus test

the prizes went to a student from Maastricht.

took place in Groningen. During three

best. The day was closed with drinks and the

The Traders Trophy is organized annually in

preliminary rounds, about 70 students from

award ceremony, where Jaap de Vries, just

the fall, if you are interested: keep track of the

different backgrounds and nationalities got

as last year, was named best student trader

Risk Website and the Risk Newsletter.

to learn more about what it is like to be a

of Groningen. Together with Pieter Zandee,

trader. The simulation game showed how to

Marit van de Kerkhof, Tom Ruiter and

trade with one piece of stock and took about

Steffen Ericksen, he went to the nationwide

an hour to finish. Via a tutorial and some

final in NYSE Euronext at Beursplein 5 in

questions about general and specific financial

Amsterdam to compete for the two tickets

topics the contestants got warmed up for the

around the world and a spot on the worldwide

actual simulation game. During this game, one share was traded with the market and the other competitors in the room. To do this, everybody had to answer and make phone calls, causing a lot of noise in the room. In order to be the best, you had to make good returns, take limited risks and be good to your ‘customers’, which means you had to answer your calls quickly. During the breaks and in between sessions, everyone could talk to traders and recruiters of sponsor Optiver, who

42

Verenigingsnieuws


Review Investor Evenings On the 26th of November the third Risk

Evening which ended a very interesting and

investment evening took place. We had the

successful night.

honour to welcome Fidelity. All seats were taken, reflecting how popular the topic

Our fourth Risk investment evening was held

was this time. The theme of this evening

on the 17th of December. On this evening the

was “emerging markets”, prestented by

presentation was given by Robin Jansen,

Martijn Moens and Richard Feenstra. First a

Head Investor Relations at D.E Master

presentation about Fidelity was given. Fidelity

Blenders 1753, leader in the coffee market

is one of the biggest mutual funds in the world

with brands such as Douwe Egberts and

accounting department some 5 years ago.

and is active in more than 140 countries. They

Pickwick. Last summer D.E Master Blenders

This failure had to be solved and the investors

told us about the work atmosphere at Fidelity

1753 launched their stocks on the AEX

and stockholders had to be informed about

and their career opportunities for Finance

index after it separated from the American

the situation. It was better for D.E Master

students. They also gave their opinion on

enterprise Sarah Lee. Robin Jansen, as

Blenders to inform their stakeholders about

which countries are still emerging markets

head of investment, was responsible for

this failure themselves rather than having

and the ones that are no longer interesting,

the roadshows. One of the roadshows

them find out through another source. After

such as Brazil. One interesting sector was the

was a two-day show in the Gasfabriek in

Mr. Jansen had answered all our questions,

Nigerian beer industry. Research showed that

Amsterdam to promote and inform investors

we ended the evening, as we always do at a

when economies grow, and simultaneously

about the stock D.E Master Blenders 1753.

Risk Investor Evening, with an informal

the wealth of the citizens of that particular

Furthermore, Mr. Jansen talked about the

social.

economy,

rises

launch, their new vision and the influences

exponentially. This fact was also brought

of the fraud in Brazil. This fraud was caused,

We hope to see you all on our fifth and last

into practice at the social after the Investor

as Mr. Jansen explained, by a failure in the

Risk Investment evening of this year!

the

beer


consumption

Verenigingsnieuws

43

Pictures

(Traders Trophy: 06-12)





(Investor Evening 3: 26-11)

44


Verenigingsnieuws




(Risk Dies: 11-10)

(Risk Dies: 11-10)


(Risk Dies: 11-10)

Verenigingsnieuws

45

Soms ben je bescheiden Soms moet je laten zien wie je bent Lieske Uitterhoeve werkt als junior adviseur Deals bij de Advisory praktijk van PwC. Na haar Bachelorstudie International Business en haar Masteropleiding International Economic Studies die ze beide in Maastricht volgde, heeft zij haar Masterdiploma International Development Studies in Amsterdam behaald. Na 1,5 jaar werken bij PwC deelt zij graag haar ervaringen. Met een gemixte achtergrond van bedrijfskunde, economie, interesse in internationale ontwikkeling en een reislust in ontwikkelingslanden, kwam ik in september 2011 terecht bij PwC. Na een half jaar in het buitenland gewoond te hebben voor mijn afstudeeronderzoek en scriptie, had ik veel zin om aan de slag te gaan. Op de website van werkenbijpwc en door contact op te nemen met een recruiter kwam ik bij de vacature van het Strategy & Economics team terecht. Na verschillende leuke gesprekken en assessment mocht ik aan de slag. Dit bevalt me heel goed. De duur en inhoud van projecten verschilt per keer. Projecten duren soms 2 maanden, maar een project van 2 weken is ook niet ongewoon. Opdrachten verschillen van het maken van economische modellen over een politiek relevant onderwerp in de gezondheidssector tot een Commercial Due Diligence onderzoek voor een Private Equity partij. Wellicht trek ik in de toekomst nog richting het buitenland, want internationale ontwikkelingsvraagstukken houden mij nog steeds bezig. Maar voorlopig kan ik mijn financiële en economische kennis verbreden en analytische vaardigheden ontwikkelen in de advieswereld.

‘Je hebt alle mogelijkheden voor een mooie carrière, maar je hebt het zelf in de hand.’ Bij PwC word je niet aan je handje meegenomen. Vanaf moment één is mij ook gezegd: ‘Je hebt alle mogelijkheden voor een mooie carrière, maar je hebt het zelf in de

hand.’ Niets is minder gezegd. Er is ontzettend veel ruimte voor ontwikkeling. Tijdens projecten kun je aangeven waar jij je in wilt ontwikkelen en coaching over wilt ontvangen. Daarnaast zijn er vele cursussen beschikbaar om jezelf persoonlijk en inhoudelijk te ontwikkelen (bij voorbeeld klantgericht communiceren of een cursus presentatievaardigheden). Zowel on-the-job coaching als cursussen ervaar ik als zeer belangrijk om mezelf continu scherp te houden. Bij PwC en in mijn eigen team zijn we er ook steeds meer op gebrand kennis met elkaar te delen. Zo houden we bijvoorbeeld maandelijkse Learning lunches met het team en neem je als New Joiner deel aan bedrijfsbrede Peer Group sessies. Ik vind het erg interessant en leerzaam om van mijn Peers te horen hoe zij het werkende leven bij PwC ervaren.

‘Het is ook belangrijk leuke collega’s om je heen te hebben waarmee je een borreltje kan drinken en een gezellige avond kan hebben.’ Er is ook ruimte voor andere activiteiten . Zo ben ik het afgelopen jaar actief geweest binnen de commissie YoungCR. Samen met 6 andere teamgenoten hebben we een geweldig event neergezet in het teken van Corporate Responsibility en houden we ons bezig met het integreren van CR op de werkvloer. Natuurlijk draait niet alles om werken en is er ook ruimte voor gezelligheid. Ik vind het belangrijk om leuke collega’s om me heen te hebben waarmee je een borreltje kan drinken en een gezellige avond kan hebben. Tijdens

borrels komen de mooiste verhalen, maar ook goede initiatieven naar boven. Zo hebben we met een aantal fanatieke hardlopers in 2012 de Amsterdam Halve Marathon gelopen en staat dit jaar de Dam tot Dam op het programma! Dus, waarom PwC? Ik zocht een combinatie van intellectuele uitdaging en de mogelijkheid mij te ontwikkelen tot adviseur in een leuke, inspirerende en uitdagende omgeving. Bij PwC heb ik die gevonden.

Lieske Uitterhoeve Analyst Deals – Advisory PwC In september start het Deals Traineeship. Dit is een nieuw traineeship waar de afdeling van Lieske onderdeel van is. Houd voor meer informatie de werkenbijpwc website in de gaten! In de agenda hieronder vind je een werkweek van Lieske. Spreekt dit je aan of wil je meer weten over PwC en net zoals Lieske (kennismaken met) werken bij PwC? Bezoek dan de website www.werkenbijpwc.nl of neem contact op met een van de recruiters.

Risk Investment Team Beleggen met andere studenten

Ten opzichte van het vorige Risk Magazine is er weer het een en andere veranderd in onze portefeuille. Spectaculaire veranderingen in zowel positieve zin als negatieve zin, waarmee het netto op een winst van 1,55% per deelnemer uitkomt.

Laten we beginnen met het goede nieuws.

dan dat het meer dan uitstekend is gegaan. Op

onderzoek in te stellen naar de afsplitsing.

Samsung is met een winst van 24,10%

20 december werd de 10% al aangeraakt op

Hierna ging het fout. Het werd stil rond de

verkocht. Op het moment van aankopen

zijn, op dat moment, all-time-high. De dagen

afsplitsing en tegenvallende cijfers drukte

hadden wij verscheidene redenen om er

erna daalde het aandeel. Momenteel handelt

op de koers van het aandeel. Daarbij werd

vanuit te gaan dat het aandeel binnen een

hij iets hoger dan verkoop, namelijk op 46,75

de tijdswaarde van de optie steeds minder.

half jaar tijd een mooi rendement zou kunnen

euro, dit is 0,75 euro meer. Maar met 10% in

Uiteindelijk is de optie verkocht, waarbij de

opbrengen. Ondanks een minder goed begin,

anderhalf maand hoor je waarschijnlijk maar

aankoopwaarde praktisch was verdwenen.

hebben we na negen maanden besloten het

weinig mensen klagen.

Achteraf kunnen we dus niet anders stellen

aandeel te verkopen. Langer dan bedoeld,

dan dat het idee achter de speculatie juist was,

maar dankzij het aanpassen van stoplossen

Nu denk je misschien, waar komt dan

maar dat het niet zo uitpakte als we hadden

waren we instaat ons minimale koersdoel

die stijging van 1,55% vandaan? Dit heeft

gehoopt. Uiteraard een teleurstelling, maar

(15%) vast te zetten en, indien de prijs verder

uiteraard

op het gebied van beleggen gaat nu eenmaal

zou stijgen, hiervan te profiteren. Een ander

ontwikkeling die onze ASMI optie met zich

succes verhaal is DSM. Niet de eerste keer,

meebracht. Van de rest van de producten in

de vorige keer hadden we op dit aandeel in

onze portefeuille kunnen we stellen dat deze

Het Risk Investment Team bestaat uit 25

een half jaar tijd 30% gepakt. Tijdens de

vrij vlak zijn gebleven. Voor ASMI staat, nog

studenten. Het doel van het Risk Investment

vergadering van 12 november is besloten

steeds, een mogelijk afsplitsing voor de deur.

Team is om ieders kennis te vergroten, met

om weer in dit bedrijf te stappen. Ten eerste

Eén die ASMI zelf erg veel cash kan opleveren.

een leuk rendement. Mocht je interesse

omdat we nog niet in de nutrition markt

Voorheen was deze afsplitsing bij de CEO

hebben in het Risk Investment Team, bezoek

zaten, diversificatie is immers een belangrijk

onbespreekbaar. Desondanks begonnen er

dan eens www.riskinvestmentteam.nl!

aspect van een goede portefeuille. Er werd

toch geruchten over een mogelijke afsplitsing

verwacht dat deze markt zou blijven groeien,

te circuleren. Graag wilden wij hierop

en 70% van DSM haar omzet komt ook uit

inspelen en met weinig geld in dit potentiële

deze markt. Daarbij had DSM een paar goede

geldmijntje stappen. Daarom leek een optie

acquisities gedaan die goed zouden zijn voor

ons een goede keus. Binnen no-time stond de

een bijdrage van 250 miljoen euro per jaar

optie op 40% winst. Immers: Rumours sell.

(EBITDA). Ons koersdoel was 10%. Als je de

De voorspelling leek uit te komen, zelfs de

grafiek erbij pakt kun je niet anders zeggen

CEO had gemeld er voor open te staan en een

48

Verenigingsnieuws

te

maken

met

de

negatieve

niet alles zoals je had hoopt.


Agenda Graduates


T. Jansen

MSc BA Organizational and

Management Control

H. Visser

MSc Economics

S. Visser


Management Control

F. Voortman


Management Control

Verenigingsnieuws

49

Agenda Calendar February 2013 25

Risk Investment Team

March 2013 1

Former Risk Boards Dinner

7

Risk Conference

13

Active member thanking dinner

18

Generel meeting of members

April 2013 23

50

Verenigingsnieuws

Eén Dag Accountant en Controler


www.werkenbĳpwc.nl

Soms wil je alleen de sfeer proeven Soms wil je het onderste uit de kan In Barcelona voel je het bruisen. Van de Sagrada Familia tot Parc Güell; er hangt iets moois in de lucht. De stad is continu in ontwikkeling en daarmee is het de aangewezen plek voor zowel een prettige als pittige business course. Heb jĳ de ambitie om jezelf verder te ontwikkelen én wil je PwC en je toekomstige collega’s leren kennen? Schrĳf je dan in vóór 7 oktober 2012.

Kom verder met de Audit Course Barcelona

Wanneer, wie en hoe? Van 22 tot en met 25 november 2012 3e- en 4e- jaars studenten met ambities binnen Accountancy Meld je vóór 7 oktober 2012 aan op werkenbijpwc.nl/auditcoursebarcelona

Volg “werkenbijpwc” op Facebook en Twitter

© 2012 PricewaterhouseCoopers B.V. (KvK 34180289). Alle rechten voorbehouden.

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Met een eigen vermogen van ruim €10 miljard en een premieomvang van €20 miljard zijn we het grootste verzekeringsbedrijf van Nederland. Dat betekent een enorme verantwoordelijkheid als Financial Management Trainee bij Achmea. Een uitstekende start van een veelbelovende carrière bij Achmea. Kijk op www.werkenbijachmea.nl voor meer informatie.

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