tag:blogger.com,1999:blog-40739913689631400152024-03-18T03:01:13.343+00:00Labour And Capital"either an idiot... or possessed of a dangerous agenda and very cunning"Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.comBlogger2516125tag:blogger.com,1999:blog-4073991368963140015.post-14480939162917622622024-01-03T11:41:00.001+00:002024-01-03T11:41:12.879+00:00Goodbye to all that <p>Sad to say goodbye to this, but I'm not blogging here anymore. </p><p>The good news is that I am doing a free substack newsletter called The Social Factor <a href="https://tompowdrill.substack.com/">here</a>.</p>Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.com0tag:blogger.com,1999:blog-4073991368963140015.post-34079368109635743332023-08-04T21:08:00.002+00:002023-08-04T21:08:55.679+00:00Airline turnout<p>Wizz Air had its AGM this week. Once again very low turnout, due to disenfranchisement of non-EU shareholders in order to meet ownership & control requirements. This is of course an issue across the sector (and TUI had other issues this year), so I've put AGM turnout from 5 airlines operating in the UK into one chart. Ryanair still has its AGM to come but unless turnout there more than triples the average turnout across these 5 will fall again this year. </p><p><img src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAeIAAAHNCAYAAADCE3hAAAAAAXNSR0IArs4c6QAAIABJREFUeF7sXQd4k2XXvpt0pXtPSssesqFAGbJkKog4UdHP8QH6Cfy4RUTFzXSAIiqCExRRGSob2Xvv2ZbSUjqgeyf/dZ43bxYpTdORtDnnunK1Td5n3c/b3O85zxlOYGEEGAFGgBFgBBgBmyHgRCMnJCRoCgsLbTYJHpgRYAQYAUaAEXBEBNRq9b+CiM+cOaNp3ry5I2LAa2YEGAFGgBFgBGyGwNmzZ8FEbDP4eWBGgBFgBBgBR0eAidjR7wBePyPACDACjIBNEWAitin8PDgjwAgwAoyAoyPAROzodwCvnxFgBBgBRsCmCDAR2xR+HpwRYAQYAUbA0RFgInb0O4DXzwgwAowAI2BTBJiIbQo/D84IMAKMACPg6AgwETv6HcDrZwQYAUaAEbApAkzENoWfB2cEGAFGgBFwdASYiB39DuD1MwKMACPACNgUASZim8LPgzMCjAAjwAg4OgJMxI5+B/D66zQCarUaly9fho+PD/z9/ev0WnjyjICjIsBE7Kg7X4fWfe3aNfTr10/M+P/+7//w3//+96bZr1mzBi+//DKee+45PPPMM7dc3X333YdTp05h//79UKlUmD59OpYtW4bFixcjNjbWJshYskbDie3ZswevvvoqtmzZonubirb0798fY8aMQY8ePYzW8fPPP+Pdd98V740fPx4TJkwwu87ExEQMHTpUfNamTRuBCwsjwAjULAJMxDWLL/deDQjMnz9fECxJ69atceLEiZt6JaJ5+OGH8fbbb2PatGm3HLV9+/Y4evQocnNz4enpiXHjxmHhwoXYtGmTjvCrYdqV6sKSNcodzpgxA6+88or409vbG7169cKFCxdA/8yy/Prrr6AHDlkM+yfCPnPmjNn5ffLJJ+Jhh6RTp044cOBAuevIz89HWFgY2rVrh+3bt1dqvfZ88b///ovhw4eLe+7999+356ny3OoJAkzE9WQj6/MyZOKU13j48GHQe4aSlpYmyKVhw4bidSsxJeLz58/j6tWraNu2LXx9fW0CpSVrpIlt3LgRd9xxh5jj7NmzBWkqFArxd0pKCr788kvxMEJCawoNDRW/GxIx/X3kyBFBoKbStWtX7Nu3zyIizsvLg5eXF25F7DYBs4qDrlu3DoMHDxZWg08//bSKvXFzRqBiBJiIK8aIr7AhAocOHRKaGZFGnz598Nlnnwlt8MMPPzSaVWFhIa5fvy7OSknLpbPTixcvCqIgrY1Iaffu3Rg5cqQgcUONODs7G0QqQUFBcHFxEb8TqRGJUV/nzp0TpuzGjRujVatW4hpTIe2QNHUyMdNco6KiLEbN0jWWlJSgQ4cOOHnyJObMmYPJkyebHeOBBx4AacSElWxJkIm4QYMGSEpKElYDmbDlTi5duiTWKF9zK42YrAmEL2FJ12/evBkhISHw8PBAfHy8wC08PNxofjRuUVERmjRpIt7PyMgQe0YPTs7Ozti2bRsiIiLEq7L437hxQzxc0BpiYmLQsWNHo4eq0tJSi+ZFD3SrV6/Gk08+iUcffRRvvvkmoqOjze65xRvMFzICFSDARMy3iF0j8MILLwjSIVIhEurdu7f4wr9y5Yr48pbF1DRNX/JErHfffbcgl7lz54pLNRrNTURsapqW+6Kz47/++ksQuCxkGqdz2eDgYN17RHpEfoZCJPb7779XqJ1TG0vXSKbzAQMGCOKjhwN3d3eze3fs2DEx72bNmmHUqFHiGpmIaSzSpAkTMmcbCmH0/PPPiwedjz766Jam6R9++EGcRRvKF198IUz7LVu2xMCBA0GapaHcdttt4iGCHnSIsOV1f/PNN3jvvfcEsZMGSvtGxwxVwZ9M9nTc8NBDD4kpkLXEknlNnDgRNB9DITzpvJyFEagpBJiIawpZ7rfKCJD2RISXk5MjNCT6nbQl0jrXr1+vM9HSQOURsTyJnj17CmKhL/qKzojlvqgtfaGT9kg/6YGA/mFIE6XfSX777TdxFkufv/HGG0IL/Pvvv/HTTz+JBwYinsDAwHKxqMwayexMjlb/+c9/8O2331YKX5mI33nnHezduxerVq0S57+EiSydO3fGwYMHsWvXLsTFxd2SiMmc/88//wjzrYwNOYgplUqLCM+QiGWc6Vz2qaeeQmpqqiBiS/DfsGGDIH0SesAgiwU54cl+AnR2TXtvKRFT2+XLl4sHP3roe+yxx3DvvfeyR3ql7ja+uLIIMBFXFjG+vtYQ+PPPP4Up+c477xTmQhLS1shZyZSMbkXEpg5clSHihIQEnVZLBNatWzf07dtXmGKJRJs2bSpMvWvXrsWgQYN02BChLFq0CPPmzcP//ve/cjGrzBpJWyWtlTRFIn1Z6CHFHDGTCf2ll14Sl8lETG1JUx49ejRee+01nTMSESu9T6S2YMECYT6uyFnL3BmxpYRnSMRE5PRFREcIhg9V9Put8KfP5b0k8iTClOX7778XJEpe8LRvlZkXnxHX2r84D6RFgImYbwW7RYBImIjql19+wf333y/mSY5E5FBEQpoynQEbfnnLpCubpukz0rBIO5XFUiIeO3ascH6SpaCgQJhUqS/qUz7bJVMxnYuSNiiLbEamUCAyE5cnlVkjPXwsWbLkpvNh0my7dOlidggyxZsS8aRJk8T5Kc2bwpWcnJwwa9YsQdpklqUHjdokYjJR0/iyyA9VFeFP57nyvtI5PxG6LFlZWfDz8xN/0tk6meEtMU3T/jIR2+1XQr2dGBNxvd3aur0wcq6SnX3oXJacf2SRvXrJ/Eua3a2IWNaIDNGwlIjNhUIRadEXPn3xmzsbNkX9VlplZddIccCkCRuaxmk8chSjc0zDBwY57tocEVMfskMXnX+Tli9jQuRGa6tNIqYHFTl22dxeGmJqiL9soejevbswp5sKOcyRtYIeksiZj4m4bn8n1OfZMxHX592tw2szjGc11GZpSaSZkjZMISZ0TnkrIjb3JW0pEX/wwQciaUZ5RCA7LJFmSR625oTOtMtLnlHZNcrEXx7xyOOT97bsXFQeEZMpl6wMpAVTghQKQZK1d3Kaqm4ipnnIYVamzlqmZn1ZI64I/61btwpPenOOYeQlLXu3Z2ZmCr8Cc0Rsbl6sEdfhL446OnUm4jq6cfV92rKHralTFq2bUjrKscLkPU1kV94ZcU0S8c6dO4UjED0okHZL2posFJZD4TiRkZEgJyhzUtk1knmVzqRJSAOktZmT119/XXf2Wx4Ry+e7NHcyVVMbMnvTuWp1EDHhYpjkg86xaZ9IqouIyaxOoUUkZBWgLGmyUHgaPXDJ1gv5jNiSeTER1/dvF/tbHxOx/e2Jw89IPvM0F6Ykg0PZpHbs2CGclyiphS2ImM4hyfxJ2jmZyw3PaclB6/PPPxeOZbLDlOHGWrNGak9pPGfOnCnCj1auXAkic0ORvbjl98ojYvr8kUceEd7dspDmSPmqK0vEhqFQRIh0jEAESA8ndOZKQpYFComqTiIuKysTMcNkfiZfghEjRujWQscKb731FuRz5srMSyZi8lCnkCwWRqCmEWAirmmEuf9KI0BnoB9//LHZxB1yZ0RyRHaUPIMSOdiCiGku8jyIeOiLPyAgQIQvkYMZPUhQIhB6z1SsWSP1QaRPZ+ZEPiQUJ03JK+gMlDRwejghYiwuLhbX3IqIicipPQmFDtHfJJYSMfVNns5k9qXEIeRMRtq/HAZFGjuZuykTGsVUy1JdGjH1R7mw5VhhCs0iYqaHHLp/SMgbXE4gYum8ZO2Z9pT2iY4WKLaZhRGoKQSYiGsKWe7XKgTobI+IiwiHYlqJZMxJcnKyMPuSENnRlz05bsmhPaTdUfyuqSmSrpfPiGVCoCIRFLJDiTrozHHp0qWiL9LgSAM1FENnIXqfMngRGZueAxMJUUIJSptpKtaukc44SciZijQ+OZZZ7p+Ig0K9KFaaiIjyJJsSMTl8kRmaRPYCp9/pvJs0ZBJybmrUqFGF4Ut0rWHea9IeSYskIqM0nPLDAj0Y0Dk0nenSQ4psRn7xxRdF7K/p8UNl8Kc5UJgYhYsZCp3b04OF4f1j6byon7vuugtUSISEE3pY9a/MjSqBABNxJcDiSxmB8hAgcjx+/LgoJEHmakosUdNChEYZtujMnEiaND/Dc+qaHl/uPz09XZz70oORnO2MHgAoBpjmSFjU9LwId3JSo7kQFvQgITuHGeJQmXkRrhSSJp9t1xaePI7jIcBE7Hh7zitmBBgBRoARsCMEmIjtaDN4KowAI8AIMAKOhwATsePtOa+YEWAEGAFGwI4QYCK2o83gqTACjAAjwAg4HgJMxI6357xiRoARYAQYATtCgInYjjaDp8IIMAKMACPgeAgwETvenvOKGQFGgBFgBOwIASZiO9oMngojwAgwAoyA4yHAROx4e84rZgQYAUaAEbAjBJiI7WgzeCqMACPACDACjocAE7Hj7TmvmBFgBBgBRsCOEGAitqPN4KkwAowAI8AIOB4CTMSOt+e8YkaAEWAEGAE7QoCJ2I42g6fCCDACjAAj4HgIMBFbuOe//fYb3N3dRb1XWagA+caNG0H1ZXv16oXbb79dfESl1v766y/s27cPvr6+orZps2bNLByJL2MEGAFGgBFwJASYiCvYbQKICJWKhPft2xdjx44VLU6fPi2K0FMBeKq3+t133+Hpp58WheWJtP/44w+MGDECRUVFWLt2LT788ENdIXtHusF4rYwAI8AIMAK3RoCJuII7ZMWKFaLg+Pnz59GzZ08dEc+cOVMUHn/hhRdED1988QUuXbqEGTNm4PHHH8ejjz6KgQMHis+effZZ9OjRQ7zHwggwAowAI8AIGCLARGzh/UDab1hYmI6IJ0+ejAEDBgizM8mff/4JIu0vv/wSTz75JD744ANER0eLz9555x24ubnh5ZdftnA0vowRYAQYAUbAURBgIrZwp02JmLTeJ554QpirSXbt2oXPPvsMH330EV555RV8+umnCAoKEp8ROScnJ+Ptt9+2cDS+jBFgBBgBRsBREGAitnCnTYmYzoOHDx+Ou+++W/SwZcsWLF++HG+++SYmTZqEd999F40bNxafESmTo5d8vmzhkHwZI8AIMAKMgAMgwERs4SabEjGZmZs0aYJx48aJHn744Qeh9RIJk6Y8YcIExMXFic/oWjJjDx482KLR0tPTkZmZadG1fBEjwAgwAoyA7REICAjQWUErOxsmYgsRMyXi33//XZwJz5kzB2lpaZg1axZGjRolzozfeustFBQUCFP0tm3b8O233+L9999HTEyMhaPxZYwAI8AIMAKOggATsYU7TQ5XoaGhOvMyxQ4TOZM3NUnLli0xdepU4UlNGu2rr76K/Px88dk999yD+++/38KR+DJGgBFgBBgBR0KAibiKu03asFKpBJklDIWSeiQlJSE4OFicD7MwAowAI8AIMALmEGAi5vuCEWAEGAFGgBGwIQJMxDYEn4dmBBgBRoARYASYiPkeYAQYAUaAEWAEbIgAE7ENweehGQFGgBFgBBgBJmK+BxgBRoARYAQYARsiwERsQ/B5aEaAEWAEGAFGgImY7wFGgBFgBBgBRsCGCDAR2xB8HpoRYAQYAUaAEWAi5nuAEWAEGAFGgBGwIQJMxDYEn4dmBBgBRoARYASYiPkeYAQYAUaAEWAEbIgAE7ENweehGQFGgBFgBBgBJmK+BxgBRoARYAQYARsiwERsQ/B5aEaAEWAEGAFGgInYynsgOTkZS5cuBZVBbNGihag57OvrK3pLTEzEmjVrkJKSgrZt22LUqFGiVCILI8AIMAKMACNgigATsZX3xNixYxEVFYXevXtj48aNyM3NxezZs5GXl4dJkyaJOsTDhg3Dr7/+Koh6woQJVo7EzRgBRoARYATqMwJMxFbsLoH21ltv4auvvoKnp6fQfF944QXMnDkTx48fx7Jly7Bo0SLR844dOzB//nzxt7u7uxWjcRNGgBFgBBiB+owAE7EVu3vkyBF89NFHWLJkCVxcXJCUlISXX34ZEydOxOnTp0Fm6ylTpoieL168iKlTpwqSjoyMtGI0bsIIMAKMACNQnxFgIrZid9VqNZ544gl0794dt99+O37//XecPHkSTz/9NPbu3QsPDw9ByiQ5OTkYN24cpk+fjqZNm1oxGjdhBBgBRoARqM8IMBFbubu7du3CN998g/z8fLRp0wanTp3CG2+8IZy0iHynTZsmek5PTxekvHDhQnh5eVk5GjdjBBgBRoARqK8IMBFbsbPkmHXhwgW0b98eGo0GmZmZwhmLzoxJO969ezfmzZsnej569Khw4iIztqVC5E19sjACjAAjwAjUDQQCAgIQFBRk1WSZiK2ALTs7G+PHjxeabocOHfD5558jIyMD7733niBo0ownT56MmJgYzJo1S4Q1yWfGVgzHTRgBRoARYATqMQJMxFZu7nfffYf169eL1iqVSpAwhSyR/PTTT1i9erX4nczRM2bMgJ+fn5UjcTNGgBFgBBiB+owAE3EVdreoqEicAZvzhibzdVZWFntKVwFfbsoIMAKMgCMgwETsCLvMa2QEGAFGgBGwWwSYiO12a3hijAAjwAgwAo6AABOxI+wyr5ERYAQYAUbAbhFgIrbbreGJMQKMACPACDgCAkzEjrDLvEZGgBFgBBgBu0WAidhut4YnxggwAowAI+AICDARO8Iu8xoZAUaAEWAE7BYBJmK73RqeGCPACDACjIAjIMBE7Ai7zGtkBBgBRoARsFsEmIjtdmt4YoxA/UCA8q+fOHEClG2OUr7edtttaNKkSf1YHK+CEagGBJiIqwFE7oIRYATMI0AkfOjQIRQXF+sucHV1RceOHZmM+aZhBLQIMBHzrcAIMAI1hsDKlSuFJmwqpBmPGDGixsbljhmBuoQAE3Fd2i2eKyNQxxCgSmTmpGXLlujUqVMdWw1PlxGoGQSYiGsGV+6VEXBoBBISEhAfH48rV66YxYHM0/fdd59DY8SLZwRkBJiIrbwXMjIysGnTJnH+1bp1awwYMADh4eGit8TERKxZswYpKSlo27YtRo0aBaVSaeVI3IwRqBsI0DnwpUuXxCszM/OWk3Zzc8O9995bNxbGs2QEahgBJmIrAX7llVeEB2i/fv2wefNmQbrz588X52GTJk1CcHAwhg0bhl9//RUtWrTAhAkTrByJmzEC9o0A1d0m7ffixYsoKCgwmmxERAR8fHyQlJR001nxAw88AGdnZ/teHM+OEagFBJiIrQCZyHbs2LF4/fXXRSgGgfjWW2/hs88+w/79+7Fs2TIsWrRI9Lxjxw5B0PS3u7u7FaNxE0bAPhFITU0V2i8RsKk0a9YMzZs3h6+vr9FHq1evRnZ2tniPzojprJiFEXB0BJiIrbwDSCMmU5ysEVM3c+fOxeLFi5GcnIwpU6aInulLaurUqZg5cyYiIyOtHI2bMQL2gwBpv/Si+9xQ6EGTyJdedAZsTiie+MiRI+IjPz8/YTViYQQcHQEmYivvgK+//lqcEdPZb1lZmYiLfOmll/Dhhx/Cw8MDEydOFD3n5ORg3LhxmD59Opo2bWrlaNyMEbAtAvTQSQ+VFBdMpmhD8ff3F+RrSZKOvLw8/Pnnn7rmo0ePhpOTk20Xx6MzAjZGgInYig2gL6M33ngDzz77LHr16oWDBw9i1qxZePfdd8WXDJHvtGnTRM/p6emClBcuXCjOlFkYgbqEgHz+S18UJSUlRlOn818yLYeFhVVqSfQ/QoRM0rVrV35ArRR6fHF9RICJ2IpdXbdunTBB//DDD1AoFKKHxx9/HA8//DDS0tKwe/duzJs3T7x/9OhRzJ49G0uWLLF4JCLvirxOLe6ML2QErECAHiYpMoDuRUMh7TUwMBChoaFQqVRW9AwR0kTOjSSenp5o1aqVVf1wI0bAnhAICAhAUFCQVVNiIrYCtlOnTuGdd97BmDFjMHDgQBw4cACffPKJcMoiAiVtefLkyYiJiRGaMjmsyGfGVgzHTRiBWkOAzn7J4kOOWIZCxy10tHKr819LJ0laNoX3yUIPsCyMgCMjwERs5e6TNrx+/XphrnNxccFdd92F+++/X/RG2YTIO5SEzNEzZswQjiksjIA9IlBUVCS8n8+cOaMzGcvzJO2XCNiS89/KrG3FihUoLCwUTXr06CEeWlkYAUdFgIm4Cjuv0WhE8o6oqCidiVrujkKc6MmfPaWrADA3rVEEbty4IQiYLDymQvcthSDROXBNCPlVnD59WnRNZm5KiMPCCDgqAkzEjrrzvG6HReDq1as4f/68eIg0FEquQZopJaAxjf+tbrDoCOeff/7Rdcvm6epGmPurSwgwEdel3eK5MgJVQIDOf8n8TE5YhkLHJ0TA5AFdXvxvFYYttyllnZM9sXv37i0sSyyMgCMiwETsYLtedPAPFPy7COrrSVD4N4Cqz5Nw6zSyTqOw5cwNrDycjms5xQjxdsWIDkHo24LP5GlT6fyXtF8iYPlMVt5sSsPauHHjaj//tfRm2rdvH86dOycuJ1N4nz59LG3K1zEC9QoBJuJ6tZ23Xowg4X/mQF2orw+rcPeCasjzdZaMiYR/3JOKwuIyaABQagh3VyUe6Rbq0GRM57/0z00kbCqkeZLzVU2d/1r6L0WhURQKKAubpy1Fjq+rbwgwEde3Hb3Fem7MHSE0YVMhzdhv8so6icTzy84jLadYkLAsRMbB3q6Y86DjZTKj+FzSfk3TT5LJmczP5AFtTx78S5cuhVqtFlvXv3//SicHqZM3LU+aETBBgInYgW6JzGnmC7E7+YbCpVEslAENhLla6R8pfnfyCrR7dB79+qTZOd7TMQj3dg6x+/lX1wRl87Np+kmqfETmZyLg2jz/tXRdlPxGLhrRsGFDkamOhRFwNASYiB1ox8vTiMuDwMlVBYUg5SjxU/d7AP3eAE4K29dYJo3YrSAFTZxT4aEoRr7aFRdKQ1HgHoaPH2pWr3eXznxJ+6VXaWmp0VopJKhRo0aChO1ZyIObcrbLwuZpe94tnltNIcBEXFPI2mG/5s6IKd++xtCuW4l5K/3CBSFLBN0ACqFRS8TtpPKpRE/WX/rp73vhV3AJzijTdVIKJTLcYjD53m7Wd2zHLSn0h2JwyQvaVMj8TAQcHh5uxyswnholwJFl0KBBVqcJrDML5okyAiYIMBE72C1h5DXtFwG3jndBGdYC6uvJUN9IRtn1K+Kn+kYKNEVSYn5rxMndWyLlQEmbVpLJW0vU9Hd1yOXMQqz9a7XQhE2FNOPGXQagf0v/6hiqVvugFJNULpCSwlBoEdW8JueqpKQkQcDXrl0zmg+VH5QJmCoh1TXZuXOn7qGCNPju3bvXtSXwfBmBKiHARFwl+OpzYw3UmVd0xCwRdIqOrDU5xsUAKoeEE5SB0nm0TpvW/u4cGAW4eljU3XNLjqCHywmkK88j2fkoipxy4abxQkRpO/iXNoPGSQmVqxIuzkqR+YwKFtBP0xcNZvqe6bX0d3ntzX1m7lpz45jOKyEhAUcPH0RJmd5MoVQ4wdnFVYQiGQqRLmm/9HJzc7MIM3u8iBzLtmzZopsam6ftcZd4TjWJABNxTaJbj/tW59+AOjMJap0GnYyyTD1Za8qMS+ZVBgqFp7/J2TSZvSNx3ckbGflloiLQ5eRUoKxYkHCi836UOem1YqXGFQ1LuyCorH56TZPZmci3ruRntiR23dA8PXToUNRFzb4y9zhfywgYIsBEzPdDtSOgUZeJMCnSqOmnRNB607emILvCMUuUKlxXRSDLIxLXVZHIcg9DmdPNzmFH3VYITdhUSDNuVzSqwnHqzAUaDRo3aSIImByx6opYGru+detWYXonoQpPXbp0qStL5HkyAlVGgIm4yhByB5VFQJ2XKWnSWo26NPMysm/cQEahBtfhiRvu4ch1q7iuZ65TMk65bTA/vEaD9jfK0O56CcLyAbWTAnBSQA2F9LtCqf/d4H0NFNCIz5TS9doXvS9+h0J4i8u/a7Tv0U8yhUvjGH9ueA21p/6l66X+RDtt/8VKD4A86EzEvSQH/a78CCeFM6B0FvOHwhlO4ncX8Z70u/FPGkvfRvsZXavtR/5Jc3BSavsx+UzuV4yhcBbzNzeWNC8X3Wc0x+yv/iMewkzFNHb98uXL2LZtm7hMqVTiwQcfrOxtxdczAnUWASbiOrt1dXviaWlpwsRMPyn3cUFBQYULcivLh19+Em4oziHJLRPxXpa5e4cWlqJTegE6ZBbCWW1ZmwonU0MXJPm2xZnQfihRuOpGcFEXo0XqZjTIOlZDo9Z+t+59x8Kj/3jdwFTJ7Oeff9b9TWVFKQaahRFwBASYiK3Y5ZMnTxoVNpe76NSpkyjnRlVtqPA5ZTlq27YtRo0aJZ7yHVUo3lUmXiJdCr8xjXs1hw1VAKJ8yPTy8HXDvuSdWH9yNRTOV3WXk+7opCGNV9+D/Ks5ym2XWYiOmQVomGv9GXZN7+MVv7Y4H9ANBa5+UBXfQNPMPYi8UX9ImPBzUvnC/7XNRlBu3rxZ/M+QtGrVCh07dqxpqLl/RsAuEGAitmIbyLOVEtbLQhVkVq1ahf/85z+Ii4vDpEmTBHkMGzYMVGGGyspNmDDBipHqZhPK7kTaLr2IeCnvcUVC3sMy6QYFBYnfXVxckJIdj30JG3Dg8iZkF2YaddMytDPa5q9G2fVibNJE4oaLM/xKStHD6SqcfF1xWnUHLqQfNTt0qHdDxDUagu4xQ+HmrKpoerX6+U3OTb3/A9f2w4CyUmjUpdLPslI4acoM3ivRfWZ0ncH10P4Oo3ZSX/JnUv8lZt4rha7dTdeb60M71+J8oKQQpPHKIseue9z5Cty76U3QVBt5165d4jLKAnbffffVKu48GCNgKwSYiKsB+cWLF4vYzpdffhlr167FsmXLsGjRItHzjh07MH/+fPE3xXvWN6E8wYakS9puXl7F8ccqlUokbpDJNzDQOJ3mmWsHsT9xIw4kboLGIJO0RqOAWh2Lsb1GoI1zaOfOAAAgAElEQVS/H7DHvGd0Sn40wpsOx5liT/ydcAOXC1KhdjJv/u4U1RdxMUPRNLh9fdseu1iP4YMFxZdrCnN08/Ic+SbcOt0t/iYryS+//KL77O6774anp6ddrIEnwQjUJAJMxFVElxIsTJ8+HZ999hmITIiUKS5yypQpomfKozt16lTMnDlTlHqr60JnubKmS9ouvSprZibypUQVpkKES8RLBExEbChqtS9U6ig0VRZjVFQ8Asr2AsWp0iVkizat+mBil85Su+FocSiOFYfiXEmA2W0I8ghAXPQAdG/yIDxcb55fXd87e5l//j+zUbjzRz0Z3/c+3NoNEX9v3LgRqanSvrZr1w5t2rSxl2nzPBiBGkOAibiK0BLhUtajp556SvT04YcfwsPDAxMnThR/5+TkYNy4cYKsKfF+XRMyK8vnuvLPitZQnpm5vHZkcibTM5mgyRRtKFEqFaLV6ejvcQj+ilto2jIZm5KymUHPlQbiSFGIIOVstflEGO1VOYjzdUEL/wjALQpwj5J+ujbQ/nScghIV7bc1n+etfA9F+3/TNfV6eA5cW/YFZRXbs2ePeJ/+j0aOrNu1sq3Bhts4HgJMxFXYc8r1S0T8ySefCBMrydy5cwX5Tps2TfxN2iOR8sKFC81qgVUY3qqm5aVPpM7KysoE6covMjNTmsWKpCIzc3ntr9y4gH2J0vlvblGW0WW3uaahs1sKOrpKzjtmxTkA1zSxOJ9SjBY+xxDono5rBaHYdGUQLmQ1RbD7NQSrriHSOw2NAjPgpUiBCvqMYPlqFxwsDsex4hCcLTFfacpfUYA4tyTEuSfByzCVpsJNImT5ZUrU9Ldz3Us3WdFeW/X51W+AhPeBwouAe2MgegoQ9hTyVkxD0eHVUpfObvB+ZC40UZ2wfPly3TD33HMP6P5iYQTqMwJMxFXY3QULFoAcTD766CNdLz/88AOotNu8efPEe0ePHsXs2bOxZMkSi0ci8iYSrG4RGakuXxaEKwt5c3t7ewtnGiJdw8/KG5/OuqkNmZfpVdn0iom5J3AhYx1O51wyGsLFSY0ubsno5JaCps43rz8X0VB7dEaBSycUuHZCsXMT0X7n6UKsPZSP9OwyqFwpjSWQV2g+TMnPV4MQv+sID8hA24BU9AxLhYv6KpIKUnEirxAnC11BZmxz0sblGuJUSWjtkmbR1qidPFCqDBevEmUYShVh+t+179M1puJbsBwBOQvgUnYZJcooZHqPR5aqbjou0VqCsz+AQpMrHR84kYe7F9J8XhNr8t46F26JkgasdvNCTt+XcDRdrfMziIqKqlMJTCy6MfiieolAQECA1QVLmIircEuMHz8egwcPBj21y0Ia5xtvvIHJkyeLFISzZs0CheHIZ8ZVGK7KTVeuXGmRhms4UGXNzGYnWXINZde34UDi39iXlojzBQqjywIUBejinozOrikIUerNz4kl7XE8ryPOFnSEb1gfPNHXMmeq4lI1dhzLwPZjmeJnWTmxwypfVwztFopnBjfUzaekrBh7L63CsStbcSbjjNnl+CiKEeeWiB7uSfBRGOd/rvQmkdZsqE2XXAMy/wE0BTrigtIHaDJHaJF1TvY0AYou3nyG79YY6HYBUJch56fJKDm7XSxN4RuKlN6v4dB5KcsWxRJTTDELI1CfEWAitnJ3KUTnmWeeESboli1bGvVCeXNXr5ZMbqQxzpgxA35+flaOVH3NDPP5GvZK2jAVKSCx1sxsNMu8E0D2TiB7D27cOIj917OwvygCqWXGHrCNXG4I8iUNWOXiAfj0BHx7ip9/xrfAr/slrZhm9sWYFvByq3wsdnJ6IbYfy8CO4xk4Ga/31jWcr7+3K+6KC0X/TsFoEKw3gyZknsbBy5txNHknbhSY14JbB8QgLjgUbTxKgKLL+lfhZUBjZayyBc5n1XdX2Kin6DeBmLfE4FTlK+fHySiN3y/+LglugY2Bw3UTozAmCmeyJ9ly5gZWHk7HtZxihHi7YkSHIPRtYfv/cXvCiOdiOQJMxJZjVakrycxLZG1PntLlacQUr0u5fcvzZr7lwolsBOnuBnL2Sa/CRCSW+gryPVAUjnyNi1EX7VxT0dm7DO1C2gN+vSQC9tR7x+YUluGZH/Ta6Pg+kejVzLdS+Ju7+PD5LK2mnIH0rJtLJ1KbDk19MbhrKHq1DYS7q6S504PK7vh/cDR5O06nHjA7Dy83P8Q1GirCoPw9tI5cxVeNyZmImghaR9iS1lfvxdyDhUsEEHdFt3R1bgZyf5qM0qTj4r2dzcYimywBAGJjY9GsWTO7gYlI+Mc9qSgsLpOt7XB3VeKRbqFMxnazS3VrIkzEdWu/qjRbMpsfOnQIxcV6EiJNgzIYkee3RVKUDGTv0pMuEW+ZXtM8URyC/UXhOFwcZtSdu0KDzv7+6BLVCzGRowC3iHKHe+W3C7hyXTL5dm3kg4kDGlg0NUsvKigqw1/7rmHJpiQUlEPIVHpwUGyI0JKJnGW5knUR+xLW42jyDlzPN64LLF/TIrQz4mKGoH1k7wqmpDHWoImgE94F1NkVhmNZula7uc7Uqz1gCND2b6PplWUmIffn51GWeh6XArviTPDt4nOqxEQVmexFnl92Hmk5xTdFzAV7u2LOg3UvMsJecHXkeTARO9ju38pr2iwUeUeNSTfHOL6X2pRolDhQHI59hRG4WGrsKRys8kdszDB0ajgQgZ7G5GxuvNVHM7B0rzY+GMC8h5vDz8O5RnZp69kb+GJDEgqzi1GUU4KSwlKz40SFqDCoSwh6tw9CZJA+KQt5ex+4vBmnruqzrBl2QLHIlLmLtOQgr/IfPIwGJQ/jC88DZVoyJgKry2fEtDhDr2l5sR4tgNjTN+Fddu2CODPOy8nBv03+q/v8gQcegLNzzdwHlb25Hv36pNkm93QMwr2dOaytsnjy9QATsaPdBeWEkggYygqAnL3GxFto7NlsCFdmmQr7iyOwv7gh0kqNz/CaBrdD56j+6BzVDy5Ky4rW5xeVYez3epP0070jatzU9+W/ydh2TkrB6eMENPNxxe4TmcjMMX++27WVv9CSyXTt5iKZrtNyrwjT9ZEr25CRp8+DbYgVZe0iQqYsXhXKrfaowsZ2fEFhArAnRj/BNn8AgVJWLUMpvXICuT89jy3Bw5HvKiVfiYvrjkaNGtvF4ib+fBbX80pZI7aL3agfk2Airh/7aNkqzGlbCg/Ar5/kWERm5pLrFfYV7xKL/cWNsD8rD0WUd9hAOjbogy4N+6N1WLcK+zG9YOofFxGfXije7hLjjf+7I6rSfVS2QW5RGab+fhHp2iIQ5HDzUJcQ7DiWie3HMwQpmxOVmxKDY0PQu10Q2jXRVwkiMt4Tvw6nUs1ryZTXWmjJjYaA8l07nBy/G8hYKS077AmghZQK1lRK4g/g8F8/4pyfVJc4ALkY8vBYm8N1+HIuvthyBXnFajhppOSrws3RyQkPxobgrnbm49FtPnGegF0jwERs19tTzZMrL5TkVpUBndx0DlWUiWpfRiqOpUhxn7J4uvqgc8P+6NJwAKL8rHOq+etYBn7aozdJfzq6GQI8jZ28qhkNXXcHE3MwZ91l3d//vT0CfZpLHrCXUvKw4ziFQWXi/BXzyU0aR3higFZLjtCarun8mLRk8rpOzzOflKRx4G3o3mgoYhveUVNLs79+r34HnHlcmpdLIBB7CnCRkuGYSubxf/HPUb1D1wiPc/Aa+abN1kROWl9vu7m2sjyhHk188Wy/up/G1mYAO/DATMSOtPn/3lxw/qblkxMVeTFrQ4mKVLdh/+WN2J+wEfGZp4wuD/OJFuTbJao/fFVBViNZVKLGU0v054VP9gpH/5a1m5WKHgLoYYCEzqTfHNEIwV7GDwJ7T18XXtf0ysozf55MJuve7QLR08B0fSJljyDl4ylSZSFTcVa4CEIm03WEbyOrcawTDdX5wK5IoFRbkavF17eMj/5j+TLkF0sJaDpeWYmGrTrA865Xa32pKw6mgV6Gcm+nYHSM9sY7q+NB9zDJmLgwDL7NfC7zWp80D1hnEGAirjNbVQ0TLU8jVvgAzedL5OsuEQGde1Lxhf2XNyHT5NyzeUhHQb6kBSucKh/ba7qSt1fG49y1fPF2p4beeH5QzZukTedAIUrT/ryES1rTeGyMDybdYd5bm0hYJmQiZ3Pi5+WiO0tu21gyXVMaTyLkvQnrBL7mJNq/JUK9o3Ah45g4byYHt4EtRqNbzOBquAHspIszT0sOXCQUL9xGa6o2M70jR47gxIkT4pPgvHh0vrwc7j0fg8fg/6uVxVD1xkU7UrDZZJ/H9YlEb21I3fqTmViyU/INcHdR4LWh0WgSwmk5a2WD6skgTMT1ZCMtWoYFHrkXM45jX8JGHLi8EZRlylDo7Ldz1ABQHeDqkrUnMvH9Lr2D08cPNUOQiSZaXWNV1M/Z1HxMX6UvOjG6WyjubHvrMz8yV5PZmszXZMY2J62ivXVackSg5HV9Nu0w9gjT9RajJuZqVri7eGJk27H1h4wz/waODdOvO/Yk4NHKLHZUdOSvv/7SfTbk9Czxu6rvWKj6j69oS6v0eUZuCb7dkQI6F5bFV+WM//WLROsI4+Q0n2++gp0XpHzpt0V44rVh0VUamxs7FgJMxI6139hzZCrWJ+xCRqkLAp1LMDA6Dt3av4vDV7Zhf+IGkBnVULzdKfZ3ALpED0CET/WaTUvVGvxnkd7c/XiPcAxsXbsmadPtX3UkHcv2SfHBLkonTBseg0ZBlmk35NhFDl5EzLkF5k3XfToEoWebAGG6dnVWoKi0ALvj/xaa8tXsxHLvRicnBYI8w0GkTFnIxE9nT7g5e0Dl4in+NvrMxfgzVws912vi32FP/FqsP/OzsYZ/bQJQcE4arvGHQNQr5Q69YsUKFBZKTnydL/+G4DzJk99j0ES49/pPTUwZ56/lY9H2FCRm6lOYNg5WCRIO9bk5y1dmXgneWZ0g4otJKNPWA104lKlGNqcedspEXA83tbwl0RfiH8cWorBEr7m5KFzh4x6AjHzjsJtI3yaCfMkETVmjakLeW5OAU1ot0p60iJlrE3FEqwW1CvfE63dWTruh0CfZdH3grPYs1ATAYD833N4+ED3bBEI2XV/KOIFP/33BPNRkI9WmIbVmL5QKZ7i7eAjyFqTtrCVzHYHT+x43vS8TPn1GHt+VFXP3nNDwwwPRLe8rqTufOKDjznK7PnjwIKjuN0mEqgztDs3VXesx7CW4dx9d2Wnd8vp98TnCM5pylssSG+ON5wY0gPIWe7DnYjY+26TPlvb8wCh0ivau1rlxZ/UTASbi+rmvZlf17tr/lBvnKjdoFRYryLdTVL8aRWbDqetYvEPvTTzr/qYI87WPfMLJN4pBoVTyF3FVtJszl3OkUKhjGbh8rcAsprfFeIu4ZNKSv9k/vsI9qtGNuUXnTnDSat2y9q3Xwg01c6GhO5Pm7omlh+Yiu+DmELBAlT+meizVj9ZhK+BrPhMZleVcu3at7tp7Qm+g4N+vdX973v0G3DrrC69UBZ91JzLxncFRCfU1tG2gSF9piXy/+yrWHpfW28DfHVOGNYSPyj4SkVgyf77GNggwEdsGd5uMOnnFELPj0hdsbPRAEf/bLLhDjc+NoqXIJC1XRXq0eyiGtLGv+EvTUJWXhzREuwZeVcJGqghFBSgyQWk2TYWUrZYtTsHJbzUUSskUS6Iuc0NL/5EYGdsXhaUFwqJRUJKHwlLtT+3fRaX5KCjJ138uX1eSByni1X5kcMtHMKR4AZCl1YSjXgQazyx3gr/88gtKSyVz/4ABA+Bz+CcU7Phed73Xfe/BtV3V0mDSkQQdTRjKmO5hGNymcl7Q5PR3MU166Orbwh9P9w63H+B5JnaJABOxXW5LzUyqPI2YQo/eGvpDzQxqpteP/k7AsSuSebxZiEqECtmjLPj3CrafkxxwGga4471RjaXkDVUUKjghCPlYBqgQhakEhB5BUIOtcHW/geJCP6Qn3Q630q74boqU3MIaIeKWiFr7s5iIXE/adFYtyN2AvHWfl9L7+ShTmz/3tmY+ZOb+sFNv4ILWFK9qBnQ9W25X+/btw7lz0plyo0aNEBcXh/zVH6Bw76+6Nl4PzYJr6/6Vng6FHpFn9A6DvXBzVuCZvhHoEqNP1mJpxyeT8/D+Xwm6y5/qHYF+XJnJUvgc8jomYgfa9nLP62rRI9dU05xxXxNE+FmWArO2tyqroFSENJH3LEn/Vv54smf1ajdUmpFKNBIxU8nG8mTMoCg8ZlA3ubaxoPEsJnMtwRORZ+Sm4HpBGjQa/Xkr9UUPNAObDsPQ65P0S7ltBRBk3sR87do1bNiwQXftww8/LH7PW/Emig6vEr87ObvB6+E5cGkaZzE8V7OL8c22FJ2vAjUM93XF//o3QIzWw93izgwu/PNwOn7dLzn9ebsrMWVYDKIC7PM+t2Z93KZ6EWAithJPMpOtWrUK9KROxcvvuecetGjRQvSWmJiINWvWICUlBW3btsWoUaOgVFY93tbKqRo1M+vBWosxqpS4Q05+YEl4UHWsuSp97I/Pwccb9Fm3nukbiZ4G1Ziq0rdhWzLTk4Y8a+k5FBSTGdnQlOwElZsCK9/vXl3D1Wo/hveci9IVpWX6ykX3hLjg9jKpdjdCHwdaLi53bkuXLoVaLRH6oEGDEBQkJZHJXfYKik+sl8jY3Qfej8yFc3THCtd4KiUfn268DCq7KUubSC/hGU3kWVWZtTZRF/rUIcoLL9r4Qaqq6+H2NYcAE7GV2C5evBjbt2/H/fffLwh33bp1WLhwoahdO2nSJFHbd9iwYfj1118FQU+YMMHKkepPM0ojSekkSaID3fHePfaRxL8ihH/cnYq/j0tZtyjt5rv3NIZPNXxRmxv37z2p+GJlPAoEOWgzGYvgYg06NvPDjPG3VTRdu/48t+gGFmx/HVeyLujmOcbrKDq5pQDO/pJ52sV8lrbdu3fj4sWLoh3VJ6Y6xULUauT+PBnFZ7aJPxU+IfB+eC6UEeZjk+kaMkOTZ7ShUFpTSm9aXZJ0vRDTVyXoMoPd1zkYIzuaT+dZXWNyP3UTASZiK/atqKgITzzxBN566y00b95c9EBETHV9KdRi2bJlWLRISma/Y8cOzJ8/X/zt7q4voWfFsHW6ybZzWfjyX/0X3wf3NkGUf90w1ZWUafD2ykuIz5BMx10beWPigJrL/kVk/PPGJKRkFMLHwxnZ+fqz2chgFRa/2qlO3wsp2fH4cvvryCqUHm4UThqM9zmAZs4ZQPOFQLi+/KHhQumBd/PmzeItJycnjB6tD1vSFOWJWsYlF6ViG8rAhvAaPQfKkJsf9lYfTcfSvca1pEd1Cga9qls2nb4u4pFleWVIQ7StotNfdc+R+7M9AkzEVuwBmZ5fffVV0DkVfTFER0fjzjvvRJMmTUCacnJyMqZMmSJ6pif4qVOnYubMmYiMdNyE8OO+O4M8bc7gB2NDMby9fXlJV3QbULwzxT3LUps5hdfuTcXsX86TUizEWemEFe90A1WAqqtyLu2w0IzVGsks7KMowjjvA4gIuR1oqzVVm1ncTz/9pHt3yJAhCAjQezRr8jKR8+NklCYdk3AKay7OjBV+ei2XsrhRNjdDGdsnArc3q5lYeRrHsNQmJQWZeme0SObCwgjICDARW3Ev0Lnw3LlzxdnwHXfcgb179wrzNGm9s2fPhoeHByZOnCh6zsnJwbhx4zB9+nQ0bdrUitHqfpNPNyZh76VssZBwXzfMvL9JnVyUoQOOq9IJ79zTGJG15Gi2+2Qm5vxyAde1mZsIwEWvdkJUcOWTbNgL+IeS/sV3ez/QTSfCOUdoxt6xBwBP8yZ4sjAlJEgPRC1btkSnTsbWAfWNZFHLuPSq5IHt3KCtODPOc/YVFplDifp0lXTMML5PxE3pKqsbn+JSDab8fgFXs6SsWwNbB+DxHmHVPQz3V4cRYCK2YvN27dqFzz77TGjF7dq1Ew4kjz/+OMaPHy9Imch32rRpouf09HRBynR+7OVVtThUK6Zq8yaUf5fy8Mry7sjGiNGWCrT55KyYwIx/EnE0Sfoyp3zDU2oxp/DpxFzMWnYOCVelAhkkH45tjc4tbJsW1AoYdU22nv8Dvx9doPubzNPPdhgFNHzNbLdJSUnYunWr+MzV1RX33XffTdeVXbsozNRlGVLK0LKozpjtOQFJ+frEGk1DPER4krl0lVVZT3lt98dn4+MN+qxb4/tGolcNOP3VxNy5z5pHgInYCowpnvHNN98UWnFoqJRxZ+zYsbj33nuRlpYGciqZN2+eeP/o0aNCS16yZInFIxF5Z2aaL0hvcSd2cuHsXaXIk6J/0C9Ggd4N67ZJLjVXg28Ol0HOfnh7tBJ9o6sjutiyDUvLLsOPW3JwLkULKoBH+nijR8u663+wJ3U1Dqat0wHQXlWAHk206S9NYCFnyAMHDujebdOmjVnfC5fMS/DeMhOKfOn/6ISqA74Keh5qJwVaBTnh3lZKKGpv28QcNlxUY2eS5PXt4wY81k6JAFUtT8Ky24yvsgIBOiaRPfkr25yJuLKIASgpKRHm5s6dO+PJJ58UDlrkkLVgwQJBxG+88QYmT56MmJgYzJo1C76+vrozYyuGq7NNDCvSkBnw09HN6uxaDCe+8dR1UZVHlql3xaBlmEetrS2/sEycGW81yAL16MAoPD6kYa3NoboHWrZnKnZf2a/r9vaoLrgn9l2zw5BGTJoxCRExWaXMyb5tWxG+4XV4aKTkMYc8uuFqv7csTldZ3Wuk/t5edQnnUqWsW5S/etIdNef0VxPz5z5rBgEmYitxPXToEObMmYOyMsnZ5K677hLOWyTkULJ6teRwQuboGTNmwM+v5pxBrFxCjTajM2E6G5bl7bsboUkdPs80BYtCX+RMTLYKxfr0twtYpa2DS/MbFBuClx6quw873/xzB44bmI+Htn4cg1reXNCBnCUpdJBEpVKJGH5T+f1QOn47cA2tCo/hv2lz4ayRzmfdOgyH56i3a/Tev1XnZ1MLMH2VVD2KZHTXENzZzny4ls0myQPXOgJMxFWAnDRj8pAmc4Snp3F90tzcXGRlZTmsp/T/LT2HdG1GKoqdpBjK+iQZeSV4e2U8qPwdyYBW/niimrNuWYLXkrWJ+GGdPuFI+ya+mPVsG0ua2t01hYkzsODwCiSU6h9a7+84ET0aGdQu1lqkKD5fluHDh8PbW6pyRI7lZInZpa0NTO/FFh/AmKv6ik3uXe+Hx13mz6BrA5TVR9KxVFtqU6lwEn4GLWrRolIba+QxKocAE3Hl8OKrLUBg4dZkbNWW//NyU2LBGCnjWH2T3RezMG+T3hFt0h0NEGtFbuKq4vLH9mTM/12vZYUHuuO7KZ2r2m3tty9MQPqu1liQ3QUZZXpv8Ce7T0PbiB5G86GwQYpUIOnQoQNat24tHopmrb2MxEx9qtAG/m4Y1ycSkcmbkbv8dV0fqp5joBo8ufbXqB1x7vrLOJAgJbchEn7jrhibzYUHtj0CTMS234N6NQNT71Aq6ECFHeqrGJa9C/RywUf3NYG7DWJENx9Kx5xfzqNQG6tNmtZPb3RBgJki9na9FydGIv7qv4KMizRSnLSrszvG9XwPjQP1IU2XLl0CRS+QkDbcutsdmL46XlfRi96nalnj+0bAx13yli468Dvy/nxHT8Z9noZqwLM2gYPSar68/LwuveawtoF42MJSizaZMA9aowgwEdcovI7X+Yu/nAcl0iepTB3XuopUYYka76yOR4I261b3xj54rn8Dmyzn0LkszF52DqnXi3Tjf/F8BzSNND42scnkLB009Xvg9GM4WhyCb3P0+aIDPELxbO8PEegpFd0oLCzEihUrdL1uKmiNQo2+nnXfFn54uvfN6SoLd/+M/L/05RZVdzwH1e1PWjq7ar1u67ksLDTINjdhQAN0a1T5ak/VOinuzCYIMBHbBPb6OSh5EpNHMYmL0gnfPlF+rt/6hMDxK3n48G991q0ne4Wjf0vbxPZeSM4TmvHZy/rEFe893RpdW9lmPpXe57JcYHdDoPQ6dhZG4de81rouGvo3x4Q+s+GscBHvUTUmqspEcqI4Egmlkh9CRekqC7cvRv66T3X9egx7Ee7dJUfL2pavtyWDKpKRhPm6ChO1r0of71zb8+HxbIMAE7FtcK93ox5KzMFsA6eh1++MRqvwOqSJVXFHZC9d6sbdRQHKpR3sJRFGbUtGdrEg473ahyIa///ub4o7u0sx73YvZ/8LpHwtprkOQ/B3hr4SVauwWIztIZmXl/xzAC6ZZ8TvORoVdha1xFO9wnF784ojFAo2LUDBloU6KDxGTIV7l1E2geaV5Rdw5YZkxaDKXlThi8WxEGAidqz9rrHVvvrbBSRpTaK28iCuscVZ2PFHfyfi2BVJE20T6YlXh0Zb2LL6LyspVQsy3nAgTdf56AEN8GQtZgKzelWZ/wDHhuqa/+b1LrYnSJWVSDpH3YFLqfchIfUG+qtO6t6/rccQtI/R556uaPz8tR+jcMd3uss8730Xbu2NPbQr6qM6PqdMbZSxTZbHe4RjYOs6YsGoDgC4DzAR801QZQRME+n/8LTenFjlzutQBxfTKEY0HqVqSYN7IDYEI9rbNkb0y5XxWG5wDjmgczBefViqGGbXsq8FkC/li0ajd7HkqhMOJ0mpLUkKCvshN384erifhZ9CSvnZrVs3UXilMpK3+kMU7f1F18TroVlwbd2/Ml1Uy7W/7r8GymVOQhYVMlFTfDqLYyDAROwY+1xjqzR9mn9tWDRui3Ack7QpsOtOZOK7XVd1b78zshEaBdnWa5xKKi76S3+G3a6xL2b/z85jjS9NARK1BSG8Y1HWYSfmbH4FyVkndNgSEXf37wpV1jnxHsXzDxo0qNL3et4fb6Ho4EqpndJFFIlwaWocLlXpTq1o8O7qeJzW5hG3tUXFiulzkyogwERcBfC4KRnZX+oAACAASURBVPDGH5dwKV1K2dermS/G9+HzrfkGCSWIhImMbS1U45hM1bKE+rvhq5c62m8pxdwDwIEuuvkeCVyJ2XuD4OezAEpFqu79e277H5IOSPG4JFQEgopBVFZyf3kVxcelfNdO7t6ifKJLTO3GYqflFOPFXy/oQrDu7hCE+7uEVHYpfH0dRICJuA5umr1M+ee9qVhzVCruTuKoJmnT/biWU4J3Vl3C9fxS8ZG9hHHtPJGJ2UvPIVs7Lycn4NtXOiHSXlOPHuoJZO8UGP5z4zH8kPYKnJWX4evzFRROeq/wTq4jocyWwn7i4uLQqJE1Dz4aUcu45Ixk/lZ4Bwsydo40X46xpv4H/zmeiR926y0qLw1uiPZRjle1rabwtdd+mYjtdWfsfF4nk/PwvoG58+Uh0WjXwHFN0qbbRXmoKR+1LC8PaSgSTNhaTlzKFgUjLl+TrBgkc/7XFm0b22H8atJc4MLzYo5pJQ0wOX4tvN2VGNI2FVsuvK+bv5vSA80K7oBK7YewsDD072/dGa+muECUTyy5sEci44AG8H54LpQhlTt3ruoef7YpCXsuSvW7owLc8daIGLjZIElMVdfB7S1HgInYcqz4SgME3lp5Cee1X+ZdG/lg4gDbJLGw501ZvCMFG7QhRMHerpjzYFPYQ9G7pLQCYaY+pv2yJwynjmmBPh1s61hmuJd5RWWYtXIb3gzpp3v759zP0L3b02gU5I59Cevx04HZus/cNT5oVTQUznDDgw8+CKVSyspVWVHnXRdkXJp4RDRVhjaF1+g5UAbU7v094aezOotK3xb+eLq3lMiEpX4iwERcP/e1Rle1/EAa/jikD4v5/qnWIDMnizECRCbvrYlHYqYUI2pPZ+g5+aVCM95xTH+08MzdjTDq9puzUdX2vl7OLMJrKy6IYSeHT0Bnr03i95KgR+By2w+66Ww6uxyrjkvxxiTe6hC0LB6Cnj17Ijra+tAxddZVYaYuuyrFKDs3aAOvh+dC4RWoG4vO3H/eeBkpGUWg3N4UGja0GlNU7ovPxicb9NXL/ts7An1aVBwfXdt7xeNVDwJMxNWDo8P0cuZqvkjpKMsLg6LQsaFU+YblZgSOXM7FzLX6GFFK1kBJG+xFPl5+AWsMvLwfGtAAT9kw1njPxSx8ZlBIo6fPKjwT+qoEl9Ib6HEVUOhrP6889jU2n1uug9OvLAr9Qsfg9ttvrxLEZenxgozVGZK3uXNMF+FN7eTmCSLhBavikV9AJVApVM0JHiolxg+PqVYyXrzzKjaczJQeMtyVeGtEI4TWtdzhVdoFx2nMRGzlXm/btg27d+82av3iiy/CyckJVC91zZo1ojpM27ZtMWrUKKtNZVZOr8aakYZ3KkWK2yQnEnImYbk1AoYxoioXBWY/2Aw+7taZTmsCawptohAnWfp1DMKUR2u/YtaKg2mgl6GM7uyJO/M7ipSXQpp9DkQ8Y3TNT/tnYV/iBt17IWXN8ep9n4j/xapIafJp5P48GeosyUvbpXkvcWb82IeHhSYskbAsTggPdMV3U/Se3lUZW277+u8XdXnMOzb0wguD+P+tOnC1tz6YiK3ckZkzZ0KtVovya7JQXdScnBxMmjQJwcHBGDZsGKhuaosWLTBhwgQrR7KfZr8fSsNvBpmaljzZClTlh6ViBMixjRzcSOzxAWbF1mR88ae+lOJtjXzw8XNtK15YNV3x2cYk7LkkOSiRuDor8ETPMPRu5gec+S9wVWuC9h8MtPvnplG/3DEVp1P3697vHnEnHuxe9f+50sTDyPlpMjT5WaLvRL/ueOnKI2ZXTcU1JtzbBK2jq89CRNnqKGudLBTORGFNLPULASZiK/dz8uTJeOyxx9Cxo75CDHW1du1aLFu2DIsWLRI979ixA/Pnzxd/u7vX3Uw55JhFJukybdaoCf0boJs9etpauZ813ezctQJQwgYZvzFxYRh8m+XpGGt6ftT/xoNponpTSamk6QX7uWHepHY1XkrRMD0qjUvFD57oGa5PDHN9LXB0iB6CrucAVVMjSHKLsvDxhueRUaT3VL+3/f/Qq8nwKkO35+9/ELPrTbigRPS1tbQr5hc9dpNGLGvIA7uECBN1dXmim1oKKOsW1TBmqT8IMBFbuZdjxoxBgwYNkJGRIcj4zjvvRMOGDbF48WIkJydjypQpoueLFy9i6tSpIA06MrLuJrugXLiURYukVbgHXr+TC5lX9tb5+1gGftyjT0ZBtYsj/dwq202NXr//zHXM+eUC0rRFCGiwmiqlmJ5bgslLzxkZeFtHeIKqV4WZnoXubQEUaFNexkwHot+4CYdTCYexeP90FDtJRyckT8ZNQ9vwymfJupxWIM7O/9yegtIyDbo4H8VLbl/p+t1Q2gtfFT2kOyMW7vAaQ1M10L9TsCDkDtXgE/Dh34k4rs1j3jhYhel3WxMrXaO3DndeBQSYiK0ALzc3F2PHjkVsbCw6dOiAdevWISEhAZ988gm++eYbeHh4YOLEiaJnMlWPGzcO06dPR9Omxk/xVgxtkyarj2Zg6V49gSx6ohVclWyStmYzPt2YhL1aE2yTYHe8fXdja7qp0TbnkqRSiue1X/w0WHWXUjR1YqMxyKv86V4RcDZ3bxmmvPTqDHTWm6ENwVi0Yh5O4C+ooRZvKxRKTOozBw39LTvz3nwoDWt2peLIBckUbSg9lAcwyX2x7q0CJxVUmgKkOwXjStMHccKrr3DkKi6RxpaFwsKIkDtbUBWqvI2l/OXjvj+DIm3fA1sH4PEeYTV6H3DntYcAE7EVWGs0GmRnZ8PXV/J+pd/Hjx8vTNWnTp0S5Dtt2jTxWXp6uiDlhQsXwsvL9gkdKrvcS+mFwqRaVCp9uYy7PQK9q/CFUtnx69v1yTeK8N6aBGQVSFm3RnYMxn2dpTq69iTXrhcJMj5wVqqVS/LCg80wpGvlUy5Svd2Vh9NxLacYId6uIg7Y8DyY+h7RIQgP3CqdY85+4GCsHqL2/wJ+N3tGHzx4EDvP/YMLLvoCET7uAZjc71P4qcyfrV7NLMTqXan4Y1uyjugM94Iyj/VqG4hebQPQKH0T8v54W4TrGSrACncvqIY8j6sRg/DXnlRByAVF5FWtF+qDCNna2tDbz2dhgUGSmOo8Hio6+AcK/l0E9fUkKPwbQNXnSbh1GmlPt2S9ngsTsRXbS6ZnAq5v376iNTltPf7444KML126JLyp582bJz47evQoZs+ejSVLllg8EpF3ZqYUtmBrWXqiDGe19WAjvYGnOnLR8qruyeGraqw8q9eaHm+vRLSv/VkYiks1+GlrLvadK9QteXisB4Z0sjyD2qGrGqy7qAb1JQX6ABoTFhvWTIku4RWvPypjNFTFB8Vcbng+hms+r9+0FfRQTP+bqcpTSHTZp/s80D0C9zd5xciT+silYmw7VYhTl6U4b1NpG+2K9jGu6NjYHe6u+vkF/PpfKIr0+a3ldrQujYsnnJTOKNUoUFiqQF6pAqVqBcqgFK9SjRLu7kp4e7rAU+UirtU40UsBKJ0BJyU0CiWgUELjpP2pUMJJ4SzeP5GhwJVcJ6idlHB1cUFcQxe4uZi/VvSpcJb6oj5F38Zj0OduCbvgefQXoFifbQ2uHsjtPAaFTfQJVap639f39gEBAaLwiDXCRGwFakSSzz33HJ5++mn07t0bq1atwvLly4VD1pUrV/DGG2+AnLliYmIwa9YsoTnLZ8ZWDGezJmtPZIJKHMry1WMtoHK1n7AbmwFTDQN/sz0Fm09LITkhPq6Y84D9Hlt8/sdF/L4tRbfqu3uF47l7LDOpT/r5HDLzSkwCfSS3Jn9PF+EZ3cnSOHSDlJdwiwa66+PZDbfkl19+QWlpKa44H0Ky8zHdR82CO+CBdtPF2e+KbcnILzTWWOnCIF9X9OsYLDTg1jHmvZ8zp3UyeweQpayqIVPVcGtVWxekGftN1lalqrZeuSNzCDARW3lfkGf06tWrUVYm/TOPHj0aFL5E8tNPP4nPSMgcPWPGDPj51a2sOJTdiGKGc7XmtSd6hWNASy5WbuXtclOz7IIyvP9XPCg8hWRAK3/hKWyv8uP6y1hsULy+d7tATHu8pdF0b+SX4mRKHo5fyROhWuSMVZ74ezjjhcENEVOZmruFl4A9Bg8ArZYCIQ/eNMS+fftw7pxUGvFG8Gmcy9mruyYr/TZcPjPqpjaxLf3Ru20AercPgpfq1lafG3NHCBNufRf3nmPgMXhyfV+mXayPibgK20BP3ZS0IyQkBG5uxt6v5NCVlZVVZz2lDZ2KKPH8B6Ms04CqAKfDNT2QkIO56y/r1j3pjgaIjbHD4gvaGZIT08fL9aUUG4Z5oGf3UJxPK8TlzEIjrddwM4U52uAN+jvQywUfP9Ss8nt+4h4g/Q+pXcjDQKsfb+qDjo62bNkive+kxNbC3VD5ntJdl5HcDSmXBgnCHdw1RGi/bRpZjrs4T/1nDtSF+gpQdEbsPuB/cGs3BCgrhaasFFDTzxLpb3UpnNRluJ5dgD3Hr2H/yXTk5RWBjNbOZLR2UqNxqBs6NPFEy0iVtn2J+OmkKZP+1vZDP09fyUZSRh6UUIv2HSLd4ems0Y5J15YAmjKjNvo5Gfepzr8BaIwdzARYSlcEvGmctKjyG8YtLEGAidgSlBzsmg2nMrF4h94kvWBMC3i5sUm6Jm4D8kYnr3QSTzclPhndDO52WGmHsqmRtrv9SAZOnroOdZnWK9lZgYBoLyjLObLwcXdGXolaXC+fEbu7KvFIt1D0tSZ3cuoPwOkx0lYoPYEemYDCuP7w/jOZOLP/H13+87/O+cMzZgU8vPUPPU19HsKjcY/C19M6n4eqOjdl5hTj792SU1eq1ioi318Uf3xnXBgGdLq1E9+0Py/hYpp0rktxxRRfbI2Ye7CQj/G9/7MALo27WtMtt6kEAkzElQDLES69mlWMd9fEg8yMJI90D8PQNvaVeKI+7QMl+KCsW5TDm8QeKlnFZxQK0zIlISFNl+4JQynJL0VWSh7KivValH+0N4IC3dAoSIXoAHdEB7kLszPlRjb1miYPaatImCZRlgPsjtanvGw6D4j8nzjvXbXrKn77NxnXc4rRKzodzYKkTGZHr/riVBbQosNSlGj0KTQfjX0ZnaOsK5lYXfdgVl6JIGMi5eQMvVMc9U/Zze7sHgpKEGJO8orVGPfdad1Hd7ULxENdQ62amuGDhZOHPzT52pSiTgoEvG0+VMyqgbiRWQSYiPnGMEKAauhSLV0S+hKdbcdORPVl605fzRchTeTsQ0IJLfrX0nn8tZwSnLiSi4vpknk5IaMQJWXGiSnM4awpUaPwWgGys/UkXWulFM+OBVKk5Bo57v0x59R8bDeoIkXvx/jno19jiXSdFC4YcudIZJWcx4LtU1BUqvcOfrb3R2gW3N7mt1JuQalEyHtSjWpF08RaRnvjLsrEFnszIW88dR3f7tA70r04OAodoqqeYjNrwSMoS5bM+R5DX4B7nPm0njYH7hYTkCpkJSElo7BGKmRV59qZiKsTzTre179nbuCrbcm6VXz+aAu7Kk5Qx+G95fRNk6bMfagZgr1cqnXJOYVlOJGci4SMIiRkkLZbpKt5W9FADfzdQBmdSMuN1r6KispEKcVdJ/ShdrVRSrE07W84nxymm/KjG5YjNd84ucVdcSEILtaHLw0dOhT+/v44nrIL3+x6W9fW1dkdL/afj2Av+8h6R7HHMiHHa60k8mSbNfDCXXGhGNbdeK2z1ibi8GXpvJrSg753TxO4OVccDnarPS+5sAc5S/TFNQKmS2FjdUVqq0JWdeHBRFxdSNbxftJyioVWJnu63tclBCM5uXyt7uqcdYk4mFg9aUQpExOZl6kWcmJGIRIzC3Ue2hUtKsDTGU1DPBAT5C7MzPTT9xaexJSf+p+913TdPtS/AZ660/p6wOXN72R8jgg7+vdwOr7tPxoNvKQz3+/OPInvzzyJRuGewpTbq10gAn1cRZ53ynhHQlXQ6EWyK/5v/HLwE90wAR6hePmOBXBzVlUETa19Xlyq1p0hX9AWC5EHbxLhKTTkuwwya4397gzyi6UIjuqqe5277BUUn1gv+nTrPBKed0tJiuqCPPb+gVqrkFUdeDARVweK9aAP0oRJIybx83DGvIeb14NV1a0lkGmYzotJcyV5IDYEI9pbliDgQlqBlnCLhImZCFj+Yr4VCu4uCjQJUaFJsEpouvK5bmWR+3pNApZt0of0DOoSgpdGW+EVbTKwWqMR+Z7p7NfQqenJVgsxutl34urUktZIarjjphSS8fHx2Llzp7jG09MTd999t6739Wd+xl8n9El2Gvo3F9m37E3Ih0A+Qz6rzfUuzzEmzAPDe4RhRM9w8dBF944sT/cOR98WVQs3LMtMQtbHI3R9+r26GQoP+6mlXd5enUvKxbNzj5j9eMygKDxmh6VbmYjt7T/PBvPZeT4Lnxukzvt0dHOQVsRS+whsOn0di7brz/wCPJwxqnOIkXPT1Swi2yJBtoJ0rxfhmsFZ7a1mTc5URLqNg93RUEu81bXK5f8m48uV+lKKXVr444Ox+jKhlRmHSIfId5NJfWK5j54xF/FWO6qApJWOOwGfOKMhioqK8Ntvv+neo8IsclpaevP3o19g6/k/dZ/fFt4NT8fpzdaVmW9tXEuEvGb3VZzRWk3kMaNCVEJDvqFwAt0/JB6uSrwzspHw86iKFKz/DAXbvhVdODdoA5+x0sOPvcjVzCKcSsjBmcs54ufpxFyoRYU4einM1Ix2w3dTOtvL9HXzYCK2uy2p3QmRdzR5ScuesRXm/K3d6TncaORh/O3Oq0bhPq4uCpF9ytXZSaf1yuUUbwVQiLcLmoR4COKl/M6k8ZIGXJOybt81kaNanl/jcE9BxgEWEsLKHZL2a+pBLM+ZYn6HdQ8FJeDAoV5A9g7po8jngKaf3bS0rVu3IilJ0tSpQIth/XB67/t9H+LgZW3MMYC4RsPwQEepYIu9CmFMhEymekOJoOQoXs4o86CHaCe0beCFV4Y0rNoy1Grc+GgA1AWSA6f3U9/AJdq49GvVBrC8NTm0nU6UyJYeRoh4yeu8XBExWPSpFDjnoVJi/PAYke/b3oSJ2N52pIbnYxpKQokVTqVIYR70FL3wMcuq1NTwNB22++eXnQed15smwKjIj5likJtqTczkVEXEe6tz3ZoEeO+p65i17Byu50hfkio3JTzdlUjPKjbrvXoxJR/Lt1zB+v36c2bD+RGJD48LE2E8oQEGiXOufAyc12Z+cosCuifetCwqQ0q530lIGyat2FDK1KX4cudUnLt2WPf2kFaPYnCrR2sSomrpe8P+a6LAxLGL2Ub9KV0UUPm7wSPAHfd3CRaFRaoiRQdWIO/Pd6UunN0QMG1XVbqzuO2Zy7k4rdVyTyZkIzndOLyrvI4igtzRNNJLaMYn47ORmVPCXtMWo84X1jgCRMJUD7ewuMxsAv5Z9zcVXpcstkPg0a9Pmh3cMI8x+cM2DfUQ5mXSdulVVRNkda+YNBfSjC+l5EMqVUQjGGsm9EVJ2i/V/jUnpPWSybVHeXHspikvb/sNCDJOX1lQUIDff/9d1/2IESNuqoKWVZCOBTtex9Vs/RnrA50mIS5maHXDUiP9UenGv3an4rA27FAeROmsgCrADe882hxtIqtW+S37y0dRekW6Nz2Hvwa32PurdS1EspK2myM0fSJhS8TPywXNG3ihSaQnmoqXF4iI65qwRlzXdqwK872VtjW4TQDGmIRFVGEobmolAuXtEZmUH4wNESFE9KoLQuUFn5pxCMUl8pmdPGvTpJf61Xi6OwtvYDI/C1NrRWKU8vIhoNXPN7XYvHmzSEVL0qlTJ7RsaZwjm95PunEBX+6YgtwifR3i//aYjtZhdSer1NYj6UJDPqB1upSBcHFV4JH+DTDq9ghhnbBGSi7uRc7i8bqmVQlnys4rwWmttnsyIQen4nOQb1Iy0twcqU51y4beOsJtEukhiLc+CBNxfdhFC9dQnrZFX4vfP22dU42FQ/NlFiJgzmpRpZSQFo5bU5cNfEF7hlvBAJTWcXiPcPTraJmXuK47w5SXChXQm45ZjGNo6Utu/34pOxSVqhsyZIjZ2ZxOPYAvdxiXVnyh/3w08GtSU/DUSL87jmUIQqYjAkPx9XTB3b3CBCHTA09lJfeXV1B8XBvO1PV+eN71WoVd0CMYmZfpPJdeRLxU69oSIa/wFg29BNlSyBZpvNY+SFgyni2vYSK2Jfq1PHZ52pa/pzPIU5rFPhCo1pSQNl7SY+/vR0oGZd8yPfVWw1mp0MXDRod6WDfT0mxgbyOgRJtUhBy2yHHLQKgAy8qV+nJ+I0eOhIeH+fH2J27Ej/tn6lp7uHrjtYFfwcutblVPowX8sPkKlm65giKTKlhU7GJkr3BByN7CscsyUV+/ghtzpQpzJP6vbICTp3H626S0Aolw4yXiNY2BLm8kKj/ZKtoHzRp4as3MXgjwrt6ENpat0jZXMRFXEXcKkZg+fTruvfdeYfYiSUxMxJo1a4Q5jJIIjBo1CkqldSahKk7PqLk5bcvZWYHH48Ksz/1bnRPkvuodAuYyHCkUThjQKQgvV0OcsQDMIOUl/O8A2klam6Fs2LAB165JzmCxsbFo1qz8GOct537Dn8ekFJokId4N8NrAr+vk3ny+OQmbj2ag4HoRirTOc/JCSLu8p7dEyKQtWyL56z9DoTacCZHtcabXbB3xkrZbUmqmipNJx1TTnNJ2thTabt0917UEL0uvYSK2FKlyrps/f77I4DNu3Dj06dMHOTk5mDRpEoKDgzFs2DD8+uuvaNGiBSZMmFDFkaqneX3StqoHEe6lphEwzvnrhtEDoqo3hCTzb+CYPuUluicBbsYpK0+fPo2DB6U0jaGhoRgwYMAtl73q+DfYdPbX/2fvPKCsKLI+fknDkLMkJYiSEVQMgIKYc3ZdMe26KkYU8TMg6Kqr6yLgGnDRXVkwZ10TIK4ZSRJEAVkBkYyS0wxp+M6vHvWmp3mhX1e/fm/e1D2HA8xUV9W9t7puqOr7j7Y5qEFnufHYv6VbVGnp//oX56siMdu37pQqO4tkJRfoHMTncYe0qilLVxeooimN6+XLJSfsX0JHfI6m0ss/r5ceX14m+UWRLy0GFQ6Qn3YnRn3iMlWbZjWkzQFcqsqdc90glWUNsYE0p0yZIi+88IIUFhbK5Zdfrgzx+PHj5bXXXpNRo0apnjHSGGv+n5/v4fKJwXzso1YCZVYC09qKbJsfYb/5vSItShbmABucLJUmslTJ3sdXpg+Tqb8UR9cgNYHYVNpoxYbtcsebC6PT7tWipqxZva1ksRTXzXai5WM61ZUK5cvJnMWbSgBRHF9xovSt/Krqb+ueKnLVtiHRvhvXqyxtm9VU0S61sXP5XDfIdWANsU9prl+/Xm699Va577775JFHHpFLL71UGeLRo0cLwOQDBw5UPfMd46BBg+TRRx+Vpk2zo7C8T5btY1YC2SuBn+8RWfJwZH7Vu4gcPnOfuY4bN07WrYucJR911FHSqlXyS1jPThws81YXg0cc3/oiOavjn7JXDnFm9vaM34Q/mh4670DZtHGHKp854dvVMatQlTzXL9nxw1WGSqvykc+9vjv4JqnW9Tw5aP+yda4b5CKwhtiHNPmm895771WfQWCAr7322qghxihzEaRfv0h1HlLVpK05Rz7ooIN8jGYfsRKwEkgqgc3TRGY4PjU6bJpIja4lHpszZ458912kBjFOMY5zMtq6Y5OM/PoeWbbhp2jT8w65TnoedG6yR7Pu93e+uVCWb4jcWKb4y5/Pbqn+7eVmOwFzu+aklyNnux3K/08qvV183GbyOVPWCSoDE7KG2IfQJ0yYIM8//7wythUrVpQnn3xSevbsqc6d3nzzTWV8MdTQmjVrVLtnn312n0ICPoa2j1gJWAnEk8CsY0U2fh35bZMbRA4eUaIlWayxY8dGf3bRRRdJpUrJLymt3rxEGeMNBcUR5ZVH3SNdmh5bqnQB3PXlzxUXjDmrc331bXo8pKIqlcvJ1We0UN/utj5g3+91t7x+l+z44WMlg/yj+0jV028vVfLIpslaQ+xDG++//36J86ZNmzapF/qUU06RoqIiVVLvqaeeUj3Pnj1bhg0bJmPGFCO9+BjSPmIlYCWQTALOkpd5TUW6FaNB6Uc/+ugj2bAhgjLWvXt3adEi8UUj/dzCNd/LyK8Hyq6iSNlOvlSuUaWubCpYJ/WqNZKT2lwiR7U4JdkMM/77SQs3yojPlkfn8X+nNJMVK7bKyPcXy7YCUL+812XevW6pbPx7MaJV7f8bL+VrmJXTzLiAMjQBa4gDEPwNN9wgF198sUp1LVy4UAYPHiz9+/dXL/nQoUNVjVt9ZuxlOKJofZblpb1tYyVgJSBSafdSafnriVFRrKj7D9lS+fgSolm+fHm0yladOnU8nRNHjfGmWfLxklHKCLtrf+eVryI9Gp8nbescnfWqeG3Obpm/NsJBrcoi13etKN/+VCjjZ26TNZt2S/2a5eWUQ6tJ97bJL5dWm/WqVPnhXdXXzkYdZeOJg7Ke/3RNkGIx9eunWJBm72SsIQ5AK05DTHcvv/yyfPDBB6rn6tWry5AhQ6R27dJXECAA0dgurATClcCc80XW7K0t3eB3Iu1fKzH+b7/9JhwtacKBTuUb/68XvS9vzSqZ8tZ9ERkPOmV0uPz6HO3KUfOiCFnHHlxb+vZq4q+nXTtk/dBTZM+2SGnQmteMkYoHdPLXVxl+yhriNCmfaj58MmFvSqdJwLZbK4FYElj9gsiPe3GKy1UW6bkvYg9HS9zjgI455hhp1iw1qMD+b8cukdmj5Zly4aElq3plq5J+XlMog99dFJ3e1cc28V3UZ/v0d2Trfx5UfZWvVldq3/lJtrKdtfOyhjhrVWMnZiVgJZCyBHZtFJlyoMiuvSUvW48Uady3RDezZs2SuXMjl5Zajqh5DgAAIABJREFUtmwp3bp1S2mYv4z/g6zduirmM3WrNZQjmp0kRzQ7QepVa5xSv2E3fmXqavlw9lo1bKUK5eWvFxwojTziRrvnuumZy2XX8jnqx9UueFAqdy4JNxk2b6VtPGuIS5vG7HytBKwEEkvgp74iK56NtKl9vEjn/5Zov3r1avnvf4t/1qdPn5QkOmXxeHn3+2elcGekupQm99lxwxoHSNdmJ0rXZidI7Sr+zg5TmpiPxre8+pOs3VuLulPT6nLnaallB/SQOxdNk82jix2euvdPj8BfWvIkAWuIPYnJNrISsBIoNRJY+5HID46IrNtqkbz9Skz/3XfflW3bIqUe+fRw//33T4k9jPGE+a+oyLhKpepSpVI1WbeNwhixqUmtA+WIZifKYQccJzXzSwIlpDRwwI0LdxbJ1WN+jPZ6Ydf95Nwu/pyGEp8z9bhCqp5ya8Czzd3urCHOXd1azqwEyq4EkpS8nD59usyfHymJSYUtKm2Z0qI1P8jc1dNk7sopsnLT4rjdNa/TVo5ofqJ0bnpMVqA6UX/+X1+tiM63TtWKcsHh+6V8Zrx7zWLZ+MT50X5qD/hIytdqZCrWMvG8NcRlQs2WSSuBMiaBEiUvDxE5PFJRSxNlaD///HP1X25Nc3s6SPrpt1kyb9U0mbNqqvy6eWncrlvV7yRHNj9JOjQ+Wqrl1QxyCp77whCPmrhS9hTt2fsVsYhfDOyCT0ZIwZfPqbErHdxDalz+pOd5lOWG1hCXZe1b3q0EclUCm6eKzHBEuV1niVTrXILbt956S4AxhXr37i2NG6fnctWPq6fL3FVTZd6qqbJm68q4Em/b8HB1pty+0REq3R0WxcMpB/ChXeOqUrdaJalbreLevytJver8v5JUzSu/zxT37CiQjcPPkKJtkaIpNa8eJRWbdQmLlVI7jjXEpVZ1duJWAlYCCSVQouTldSIH/6NE82nTpslPP0VqSLdu3Vq6di1Zmzod0p27aorMWTlVAUms3xbBR45FHRt3k8Ob9ZZ2DY+QyhWrpGMq0T4v+1dx2UvnQNTUL5fgwhUp7IiRdhrqitJkyXip8dkjqqvyNRtK7duLy4qmlZFS3Lk1xKVYeXbqVgJWAgkksOwxkYW3RRpUbiJydHFpR360dOlS+eqrr9Sv8/Ly5MILLwxVnLOXT5S5q4mUp8mmwr2fW8WYwaH795Iu+x8rbRseIXkVKgc+x3gRsbt6WCoDD1h9nzTfHoFe/OSg22R98+MdUXWxAa+RXyGVbnO2rTXEOatay5iVQBmXQMFCkakOxLNOH4nUPS0qlF27dsk777wjO3dG6kcD2tKwYcOMCG3Wsi9V+prLXlu3R6pUxaIjmp8knRp3k/aNjpQK5SsGMlfOiF+asloKd+yOnhHnVaogvdvUlgPqVJZ1W3fu/bMr+u+tO4oSjt2m8Hu58de/Rdv0b/a87JZ9U9kY4lhRNT/TKfC8Cv4+g4Kv92atkV8375D9auTJ2V3qp3wBLRABe+jEGmIPQrJNrASsBEqpBEqUvLxQpP0bJRgBoAXMcAhY08MOOyyjjBYV7ZaZyzHKU2TuyqlSuCvyiZWbKlXIU59DYZDbNTpSypfb18ilwkiqRmtjAUa52DDH+nef1U/J4dsmqWmMr3mufFg79YwD59Tu1Lf7/3Wq7ougFcu58HsBLRU5+m1rDbFfydnnrASsBLJfAqufF/nxysg8y1US6bmjxJx/+eUXmThxovoZOOLnnps9OMMgPREp/7BysjLMO3eXnLtmhItdhx/Qe69RPiIrdALk4ppf/icVRv0+Op//9npOlhXVj0bXGPMgiEtjzgiaf0+Ys1Y2F0YifE3E1Q1q5Mnwi7MPF94a4iBWgu3DSsBKIDslsJuSl61EdkZKOUrrf4k0/lN0rjt27BBuT3MxCTr55JN9I+ikUwA7dhXKrOVfyvcrvpG5q6ZJ0R4gC/elmvl1pEvTnipK5hZ2pmnbJyOkcO/nTHltj5PqfYZHp7R9V5Gs3bJL1m7ZIWv3RtdrVRq8ONIuSJICT5W/8w6tr76RzjayhjjbNGLnYyVgJRCsBP7XV2SlLnl5nEjnz0r0/80338jixZECHO3bt5cuXbL7cxvS1TOXfqGMMrev4xF1rzs17q4i5db7HRqsTD32tmf7Vtnw2FmyR3/OdNU/pWIL7w7C5sJdESO9Zaf6u4TR3hI5uy6Kc6vMXXLURsQelWabWQlYCVgJBC6BdR+JfO8oedljnUjFOtFhOCPmrBiqWbOmnHnmmYFPIV0dbtuxWUXK3y3/Wv7368y4w1D3mqIhbRt2lYMblPyeOl1z0/1un/GubH33AfXf8nWaSu3+7wc6JMY4aqS3RKLpH1cVyNL1hYEUKQl0snE6sxGxTynz6cObb74pv/76q3Tq1KlEQYAlS5bIhx9+qADI+d3555+fEuapzynZx6wErATiSWBaO5Fte2sqt3xQpFkxgH1BQYG6Pa3p1FNPFUDeSxtt3r5BnSl/t/wrWbjm+7jTb1KrpUpdt2vYVajsFQZtevZK2bUsMqdq5z8olbukH50p1QtoYcgh3hjWEPuQPp89/PGPf1QQascff7x89tlnAv7wsGHDFM7pLbfcIg0aNJDTTz9d3njjDWnTpo3cfPPNPkayj1gJWAkEIgFnyctqHUW6ljRUfE+Mcw3hPPOnNBPfJRMpY5h/Xhu7YAf8Na3dSqWu9+wpkpnLvlAgFvWqNZKT2lwiR7U4JTAR7PzpG9n8QjFWc917J4tUzAus/9LekTXEPjT4448/ygMPPCAvvPCCinRnz54tjzzyiIwcOVImTZokr732mowaNUr1zI3MESNGqP/n5+f7GM0+YiVgJWAsgU1TRGYeXdxN1x9EqnWI/n/BggUydepU9f86derIaacVf29sPHaGO9iw7Tf1SRRGecn6CNCFk9xnqfwuv1I1ObfTtYEa461vDpTts8epoascf71UOe6aDEsme4a3htiHLrhhWVRUpAoBgODy8ssvS2FhoTz++OMyevRooaD8wIEDVc+cPw0aNEgeffRRadq0qY/R7CNWAlYCgUhg5rEim76OdNXkepGDn452S0brvffei/7/jDPOkFq1agUybDZ1AlQjF72IlpdtWJBwapUqVpbeB10gjWu1kEY1Wkijmv6wivUgu39dIBuf+l10zFr93pEK9Ztnk3gyNhdriA1ET53a++67T/Vw9NFHy4033qgMLt8j9uvXT/2cVHXfvn1VBH3QQdn3/ZoB+/ZRK4HSJYFlw0UWDojMOa+RSLeSAAygMeFEQ507d5YOHYoj5tLFqLfZrtmyQhnkD+eMjv0An3Q5ak3Xyq+njHLjWi2lcc0Wwlkzf5cv571MZcF/R0jBFxF0prwOJ0n1i4urb3mbdW62sobYUK+7d+9WNy5JP99xxx3qvBjje++996qe16xZo4zys88+K9Wrh4eoYsiWfdxKIPckULBAZOrBxXwdMkGkzonR/5PdAqcY4o7HSSedlHsyiMHRX8b/QZ0N+6GqeTVKGGVtpOMBVRQVbJKNT5wne7auV8PV+MNIqXTgkX6GzqlnrCH2oc5PP/1Uvv7666ixJVV9xRVXSJ8+fWTt2rXKMD/11FOqZ86PucQ1ZswYHyPZR6wErAQClYCz5GX980U6vBXtftOmTfLBBx9E/3/WWWdJjRo1Ah0+Gzubsni8vPv9s1K4c2t0epUr5EuHJt2kYvmKsnzDQlm+MVIG1AsBTKENMn83qRmJojXe8vZv35at7/1FdVWhQUupdXOxDrz0n4ttrCH2oVXSV7fffrtcc8010r17d/niiy/U2fDTTz+tDPHgwYOlf//+0qJFCxk6dKg6a9Jnxl6GI4pety4+GouXPmwbKwErgX0lUHPbO9Jo413qF3ukgvzUuOSNYqJiMlpQs2bNZL/9sq8KUzr0+uP6yTL9t/GyacdaqZlXTw5vcIq0rVN8uW2P7JG1hcvk121LZU3BMlmzfZn6e/ceb2Uqy0k5qZvfROrlN5Z6+U3lgB8mSOPVS6Xmzt2ypdv1UtiqVzrYCrVPPnmrX7++rzGtIfYlNlFRrk5jcSaM93zOOeeo3ri8pT1r0tFDhgyR2rVr+xzJPmYlYCUQmAR2bYggMumSl23HiDS8Itr93LlzZdasWer/IDGByGQpvgRWbVoiyzcukGVEzRsWqgtgBTu3eBZZvcJdsl/hbml25JXStG5rleauX72J5+dzpaE1xAaaXL9+vWzdulX233//fXrhFubGjRvtTWkD+dpHrQTSIoH/XSuy8p+Rrmv1FOnyRXQY3umxY4uB7HGuq1WrlpZp5Gqn3MzWRln9vXGBbCzYW+vbA9N1qu4njWu2lCZcDKvZMnJBrGYLD0+W3ibWEJde3dmZWwlYCfiRwLoPRb53lLE8ZrNIheKLlB9//LG6ZAkdccQRcvDBjgtefsazz8iW7RsiUbMjev5ty3LPkgHMgnPmRjWaq7/1uXPF8vtCIOpOOfueMP+VtBUp8Tx5Dw2tIfYgJNvESsBKIMckUKLk5V9FmkXOjaEffvhBXbKEmjRpIscdd1yOMZ8d7GzfVSCLPh0qv8wfL6uqVJBf69aTlRIbfznWjIF/JFpusjdq5ltn/l+lUjWJdQEtHUVKgpKkNcRBSdL2YyVgJVB6JPDzQJElf43Mt2p7kSPmROfOhcvx48dH/0+teFsVLz2q3bNto2x88gIp2hq5nFr9iqfk1/oNZOn6BZH09sbI32Aze6FKFfJUGnv15qWCoXcT5TsHnRLnu2kvA6SpjTXEaRKs7dZKwEogiyWwabLIzG7FEzxyvkiV1tH/jxs3LvrlAsV6DjzwwCxmpnRPrXDqG7Ltg4hTVKFRa6l1w6v7MGR6KUx3eErbS+XU9pdnncCsIc46ldgJWQlYCYQigVk9RTZ+FRmqaT+Rgx6PDvvdd9/JnDmRKJnLmD179gxlSmV1kE3/vFJ2Ld2LznTOYKl8+HlJReHnUpiNiJOK1TawErASsBIIUQJLh4ksuj0yYN5+It1WRwcH3vSTTz6J/v+iiy6SSpXiXwwKcdY5OdTO+V/K5pdujfBWrrzUufszKZefejEVfSls8uKx8sOKySW+c7ZnxDm5dCxTVgJWAqVaAu6Sl50/E6ldfDELTHE+QYQo3EOBHkvpk8CWN++RHbMjn47l97pGqp5wvdFg9ta0kfjsw1YCVgJWAiFJwFnyssGFIu3fiA48Y8YMAfIUat68ufTo0SOkSZXNYXat+FE2jewTZb7Wja9LhYZlAyjHnhGXzTVvubYSsBJAAqvHiPz4h4gsypUX6bk7KpeVK1cqEBf1q3Ll5OKLL5by5ctbuaVRAgUTnpSCr/6tRqh86NlS7bw/p3G07OnaGuLs0YWdiZWAlUDYEti1XmTKwSK79lZ+aveyyH6XRGcBRjFV8qBjjz1WDjjggLBnWKbG4zMmMIv36M+ZLntc8lofm/MysIY451VsGbQSsBJIKIESJS+PEemy9ya1iEybNk3AHYdatmwp3bo5PnmyYk2LBAqnvCbbPozgFFds2kFq9n0hLeNkU6fWEGeTNuxcrASsBMKXwNoPRH44q3jcYwtEyuer/y9fvlyhq0Hcmub2tKX0S2DTP/8gu5ZGqptVO2ugVD7iwvQPmsERrCHOoPDt0FYCVgJZIgFnycsDh4ocMEBNrKioSP7zn/9IQUGkSlOvXr0skEsIKtsx7zPZ8kpEB1IxT2rfPk7KV81dBDtriENYVHYIKwErgSyXwM93iyx5JDLJqm1FjpgXnfCUKVNk4cKF6v8HHXSQHHnkkVnOTG5Mb+ub98j2vZ8zVen5J6ly4o25wVgMLqwh9qnaDRs2yEsvvSS//PKLtG/fXo4//ngFJA4tWbJE+AaRW5edOnUSatVWqFDB50j2MSsBK4G0S2DTJJGZ3YuHOWqRSH7L6Pv89ddfq39Tc5r32VL6JbB7xVzZOPKy6EC1rn9ZKjRum/6BMzCCNcQ+hX7TTTeptNW5556rLnNMnDhRRo4cqT5zuOWWW6RBgwZy+umnyxtvvCFt2rSRm2++2edI9jErASuBUCTgLHlJapoUtYjs3LlTuD29fft29f/evXtL48aNQ5lSWR9k28d/l8Kvn1diyOt8ulS/4C85KRJriH2oFfDwG2+8UZ544gmpX7++MshXXnml9OnTR31n+Nprr8moUaNUzxjoESNGqP9bBBcfwraPWAmEJYGlQ0UW/V9ktEr1Rbr/Fh35m2++kcWLF6v/t27dWrp27RrWrMr0OEWb18imf1wiRVsin5fV6POYVGrbK+dkYg2xD5VycYMzo44dO6qnSU/ffffd8uCDD8pXX30lK1askIEDB6rfLVq0SAYNGiSPPvqoveThQ9b2ESuB0CRQ8JPI1GIEJunytUitSDWtn3/+WSZNmqT+Xa1aNTnnnHNCm1ZZH6hw8iuy7aNHlRgqNusiNa+OBDm5RNYQG2pz+vTpKjIGoeWhhx6SRx55RKpWrSr9+vVTPW/evFn69u0rDzzwgLroYclKwEogiyXww3kia9+NTJDCHhT4EJHCwkKVnt61a5f6/4knnij77bdfFjOSW1Nzfs5U9Yw7Jf+oi3OKQWuIfapz9+7d8tRTTwk3Ks844wz5/e9/ry5kPfbYY8r43nvvvarnNWvWKKP87LPPSvXq1X2OZh+zErASCEUCq0aLzP9j8VC99kT/TbZr6dKl6v/t2rWTQw89NJQp2UFEdsz9r2x5NXJsUC6/utTu946Uq14vZ0RjDbFPVT788MOybNkylZJ2lr178cUXZfLkycpIQ7Nnz5Zhw4bJmDFjfI5kH7MSsBIITQI714lMayOyc01kyPavizSIFPFYsGCBTJ06Vf27Ro0actZZjiIgoU2w7A605fW7ZMcPHysB5B9zpVQ9+ZacEYY1xD5UuXr1aunfv79cd911JaDR6tSpI+CYDh48WP0e2LShQ4dKrVq1omfGXoYjil63bp2XpraNlYCVQMASaLhxkNTaFkFhKsg7UpbWi5RY3LFjh3KsNbVt29ZmuQKWfaLuKq5ZILXHDYo22XDaQ7KrXqsQZ5B4qLp166rLu37IGmIfUqPk3TPPPLPPk7/73e/U50wvv/yyfPDBB+r3pKOHDBkitWvnblUYHyK0j1gJZK8E1r4v8sPZxfPruUukXKQOAO8+ZS+hDh06SOfOnbOXjxyc2bZxw6XwmxcVZ3mdTpHqF/01J7i0hjhNagSxBVDxpk2bpmkE262VgJVA2iQwrb3Itr3VtQ56XKRp5PLl/PnzhQuaEM41tQIshSeBok2rZdPIy6KfM1X//VDJa398zAnwZcucOXMUehYBEY5Tq1bZE0E7J20NcXhryI5kJWAlUFoksOgukaURBCCp0lrkyPnqn5s2bYpmu/j/aaedJhxJWQpPAoXfvCTbxg1TA8b7nAkjPHPmTHWcoCkvL09dsMtGY2wNcXjrx45kJWAlUFok4C55efQSkcoRLOJPP/1UVq1apf5NCVv+WApPAlQ4W/tCfyn4bansqlhF9nQ+R4r2P1QZXX7Hp2aUF6bQkpuIjM8+23HsEN60E45kDXGWKMJOw0rASiDLJDDrWJGNkRrTcsCdIgdGQCHmzZunoi2ICzqnnnpqlk289EwHw6n/YEgxovzfaVT1v3U7E+4ownTIIYeYdJGWZ60hTotYbadWAlYCpV4Cy4aKLNxb8rJiXZEekTKLAL589NFHUfYo4ENUnI0pT686COI8NWyj6pU3ZzsbEfuRmn3GSsBKwEogUxIo+J/I1DbFox82RaTGkaq87bRp00qkPrP5/DGZ+GKdp1aqVEkVLWnYsKGKTtMdqSabo/P3lStXFv7kyS4pt3y2VC4qlLzdBVL9sDOlSsMWqqb/b7/9psB4AOzQlM06shFxKivAtrUSsBIoWxKYc57Imr0lLxteIdJ2jCp1yU1cS+YS0EZVGda8PGVE9b/5m//zc2c756jbxg6TwkkvqR/ldTxJqv9u7wU7EeUw2VvT5jqyPVgJWAlYCWRWAqv+LTL/quI59Nqj6gTEoj179igY1FyhVPkxNap+5Fa0cZVsfOZy2bMXnQlDjEEubWQj4tKmMTtfKwErgfAksGtdJD2tS152eEfe+6Z8mYiIgXStV6+er0g1PAWJFE58XraN/7sasuL+HaXmNaNFypUPcwrGY1lDbCxC24GVgJVATktg/tUiq56LsFjnRFlYbWSp+kY1mW5K2ze3+/BTVCSb/vUH2bXsB/Wrqqf2l/zulydjO6t+bw1xVqnDTsZKwEog6yTgLnnZa0+pOn/0Is/SdJ4ai58d34+XLW/crX5VvkYDFRWXr93YC+tZ0cYa4qxQg52ElYCVQFZLYFo7kW0/RqZ48NMiTa7P6ummPDki/l8eFilcJJJ/oEjzgSKN/pRyN5l8YPMrA2TnvM/UFPKPvkSqnr7307NMTsrj2NYQexSUbWYlYCVQhiXw810iS/beyK3aXuSIObkjDIzwwttEdm8SAX6Z+2YVaoq0Gl6qjPHOX2bK5ueKnYeaV49SJTBLA1lDXBq0ZOdoJWAlkFkJbPpGZGaP4jl0WymS1yizcwpi9O0rRGYcLrJzVcQIa8IYVz5Q5KiFQYwSWh/bPhoihZNfVePltest1S+J1KTOdrKGONs1ZOdnJWAlkB0ScJa8bD5IpMWD2TEvr7MomC+yeabIllkiW2dF/r3z1/hPN79PpMWfvfaeFe2K1i+Xjf+8UvZsieC5V7vwIal8yGlZMbdEk7CG2FBFb731lvro/Iwzzoj2tGTJEvnwww9V4XFK351//vlSoUIEz9SSlYCVQCmVwNJHRRbdEZl8xToiPSKbfdZR0c6IoXUa3M3TRPbsij9VIuAciIhhsOCr0VIw4YkIrxXyRHbvkPJ19pcqva6Syoedm3XqYkLWEPtUC4KjzB0G97jjjpNrr71W9bR582a55ZZbpEGDBgqr9I033pA2bdrIzTff7HMk+5iVgJVAVkhg23yRaW2Lp3LYdJEah2V2anznXCLK/bb4UpmXmVWoIZK3n8j2pSJ7dpTqM2LN7p7dO2Xj4+fKno0rZY/DuSifX12qnHpbVhpja4i9LNYYbd5++21VPm3BggXSo0ePqCEeP368vPbaazJq1Cj11MSJE2XEiBHq/0TOlqwErARKsQTmnCuy5j8RBhpdJdJm7/fFYbBUuNgR5X4rsmla4tSye06Vm4pU6yRSrWPxn6odRMrnR76TLuW3pp3srv/bibJn674ZCyLj2v3fC0NbKY1hDXFK4tq38QMPPCCNGjWKGuLRo0fLihUrZODAgarxokWLZNCgQfLoo49K06ZNDUezj1sJWAlkVAKrRonMd3zW08uZzw1wZlu/F9kyU2TzdBHSyslSy+6hq7YVqXZISaNb5eAAJ5jdXa27N3amIv+4a6Xq8ddl3eStITZUidsQP/LIIwIsWr9+/VTPpKr79u0rtDvooIMMR7OPWwlYCWRUAjvXRtLTuuRlpw9E6hbfD0l5bru37r04NT0S4W5JMbVcrpJI9S6RP0S3OtrNa5jyVHLpgQ2PnS1F65ftw5KNiHNJyw5e3Ib4scceU8b33nvvVa3WrFmjjPKzzz4rYGFashKwEijlEiAiJjLW5LUAxo5VxREuBjfV1DKYyBjcGodGDK42vOWrlHKBBj/97TPelYJxw6WosBgly54RBy/nrOnRbYhffPFFmTx5sjz11FNqjrNnz5Zhw4bJmDFjsmbOdiJWAlYCBhJYcLPI8qcihS/iFcCgCpc2tn5Sy5WbRwwuhlef61ZpbTDpsveoMsZfjFKRsb01neP6dxtiarYOHjxY+vfvLy1atJChQ4dKrVq1omfGXsRBFL1uXZZ+GuGFAdvGSiCHJdDy1xOlUhG3jB1MlhMpkqqyq0Ijydu1KCXut1dsLdsrtYv8qdhGdlRqLbvK10+pD9s48xKoW7eu1K/vT2/2jNhQfw8++KA0bNgwelmL7sAr/eCDD1TPpKOHDBkitWvXNhzJPm4lYCWQFRL4wifmcIWqItX2nucS7Vbde5mKn1sq0xKwhjhN6t+yZYts3LjR3pROk3xtt1YCGZPAlFYi2xftWwDDGSFzWQqjq9PLpJirtMnYlO3A2S0Ba4izWz92dlYCVgLZJoFYIAlSSaT+mSKNrhapfqhIXumB4Ms28ZbF+VhDXBa1bnm2ErASMJNAjhXAMBOGfdpUAtYQm0rQPm8lYCVgJWAlYCVgIAFriA2EZx+1ErASsBKwErASMJWANcSmErTPWwlYCVgJWAlYCRhIwBpiA+HZR60ErASsBKwErARMJWANsakE7fNWAlYCVgJWAlYCBhKwhthAePZRKwErASsBKwErAVMJWENsKkH7vJWAlYCVgJWAlYCBBKwhNhCefdRKwErASsBKwErAVALWEJtK0D5vJWAlYCVgJWAlYCABa4gNhGcftRKwErASsBKwEjCVgDXEphK0z1sJWAlYCVgJWAkYSMAaYgPh2UetBKwErASsBKwETCVgDbGpBF3Pb968Wd577z358ccf5YADDpDf/e53Fos4YBnb7qwErASsBHJJAtYQB6jNPXv2yJ///GdZvny5MsDffvutLFu2TJ566ikpX758gCPZrqwErASsBKwEckUC1hAHqMkVK1bI7bffLo899pg0bNhQNm7cKNdff73cddddcsghhwQ4ku3KSsBKwErASiBXJGANcYCanD59uvz973+XF154Idrr5ZdfLpdeeqmceuqpAY5ku7ISsBKwErASyBUJWEMcoCY/+ugjeffdd+XZZ5+N9nrTTTfJCSecIOedd16AI9murASsBKwErARyRQLWEAeoyU8//VT+/e9/l4iIr732WvnjH/8o3bp1C3Ak25WVgJWAlYCVQK5IwBriADU5e/ZseeSRR+SZZ56RGjVqSGFhoVx11VXy6KOPStOmTT2PtHDhQtm9e7fn9tnekEts5cqOfjFMAAAgAElEQVSVy/Zpep5frvED47nGU67xY3Xk+fXMWMMKFSpIq1atfI1vDbEvscV+aNeuXSr6Pf744+Xiiy+WMWPGyOTJk1WUnMqtaZTSunXrAGeW2a4sP5mVv5fRrY68SCmzbayOMiv/ZKOb6Mca4mTSTfH3M2fOVBEwhIf0f//3fynfmDZRaIrTDaW55ScUMRsNYnVkJL5QHrY6CkXMvgcx0Y81xL7FHv/BnTt3Cp8y7b///soYp0p+FUpEPnz4cPn888+lRYsWcskll8gxxxyj0sLr16+XkSNHyqRJk6R9+/bqM6v69etHp0Yq75prrhHOtI888kjVHifCTfDEt9KpkF9+GGPGjBny9NNPq++xzznnHLnwwgulQYMGavhPPvlEXnrpJdmxY4f6uftC3JNPPilVq1aVP/3pT9Hpfv/99/LKK68Ixwj0R+aiZs2aqbAjJvwk0tH8+fPln//8pyxYsEB69eolN998s1SsWDE6t19//VX+8Ic/yJtvvqn4grZs2SJDhgyRqVOnSps2bRSvfj6VM+HpjTfeUHPiOIU1d/rpp0uVKlVUunvUqFEyduxYpTPW1qGHHqrm/dtvv8lf//pX+e6776Rnz57y+9//Xs3fi169KMuEHz9zS6RXPd9Y69ELL7qNX5787gvx3j0vvHrhyy8/fveFRHr9+OOPVQZz+/bt6gsX6kCEuS9YQ+xlxYTcxu8C5Xtl0uADBw5UGzg3tsePHy8nnXSSXHDBBWrTu//++9XG+MMPPygjh6Pw4YcfygcffKAMNTe/TzvtNKFCGJuok4YOHSqnnHKK/Otf/0pJIn75WblypTRp0kQZWDZ4eFuzZo0yOtOmTVMOAzweffTR6nttfg+f8AXfyOHOO+9U5/YQPHFWf9ttt0mHDh3UzzF4OC+pkF9+GCOejo444ghlQNu1ayd9+/aVhx9+WDlRjz/+uGzbtk3efvttef7552XChAmyYcMGqVWrlpoyxvqbb75RjhXZGHQ4b968lO4k0I9fnlg7Z555ppLpYYcdJvfee68yqg899JBgeO655x615goKCpS8mSPnaIcffriwoePsoS++vV+7dq1wPyKeXsPSkZ+5xdPrySefHHc9psKPiY787As4ffHevUS8psKT3zXnd1+Ip9dffvlFrd1+/fqpd45AAwedtZwK+eVH61bdopk/f/6eXDqXTEWA2dbWr0IxLiyiiy66SLFElFi9enW1oNj8Fi9eLM2bN1cbHtHwV199pRYekQrFR15//fWoIXbL5L///a/ccMMNaiPV0ZhXufnl55133lEGhs0ZIort3Lmz/PTTTyqawonQn4oNGDBAZs2aJcyTSmbwRmaAM3ttiHFAiNbwevPy8pShoC2RaCrklx/GiKcjPnHDcVi6dKmaCmVSidi3bt2qDG///v1VlsJpiMkEoEeM9Iknnqgi0GbNmikjeMUVV6TCkm9DzLyYx4gRI9R4/P3AAw/I6tWrVVEbnBy+o4fQHRvc1VdfrX5HBTo2eyLpOnXqyBNPPKH0Fk+vqTDkV0cYID9zi6fX0aNHx12PqfBjYoj97AtEj/HePdZlrH0GXlMhvzrysy+QBYunV96rzz77TL1zEHvLq6++qgKXVMgvP9YQpyLlENv6VSgXw0g7k1Jhc8T43n333SrlR1S5adOmKBe0YeMj1amJn7322msqInYShoA+nnvuORX9pEp++SG9v27dOunYsaMakvHZ+HEkevfurebOpg4RCd53333KAGgivXTggQfuExGff/750rVrV/nb3/6mUrlhptrj6QgDgINBqh0iY9GpUyf1s4MOOkj9jLQ6UbOOiImUq1Wrpo4byAoUFRVJ48aNSzgfXnXlV0dz585V640jC4gCNjg6bMrMjei8bdu26ncYYZw4HCCcqu7du6ufU5edTAAbH85eMr164ckvP6T6/cwtnl7hJ9569MKHs41fnvzsC0Ty8d49ChfF2mecvHrhzS8/fvYFnPl4emV/wYnF+aANa5isFA5lKuSXH8awqelUJB1SWxOFMkXOGFlMixYtUhvhf/7zH2WMnJEfaRo+rbrxxhujXMUzxFw+I+oiBernMyRTfoiY/vGPf6g0LCnMW2+9VXm3RLM6+tcpUl6oeBsf6VHa05bPy0hVv/jii9GIzat6TfmJpSN4It2MkYLw0uvWrauifCLJWIaYnxFt0pZommiSv6+77jolr1TIlCecPNLTOEsTJ05UZ8Jk2HTUy1w4JsCxYC1p4pwfHkjNczziRa9e+DLlhzH8zM397qHDTBtiPb6ffSHWuxevPyevYejI777g1queK9k1DDBEBM0RSypksuasIU5F0iG1NVEokQjp2Msuu0xFvKT8SLOQfnZGxES4pA3POOOMhIaYi2dEO06jl6oYTPjByJx11llqA3dG5ET7pM44G4a4MISzgbceb+Pj0heOB2dCnBVzDouTgefvvBSVjD8Tfug7lo7gg0if4wEIr585wn/t2rXjGmKcKyJIoh6MGWldNpBbbrklGRslfm/CE8cVXHBhnRDREwFzuQ70MSIMInsIR4ooGT1xPswc0Ql64KwYHXjRqxfGTPjxO7dYenXO1Z2h8cKHs40JT372hXjvXrw1HCY/fvaFeHp1zpssE0c7rEmOhVI5hjPRjzXEqa6eENr7VSg3bjkrdaeXv/76azn22GOVwcEw65QmHrLzA/RYETFRCoYw1UUZxAaC48DZZ8uWLdVZsL6gRN+cqer0Mv/nxcFYc2ErniEmjb1q1SoVeUEYMYwGaStS2F7Jr37oP56OmP9bb70VdSTQGRfPnKl2d2qa6P/LL79UN5GJ8MlW4GBR79x9vJCMN788zZkzR1WNGzx4sIqI9VcCFLPh5jSy1s4eOrvyyivV+TVRMOl3HA99W9qrXpPxwu/98sOzfuYWT6/ZYIj97AtkNOK9e154TaeO/O4L8fTKusXpZe+EWNOkq3/++Wf19YlXMllz1hB7lXKI7fwqlAiExUZErIkNmpeqXr166nyVKJIzUVKyRF3Oz6tiGWIWKZe8nOnEVEXhlx+iKyLFL774ooRnysvBzW3OvzmjJPoi5cwZsT4zZo7uCGTYsGGKf6JmXjQuZcBXmJcy4umI2+CkoLntzfkbxwboTZ8Zw4/bEPMzbhhTQAZDzi13binjYOgo2quu/OqITAtnvGzOmlhTnGtzWZBNk8s11GAnS8MmR1SMDnE8uEikab/99pOXX345qV698OSXH7IlfuYWT69cRovnGHrhw9nGL09+9gWyaPHePXQba59x8uqFN7/8+NkX+HIknl5xFtkT6Zd3D6eSLzO4e5EK+eVHO4721nQq0g6hrR+FEulxUcdNGCiiDm4FsmFDGGc+U+LGtJNiGWKMA1EMBtkv+eGHsficQJ+ZOsfGcHK5B944/4b4N+c6TseCy0FEuhhciEwA56caHYtPFvgdF1NSIb/8JNMRKVucC4jzVaJi/c00P9MXuLjhrr9xZBNhw+RyHmfgfM+bKj96I/Dz1QTRLPJwEusLA4yjRyaGuwqQPt/HAGOk3cSNa75lT6ZXL7ryqyM/c+OST6J3T8/XvR698OFs44enZGsu3r4Q793jqwQyG/H2mVR48sOP330BRzDemuPTSD7L5JNIqEePHvKXv/xFjjvuuFTYMcrC2Ig4JVGH09jvAk02OzZrNkU82lTORJP1m+z36eKHcbkMhPFt1KhRsmlEf4/B4jl9G9nzg3sbppMfjCwbeypz47Y0aXmOGfzqNV08kT7nCIRoiUjYK/nRq6nRCmtuXsdxt0uXjuy+IOqLgyVLlqjPGlON7LWeTPRjDbHftyKNz5koNI3T8t215ce36EJ70OooNFH7HsjqyLfoQnnQRD/WEIeiotQGMVFoaiOF09ryE46cTUaxOjKRXjjPWh2FI2e/o5joxxpiv1JP43MmCk3jtHx3bfnxLbrQHrQ6Ck3UvgeyOvItulAeNNGPNcShqCi1QUwUmtpI4bS2/IQjZ5NRrI5MpBfOs1ZH4cjZ7ygm+rGG2K/U0/iciULTOC3fXVt+fIsutAetjkITte+BrI58iy6UB030Yw1xKCpKbRAThaY2UjitLT/hyNlkFKsjE+mF86zVUThy9juKiX5CMcRcC6fSjiVvEuCTDz81nb31Hn4ry0/4Mk91RKujVCUWfnuro/BlnsqI7NkHH3xwKo9E24ZiiE08BV9clfKHck1elp/sX5BWR1ZHYUvArrliiVtDHPbq8zCeXaAehJTBJrmmH0SZazzlGj9WRxl84T0ObbLmyowhppwj8Gxuuummm2KWUfQo+4TN3n//fVWT1Yl6FOsBkHOA9KK0WpAvnIb9ozwl5S1JbQGPN27cOKGu7+mnny5g8yYiUI0omwiQhF8yWaCgrIDM4yaQfqgPCzoUgBBAG9avX18h+gDx6CaqVVHOkvKYPXv2VAhFTrCBVHgz4cc9jkZPYv5uGLm77rpL8UR9bDcBb0ntbCcBM2iSGvNT4tKL3NxrCMzfIUOGqHq+6ABMaHCWg6QgdASqFPW7KS0KstWgQYPUe5poPWoekq1bP7wGwZNz3ET7gdf3yg8f+hlTfoAx5Z2eMWOGqtMO5jq43BDvFeAnADdQqpL3PRaAA5UGwSWnxjjPghBGXX4/ZMJPmTLEbMDUsnUSNXv9Cj6ZsjDEZ599tjKAiYiNFqNJrV3IRKHOcQB5YDFiSEHyAXLu/vvvVxs7GzzAAp9++qn07t075vRYxNRqZoN2Yhkn49v9exN+eNnYDJ00dOhQVRsW4AeMMbWj+RsUJfjbsGFDCaQmnsU4A4PGJsqLS91jYAdTxVANUj+UFmSDBypw5cqVJcp0ApSAk8TGAJylm+AZfToBPkDJilXz2Iu+THSUqP9YawiewLZmHWLsRo4cqXCzQcAJikz5QR84CboOMeuKd4h3KtF61PNPtm798GnKk3vMRPuB1/fKDx9BGWJAXdiX0AnvPvWhQZirXr262tMJPgiEqEEPqApIZW5Cx126dFF1qHmneB6QGWfNeq88muinTBliNrZ44AVsziDYAK7O5kh0QcF6PFsWJWgkGC8K8xNdYwieeeYZBUEHsblQH9iJA+s2xGCCYgCICECiAeWDNoAqQCDnMK6JQvWiGTt2rPLgMUpEH2wiOAUsTkDoIcABWIT83k0YLTxJ6q4SRWbKELvnRdH5G264QW3gXI4ALxTdaT2AKsW8iZg1/frrrwpwXoPUE9UAB4mBA8s3VQpCP4w5cOBAVYeZiNFpiJkn3jk4vqypWIaYNVm+fHm59957U51+zPZB8eTsPNYawvngPQL1Cpg9nNRmzZopDFjgEYMiU34eeOABta4AC4BwFKjnzTvkJOd6TIRd67VdIv5NeXL3HW8/wOnw8l6Z6sqEH9ZWpUqV5Ntvv1VOtobdZD+l7jx7OFE9tdfJhLJnux1v9hCAXzSIinYa3fCwXvk04SerDfHn8zfIe7PWyK+bd8h+NfLk7C715bg2EZD0VAlFAAfmfpEwRnhPeEZs4ETMGF0MGSkp0n+ffPKJ2ihI6WLcUDptMcZsiBhWEGd42TTCEfNzGmL6IxXMpgpyEJEMY/EHw7h9+3Yh0mPjNVEo42J42MSZN54eDgaGGAPE5s1CY3EyhwkTJqgN0U14l2w+PAciUDYYYpwK9PTcc8/JmWeeGcUTBoLv+eefV+kp5OlOc6Ifos7u3bsrNoHtQwc4GH5Soqb6YQ6ff/65Ssl+/PHHSufaEKMjsIRBIGL9YahiGWI8fQwD6wZMZVCl4mU2vLwrQfDkZQ1pLGwg5nA2KLZPFM9axMkNikz5ufzyy9XxDUcaOEY4zqAnOY2tez3Gm7vXdsl4N+XJ3X+8/YB9kjWV7L1KNt9kvzflB2OMoeWIg6Oz4cOHK2OLkw1vvBs4Uw8++KCQoXDDGhJ0kSVlP69cubLaFznaAZkuVTxveDXhJ2sNMUb4pSmrpXDHbiGxC1Zjfl4FufSohr6MMYaYjcsZKSE8NnAwUTG+GEqiLKD1eBFJFwMWzRnumDFjVDsMGF4U6SnOW8FXxWvGmyet4US/cRpiHABebNKpEM9zNoGBCzI1zcZ9zjnnKLB2DCiGSxti/WIwV9IwOA9A7bmNEfzSB1i/pGmyxRA/+uijKpIirYmeMGI4Q2CIgov73nvvKSgzNk9erFiEc4IRw2MGQtAPmbxwjEeWhY0OyD1efDx4bYjZTHD4wCXGQYtniIkCOFbhjgNG/amnnlL8nHHGGX5YMtpEYg2YaA0hf2RARoDNkL9xJHifgiJTHYHzzFpCvjjq6IUN3Znxcq/HeHP32i4Z76Y8xevfvR8AnZjqe5Vs7rF+HxQ/ZLsIPrhjw96tjxp1xMvY6JFspHN/xliT8WOvJ2B5/PHHlR0glc2Zcqpkwk/ohnj0N6vkk7nrPPGI8XWerrr/n6yTE9vXlT90j8DjYYgTpab1eQkK5VyUQ3wMMWcLKAUDzM85j0CpgNHjOWLciZY5lyBywfsFlB1DgWHAoLGZJsJtDdIQa9BszoVJ3fCSEXmx+Tkv8mCs+BnpGzBJNTFXIjQ2dC4/cK6CbFigyJA+UyWTBarHYp44URgcokWIC05ExmzmzE2nnJEB56VOwntmE4UXHBPOijMFGYjTgJPDxo7zxiZAerp58+aCASDib9mypdoYIAwVP3cS6wxYQa0Pfo+j+O9//ztV9aj2QejI6xri3eJIAGONQ8R5HO+Y08j5YsLxkCk/ODq8x2S5IM6xcRTIokCx1mOsOXtt54VfU54SjeHcD9iPvL5XXuYdr02Q/BDNEiDdcccdKmupifeeCJd9mKCCCNhJ7CFgL7Mm+/Tpo7KYOLb0lSqZ8BO6Ib7sX3NT5a9E+1Q/an/x6vbq+USGmIN+jA9RLxcAEAppTgwxCmZTJOWBt4XS2ERJbdLnueeeK5wnEY1g6PCwUCrPcCbMme/q1atVhNqrV6/omR4RAZ4nL3yQhpgbxHoDh2/mSiTO2TiRO1G4XoyccZOCXrp0aVTGGDNnhIwjgnNC1En0TNonVTJZoHos5Itx3bp1azQ9qD1ebjxyzgjh8HDW7j5vxOkg1fv666/7vi2t52LKz9VXXx1Nk7FR0B9OHs7Bk08+GRWv1gtHB2QCNCEDLnMhj1q1aqkfkzbFUXHfpPaqK1OenOMkWkM4Td9//7060ycjg8OKzrhU6CcdmK5NHqe9QYMG6h4IhPyvv/569c4y51jrMdZcvLbzoqcgdcR47Emx9gMCCAyRl/fKy7zToSP2ZYKF6dOnqyBIvwNVqlRR64hsE+86hM3gPXHfCcGZZS1yF4g26Jb9W58Zp8qbiX5CN8SZjIiJGtyXc0jvYWiOOuoodRZEWoOLV5yPsOHhJWGYuFjFOQO/15eD8JC5OIShW7FihVImEQoKx8MnEtUeGc+zMPDO2ICIilg0pEH4TIWLAvoTIROFuhcPDgUXejjrZT54vsyPaJA5cqaNI0G6lxePW6JOwkPEUcj0GTGOxOLFi0sYJC7+tGrVSkXI8EBkzxEAThO6wlihH9K+fLrAy0nUqAm9Zcqx0HMgImZNuW9N83vkDo/6jJj1wUaBA8glO/4mQ4Cnz/kwjpL+BC7MTSTZWO41xHvIuiMzwRENjhPriwg0KDJ9h8hKkP1Ctjg4XKjkXeJzGSjWeuRdRx+sQRyreO388mjKk3vcePsBEWW898rPVwbpMMT6kh8ON8EOwRSBDu8Ijh3zZ7/FWSU7SPqZvU87sewL/Bt+2JN5Fn1jAzJxZBW6Ifa6CNNxRhzrO2IMFGlBFEaaAuJs7uWXX1aXmIhe2DQwnhARsz7nxfjyyQWGVL+g3EBmYWjSaVO8L8bicyGIlBwLhEhOp1j1N81BvnBOQ4wDgbeI4wFhwLggxhy4dMaGiYeZjYYYPtgM3bfeMb6knTC8EBd+kD8pRfSH3PWlNffa43MxXshUKUj9pGKIMbz8gUd44oITRyQQDibr0s9nFzwfJE9ueboNMRsd0SVOBlkn3gMuTQZJpvwwN9YbRzIQn/BxJ4HjAyjWeoQXLnM5L/vEW7d+eDXlyT1mov0g3nvlZ97pMMT0ScZRf77H/oy+9DkwgQ7BFKSzTdxDcO4LRMkcD3GGD3FpkP3Z72d0JvrJWkOMYIK8Ne1lAZEKxEPi7I2bdPzBS6cgB9EYXha/00TkxacYCNF5/soLSXvS3c4zVbw4ok5u8/FiO+tJMwYXjPhjotBkfLLBEH2z6MgGhEHp5If5wxPHAUSLYfCUbn5S0QkpOtagaTQZNk/cluZ+Be+U37P6RHIKih8yFdz05qiJLw4ySUHx5OQh0X6Q7vcqCH5wwNm32U/d64iAg32VfTgRsc/j0CZrl0z3JvxktSFOxngmf8+ZERFIXl5e9FvDoOZjotCg5hBkP5afIKWZnr6sjtIj1yB7tToKUprB92WiH2uIfeqDi1tcZCJVrdPWPrva5zEThQY1hyD7sfwEKc309GV1lB65Btmr1VGQ0gy+LxP9WEMcvD6MezRRqPHgaejA8pMGoQbcpdVRwAJNQ3dWR2kQaoBdmujHGuIAFRFUVyYKDWoOQfZj+QlSmunpy+ooPXINsleroyClGXxfJvqxhjh4fRj3aKJQ48HT0IHlJw1CDbhLq6OABZqG7qyO0iDUALs00Y81xAEqIqiuTBQa1ByC7MfyE6Q009OX1VF65Bpkr1ZHQUoz+L5M9BOKIeZja6rtWPImgVSrh3nrNXOtLD+Zk73Xka2OvEoqc+2sjjIne68j+8X0DsUQm3gKXgWQS+1yTV6Wn+xfnVZHVkdhS8CuuWKJW0OcZPVRJ5oCHLqWcRiL1S7QMKTsf4xc0w+SyDWeco0fqyP/72tYT5qsuTJjiCl5RgUVYA81aZhCIM6oM+okymFSx5SKTRDfClODmprGfssIel0QJgr1OkaY7Uz4ARwDMAQ3Uf+XspyaAEugvCD1cxOR13aJ+jDhR/dLgXkAOiglCIoX9cCp7EO9YtYjCDDUx6b2N2UtnVXYdB8U56e2LjIChxkAkljtvOg6CJ4Yh6pylE6lFKnG5qY0JIAqOLSnnnqq+vY+UQU06k5TspPSr35rG5vygx4oiegk0MicMJPoiPrlTqAOZ3twsCl5C14u9Y9Zm37wr3WfpjwlWgeU+aXUqK53n+p75WWNudukk59YawiQGGqbA/5CiWFqagdZic+EnzJjiKkZzUYADq8mNgSwXylfp+HN+J0GiAaZSBtoir+DVxzLaPtZhOne6IOek0l/JguUEna8PE6iPjZ4qVQ2o14u2L1ABVJjOh64vNd2Xvg04Yf+2eRPOukkNRTQf9Q1xzADOUndcqAM4YeSfdQfhz93LWZqTYMQRDvAK6iPTpEZwB/8kClPekzeF5CU2NSpra4RskAtw6HAeQIpCscjFlFWkU1y9uzZMYEwvPJmyg8OOMAarDVNXbt2VahElEPECQLpitKi7vrsuj2OO2AqgHcgB6AU582bl5FaxonkRslb6jFzvqnBXYJ8X+KNbaqjeP3GWkOUKsUZwrFl77j//vvV+oy3Dr2uM2c7E37KrCHWdaJB6MHTnTNnjoL6g4iEqVOKkXbSiy++qNA5nKAOfhSW7BkThSbrOxO/D5IfirYD1MDGRgQM2g3AGkQnFICPZ4i9tvMiH1N+dEF90GCoLQ4wBZGVRvjBWGnMZbCKgXmjwL2TgLKkDZs9RLF6sjYYMT9kyhNjjh07VkUZ8EMkyEZHEX74xXBBgKMApOB0fJ3zxbHAESZCi4VI5ZU3U35YZ2zWOEdu4ndkM3788UflLMUyxBgDaoBTChfwEY0WBHa5G6IzLJ5ijYNTeNxxx6k67ehEG+Ig35ewDXGsNUQmE+cCKFgIh4ha5yBlBUUmay6rDfHYKavllf8uk5VrC6VxvXy55IT95bSjGvqSmzsiBpmDxcbiAxMYhdx3332qbzwnNnsNVA64Ny8SROrPCeTgazJJHjJRaDrmY9pnUPywwaMbIOoALncS2Q28+niGWLf12i4Rz6b8MH8MDREX0IVkWnAiAOKYPHmycghJmWmYx7vvvnsflCh+j8HGAOfn56u0pwmerylPOK6dOnWKIl0BcYghBtyBdwengygXOLq+ffuqIx434UzBB6ls0vSZNMTsD8wRtCXAHkCLgh9qy2sCBpWsTCxDDFAEADGTJk2So48+WskB/SZyFpO9Z6Y6itU/WT+MEryxztxwp0G8L2Ea4nhriHVH5oh1SDB12WWXqcwMznxQZKKfrDXEGOGR7y+WbQV89oQRLCdVq1SQ685q4csYuw0xoNgsMlJpwGCB+bpkyRJlaPlDelBjFzds2DAKHYjS8CLTeU5sotCgFlWQ/QTFD3oiwiDd5z4L9bpheG2XTkMM/i6GCsNJihqHECOmvXXGJipk8yBFykbpPCvl7FHXN2cjJbWIcccgkDr1QyY6wtACRck7xWaOs6QNsZ4LESQGGAKDGyxsJ3HO3bZtW5UZAMmsUaNGGTXE+oiA9DMbN5Esxvhvf/ubJ0NMo0svvVSd3xOhkbXhb86dMeB+yERHscbD6UNvc+fOVbjLpd0QJ1pDYGBPmzZNHfWA/80RIxCIOtjyow/3Myb6Cd0QP/n2Inlv4kqPfJfba4R1c/f/E3dzdo/GcvP5EYBupyEmJcF5CB4SaT+8JM4iWZhHHXWU2ki4aKJfGAw0UTEvEx6tNcQe1be3mckC1SMhfy5oYbR02tY5C68G1mu7dBpiNnk2dAwqUROXRzDE3NBnTWqcVbx2HMQ6deqUmA6ZAX6GcWBzh/DuufTlPNNMRUsmOnrppZeUkeJcmGwRqVciWwyREx6UKJE5Y6QBZXdGI1ymxCCwOYLRTEqerAGA7Q0aNEiFFdXWhB+eZ66QniNyxtlBR5oSRcS00ReG2Fc4MsB5xwHxu/mb8uQUIs4TWQcun3E0Rwr+6aefVscGnOXrrF8Q70s85Vac3a0AACAASURBVAXJD2MkWkNcEuQ8n2MFiPN69BfviCTlBWe45kI3xCcNmOiHR9/PTBjWYx9DTMqJiy0aEJoG3MzlpcdT4kCflCE4l05iAyGasYY4NXUE8cIBJn/WWWfts4HrmXjdMLy2S6chxpnAEOv1xeZOBEgUTKp5wIAB6vZqolQzGQEuebFWITZ3sFfJ5PghEx0R7T7++OPRYTGoOBTcnIY3gNbhCeIuRseOHVUUz61wTTjKpHEh3i/mw1EDfZ9wwgkps2TCD4Nxd4R5akfimWeeUYbKuXEnMsQYOozboYceqrIX6AsHn4tsfo8QTHlyCpECS84b3CDJcbzAsQh7n3b+gnhfwjLEidbQiBEjlEOHHiEyaziPXJL0+6WBmy8T/YRuiDMdEfMZBec+RCU33nhjVJZsJIMHD1beOJsF53f8n9Q1t63ZGLmZqjcKm5r2vjeaLFA9Cpv64sWL1QsUi9wbxi+//KI2U876ned6QWwspvxwyaddu3bKkJIa5AITN6P5zIWolkiSzIsmNnIu07AG+fvYY49VaWt4JIIhJUcGh0g6Gzb5zp07q9uonDvylQJn2UTNbPK8U/CJ0Y2nI95B0oeZPCPmpvOECRPUXFl3ffr0UVE66VtNbkOMA4GTxX0TnAjSoegFB56b/zjxRMlEZn7IdN0lGpNPOeG5tJ8Rax7da4hsBns5KXgya/piJO9eUGSin9ANsVemgz4jJm3BN454QT169FDnPmxqmjiLa9WqlbpsggfOORZnWqSsIZSHR8xLZiNir1qMtDNZoHokNndeHgxyLCI1y+anXyxSUNxWJY1bq1at6CPudqlxEhw/3CbWvGBocTCIwLjQ4yZS8a+//rpKGfKHC2kcl5Ah4AIUhEGnjdPpSIW3IHTk1JU2xDgJfC7C+RzEu8e5Njd14+koGwwxnyjxeZieN6llsmhO/ZDexMBirCH2F1LZH330kXKIyOKw33Dpjt+Rund/hpYpHbnHjWeIg3hf4vEY5Jpzj+FeQ+iA/QPHFeJokkuBBGVBkQk/WWuIEU6Qt6b9CBuDSwqNczyn0fbTVyrPmCg0lXHCamv5iS1pUskrVqxQ37HzGVOqxE1c1iebfywDnkp/6dQR88RxwEkI6z0Kih/0Q+rSr3zhnTspOPl86mRCQfFkMocgn80EP2RZOP/nneM2fJBkwk9WG+IghVSa+jJRaDbyafnJRq2UnJPVkdVR2BKwa65Y4tYQh736PIxnF6gHIWWwSa7pB1HmGk+5xo/VUQZfeI9Dm6w5a4g9CjnMZiYKDXOeXsey/HiVVObaWR1lTvZeR7Y68iqpzLQz0Y81xJnRWcJRTRSahezYaCsbleKak11z2a8kq6Ps1pGJfqwhzkLdmig0C9mxhjgblWINcSnQSskp2n0hu1Vmoh9riLNQtyYKzUJ2rCHORqVYQ1wKtGINcWlSksm+HYohXrhwoVDJxZI3CVCVJ6hqL95GTG8ry0965RtE71ZHQUgxvX1YHaVXvkH0zvfJfigUQ2ziKfhhqrQ/k2vysvxk/4q0OrI6ClsCds0VS9wa4rBXn4fx7AL1IKQMNsk1/SDKXOMp1/ixOsrgC+9xaJM1V2YMMaXlqB3rJMrWUQeWUohhEXV3qV3rBnp3jm+iUPoBqYhi+R9++KECJwcQAMxlaObMmaosH4g/8A+QO9i2TiIFRh3dcePGqeL94OVS7s8vmfBDiUQAOdxEyVFkqenJJ59UFaZA/YlFQAxSctBJYM76OQIw4UePT7F5dPTZZ5+p+tKUhAQNh6o/lLukHCIlOykxCCKYk7zKJBV9BcGTe7x4aw3UqSFDhqjSkAAhoDMnAEEq847XNh38OMeiJC7AHdTLBm/45ptvVvWx00np4gmwByBfWXMabYqa0wBUULmNcqSgRjlBOoLgM138BDE3P32Y8FNmDDH1owFyuPPOO5WMgWED+IH6vGx+VapU8SP7lJ9hYQMiAfZqujYRDJQuts/5/P33369qLsMnGx+IPdT/5ecU5scIOIma2vyOIvAY8quuukqhAvXu3TtlfnnAZIFS6xvHwUlA/TF/QNlnzJihABOAqUO31GGORWz23FPo3r179NfUH/dDJvwwHqVTwSGGcJIAf8Awg9ZDrWzq4QKOAPgIunTXRU8mk0zw5B6TUoLx1hpGC0xp1hfGmprNYC6D0hQUmeoo2Tzgjf0EIAjeNWobAyhQmsBgtNP3/PPPqyBF12XHkcepALACABLq7oPOxPoMktKtoyDn6qUvE37KlCEGtcYZRX3++efKuABtBoQWEFnAlkFsFkQobJRsji+++KLaQMHvBD6RF45naI8nCfQbyD54kfwOA0G0DYYxkSdGgvFBAWHTBYkF9CcMMtEaBcnBcTU1XLrwPONrXpg7Xi0GjZ9rAHo2P+rgAmThJP7PS6jRpsgmsOkQxfghkwXqHg+gABCV2MDx3kG7QcboEsSieIYYsAQNNuCHB+czpvwQBQPSAA42NabZAN966y21Boh+iYLvuOMOtd7q1q2r9MaGH4/cMvHDnylP7jGBGo211sCFxbkj6icTRfalWbNmCqdYr38/83c/EzQ/zv5Ze4cddphs3LhRZZNwrsleAGNJTel0UdA8UUcbRCIyLE5D/O2336o9C4NMfeyJEycqsJG1a9eq9RgUBc1PUPPy248JP9ltiFc9J/LLwyKFi0TyDxRpPlCkUezUYzLhERFjmIiCIRYhG/P06dOFqLFbt24qysJQkzoDEYcNDgxLNgzSiGB0goSDBw+YNouTRYpHjMfIomaTxejhMfP3NddcoyKcsWPHqnQw/fPi4oUyJyJNIjOiA419aqJQUkoYd9KujAFqEXMg9Qd0HqlmDABRFsDzbPpOgHZkQ+RIQXQ2FvjDwPGi+k3hm/Dj1CsGC7nizJx55pklVJ4M3pANk2gY2fMsMqcvP2TKD/MH9B7nBuxXUv/IGGABnD6cObIUbIgYaNKgGK9YlEgmqfBmypN7rHhrjXaAqACDSEoXUAT4TuREpcKHbhs0P8454Pj17NlTCgsLlSPFe8K7q1GX/MzXyzPp4un7779X+4OOiHGO2API3OFMPfjggwqFTuNFe5mrlzbp4sfL2OloY8JP9hpijPDC20R2bxLZIyLlRKRCTZFWw30ZY2303Aog7cL5B5EV56KkA4kY8c5JNxEx4jESqQCNhiEmKr7vvvuUISZa1Kld8EfZ4ImUMb5ssJxBAp/GxkS0ykbrNMREA24wdxOFAu2FQwH2K3N57733FJQbxpeInH/fdNNNKvU0fPhw9ZIR9cciZICTgVOCwfB7jmfCj3NeZCKIpEhrus92ExliNhicqOuuu05F+hhC0tno00861JQfsiFkS4DKI0XN2uvUqZNad5zr4yggczY/Ii+gOTVQu1tPiWSSymZjypN7LN6FeGuNdCfvFMcJGDX+Rje8f0FR0Pw454WRAkWKd5pMBVjmvO96LwmKB3c/6eLJbYj1uDry5//sGUB3miJIOXlKFz/pkn+yfk34Cd8Q/3SjyIqnk/EU+T3GFyOsyf3/ZL00uUHk4BGqlT4j1hExRpZIkciQiJhNmUszGF7SZNWrVxcuAC1dulSlkbVBoq8BAwZEDTFGl4sOEGk3MGJJOetzVi5CkLYiqolliHECmEdQC1Rv5GxwOApsGmziALMTjQNKTqQPEdmz+ZGaj0cYcDZO0lRE+37IZIHq8RifC1oYLZwhNyUyxHj4Gp+U5zACpNhwgLTuUuHLlB/WIBd9yLwQHZIpwRCTpSFKJ/VOtoa1Q3aDIwEMlZuSySRMntxjcTkw3loja4PcJ0+erFKgHOXwHsRzCFPhQ7c11VGyMXnP+vXrp97rPn36CHi+HI/gOKWL0sVTPEMMHxyPEOlzlMIZOJmAoChd/AQ1v1T7MeEnfEP8BdY0ROoVseQYYvcZsTZaGMj8/HxluM4991zhfIsbtiw60s1sGHi8gEiz4Xfo0CFqiNkgSfFC2hDzN+fLY8aMUe0RMiniWIaYi1MYcyeZKFR7sdzmJNqG2NxxJoi4SLVzFg4RXQJczpm1M8IkTY+h0C8d7TEMOCV+yIQfPR76wMnhkp07lU6bRIaYzZIUmz5n1c4JZ+fu83Ev/JnygzOBfLU8V69eLY0aNVIbOccZ3CbGQEFkJSpVqqSieDclk4kXXnQbU57cY3HLPtZa4xIXTiLHRET9rDvWJ+l4MgRBUdD8OOdFhgXjxX6Ck8f7Q4Ssz4yD4sHdT7p4chvi1157TR2JcJEVgsdatWrJE0884ctxjSePdPGTLvkn69eEn/ANcQYjYrchZnPGc+d8l1Qt0SHRCOeoRCd46qQJAZEmOqY9GyWXmDDWGO5YhphNlFQ20Tb9cvGLM1uMCBuwMzUdtCHesWOHujBC1MgciWIxNly0eOedd5RjgWdLdMnlIBwE0uWkezHezIcbxkTCvHikoohWSOnSnx8yWaB6vNtuu0199oXzEIvchhhe4Bd9Eg1zDokzxdk+5/3oJJ5RT8ajKT8//vijtGvXTt2WJtJA/qTKSf9z5sic+RmRO5GydhjYINnwWcdQMpkk48P5e1Oe3GPhOMRba6StWU+k57mIhpNIlEwEHRQFzY9zXjqjQqTYq1cvxSfvuvvzuKB4SZezpPt1G2IcV/YQDDHOL5dRScOzJ8S7q+CH13TqyM98TJ8x4Sd8Q+yV2zScERPhcbarSd92ZIPm0hLGlzNDUodshBBnrjqSwsPn3JeIZtasWSoFHcsQs5GygIm4IQw3my6XnYiUMRJ8R0yUTlrL/e2riUIZT9/K5YwR4iYxt7Yx0hhf+IUoxwZ/RPqkrUmvcXkNh4PohNQohFHnkyEdYXtVYZAbCA4Dc8f4xCL0xxGA1hvpd+StL6AwfxwJLROi/Ex9vsT8OW/TvBAZ6lvE6ID1xy18iLUxYsQIZaBx/Pijb4Ynk0kqejJdc+6xEq01DBaZGNqQJWKj565FkBQ0P+65cbeC83kIJ49Ll37uG6TCc7p40kcjzoied4PgAeK94lv+WMcjqczf3TZd/JjMyeRZE36y1xAjkQBvTXsRMFEjHh9C0TeYeY7bgxhpPmgnlYZnyBljsm8GST3SjnNAbljyx4vXb6JQzSebHJ4tEZS7YAfpQb4hJNLndnQs4nkcFTYZ9/NeZOlsEwQ/qY4Zqz1nqsgEx4OjCL8UFD+bNm1S6wo9YGidxDwbNmyo1k4YFBRP7rnGW2vcluY+BpFXkBeA9Pjp4sfJH+8zd0twrsOgMHhy8oEjzhpNF39h85NuHZnwk92GON2Sc/RPREKBiLy8vOh3tiEOX2IoE4Vmas6JxrX8ZKNWSs7J6sjqKGwJ2DVXLHFriPfKgk+MOCvmrJFUYSbJLtBMSj/52LmmHzjONZ5yjR+ro+TvZaZbmKw5a4gzrb0Y45soNAvZsZt8NirFNSe75rJfSVZH2a0jE/1YQ5yFujVRaBayYw1xNirFGuJSoBV7fFCalGSyb1tDnIWaNlFoFrJjDXE2KsUa4lKgFWuIS5OSTPZta4izUNMmCs1CdqwhzkalWENcCrRiDXFpUpLJvh2KIaaEJNWMLHmTAJVs/ODkeus9/FaWn/BlnuqIVkepSiz89lZH4cs81RGpzeCHQjHEJp6CH6ZK+zO5Ji/LT/avSKsjq6OwJWDXXLHErSEOe/V5GM8uUA9CymCTXNMPosw1nnKNH6ujDL7wHoc2WXNlwhBTcjIexBrINlTUmj17tkIZcRLpYYASqAdMyTcq6YDxm24yUWi65+anf8uPH6mF+4zVUbjy9jOa1ZEfqYX3jIl+yoQhpt4wJR0h4NeomawBDCjfCLIQtaPHjRu3jyEGOABEJhCSKHUJHGK6yUShseZ29913q7KcbqLeMaUeAUGgLjblPYGiAwgjSAqaH5yhL7/8cp8p4nCB6oPThS4B76A2OEhAQVLQ/AAiQC1fNwHMQQ1wABFAJ6LkKKAjgHBQbjVIMuEJdDKq0rmJWt/MldrlwIJSDhKnltrt1G13EyhGrEVqpQNJCs633/KKJvy45/XGG2+oetiAbkDAV+LAg5IFchT1wGNhdc+bN0+GDRtWojtqvjvL56aiwyB5SsYjJVYBqKEu/tFHH61AUgCwCZKC4gfUMtCiAOZxEv8Hqc1dy1+3YU+kNj0wsOAQsFbRp18y4adMGGKnYEEi4uUePnx49McU2c9lQwzABAXdNY0dO1Zt6ixAAARwLtjwuVR3//33R4ES/C5I93MmCzTWHD755BOZM2dO9FcLFixQQBwAJbCJw8Ptt9+uHIurrrpKFeTv3bt3UOwEnsYFiAIUIicBUnHKKacop4INELQicKEBn6cCXCxHxIRBEx2BJgV6lCYcVgwO6wpgE+qdg3oFshcY0MwfI+YkcG9POukk9SOcQUBSMMx++TThxzkvDQzDJRwcIgijBFoZawzYUXC9Mbpu0Af4xwH54x//GO0SMBjqt/uhoHhyjx2LRwxSly5dlNMEHyCYgdqWrL5+KnyZ8oNj99577ylnhxr+ANZAOH6sx4EDB6p1qEFS3HMj4GDd4QTzDIEJ2VHwAfyQCT9ZbYi3z3hXCr4YJUXrl0n5OvtLlV5XSeXDzvUjo+gzZdEQOwXG5gZqDy8V4Ad4jCxCIkkIyD2iLqKxoMhkgSabA7fxibzY7MDuRb8YLRCvIFB92FCIYIKidPLDHEGOIrpnk8e5AFYTwArAESZOnKgQmEw2jFhyCJInHCEgKzG6ZJQwWDh5EEdArD8AH5zRrkYMI0oBAIMsFlEOiFt+QCGC4IdNmncBRwKnFUMMGAoOnkbL4iYzGbaHHnpIrT8n4dwCqkJkHwQFwZN7HrF41JjmGo1JG2ocXkA6giJTfnhPyKDgCLJGtCHGKQfzmkiZfSGWIQbQAlAV4CvRr8YoN8FcNuEnaw2xMsLjhktR4Zao3svnV5cqp95mZIzLuiGG/7Zt2yrDxMbCv4E7I93LBnnNNdfETLOZvHwmCzTZuKRs8dinTZumNj1eKP5m08Bo8SJOmDBBGeugKJ38YICIRsDzBQubjR6eiDJxmIDfI4KeNGlSUOyofoLiCT2ANwyqFJEffxNNdezYUY2jcYpxJCpVqhTlgZ+TAsZpApeZIwV0l8nokSMrIt0LLrhAON7hfeGIC0Qs5E/KFhQp5hhrwyeDgcOB7njPgBE0ycwEpSPnwonFI0aMVC13YnCKeJdIp3OHBnjUoCgofsgacTSiDbGenxuj3DlvjhdwCrt3765+rDHCcbhiHTN44dmEn6w1xBseO1tFwm4iMq7d/z0vconZJpYhBlcU0Ac2AE14imwULEoikNJ8Rqx54iyvW7duUYBvsIhJf7Zv315dRiPNw0aqoxLfQnY9aLJAE81h69atahOMhWdLdIKBBsADvfp9uWKNny5+GIu1SLRF6tP5LbmOUmhz0003qTSan0gxnjyD4gkDSsoPh8FJOBNsmKR1mbvOWOg299xzjzz88MNqoydFTVTTqVMn30hopvzwrnCeTUaC7JE2xMwXA8u5PqlP9gf+xsi6L4QiB+6goC+iM3gCi/mMM87w9WqZ8uQeNB6P6Ioo8fLLL1ep6ccff1xhmHMswjlqUBQUP34MsZMHjrrQKZkn9OOXTPgJ3RBv++ARKZz6ul9eVYTgtdhF/pG/k6pn3lVirFiGGOFzdqPTfzyAJ4yBWr16tbr0kwuGmMXGWQpA8xAXtIi6tLOh0zMvvfSSkkdQZLJAE82BSJ6zVH12526LQwHP6JXUZ1CULn6YJ0cCbNgXXXTRPtPFOSQqwUBgHIhagqIgeMJodejQQV3Kcp6XYrRYT0SHOtJ3z5t7GlwOIlIh4tRg9fr9S5VPE37YY0ibYzA52+acmrNejBFOOReZuPSJIWPz5twUA8XZtpPIbsCLjvzJFCAfUvZ+yIQn93jJeMRJ79evn+K1T58+8v777ytn4rDDDvMz9ZjPBMWPX0PM+4TO0C1OIGfFJs6tCT+hG+J19wanSC8rou4DM5Ia4iVLlqjzUs5y7rjjDuXtEiGyweuzrdJuiLkgw01V0rU6HaOjLG5Gcs4FkRYlOnGfd3mRdbw2Jgs00bik0rkAxCauiYifDV0bqWeeeUbdil+6dKkJCyWeTRc/2iEk0ufsHuKmLmelr78ecV7ZQGvVqiUmZ1mxBBEET7w7XHpkE9cEsDzHAi1btlTnecw9FuF8oDetJwxwo0aNVFrUz7mkCT84pM4MCu8OZ4o45jit33//vbpTQbaFoIB3hiMSZ9oWHXI+jgOieb744ouVo+W+Se11YZrw5B4jEY846Ojh2GOPVeuNeyVEyPrM2Ot8k7ULih+/hhgnHYePd8vktrTm04Sf0A1xKhFxuXJsPMXqdP8/maK9RsT0Q1r2sssuU+dv0IEHHqiiD60gDHNBQUGp/HwJfki9k2rCS+cMFeLiCZsc0RefcxE1kjHI5otAWudEu2Qq2PgxyJr4VIHfYajwbolUuLylP1dLtma8/N7khUvU/2233aYuOZGa1kREgo7YLNjUScOjR3jk0lBQFARPRHtcMrvxxhuj0yK7cv3116sIXjsX/JLPr9jgMVY8A5/t2rVTt6WJ+PmshJuv7tvVXvkNgh89FtEgF8505oXIljVFFMVtdxxXfle9enWVzeAdwvHgvJsImp/BP+fDHJP06NHDKxsl2gXJk3sCTh4JRLg5zP7Xq1cv6d+/v7rUZJK2jcVwUPx4NcREwFo/ZDFYgzi5rFtN7Cl16tQJXT+hG+JUOEzHrelE4+P9EQGTTvJ7SSQV/uK1DWqBOvsfMGCA2izcL5O+raodEG4YcuU/SEoHPzhObNjO4wTmzIUmIhMiGAgng/S1jviD4Csd/DAvHApuCWOQnYQTSBoewkEkhcaZZJBkyhPOG44BhpN0rSbSm+7vO/kdl2JwJoiWcQ6JGjk71rwTbeqbyX74NOXHOabbEPMO4VzgyOKc6zsK/BtnQ19q4uyRS1yk6iHS2Vwq8vsJUJA8JTLE/I4zfu4rQOyFfALo/jzLj16czwTFD5+P4RC5nTYyELwvOHWQUz9cuuP8200c2+EY+iETfrLaEPsRRi48Y6JQP/yzoRCRkH7icknQlAl++OSCDSQX+EEfOBakef0WuEim07B1FG8+8MhNayJKbuz6pXTzw21pzrzJViQ7VyS9jpPC/QwTSjdP7rlxaxonItfXnIlOgnIsrCEOSgsB9hP2Cxfg1GN2ZflJt4TN+7c6MpdhunuwOkq3hM36N9GPNcRmsk/L0yYKTcuEDDu1/BgKMITHrY5CELLhEFZHhgJM8+Mm+rGGOM3K8dO9iUL9jJfuZyw/6Zawef9WR+YyTHcPVkfplrBZ/yb6sYbYTPZpedpEoWmZkGGnlh9DAYbwuNVRCEI2HMLqyFCAaX7cRD/WEKdZOX66N1Gon/HS/YzlJ90SNu/f6shchunuweoo3RI2699EP9YQm8k+LU+bKDQtEzLs1PJjKMAQHrc6CkHIhkNYHRkKMM2Pm+gnFEPMt7lUcrHkTQKplPH01mNmW1l+Mit/L6NbHXmRUmbbWB1lVv5eRgcu0w+FYohNPAU/TJX2Z3JNXpaf7F+RVkdWR2FLwK65YomXCUNMDdvhw4crAAdNBxxwgOC9gGkJUWyeaj4gjFAGjdrSVMLJBNkFmgmpex8z1/QD57nGU67xY3Xk/f3MVEuTNVcmDDGQctR3pdoS9UU1Di8Ko7QjNWKpBQsIOAAIlOuj4HymylyaKBSeKPtIgX2Kt1PRB4QRINlIbVFij5J9VPmhBFw8SDawYSndx5ECwArA21WpUsXXGjfhh7q3lHR0E8XzAV7XRPk6yllSIpE6wG5C5xTmZw2gZ2pQsxb8kAk/jAf2M4g+bqK0HrivlOSjVCclL0H/AffWTZToowQkOqKMH7o86qij/LCjnjHlaeXKlQqdCOxn6iuD2KPlCwjEmDFjFC7vqaeeKuDExqp45rWdFyZN+Uk0BiU7KWVJXXNN1M3mnaNkLE4+ADJBV6RKF09UbSPoYC3peuDx9hAvsvfaJih+QIWiZrQupQoqFvucmyin6oRx9NouDH7KhCFmA8jPz1eF89msKRIOCAIl6oh+qU1M1MyLxHk2ResxPCAyXXXVVSX0wGbXt2/fmD+PVVPXqxKd7UwXKAYKLF7+hp/7779f1fNlk4Q3fk6JPjBWY2H5anhEjBqwZ2wqLOCHHnrIDztGmzyOEnVknUTtaHCUnS8bhekxtPADkLuT2FTq1aunDDSIK2Q9QNSJZQy9MGiqH2oQz5kzJzoUJRBZh8AI3nfffcpRhB90B3LUunXr9ilEj7HG8A0ePFj1hU4pzE+ZUj9kytPJJ5+s5ogBBrgBoHXQvagpzRqi5jQGmnniNLCmnKSRwJK188qbKT+xxsE5AogC/GHqsVOXHQJMAAxlCKcX/jHMftdXPB6D5kk7cziG7A265jfjx9tD4qFnedVLkPsc5TepOQ+aFYHF9OnTVfesPfSkif0ffbEnAuyjyWs7r7yZ6CerDTEbEZsMaWOiVlAy/ECiIUg8cWDMSFGfe+65ClUEpBuwQtnYQUwhygKbkg0Db5d2RMoQmxwA32x8bJKxfh4Uwo+JQnVhczYNoNqgF198UUWBzJ8oC8MMkX4n4nXjo8If9ac1bjF/w5szte91cdLOhB/3OBwlEDmycWvvfezYsTJo0CC1kQwZMmQfQ/ztt98qIAINEAEUJDr2izIVJD/IH08dcACMGOuR+ZLBoNYvWQgyGOBGO4nfY9CAHsQQgJaDwxKrkL0XXZnwhNwxwpMmTVLRuzaq1IzGWSBKZMOEtAOBgXYSgA9e2nnhJeg1p8fEWQIGkQgMfWlDrIFTALGgPjbyIEIDwCNZHWqv/KSDJ/TDu07WyWmIE+0h7JFBkcmaYw7sBQRPGFTkrA2xe37sd+z1yXCgvbaLx78JP1lriDHCvNAYBE15eXnKPrn48gAAIABJREFUuPgxxiCJsCmwWfCyYKjA3CTtOW/ePOVRAVpOxKwNMS8bxAZ+wgknqH+DQqJfrng/N12oJgrVaXfQevB0MbzXXHONwleFBxwSneolHQW2qnsBE5mROtQvHbB7eJUaEzdV/kz4cY7FBgcspRNcnrRap06dhCgTIwQ0nTsiJiWPwYMH9A6yDJE2a8EPBcUPYxPF46lPmzZNwVNiVFlfIMmARYzjGMthwKDxLJElhpuNH+AOv9CIpjwRERNhsVbgBwLyj8wL8sdIzZ49W/2ejJLbafXazqu+TPlJNA6pdY4DtCFmPXKUA+whPJNNY+8I+mgrXTyxB7A/6Ig40R7iVf5e2gXFTzwYRObAewVsJU5HIn14bZeILxN+stYQ40ETCbuJyJjoNVWaMmWK8taBKCOSwAsE6YVIgjQGqU6d2nMbYqIOzrjAvnUqM97PU52bu72JQjlngxeif+DzkCOLjI2QDZIN/PHHH1dGCcPFhoLTE4uQD+lpNhqiyO7du/tizYQf54A4U5yLcuYPIDsbPFCI3bp1U2l2jHQsQ6z70JEa/yc7QBTmJ2IJih/A41lPsY4HGjZsqBCXuNvAMQqpdSfp4wMuGOJUkP7FGckElirzIl3L2tLzIaPkPDogcsEAQxwNOM/qnHx5bZdsIQalo1jjuA0xeMSsO464SFETOeMcvvvuu8mmmdLv08WT2xAn2kNMELGC3OecfSUyxDhFZI9wvhOR13Y5Y4jx3llQfimVb+m4Fd21a1c1FNErETXGGOMDYDmEtwQ+KOdwGvjbaYjZ+ImwSEnxc03xfu6XL+dzJi+c3qD1fIkE2Zzhl/Q0OLacYRHtkq4lEom1YWC0iJ5px7Nt27b1zZoJP3pQ9Mdc2OTIWkAadB5DRkr3iiuuUEcKnANz6SkWEXHijGHAOV7o2bNnynwFwQ+DkrXgWESvO/dEODvGwOLwkXrXpHVKip4zZAw2+iEt7xen2IQnIl0yL6wj5ErWiOwLG3zHjh2j8yZi5p4BRgsnRB8tuPn22i5dm2KyBeE2xHfddZe6Y0LgAJb5Dz/8oAwxRzkAzQdFJjpKNAe3IU60h5x11llBsRPYkVU8Q0xmj+NMzpITYSl7bZeMcRP9hB4RYwTCJM7dNHHOxiLjrEB/msSlBM4GuCRCpAhpQ0wEyAbHOcrtt9+ufkcERTQd6+dBvXQmCtVRH7e/mzVrpuZMpIjXzmaJUeZWJxHlzTffrM7eNXC2lhPn8kSZnIcTEfsFMtf9mfCj+wCMnU3AuYETPWmd0Y4XCh0wZy5naCLFS+pWp9Zx5rh08sQTT/j6RC0Ifpgb+uBGOhs5hOHlFjtHBegFInvDOfHo0aOj/HDzG2eS9DXOFIQTgjNC9sIPmfDEHQRSzjg5eq0Q0eNksB7ZBAcMGKCmxdrCOOsvGPRc0ZmXdl55M+En2RhuQ4xziCHmqAvCAPPVBfr0c4wWb/x08eQ2xIn2ENZZUBQUP/EMMQ4sWUwi/ETktV0yvk34Cd0Qm0bEyYTh/L0zIubnpCJ54TlLA3gc4uJF7969VcqTT0UgDDEXmThXwIA5iQ2QqCvWz+OleFOZM21NFMqZOi8/USPncFwkIZXPOSMbI+lL0vTogaiFSxrcBCfdi/HGMJDS5gIEEZsmNli/n2OY8OPcqLlwgZ7iEYaNM1MyGPDyzjvvqItdeMTIBEOMMSeCxnCQrvdzphoEP4yN08BGwbwhHAScJzY7HAnWE5cKcSRIe/I3t6LRFylCeMOJwjEkAsMg+jm2MV1zOATMCQeXbASXaJgvBoljH5xdshccl+Dc0Z7zeaeO4C1eu1TfH1N+ko3nNsS8K+3atVOZJjIC6AS+4TNICmLdxZqP2xAn2kM4yguKguInniEmGuYd4UsRTc41R4YUitXOD48m/IRuiFNhMMhb06mMm+m2Jgpl7voWJ2eHEJdK2Njx0MkQsBhJZ5Im5GwPYhPkdi7RGBG0+/iAsz/OjP2QKT+MibHiFiqOlBdDjDHgNrK+gIJzoR0LnCkurGUijavnztk9m7a+ya1/TuSrLwkic3jWZ9k4iPxBn+iKSJosAIRzyO12v2d4pjoi3Ux2gnWFg8Hc9I1c7ixwTwHizJt0OsckTh1xRBKvXabWXLxxyVKwhpyZJO3k8wx6w2Fk/QVJpjqKNxedSt+4cWP0++54e0g28jNy5Ej1xYDT8SHwwMl2Zo2Yu3tfiNfOD58m+slqQ+xHGLnwjIlCNf94tUT+RFDu4glElg0aNFDnWWFQEPwEMU+MBM6E38hezyHd/OBAkeYko5PsMhk6Jg1sqssgeMKY0g/n887jDH6+ZMkSdUcj0XfOXtt5WQtB8ONlHGcb1hZZNLJtfh2iRGOGzVOiPSRV2cRqHzY/Qcw5Xfqxhjjd2vHRv12gPoQW4iO5ph9El2s85Ro/VkchvuA+hzJZc9YQ+xR6Oh8zUWg65+W3b8uPX8mF95zVUXiy9juS1ZFfyYXznIl+rCEOR0cpjWKi0JQGCqmx5SckQRsMY3VkILyQHrU6CknQPocx0Y81xD6Fns7HTBSaznn57dvy41dy4T1ndRSerP2OZHXkV3LhPGeiH2uIw9FRSqOYKDSlgUJqbPkJSdAGw1gdGQgvpEetjkIStM9hTPRjDbFPoafzMROFpnNefvu2/PiVXHjPWR2FJ2u/I1kd+ZVcOM+Z6CcUQ8z3wJTls+RNAqmU8fTWY2ZbWX4yK38vo1sdeZFSZttYHWVW/l5G55NDPxSKITbxFPwwVdqfyTV5WX6yf0VaHVkdhS0Bu+aKJW4Ncdirz8N4doF6EFIGm+SafhBlrvGUa/xYHWXwhfc4tMmaK3OGGPCGYcOGqZJ7GpnJo5xDa2aiUCZJ2UQAEQC4oMzbLbfcoqDASG1Rl3XcuHGqDCHQX+eff/4+fAEpSC1kN1HGj/J9qZIJP9RR1vjJznFBYqIsJ8hF4PICIkDZROD1WrRosc8U4YeShADSg7hEO0p5+iETfvR4q1atUjqilCAgHNTIdlf8okwk+tOAI865gqHNOnYSZUzjoU4l49OUp3hrjnEpug+MKNCbIHpRq9ld7Y12lO6kDKsm6jdrsIhk83f/3pSfRO8K6FCUsKRmOaUuKXlJrW03eW3nlTdTnpLpgcpzgOHAVzxkLGrVUzecqlvAqOr6/F55cLYz5QeQEfC6wQvgnadOPiVgqaXvhODUY1Jy1A2/mS37QpkyxGwWGteVOsPAxmUjmS5QDBTYw/zN+TzoUtRc5gXi32zsbPBXXXWVgqwD9MJJ1Dum7qymsWPHKkOHEcvPz09ZZCb8UO6ROrJOAryCusQ4Fejz+OOPV2AD4NyuWbNGvvzyy33miCPCi4tRnzFjhqrfTJ1ZP0XsTfhhYswD3FoIJwmwAAyzc94AVuAkgZAFSpSb0O/TTz8drUvN7wG08AtGb8pTvDVHCU6gHEE3Y5OkHYYLx8NNlOqEX41iRjlMENP8kCk/yDbeu4JD9+qrryoAC9Ck4EljmTvn6rWdV/5MeNKISrH0oB2G559/XoHA6Prs7nkRvAAbC5Y3cLLXX3+9AvoAZMUPmfDDeDiqjE+9fErBMi/ANgBO4W9NOIA4qbwzl112WYmpZsu+kNWGeMri8TJh/iuydusqqVetkZzU5hI5qsUpfnSunsGg4PEBdgB6Ei8PCuRlx1PSSgLFhrYYLoqGY7iIvNj82cDZ/FkAGCfdxzPPPKMiLp5lowXODiB7au7ysvICsNkyBi8F0QyRUKz+MRB+D/0LCgqUN4uxOfTQQxXfzIloESQSjNatt96qfn7y/7d3JlA3ld8f394yJ6JCFFEpIalVCakUWkWiif6VBlSaaJb+KlIaqKRBk0YhMmXIrxah+FVSiiwRpdAgJbyI/uvz6Lmd9/zvue8Z7nuc3rv3Whbufc45z9772fu7h+fcp3Vrady4ccaAhDlz4AJn94Y9kziqwTkVzo+2wwcy5MADjgG0ByfMnTvXOHs3wBLp4+Sts7Tn+e6uYxDtD+oTjfObxDg+jmnkgAfWI/PE0XGiEllyOiDG+efl5aUFtDAGEkVHmdbcmDFjTNbPIReQBSeCOicBBvxeNvcKE+y5eY7CD/fiFCsvW8F5E0xwfB62TjBHsEiG6CS/4/zqKwpP+C0vPfD72PaAjkxAzMEi+DMqORDVCk4PwybDUBR+eB6nJmEH9nxy5M/xoc4jQxlHQMXv6+OznZQkv5BYIAaExy8aLvnbN6VkV6ZkeenQsHtoMCZrImOg9EpGyALC2FiEgKU9t5IMkT89evQw54oSpaNkMmh+2J3MBTDnsHbAmWiL+1H6YJFy5i+Lg1NBKN0AZGQFGDf3mDdvnlBaZFy6+1NWCQvEBAwAJicNEeHy7G7dukmjRo3MznWcN+U/QItTfjC8TKfEMGd76HwYY+OaqAZnnwtgUU7mzF2CJ8qH8ETES+DRv39/IYPmiD0ncWA7h9dzvjRkj60DDJBLUIrKD/MHoAiC5syZY1oE6IK1CT8cIcj64VQceEwHxKzlZcuWGd7RDxUed2UjCF9ReMq05jjIAR4IOtABx09iVxzR6STsgWMSCWA58IKjIAmabQUrCC/ZWHOZbIVggnYIWT3HiRJEkfm7j9T0O84vb1F05EcP7uMQ3fMiyEUnHBEL4d/69etnjrsMQ1H44Xn4UdYMbQ57dCO+nUDdks3iCTbc1aIk+YXEAvGA6V1NJuwmMuO+bf45JN3vAsCJA3y2N4zzo88IcHIWL8ezrV+/3igUcMRZkxWTuXJyTIkSJUxWjNNbs2aNAQMcJP8G3HAk9DPpFXH+LY4Up0IUyWKhZMrpM/bsVsbTq013f0DSgoZf/uw4ggmCA57J0X9kIvBssy/G4eQo09DvBQi8wIiF3rRp09Dn9to5RTU4ex8qDPTm0Bf6sGTLbvyf8pQ9NjCd7OhxAWJk0pMnTw4qXjM+Kj9UYzg2EMClRM3B8mS/48ePNz0v1gWlNSoXXkBMtoUDgl96ZNwDflhzYSgKT37WHHYGAEO0ENy9OvYzEFzRdiDDpF9csWJF42yxr6AUhR/ns9LZip0r9kPgR5DNusK/OMnvOL+8ZYOnTHooDIipKrHObAZq+WONhqFs8MNzSSwI8AiG8KvOdhN+HlshSM9Eu9svxA7EYxcOkzkrJoXR265rULrDCWe6UfM67aRT412HQlOWoCfK5goIpWFIRHOUB2vVqmVKyZTGWGycy0smzL/dxIKdMGGCKY1SvoaI4nGwFuD4jNINzyN65n4QpaySJUuaBcP5senuH8WhWuOYPXu2KdPaMizzpIdoCWAGkCjrUrJKR3xfqVIlM88olA2DY54ETk5H4JwTcp0yZYo545cyOhuy3N/Tj6X3BwjSKy7siEEvnqPyQ29r0KBBQkROOdaeB8smEwI5gjyO0uN8X4geGL05JxFYci1rCeJ7SnXu8ptfvUXhye+ao/xMJQn5b9q0qcCGIPTLZ6w3iGCEQIWsP8yxlVH4ccvMaSsWcMm6OFeZ8qatGDnPt7Z2V9g4v/phXLZ48tJDYUBct25d06ajNwxR1SFgsr4tCC/Z4see303Lj8TIGQzhn7EJEqMaNWqknR5+Iwl+IXYg7jWubVB9RRo/pOM0cz2OmXJvly5dzP9RAJkjm2I6dOhgnN2qVavMJiV2dpJpsBmDzISMA8JZ4DTJpgBtJxBT3iZ6ZxMHoM7OUBYBRkppmGyZ/goZNJtQAGLAMd39cUZcG4ZsdggvbFqAKOcSJLC5CQCwIEVfG2dCEOEmMnjOLI6Sndt7ZsOBEJwQSDgd+KhRo0xZcPTo0eZRROZkUel6vwQV6I6xYXdLZ4sfggn0YOVOMEgVhuCO0pol+z2tAyoBlpAB6xZ5wC9Ez5JAxb2T2u8aiqKjTGuOHiJO0O5+pgXUoEEDs7/Cubsd28G+WrRoYaZsxwF0rMOgFIUfnkUlKJ2t0JYiuHYeOE/WTEBEAGUJ/vyMC8JXFJ569+5dqB4KA+JWrVqZN02QC0RARaC0O4I/nk/7jXWFHyBocxM9fNafbTmmk3VS/ELsQOw3I6bwmK7g4fV5OiHbjNgahbsnCABTLsY5O8ubdlOPLbmRYVnwJTvkexajE4gpq5HFDB061PQr2RxFaREj5ZUSQA9niaMFEAFiSt4EA+77A/y8uhGGbK+E8hF9OLJd+rxsYCILJLoHqMgGKQ/SI2cc5V7Am1cAIECBcg+ZV5jSoHPuURyIvQ+OhA0XTkCiqkGUjv4AJV67YM7waMGKjITgB6cPaDsDHHbnusuJfmQelR/bo2a3NBk8vUQCMpy7k8g+0KftEeNwCOKodNBf5m9AnfVDf5g2Ay2WMBSFp0xrjmyZDTUEnbRLCG7hkz4+642AAh3BP+uUMiM6wcFiZ5mcaCY+o/DDfWkppbMV9oVQQWPO6I0Am7YCGyIpg6IP+CAo8hrH92EoCk/2LYp0erBzSQfETr+A78N/4fds+40ese0ZB+UpCj88i82uACn7KyxR5cRGIGwdPfXsuasqCjnXXJL8QuxAHERZ2do1DWiyq5Eer5NYnAAlWTD9NjIlwJSymCUcAn07CMdNfwvwIhoETLkHhMOwuyaJ4K1REpExDqNlswqZMsCBwwFE0t0fIw67WYu52F259K8gykdsKCNAIHIky4AAa3pyZM44y0mTJqXKTMwLeYXtozrlHNXguBebzthVDCA7iT44kTFEBkKwQYmQjXhkkgQSlBPdO1oZj2NxbuzwuzazwQ99bMsLzoMAw71pzg3EAC9/0Cc84YBwiBCbaNjkR9UlDEXlyWvNAVQEm+xTgAgUqMIQqDp1hAwIAm11A1sDpMPulYjKTyZbwU5oLwBIEKDNWmJDFG8s0CLBzrzGAdBhKApPmfRg52JbJNYf8rnTL1CxwGcQpFv/gT/cHWuOtznSvarH/FhDJB5snnNWLphzUv1CooE4zGItimuIjCkf0qvK9GoFO1jZnUf2xWYiruNvMhayb/pG3Afgs6/cMF/3/aMYnOWfLIWMkejQ+eMJfE6FgEWc7kcVikJ+2eAn07wILNjNHqaXGIbfbPHDnFkvBH9hnTMBHQ7H9lbD8MM12eDJa80BUFR/qD7ZbMVrnoAAThQbCdvDzyY/mWwF+2IDE736TOR3XGG6i6qjIHrINBcqFYAv7ZQoFJWfKM8uimuj8KNAXBQacdyTXjQlEjbTkA2QmVPKcvaT3FOIotAiZifU7ZWfUGKL9SLVUaziDvUw1VEoscV2URT9KBDHoCZ6m5SpyF74kQ12+GWK9qMoNAZ2Aj9C+QksstgvUB3FLvLAD1QdBRZZrBdE0Y8Ccayq8vewKAr194R4Ryk/8co7zNNUR2GkFu81qqN45R30aVH0o0AcVNoxjI+i0BimF/gRyk9gkcV+geoodpEHfqDqKLDIYr0gin4UiGNVlb+HRVGovyfEO0r5iVfeYZ6mOgojtXivUR3FK++gT4uiHwXioNKOYXwUhcYwvcCPUH4Ciyz2C1RHsYs88ANVR4FFFusFUfQTCxDz6kJ+fn6sQvk3P4xfiHL+lvK/mRfmrvwkX4OqI9VR3BIobmuOV7r4bYgwFAsQh5mYXqMSUAmoBFQCKoFckIACcS5oWXlUCagEVAIqgcRKQIE4sarRiakEVAIqAZVALkhAgTgXtKw8qgRUAioBlUBiJaBAnFjV6MRUAioBlYBKIBckoECcC1pWHlUCKgGVgEogsRJQIE6sanRiKgGVgEpAJZALElAgzgUtK48qAZWASkAlkFgJKBAnVjU6MZWASkAloBLIBQkoEOeClhPO4+bNm2X9+vVSvXp1c+C4kkpAJaASyCUJKBCn0faIESPknXfe+X/f7LXXXjJ8+PAiWx/XXHONnH766XLOOed4PmP79u0yY8YMOfXUU6VMmTJFNpcwN37kkUeE+d1+++2py3/99Vfp2bOn+em3/v37F7jtunXr5NFHH5VVq1alPj/88MPlxhtvlL333jvMFGK7ZufOneZcaScRRNSuXVuuvvpqOeCAA2KbC+sVWd52222xPTPsg3766Se54YYbPC/Hvrp37y533nmnHHnkkalxY8aMkXfffVeefvppw2uvXr3kgQcekIMOOijsVIr8ui+++EIGDhwogwYNkgMPPNA876GHHpJPP/1UXnjhhZT9wgt87LPPPv8aPYYR3ty5c2XYsGHGv5133nlhblFsr1EgTqPaF198Ub788ku56aabCny75557yn777Vdki8EPEP/+++9y1VVXyeOPPy777rtvkc0lzI1xMgBxnz59UpePHz9exo4dKzt27JAnn3xSKlWqZL5jHAANYF177bVSuXJl+eabb+T+++83mbEbtMPMpyivsUAMaBx11FHmUeiGecPLgw8+WJSPL3DvNWvWyLZt26RWrVqxPTPsg5Ab1Q/o66+/NusYmVWsWNF8RnBZGBDDL7aZdCDeunWrXHbZZdK1a1dp3bq1+c11/s3aZ/7HHHOM2DGXX365CTz+LXoMo/97771Xli1bJhUqVDC+QOkfCSgQewAxTuK+++5Lu1Z+++03ef755+Wzzz4zTrdVq1Zy1llnmbHvv/++TJw40US2GNZ1110nkydPlrVr16YygeXLl8tjjz1momWybEtOIMZZET0yj2rVqskVV1whhx12mNx8883yww8/GEDjegtsSVjU6YAYkCXLHzdunJx77rnSrl07M9UpU6bIyJEjTYZTvnz51PQXL14s06dPN+BcsmTJJLCVdg4WiK1DtYNeeuklmTVrlsn0+/bta/R/6KGHmq8BHQIP5PDaa6/J7NmzhfsA5GTROOhbbrlF2rRpI5MmTZI///xTOnTokFpbc+bMkbfeekt+/vlnqVevnnTr1s0Ehm+//bZQeejSpYupJrRt29asQbJKm4klUZBLly6Ve+65p0CA9scffxQbIEbmd9xxh7FfqgArVqwwa+Loo482gQcBh82ahwwZIh9//LHRI5UWxgPcTsJnoN90nyf9kBh8JmucP0899ZTxXVSPsBd0TlAOEYwjC74nKEnnAwFz7AcbwIYAdS/b2LhxY+oeRxxxhPG32NsJJ5xgAsJ0998dtlKsgHjm0g0yceHP8uPGbbJ/hVLSvvG+cnK9XRlYECIj/uijj6Rjx44FLjvkkEPM4hk6dKgxKqJdAJbSIE6WjBkwxUFSWgWsTz75ZDn44IPN4nruueekXLlyZvEtXLjQfOYkC8Q4XwyxbNmycv7558snn3wiM2fONGXxJUuWmOvIips2bRoZrKbOXycj310ta37Jl+pVykjnVjXljOOrBhFXaqwbiCk544gwlFGjRslXX32V4hkZUqYkSobImAElS8iySJzL2udFVg0UyV8hUqaOSK0+ItWuCMyvBeIePXqkMmL4xbDr169vHCY6xOmSBW3ZssUEUwRSBE8AEOsEx4A++e64444TMiM+4zt0ThmT9ZiXlydXXnmlAWYcCp9RzsSB8W8CP0D84osvNn320047TTp16lQg0AvMpOuCrQvGy5ZZL8jOX1dL3j41pWzLy6V0kw6hb5tUICZQpiIGQKALAuqwp+oQbBKYEXBSGcLuCUzfeOMNYxeU3Ak88Q1Wj7R2KOOyxrAL/AjVL9aJ1+ehleBx4fyV02XG0pHyy6a1UqV8NTm9Xmc5vnab0I8hsJw6darhmSD72GOPNXZB4oJsbKn+5ZdfNgnOww8/7OkD0Q/lfnTTvn17E7h62Qagj8+84IILDGh//vnnJmA988wzPe/vTI5CMxzwwmIDxIDwa/PXSf62HUIcWYIyV6k95KLjqwYGYwyCPizZrpNQOiWmBQsWyP777y9Vq1aVlStXSr9+/YyDrVGjhuldkfGcccYZplRJVEepFdDGuZ500kkGRMlacKrpgBhHjqOm58q1tqSFk8axZ6s0DQg/PWmlbN6yg8MKjdTKld1DrmpXOxQYu4EY4yLCpfRIpjtgwIAUT8iMoMT2NSnl4qQs4YwaNWoUcDkXMhwQXt5bZMfvll2RPfYWqTs4MBin6xHbpyMH1gJVAPYa4GhwAgRSBG2rV68WInX0TDBC5aVJkyZy4YUXGiAGUNEzm9hwMJTr6R8iH9bPhg0bBIdlswc3EF9yySVmfWWTDAhPGyw78/9I3TavzF5Stm3v0GCcRCDGyRP8YLeWSpUqZfQRBoztukf3ZHkAEPs7CLqfeOIJ84fsmKDNCcT22YAwAdngwYMLtMW8Ps+GzgHh8YuGS/72TanblSlZXjo07B4ajOGvefPmpjdMcIJ/hQdK86z566+/3mSp+DaqZiQ9Xj6QQBYgtnaGn/WyDewH38zeEypM2AZATJXK6/4tW7bMhhgD3aPYAHHvUV/LTxu3GTixBBjvV6GUDL7gkEBCwSAylaYx1GeffdY4RHpanLWMsnGmZH4TJkwwzyMTZmFRHqRUiXFfdNFFxtGSQdvIy266shkxTjfdpjCiulNOOSVrQHzJwE9kzS9b/wbhf6RWvUppebnPMYFkxmAnEANUBB/8Xbp0afM3cjr77LNNdEpGTORLJgBRkgN4MEzKd0UCxPPrimxdsQuEnYukdB2R45cH4tfZI27cuLEJlshKLagSkNmNSciFUhp6xuEwjjVGdG53idPesEBsHQwTwmlQNaD/C/jilMmSuBcOnCzJDcQAd7b7xRuGtDeZsJvIjCv1mhhIdnZwOiCGN7J6d8n/1VdfNfIiYCvKHjElfTJhN9nsKyijtBsuvfRSU7mgWkIwWqdOHZMVsmmJwIxqCJUzNxB/8MEHBqhtYGaf7fV50Ll5jR8wvavJhN1EZty3zYjAj/nuu+9MwE2riT/YOHrGzglG0Smfk8AwjsCVZMfLB1KVJGN+5ZVXzFyQcTrbQG745Weeecb0paFbb73VBLNeG2/xTfiouCnRQDzig7Xyn8W7NnaEpSCHT59Wv7J0PbGaMQgvIMYBE2XhfCmtoGCiLBwvETMKkn/lAAAGoUlEQVRGTLZM7wfnUaVKFbN5iYWF06SXTNmbhQQYsyhZMBAGy0Kg78dYjJCsESLzptdEibKwjHjouBUyce6asCILfF37ZtXluo51CgAxwQqAglws2LDrlYwDQ6NURWQMn1QWLOFs2YQTCIiX9RT5IabNHwdcI3LoMBNY0MtzA4azfQBP8E+kzz4BxrJucMgYHusC3gFayswWiG0lhOstELMvALlRSSCaBzAoeUYB4s2TH5D8/44OrG/nBUHsq8xx50u5s/7ZUZ8OiLk3ASlZCbZgiWySwANACwPE9F+ReVgKwifPYD8H2S9Erx6/QOAO8NJyIQBdtGiRCdawc6pvTiD+/vvvjQ1QWWMNWPL63A9fYxcOkzkrJvkZmn4MPesSpDf+qHmddtKpcU/TisPnkflaolpGiwV9zp8/35SsqeLQviJTZbyXD6QF5ARiW9522wb2RSZORc5WM+jLU9nE7rzuvzv23SQaiP/nucX+NP73KJaIO9kpuN2h8Nu9emX9VLZC1OokDIiSI0BMFIuzmDZtmonMevfubfrCKJ2yCZtynIBOBAhw83fnzp1N+eX111+X9957zywqFiDATJTItTgjIjP61DgRMkiyLUCaxcS/ybjT0ek3zS2c0dSIbEhNZMYjzQoAMSC8adMmufvuu1NPYrHxf7ICeKS/ijwxFpwskT69M5xWICCe5d85mJ5F1EXS8i9PIH7zzTeNTu2uUKojVEmI+G2vF8eMIyA7RiasGSodOFycVTogJpDjvoA4pbi77rrLBDhs4AmbEa//3yYB1kl2hla+d0HqRl5AjB1QasQWWB84aoIQbI7KQRggxtbiJgugo0ePFt4eYJOQbcWw7wM9OzMzq0f2F+BPWDPIwO6VICgnw3N/DogToBdGvcZlt11R2PP4fvA5U43e8HfO1zKxE2yDwIQgh+oZvhGfgF8laPHygax/JxAj33S2AdDiq+nx0xbEv5A5oxfK5F739/KrfvgNOybRQBw4Iy5RQkr89VeqR/wX0Ztr52EmQdmM2Os9Yq7FoCkzslMVR1izZk1jKJRfAGSyG0AVY6Eki7Nt0KCBeSxg+uGHH5pdgwAP0TBRHIsOoo9BFMdGJRaWLdvyHZsLKGtDZFmUN71eYQqUERsZcde/O+sGqIKFLzYjxrGQ4eNEABQCBkpuljA4jJLSEEEJjhhjwbAg5EkGQKZAsOK7Rxw0I7Zg7AZlP1bkyohtS8JeSk+Y9WPBlB3OrAHkgDwgon10B7FG4HPevHnG6Tr76HyP07Cv9xCcIF+oRYsWpkyNnHjGjz/+aJw0ZV2/r/UEzYjd5hTQvMRvRkwLA57pgVtyyi/Me8RRM2I/S8M5xpkR4w/wC/Y1JsbBIzbSrFmz1I5hgBg9YgPo0E12x7H7c4IxP69V+s2IvcwiqLmQEdfbs6Xpjbt9FRUe1qutKPE9NuB8v9rLB1I1I9C3pWnWv5dtUD1iHGuJgIX2IJsY2eCVyccG1XfU8YkG4qDMZWvXtJ/nAh40/1EuAEOP027uwlGgcPerI5Qt2TLv/MELnkWEj0N2bw7DWFmw7Jh0/8AFm31s38PPfL3GZHPXdJh5IDsMCYAh+ymSndLOiWVp17RfXu1rG84fdeBa+lrwTbsBngnG0HGmzAZZsR64hqCFyoEN+PzOJ8q4bO+aLmwu7BkAmFgXcb7Kls1d04XxmNTvs71rOiyfmXyg855etkE1pWHDhqbyQIJDZkyiQG/aBkRePjbsnMNcV6yAOIwA4rgGh0nJlQiM0izRslLxlwC9K1oXOAD7mlbx51o5VAkkRwJU3L799ltTkeKVNPbakH0n7VcJFYhjWDP0Snlf8MQTT1QQjkHeSXkEPzJARkz/1266S8rcdB4qgVyQAEkQ714DdOxL4dUx3kpJGikQJ00jOh+VgEpAJaASyCkJKBDnlLqVWZWASkAloBJImgQUiJOmEZ2PSkAloBJQCeSUBBSIc0rdyqxKQCWgElAJJE0CCsRJ04jORyWgElAJqARySgIKxDmlbmVWJaASUAmoBJImAQXipGlE56MSUAmoBFQCOSUBBeKcUrcyqxJQCagEVAJJk4ACcdI0ovNRCagEVAIqgZySgAJxTqlbmVUJqARUAiqBpElAgThpGtH5qARUAioBlUBOSUCBOKfUrcyqBFQCKgGVQNIkoECcNI3ofFQCKgGVgEogpySgQJxT6lZmVQIqAZWASiBpEkgB8ZIlS2bm5eW1TNoEdT4qAZWASkAloBIozhLYuXPnrP8D2yBsJQnhRsEAAAAASUVORK5CYII=" /> </p>Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.com0tag:blogger.com,1999:blog-4073991368963140015.post-8826265784249352822023-07-21T12:43:00.004+00:002023-07-21T12:43:57.022+00:00Immortal engines<p><span style="font-family: Calibri, sans-serif;"><span style="font-size: 11pt;">I liked this from David Runciman's book How Democracy Ends:</span></span></p><p><i style="font-family: Calibri, sans-serif;"><span style="font-size: 11pt;">“Many of the things that we fret about when we imagine a future world of Als are the same worries that have been harboured about corporations for centuries.</span></i></p><p><i style="font-family: Calibri, sans-serif;"><span style="font-size: 11pt;">“Corporations are man-made monsters. They have no conscience because they have no soul. They are able to live longer than people do. Some of them almost appear to be immortal. Corporations, like robots, can emerge unscathed from the wreckage of human affairs.</span></i></p><p class="MsoNormal" style="font-family: Calibri, sans-serif; margin: 0cm;"><i><span style="font-size: 11pt;">“During the first half of the twentieth century, German society underwent a near-death experience. The scale of the human destruction was mind-blowing. Yet some German corporations came through it all as if it had never happened. Some of the biggest German companies created in the nineteenth century are still among the biggest today - Allianz, Daimler, Deutsche Bank, Siemens. It is as though the madness of human beings is nothing to do with them.”<o:p></o:p></span></i></p>Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.com0tag:blogger.com,1999:blog-4073991368963140015.post-57442863929713221932023-07-16T15:26:00.007+00:002023-07-16T15:57:48.516+00:00You can't take politics out of ESG<p><span color="rgba(0, 0, 0, 0.9)" face="Helvetica, Arial, sans-serif" style="background-color: white; orphans: 2; white-space: pre-wrap; widows: 2;">Over recent months I've seen various pieces about what ESG / RI 'really' is. One of the principal areas of quite profound disagreement is whether it is about values or value. Some contend that it is simply about good risk management in the pursuit of financial returns. Others say that this is a greatly diminished conception of why we all do what we do.</span></p><p><span color="rgba(0, 0, 0, 0.9)" face="Helvetica, Arial, sans-serif" style="background-color: white; orphans: 2; white-space: pre-wrap; widows: 2;">I'm not going to refight that battle. Rob Lake has articulated the position that is closest to my own. If the growth of ESG had been driven solely by risk management I think it would still be a very limited part of the investment industry.</span></p><p style="orphans: auto; widows: auto;"><span color="rgba(0, 0, 0, 0.9)" face="Helvetica, Arial, sans-serif" style="background-color: white; orphans: 2; white-space: pre-wrap; widows: 2;">What I want to take issue with is the idea that 'politics' is an intrusion in the ESG / RI world and it would be better to keep it focused a purer path, again in pursuit of financial returns over and above all else. I'm far from sure that many </span><span face="Helvetica, Arial, sans-serif"><span color="rgba(0, 0, 0, 0.9)" style="caret-color: rgba(0, 0, 0, 0.9); white-space: pre-wrap;">people who argue that ESG analysis is really just risk management believe it themselves, rather they think this is a tactically useful way to frame their arguments (either to engender support or to avoid challenge). </span></span><span color="rgba(0, 0, 0, 0.9)" face="Helvetica, Arial, sans-serif" style="orphans: 2; white-space: pre-wrap; widows: 2;">In any case I think </span><span color="rgba(0, 0, 0, 0.9)" face="Helvetica, Arial, sans-serif" style="caret-color: rgba(0, 0, 0, 0.9); orphans: 2; white-space: pre-wrap; widows: 2;">it is </span><span color="rgba(0, 0, 0, 0.9)" face="Helvetica, Arial, sans-serif" style="orphans: 2; white-space: pre-wrap; widows: 2;">naive to think politics can be 'taken </span><span color="rgba(0, 0, 0, 0.9)" face="Helvetica, Arial, sans-serif" style="caret-color: rgba(0, 0, 0, 0.9); orphans: 2; white-space: pre-wrap; widows: 2;">out</span><span color="rgba(0, 0, 0, 0.9)" face="Helvetica, Arial, sans-serif" style="orphans: 2; white-space: pre-wrap; widows: 2;"> of' ESG, even if it were ever obtainable or desirable. </span><span color="rgba(0, 0, 0, 0.9)" face="Helvetica, Arial, sans-serif" style="caret-color: rgba(0, 0, 0, 0.9); orphans: 2; white-space: pre-wrap; widows: 2;">Rather</span><span color="rgba(0, 0, 0, 0.9)" face="Helvetica, Arial, sans-serif" style="orphans: 2; white-space: pre-wrap; widows: 2;"> I think we should expect to see more politicisation, not less. </span></p><p><span color="rgba(0, 0, 0, 0.9)" face="Helvetica, Arial, sans-serif" style="background-color: white; orphans: 2; white-space: pre-wrap; widows: 2;">The simple fact is that people, investors, have different views and objectives. This is uncontroversial enough when we think about market behaviour. That you want to buy the asset that I want to sell demonstrates that we put different values on the same thing, for lots of good reasons. In a free market it should not matter that I put a lower value on, or will not buy at any price, securities issued by a particular company. If ESG criteria form part of this process, so be it.</span></p><p><span color="rgba(0, 0, 0, 0.9)" face="Helvetica, Arial, sans-serif" style="background-color: white; orphans: 2; white-space: pre-wrap; widows: 2;">It's easy to think of examples that make this obvious. Clearly a mainstream hedge fund and the investment arm of a faith-based institution are very likely to have a very different orientation towards ESG issues. There might be a set of issues (or issuers) where they reach the same conclusions, but no-one really expects them to take the same approach overall. And at a general level asset owners and asset managers often take different stances, no doubt reflecting what they think is important to those to whom they are accountable.</span></p><p><span color="rgba(0, 0, 0, 0.9)" face="Helvetica, Arial, sans-serif" style="background-color: white; orphans: 2; white-space: pre-wrap; widows: 2;">These differences in view will be expressed in numerous places: 'core' investment decisions (stock selection, asset allocation); service provision choices (asset manager selection, but also advisers, research etc); stewardship activity; policy positions; involvement in/support for collaborative initiatives and so on. Taken together these decisions position investors in very different places on the ESG/RI map. </span></p><p><span style="background-color: white; orphans: 2; widows: 2;"><span face="Helvetica, Arial, sans-serif"><span color="rgba(0, 0, 0, 0.9)" style="white-space: pre-wrap;">This </span><span color="rgba(0, 0, 0, 0.9)" style="caret-color: rgba(0, 0, 0, 0.9); white-space: pre-wrap;">should</span><span color="rgba(0, 0, 0, 0.9)" style="white-space: pre-wrap;"> not be a surprise. Unless we think that there is a single, correct way to view investee companies, or other assets, </span><span color="rgba(0, 0, 0, 0.9)" style="caret-color: rgba(0, 0, 0, 0.9); white-space: pre-wrap;">people</span><span color="rgba(0, 0, 0, 0.9)" style="white-space: pre-wrap;"> and the institutions that </span><span color="rgba(0, 0, 0, 0.9)" style="caret-color: rgba(0, 0, 0, 0.9); white-space: pre-wrap;">they</span> <span color="rgba(0, 0, 0, 0.9)" style="caret-color: rgba(0, 0, 0, 0.9); white-space: pre-wrap;">constitute</span><span color="rgba(0, 0, 0, 0.9)" style="white-space: pre-wrap;"> are going to reach different conclusions, and they're going to argue about them.</span></span></span></p><p><span style="background-color: white; orphans: 2; widows: 2;"><span face="Helvetica, Arial, sans-serif"><span color="rgba(0, 0, 0, 0.9)" style="white-space: pre-wrap;">Here it is useful to look at Big P </span><span color="rgba(0, 0, 0, 0.9)" style="caret-color: rgba(0, 0, 0, 0.9); white-space: pre-wrap;">politics - some politicians like to argue that they are non-ideological, and just focused on the best / most effective policy responses. This is commonly know as 'technocracy', though David Runciman makes the point that we should distinguish this from 'epistocracy' (which is what people often seem to be talking about when they say 'technocracy').</span></span></span></p><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px;"><p style="text-align: left;"><span style="font-family: arial;"><i><span style="font-size: 11pt;">"Epistocracy means rule by the people who know best. Technocracy is rule by mechanics and engineers. A technocrat is someone who understands how the machinery works... </span></i><i><span style="font-size: 11pt;">What they know is how to operate a complex system they have been instrumental in building, so long as it behaves the way it is meant to. Technocrats are the people who understand what's best for the machine. But keeping the machine running may be the worst thing we can do. A technocrat won't help with that question."</span></i></span></p></blockquote><p style="orphans: 2; widows: 2;"><span style="background-color: white;"><span face="Helvetica, Arial, sans-serif"><span color="rgba(0, 0, 0, 0.9)" style="white-space: pre-wrap;">In </span><span color="rgba(0, 0, 0, 0.9)" style="caret-color: rgba(0, 0, 0, 0.9); white-space: pre-wrap;">politics</span><span color="rgba(0, 0, 0, 0.9)" style="white-space: pre-wrap;"> the obvious question is, well, who knows best? Political challenges have no singular answer and 'solutions' </span><span color="rgba(0, 0, 0, 0.9)" style="caret-color: rgba(0, 0, 0, 0.9); white-space: pre-wrap;">that</span><span color="rgba(0, 0, 0, 0.9)" style="white-space: pre-wrap;"> are chosen will displease some </span><span color="rgba(0, 0, 0, 0.9)" style="caret-color: rgba(0, 0, 0, 0.9); white-space: pre-wrap;">and are always open to renegotiation. Chantal Mouffe has nailed this: </span></span></span></p><blockquote class="tr_bq" style="caret-color: rgb(102, 102, 102);"><i><span style="font-family: arial; font-size: x-small;">"Every order is the temporary and precarious articulation of contingent practices. The frontier between the social and the political is essentially unstable and requires constant displacements and renegotiations between social agents. Things could always be otherwise and therefore every order is predicated on the exclusion of other possibilities.... What is at a given moment considered as the 'natural' order - jointly with the 'common sense' which accompanies it - is the result of sedimented practices; it is never the manifestation of a deeper objectivity exterior to the practices that bring it into being... [S]ociety is always politically instituted and... the terrain in which hegemonic interventions take place is always the outcome of previous hegemonic practices and that it is never a neutral one." </span></i></blockquote><p style="orphans: 2; widows: 2;"><span color="rgba(0, 0, 0, 0.9)" face="Helvetica, Arial, sans-serif" style="background-color: white; white-space: pre-wrap;">This matters a lot more </span><span color="rgba(0, 0, 0, 0.9)" face="Helvetica, Arial, sans-serif" style="background-color: white; caret-color: rgba(0, 0, 0, 0.9); white-space: pre-wrap;">these days</span><span color="rgba(0, 0, 0, 0.9)" face="Helvetica, Arial, sans-serif" style="background-color: white; white-space: pre-wrap;"> in the private sector, where the ESG / RI sector has it focus, because of the relationship between politics and the economy. </span><span color="rgba(0, 0, 0, 0.9)" face="Helvetica, Arial, sans-serif" style="background-color: white; white-space: pre-wrap;">As the state in many countries has retreated from a direct ownership role in the economy, more services are delivered by companies. The provision of these services has always been a subject of intense political discussion and disagreement. This might be over any number of issues including the nature of the service itself, who gets to access it and at what price, what impact it has on the user, the terms and conditions of the those working to provide it, and so on and so on. </span></p><p><span style="background-color: white; orphans: 2; widows: 2;"><span face="Helvetica, Arial, sans-serif"><span color="rgba(0, 0, 0, 0.9)" style="white-space: pre-wrap;">If such services are provided by the state, either at central or local level, inevitably such discussions occur more regularly in the more explicitly Big P political arena. If they are provided through the private sector, the discussion moves there. Unless we consider that people stop caring about issues relating to service provision and/or that they cease to have differing views once it shifts from public to private, then we should expect *more* of this discussion in the private sector in future, not less. </span></span></span></p><p><span face="Calibri, sans-serif">As the state retreats from making decisions, as opposed to creating policy and regulatory frameworks more of these political questions will end up in the private sector. Employees may want a clearer commitment to certain values. If businesses do not want to make such decisions the state might face pressure to step in, or at least set some ground rules. But a whole plate of 'hot potatoes' have been tossed to the private sector for now. </span><span color="rgba(0, 0, 0, 0.9)" face="Helvetica, Arial, sans-serif" style="orphans: 2; white-space: pre-wrap; widows: 2;">And as </span><span color="rgba(0, 0, 0, 0.9)" face="Helvetica, Arial, sans-serif" style="caret-color: rgba(0, 0, 0, 0.9); orphans: 2; white-space: pre-wrap; widows: 2;">investors have been offered a greater say in the private sector - at the level of both the economy and the company - inevitably they too are drawn into political questions.</span></p><p><span color="rgba(0, 0, 0, 0.9)" face="Helvetica, Arial, sans-serif" style="background-color: white; orphans: 2; white-space: pre-wrap; widows: 2;">Issues around diversity, equity and inclusion (DEI) are a useful case the consider. Clearly Big P Politics has an influence on how companies approach these issues and to some extent public policy mandates certain disclosures and outcomes. But for most businesses the views of their own employees, primarily, and external stakeholders including investors and customers, secondly, matter greatly too.</span></p><p><span color="rgba(0, 0, 0, 0.9)" face="Helvetica, Arial, sans-serif" style="background-color: white; orphans: 2; white-space: pre-wrap; widows: 2;">The fact that we talk about DEI at all reflects the reality that the status quo has resulted in underrepresentation and discrimination on the basis of gender, ethnicity and sexuality. Public policy on these issues is important, but this does not provide the answers for companies, it is something they have to grapple with themselves. Unless you believe that we live in a unique historical moment where companies have now reached positions that have 'solved' these challenges you should expect this to be an ongoing political discussion. </span></p><p><span color="rgba(0, 0, 0, 0.9)" face="Helvetica, Arial, sans-serif" style="background-color: white; orphans: 2; white-space: pre-wrap; widows: 2;">In addition, while it is now widely accepted that diversity is both desirable on its own terms and good for business, it really was very recently that views and practice were substantially different. </span></p><p><span color="rgba(0, 0, 0, 0.9)" face="Helvetica, Arial, sans-serif" style="background-color: white; orphans: 2; white-space: pre-wrap; widows: 2;">Many seem to believe that 'business case' arguments for change are some kind of secret sauce that helped bring this about. But, to state the obvious, there is a 'business case' for the status quo at any point - the fact that businesses operate with their current policies and practices is because they believe that is what is best for them, at least for now. Until relatively recently the 'business case' for the status quo encompassed views such as "there simply aren't enough female candidates" and "we're appointing on merit, we just want the best people". It actually took various groups and individuals challenging these ideas - combined with some Big P Politics - to break up that settled consensus. </span></p><p><span color="rgba(0, 0, 0, 0.9)" face="Helvetica, Arial, sans-serif" style="background-color: white; orphans: 2; white-space: pre-wrap; widows: 2;">And what happens if the business case for change is unclear? In common with many others, I believe that increasing board diversity delivers benefits to companies. I think it's highly contestable that in the recent past that boards that were comprised mainly or solely of white men had always chosen the best possible candidates. </span></p><p><span style="font-family: arial;"><span color="rgba(0, 0, 0, 0.9)" style="background-color: white; orphans: 2; white-space: pre-wrap; widows: 2;">But let's suppose that increased board diversity made no difference. Companies could settle into an equilibrium with either largely white, male boards reproducing themselves through appointments in their own image, or of diverse boards that reflect the societies in which they operate. Which would we choose? If we think ESG is solely about financial risk management then arguably</span><span style="background-color: white; orphans: 2; widows: 2;"><span color="rgba(0, 0, 0, 0.9)" style="white-space: pre-wrap;"> investors should stick with the status quo, no matter how just the alternative might seem. Yet actually this is one area where investor pressure has been very sharp-edged - see for example votes against chairs of PLCs that don't meet board </span><span color="rgba(0, 0, 0, 0.9)" style="caret-color: rgba(0, 0, 0, 0.9); white-space: pre-wrap;">diversity expectations. </span></span></span></p><p><span style="font-family: arial;"><span style="background-color: white; orphans: 2; widows: 2;"><span color="rgba(0, 0, 0, 0.9)" style="white-space: pre-wrap;">Mouffe's point about </span><span color="rgba(0, 0, 0, 0.9)" style="caret-color: rgba(0, 0, 0, 0.9); white-space: pre-wrap;">the contingency of political settlements also rings true. Whilst in recent years corporations have embraced DEI, we should not assume that this is a lasting win. It is striking that, of all the topics that were available, the anti-ESG movement in the US has targeted DEI initiatives. Looking wider, think of companies (and some investors) dialling back their Net Zero commitments. I think and hope that these are temporary setbacks, but there is no guarantee that this will be the case. The political battles firms face - both internally and externally - will continue.</span></span></span></p><p style="orphans: auto; widows: auto;"><span style="font-family: arial;"><span style="background-color: white; orphans: 2; widows: 2;"><span color="rgba(0, 0, 0, 0.9)" style="caret-color: rgba(0, 0, 0, 0.9); white-space: pre-wrap;">Denying there are or will be political choices for both firms and their investors won't help. I think that an approach that is built around "ESG is just risk management" is going to be pathetically easy for a smart and determined opponent to outmanoeuvre. Any wobbly </span></span><span color="rgba(0, 0, 0, 0.9)" style="caret-color: rgba(0, 0, 0, 0.9); white-space: pre-wrap;">evidence, or over-claiming (not that there's anything like that in ESG-land...) is going to be targeted and used to argue that it's just a disguise for a political agenda. Given that the question "Is active management worth paying for?" has not been decisively settled in the 25+ years I've been writing/thinking about institutional investment, I would tentatively suggest that the argument about the financial benefits of considering ESG issues will not be concluded any time soon.</span></span></p><p><span style="font-family: arial;"><span color="rgba(0, 0, 0, 0.9)" style="caret-color: rgba(0, 0, 0, 0.9); white-space: pre-wrap;">It's not just a weak approach in defence. Unfortunately, the desire to argue that the analysis and adoption of ESG issues is just about measuring and addressing risks, and results in correct or optimal objectives, also risks, like its Big P political analogue, a kind of intolerance. To assess an issue from a risk perspective creates an expectation that there can be a 'correct' answers in the same way that 'apolitical' politicians claim to advance policy based on 'what works'. Who could possibly argue with that? But, a</span></span><span style="font-family: arial;"><span style="caret-color: rgba(0, 0, 0, 0.9); white-space: pre-wrap;">s Jan-Werner Muller argues, this type of argumentation shares something with supposed opponents.</span></span></p><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px;"><p style="text-align: left;"><span style="background-color: white; caret-color: rgb(102, 102, 102); font-size: 13px;"><span style="font-family: arial;"><i>"Technocracy holds that there is only one correct policy solution; populism claims that there is only one authentic will of the people... For neither technocrats nor populists is there any need for democratic debate. In a sense both are curiously apolitical. Hence it is plausible to assume that one might pave the way for the other, because each legitimises the belief that there is no real room for disagreement. After all, each holds that there is one correct policy solution and only one authentic popular will respectively."</i></span></span></p></blockquote><p style="orphans: 2; widows: 2;"><span color="rgba(0, 0, 0, 0.9)" style="caret-color: rgba(0, 0, 0, 0.9); font-family: arial; white-space: pre-wrap;">Interestingly, Chantal Mouffe warned, years ahead of Brexit, Trump etc, that the attempt to appear apolitical/non-ideological, and/or to deny significant differences in views, risked opening up ground for the populist Right. This is from a 2007 interview:</span></p><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px;"><p style="orphans: 2; text-align: left; widows: 2;"><span face=""Trebuchet MS", Trebuchet, sans-serif" style="background-color: white; caret-color: rgb(102, 102, 102); font-size: 13px;"><i>"A vibrant democratic politics needs to offer people the possibility of making genuine choices. Democratic politics must be partisan. In order to get involved in politics, citizens have to feel that real alternatives are at stake. The current disaffection with democratic parties is very bad for democratic politics… I am really worried by the celebration of the politics of “consensus at the centre” that exists today. I feel very strongly that such a post-political zeitgeist is creating favourable terrain for the rise of right-wing populism.”</i></span></p></blockquote><p style="orphans: 2; widows: 2;"><span style="font-family: arial;"><span color="rgba(0, 0, 0, 0.9)" style="caret-color: rgba(0, 0, 0, 0.9); white-space: pre-wrap;">Ironically it is the populist Right that is buzzing around ESG right now, and using some of the RI world's own tactics against it. </span></span><span color="rgba(0, 0, 0, 0.9)" style="caret-color: rgba(0, 0, 0, 0.9); font-family: arial; white-space: pre-wrap;">I have articulated before worries about what we see in the '</span><a href="https://labourandcapital.blogspot.com/2021/02/getting-blackrock-to-do-things.html" style="caret-color: rgba(0, 0, 0, 0.9); font-family: arial; white-space: pre-wrap;">getting Blackrock to do things</a><span style="font-family: arial;"><span color="rgba(0, 0, 0, 0.9)" style="caret-color: rgba(0, 0, 0, 0.9); white-space: pre-wrap;">' mode of campaigning. Unfortunately, now opponents of ESG / RI have noticed that threatening the removal of assets can make financial intermediaries responsive, so they have copied the campaign technology (they have also filed anti-ESG shareholder resolutions, though these have bombed). </span></span></p><p style="orphans: 2; widows: 2;"><span style="font-family: arial;"><span color="rgba(0, 0, 0, 0.9)" style="caret-color: rgba(0, 0, 0, 0.9); white-space: pre-wrap;">If an ESG oriented investor says to a manager "I won't invest with you hold Stock X / vote against Shareholder Resolution Type Y" and they expect this to hold across its client base (as in it can't hold Stock X or oppose Resolution Y for ANY client), is it any surprise that an anti-ESG investor tries to do the same? </span></span><span color="rgba(0, 0, 0, 0.9)" style="caret-color: rgba(0, 0, 0, 0.9); font-family: arial; white-space: pre-wrap;">To state the obvious, I think the anti-ESG movement is nuts - why would you want to stop investment firms you hire from considering anything? But if we consider the campaign tactic to be legitimate, why should people we disagree with not use it? </span></p><p style="orphans: 2; widows: 2;"><span color="rgba(0, 0, 0, 0.9)" style="caret-color: rgba(0, 0, 0, 0.9); font-family: arial; white-space: pre-wrap;">I wince a bit when I think people on the same side as me seem to be arguing that we should put some issues out of political reach. That's OK while the wind is blowing in your direction, but when it changes... </span><span color="rgba(0, 0, 0, 0.9)" style="caret-color: rgba(0, 0, 0, 0.9); font-family: arial; white-space: pre-wrap;">(I felt the same way about the attempt to overturn the Brexit referendum result through legal action - an incredibly bad idea.) It is a version of the benign dictator mode of thinking which can find expression in political, corporate and investor fields of power.</span></p><p style="orphans: 2; widows: 2;"><span style="font-family: arial;"><span color="rgba(0, 0, 0, 0.9)" style="caret-color: rgba(0, 0, 0, 0.9); white-space: pre-wrap;">In contrast, for reasons outlined above, I think politics in ESG is inevitable, will exist as long as there is power in the investor-company relationship, will inevitably involve ongoing going disagreement and currently we should expect it to expand in this area. As such we should think about how to handle this rather than try and deny politics exist in this field. I personally think a greater degree of democratisation - at both firm and investor level - is likely the best way to go, but with an understanding that this entails inclusion of views we disagree with. But that's for another post.</span></span></p>Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.com0tag:blogger.com,1999:blog-4073991368963140015.post-90908314162048169782022-07-01T06:37:00.001+00:002022-07-01T06:37:36.968+00:00Takeovers versus turnout<p><span style="background-color: white; color: rgba(0, 0, 0, 0.9); font-family: "Source Serif Pro", serif; font-size: var(--font-size-large); orphans: 2; widows: 2;">At the back end of 2020 I wrote something</span><span style="background-color: white; color: rgba(0, 0, 0, 0.9); font-family: "Source Serif Pro", serif; font-size: var(--font-size-large); orphans: 2; widows: 2;"> about the impact of the merger arbitrage trade and some of the stewardship issues related to it. Looking back, one rather fundamental stewardship issue that I hadn't considered was the impact on voting turnout. Subsequently I have spent quite a lot of time looking at this and I now think merger arbitrage is having a major impact.</span></p><p><span style="background-color: white; color: rgba(0, 0, 0, 0.9); font-family: "Source Serif Pro", serif; font-size: var(--font-size-large); orphans: 2; widows: 2;">To recap, funds doing the merger arbitrage trade typically utilise equity derivatives like CfDs and swaps to get long exposure to the target. This trade also sees the investment banks which write the derivatives acquire significant equity holdings in the target (sometimes with mirroring short positions). The banks do not have an economic interest in the shares, they hold them as counterparties to those that do (through derivatives).</span></p><p><span style="background-color: white; color: rgba(0, 0, 0, 0.9); font-family: "Source Serif Pro", serif; font-size: var(--font-size-large); orphans: 2; widows: 2;">As I understand it, derivatives can be written pretty much how the client wants, including with the ability to exercise voting rights and/or convert to the underlying equity. But it seems that most of the time this does not happen, and therefore a large proportion of shares do not get voted when there is a correspondingly large derivative interest. This can result in a sharp drop in turnout.</span></p><p><span style="background-color: white; color: rgba(0, 0, 0, 0.9); font-family: "Source Serif Pro", serif; font-size: var(--font-size-large); orphans: 2; widows: 2;">How large? Below is a table of companies that are takeover targets which have held their AGMs *this month* showing turnout at the 2021 AGM (pre-bid), the 2022 AGM (post-bid) and the % reduction in turnout between 2021 and 2022. In all cases there has been significant hedge fund interest in the target using derivatives.</span></p><div class="reader-image-block reader-image-block--full-width" style="background-color: white; border: var(--artdeco-reset-base-border-zero); box-sizing: inherit; clear: both; color: rgba(0, 0, 0, 0.9); font-family: "Source Serif Pro", serif; font-size: var(--font-size-large); font-variant-ligatures: normal; line-height: 3.2rem; margin: 3.2rem 0px; orphans: 2; padding: var(--artdeco-reset-base-padding-zero); text-decoration-thickness: initial; vertical-align: var(--artdeco-reset-base-vertical-align-baseline); widows: 2;"><div class="ivm-image-view-model " style="background: var(--artdeco-reset-base-background-transparent); border: var(--artdeco-reset-base-border-zero); box-sizing: inherit; font-size: var(--artdeco-reset-base-font-size-hundred-percent); margin: var(--artdeco-reset-base-margin-zero); padding: var(--artdeco-reset-base-padding-zero); vertical-align: var(--artdeco-reset-base-vertical-align-baseline);"><div class="ivm-view-attr__img-wrapper ivm-view-attr__img-wrapper--use-img-tag display-flex
" style="background: var(--artdeco-reset-base-background-transparent); border: var(--artdeco-reset-base-border-zero); box-sizing: inherit; display: flex !important; font-size: var(--artdeco-reset-base-font-size-hundred-percent); margin: var(--artdeco-reset-base-margin-zero); padding: var(--artdeco-reset-base-padding-zero); vertical-align: var(--artdeco-reset-base-vertical-align-baseline);"><img alt="No alt text provided for this image" class="ivm-view-attr__img--centered reader-image-block__img lazy-image ember-view" id="ember449" loading="lazy" src="https://media-exp1.licdn.com/dms/image/D4E12AQErOLmCK1YlDA/article-inline_image-shrink_1500_2232/0/1656623862929?e=1661990400&v=beta&t=T1V4VF35ma0xrBcGQ6yOHDDmpH46srxabw-T7onIYB0" style="background-position: 50% center; background-size: cover; border-radius: var(--corner-radius-medium); border: var(--artdeco-reset-base-border-zero); box-sizing: inherit; color: var(--color-text); font-size: var(--artdeco-reset-base-font-size-hundred-percent); height: auto; margin: var(--artdeco-reset-base-margin-zero); max-width: 100%; object-fit: cover; object-position: center; outline: var(--artdeco-reset-base-outline-zero); padding: var(--artdeco-reset-base-padding-zero); vertical-align: var(--artdeco-reset-base-vertical-align-baseline); width: 744px;" /></div></div></div><p><span style="background-color: white; color: rgba(0, 0, 0, 0.9); font-family: "Source Serif Pro", serif; font-size: var(--font-size-large); orphans: 2; widows: 2;">In all cases the drop in turnout is significant, but the top three!</span></p><p><span style="background-color: white; color: rgba(0, 0, 0, 0.9); font-family: "Source Serif Pro", serif; font-size: var(--font-size-large); orphans: 2; widows: 2;">The risk (or opportunity, perhaps) with low turnout is that those who do vote have relatively more power. If turnout drops by two-thirds but your position (in terms of *number* of shares) remains the same, that's quite a power-up. From a company perspective, an issue that seemed to be a minority concern can get you into the 20%+ oppose range that requires you to publicly respond. I can already see a couple of examples where this has probably happened.</span></p><p><span style="background-color: white; color: rgba(0, 0, 0, 0.9); font-family: "Source Serif Pro", serif; font-size: var(--font-size-large); orphans: 2; widows: 2;">Two initial and related thoughts - first, it would not be surprising to see a company lose a vote at a GM or AGM because of low turnout resulting from merger arbitrage, second, an investor motivated to do so might try and take advantage of this trend at some point. I flag this latter point as I'm pretty confident now that I could identify some way in advance which companies will see sharp drops in turnout.</span></p><p><span style="background-color: white; color: rgba(0, 0, 0, 0.9); font-family: "Source Serif Pro", serif; font-size: var(--font-size-large); orphans: 2; widows: 2;">More generally, I am curious if corpgov people think this is a problem. Generally we worry about low voting turnout, as it's difficult to take talk of stewardship seriously if investors aren't using their control rights. But when it looks likely that a company is going to be acquired it seems stewardship goes out the window. I personally feel there is a significant issue here that deserves some discussion.</span></p>Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.com0tag:blogger.com,1999:blog-4073991368963140015.post-56887726848825367032021-08-28T19:57:00.011+00:002021-08-28T20:29:55.657+00:00All or nothing<p>Something I've been thinking about lately is the tendency to try and force issues or ideas into either/or boxes. I don't why I'm more aware of it lately, but I seem to see it everywhere. Most often it appears in assessments of events - either This Will Happen or This Will Not Happen - which I suppose is an argument in favour of Philip Tetlock's work. But I'm thinking (in this initial bit of burbling) a bit broader.</p><p>For example, in discussions about the labour market it's very easy to start talking about it as if it's One Big Thing. For example, currently there is a discussion about labour shortages, which seem to be starting to lead to higher wages in some sectors and increased bargaining power for workers. But at the same time office workers are being told that a shift to remote working is likely to result in a globally expanded total labour force (leave aside the fact that this was always there), so they should hunker down and count their blessings. Needless to say these are very different positions to be in.</p><p>Similarly I had a good Twitter exchange recently with the always interesting Duncan Lamont from Schroders about employer incentives to treat workers well. He said, rightly, that there's loads of evidence that this results in better performance, reduced turnover etc. I both know this to be true and found it a bit jarring somehow and I realised that this is because isn't what I see when I look at companies, or at least <u>some</u> companies. </p><p>One retailer I dealt with at work recently basically shrugged their shoulders about high workforce turnover saying it was never likely to change. So even though it is true that there are incentives for employers to treat workers well, these vary in significance. Sectors look different - even employers in the same sector look different. Some employers think they do need to invest in reducing turnover (or training or whatever) others think 'meh'. It's not either or.</p><p>That leads into the question of ESG. Duncan also flagged the issue of Tesla, and significantly divergent scores from ESG rating firms. Is it a good stock on ESG grounds or isn't it? There isn't an answer. Last spring Elon Musk argued that Covid was overblown and would be done by April. So convinced was he that it wasn't a real risk that he publicly bullied harassed regulators about health and safety restrictions that resulted in Tesla sites being shuttered and threatened to open them illegally. He's previously been sanctioned by the SEC for some seriously stupid behaviour on Twitter. And I know a bit about Tesla's bad history with unions. Yet, obviously, Tesla has done more than arguably any company to drive the development of electric vehicles.</p><p>That means Tesla is concurrently a lot of things, not Good or Bad. And, from an investor perspective, what you put weight on personally matters a lot. I can see a case for divergent ratings - as long as a) the punter understands why they differ (perhaps one puts greater weight on the S) and b) it is also understood that this maybe more about preferences than performance. </p><p>More generally, it's notable that scepticism about the growth of ESG is shared by both Left and Right, particularly the extent to which it's simply a marketing tool for active management. Having recently read a couple of Right-leaning critiques there are elements I find myself nodding in agreement with. For example, I could have written this (and sort of <a href="https://labourandcapital.blogspot.com/2020/07/post-democratic-esg.html">have</a>):</p><p><i>Regulation by governments is not only more efficient but also possesses democratic legitimacy. Proponents claim that ESG is necessary to achieve inclusive capitalism, but political power wielded by a handful of billionaire Wall Street oligarchs provides a pretty good definition of insider capitalism. </i></p><p>The author is a former (early 90s vintage) Conservative Treasury Spad.</p><p>I don't think ESG is the solution to the world's problems. I do have concerns about the political aspects of it that I think have been *hugely* overlooked in the rush to <a href="https://labourandcapital.blogspot.com/2021/02/getting-blackrock-to-do-things.html">Get Blackrock To Do Things</a>. And it is definitely the case that ESG is used as marketing device. And yet at the same time I think things are improving as a result of companies being subject to more scrutiny of their management of ESG issues and investors challenging them more often. Can't it be both of limited effectiveness, and better that it exists than not?</p><p>I feel the same way about behavioural economics. It was a niche field for a long time, then became very fashionable. Lately there has been a very negative counter-reaction. No doubt there is some dodgy research out there that over claims. But again there seems to be a tendency to think it's either The Answer or a giant swindle. It seems more likely to me that as an area of study it has contributed usefully to understanding some things but not others. Some behavioural effects might be basically meaningless, others significant. Surely we can pick and choose.</p><p>And finally in Big P politics discussions of why certain leaders or parties are failing regularly fall into really annoying single factor explanations. The 'Red Wall' narrative is a good example. I have no doubt that some 'traditional' Labour voters have deserted the party because they are socially conservative and feel culturally alienated. But I also think that some of these voters are financially secure - both owning houses and having decent pensions - and as such may materially no long have the same interests as when they were at work. </p><p>To paraphrase another Duncan (Weldon) a bit - why do we think home owners with secure retirements will vote Conservative in the South East but not the North East? Currently this is a big cohort of voters that turns out and votes Right.* But those coming behind them may neither own homes or have decent pensions. They may put rather less emphasis on cultural issues and more on economic ones and may skew Left, who knows? But currently much political commentary seems stuck in the rut of 'Red Wall voters won't like this' as if this is the only factor at play. </p><p>Similarly I believe both that Labour lost votes in 2019 because it shifted to a Remain position and that it may have lost more if it had not. </p><p>It's not just One Thing.</p><p>(I should stress, by the way, that I am regularly guilty of this way of thinking myself. I just hope that, now I'm more aware of it, I can lean against it a bit.)</p><p>*interesting subplot is that this group also seems to the most convinced that we need to spend serious money tackling climate change. But perhaps that's a burden that is likely to fall primarily on working age taxpayers?</p>Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.com0tag:blogger.com,1999:blog-4073991368963140015.post-9363674777313721482021-06-03T10:23:00.008+00:002021-06-03T12:37:19.750+00:00Markets without consumers<p>Last week the FCA <a href="Our rules ensure that renewing home and motor insurance consumers are quoted prices that are no more than they would be quoted as a new customer through the same channel. We are also making it simpler for customers to stop automatic renewals if they wish to do so. We are also introducing new product governance rules to ensure that firms deliver fair value on all their insurance products.">confirmed</a> that it will ban the so-called 'loyalty penalty', where existing customers end up paying more than new ones, in relation to house and motor insurance. This feels like quite a significant intervention to me.</p><p>It's interesting to note the type of consumers getting fleeced under the existing regime. Broadly elderly and low income are less likely to switch, and therefore more likely to fall victim to 'price walking'. So the policy is essentially favouring these types of consumers over frequent switchers who have benefited from the lower premiums charged to new customers. (This is one reason why I think ESG folks ought to be more interested in competition policy and market regulation.) </p><p>Even on its own terms this type of intervention throws up some interesting questions. It takes some responsibility off the customer for having to shop around, and it means that they don't get financially punished for their inertia. I imagine this is what a lot of insurance customers want, since they don't enjoy having to go through the annual renewal hassle and the product is not one they would choose to buy unless necessary.</p><p>But essentially this does mean that we're moving to a market - in the financial services sector - where the benefits of shopping around can be trumped by other considerations. That's OK with me but it's going to trouble others.</p><p>On this point I came across <a href="https://www.cityam.com/from-energy-to-insurance-how-open-banking-could-fix-the-loyalty-penalty-headache/">this piece</a> from a couple of years back by the always interesting free-market policy wonk Sam Bowman expressing concern about the reduction in incentives to switch provider that result from charge caps and similar interventions. This bit sticks out: </p><p style="box-sizing: border-box; caret-color: rgb(64, 64, 64); color: #404040; font-family: "Source Sans Pro", arial; font-size: 18px; margin: 0px 0px 12px; width: 723.75px;"><i>[C]ustomer switching is good for efficiency overall. Customer switching forces companies to compete with each other and try to find ways of doing business more cheaply. Diminishing the rewards for switching means that fewer people will be willing to shop around, which weakens the incentive these companies have to improve.</i></p><p>This is a pretty standard defence of the merits of competitive markets. It could also be framed as an argument that we want customers to do some work to help providers get better. Do your bit to improve the car insurance market, lazy switchers!</p><p>This in turn reminded me of this section on the energy market in <a href="https://www.e-ca.com/wp-content/uploads/2020/12/e-ca_economic_research_on_loyalty_price_discrimination_.pdf">this fascinating report</a> on the loyalty penalty commissioned by the CMA. </p><div class="page" title="Page 89"><div class="layoutArea"><div class="column"><p><span style="font-family: TrebuchetMS2; font-size: 10pt;"><i>Energy is essentially a homogenous good, so it is easy for regulators to determine the optimal offer in the marketplace for a given consumer. Whenever this is the case, however, one may argue that there is little economic purpose to consumer choice. If Ofgem can determine the optimal choice for each customer, why have customers go through this apparently difficult or annoying procedure themselves? Ofgem in a different market design could buy energy from the cheapest supplier and simply pass it on at average cost to customers, thereby keeping competition among energy suppliers alive while circumventing the retail market.</i></span></p></div></div></div><p>To be honest I find 'shopping' for insurance "annoying", if not particularly difficult, and my experience of numerous insurance 'products' that I've never needed to claim again is that they are "homogenous" too. In practice, I assume like most people, I stick my car details into a price comparison website, play around the filters marginally and then scientifically pick the 2nd or 3rd cheapest because I'm a bit wary of the offer from the www.brillocarinsurance.com firm I've never heard of. </p><p>I'm not dealing directly with any of the insurers and I'm not checking any of the prices. Essentially a privately owned algorithm is doing that for me and somewhere in the system I'm paying for that service. The relationship between the platform and the insurers is already far more important than my individual decision to switch. (In fact, like with Hargreaves Lansdowne and Woodford, I wonder how much the platforms shape customer choice as much as facilitate it.) </p><p>In the big data era it strikes me as extremely unlikely that an ordinary punter, no matter how well informed, is ever going to be evenly matched against companies that have always amassed and crunched data for a living and now have much enhanced computing power to do it. Essentially price comparison sites are our hired guns, battling it out on our behalf because we basically can't do it ourselves. I'm not sure how much individual consumers matter anymore - in terms of their impact on providers - in markets like insurance or energy in this scenario. Their interests are represented by algorithmic proxies. (As an aside, in some free market wonkery consumers seem to be somewhat analogous to the working class for the Left. If only they would realise their true interests they would create real change, but instead they're a constant disappointment despite repeated attempts to organise/activate them.) </p><p>In the medium term, it's possible that scrapping the loyalty penalty is the thin end of the wedge. There is an expectation that premiums will rise for new business to offset the 'cost' of not price walking existing customers. If it looks like some insurers are using this as an opportunity to take a bit extra could we see price caps like those in the energy markets?</p><p>Longer term I do wonder if we might head in the direction suggested by the CMA paper. I've already outsourced the job of checking prices to my algorithmic proxy, why do I need to be involved in the process at all? If someone else can do a better job of assessing my needs why bother sustaining the myth of active consumers? In fact, why not, like the CMA paper suggests, make the state our proxy in the energy market? And why not insurance, and what else...? In terms of energy, we could imagine something like the rail reforms recently announced. We might have a Great British Energy as a national buyer that negotiates with the providers on our behalf and in turn we pay bills to GBE every year. (My personal preference would be to take the whole thing back into public ownership but hey).</p><p>The insurance market is obviously more complicated, but I do wonder with motor insurance if someone couldn't come up with a way of syncing road tax with basic mandatory coverage. Maybe the 'market' then shifts to extras like replacement car etc. Brings a whole new meaning to National Insurance...</p><p>I think there's a lot here.</p><p>PS. I think there is an interesting potential coalition in big P politics. I strongly doubt the mix of consumers who are more likely to get fleeced is unique to insurance. Therefore there seem to be some real shared interests between retiree and low income consumers. It's notable that the Daily Mail was very vocal in opposition to the loyalty penalty. That ought to prick up the ears of people with an interest in further reform. </p>Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.com2tag:blogger.com,1999:blog-4073991368963140015.post-75963289303030122052021-05-01T10:55:00.008+00:002021-05-01T12:51:24.222+00:00I am (financial) legend<p><i>They all stood looking up at him with their white faces. He stared back. And suddenly he thought, I’m the abnormal one now. Normalcy was a majority concept, the standard of many and not the standard of just one man. Abruptly that realization joined with what he saw on their faces—awe, fear, shrinking horror—and he knew that they were afraid of him. </i></p><p>Most people know I Am Legend as the Will Smith movie from about 15 years ago. This was actually the third film version of <a href="https://mahoneyenglish.weebly.com/uploads/1/2/8/7/12871804/i-am-legend.pdf">the story I Am Legend</a>, the previous two being The Omega Man (starring Charlton Heston) and The Last Man On Earth (starring Vincent Price). Both of the previous versions were closer to the original story, particularly the Vincent Price version. </p><p>The title - I Am Legend - is the last line of the original story. It is the point at which the central (human) character realises that while he perceived himself as fighting to protect what was 'good' he is now seen (and is literally legendary) as an evil force in a world that has dramatically changed. The same sort of thing is going on in the similarly apocalyptic The Girl With All The Gifts, where again 'normal' humanity becomes seen as a threat to a new population. </p><p>While these types of movies are primarily seen as being concerned with biological threat, particularly the risk of those that are like us to be turned against us/into our enemies*, what I find interesting about them is the shift in perspective. What was taken to be obviously 'good' or 'right' becomes de-centred. Which is a reminder that loads of good ideas are sitting there in sci-fi/horror movies. </p><p>For some reason, these radical changes in perspective make me think about the way that corporations are positioning themselves on social and environmental issues and in politics more generally. When I was a much younger lefty, it was quite obvious that Multinational Corporations Are Bad. They were involved in all sorts of practices that I thought were wrong, their advertising reproduced stereotypes that underpinned racial and sexual inequality, they funded organisations that I disagreed with and involved themselves in politics in a way that I thought was inappropriate. I would have seen people who defended this behaviour as corporate shills. Much of this remains true.</p><p>However, with the growth of corporate responsibility, responsible investment and societal expectations of companies (particularly younger consumers) now we see corporations making commitments that many of us on the Left would consider to be welcome. Their advertising stresses diversity and inclusion. There is even some pressure on corporations to involve themselves more in politics, but in support of progressive aims. </p><p>There is now a corresponding backlash from people on the Right against "woke capitalism". From this perspective, corporations are inappropriately adopting social and political positions and even involving themselves directly in politics, with no mandate to do so. There's particular fury amongst US Republicans at corporates weighing in on their gerrymandering in Georgia. But you can also see the backlash in their attitude towards Big Tech, where they accuse Google, Facebook, Twitter etc of abusing their position to limit free speech. To take another particularly weird example Marco Rubio backed the unionisation drive at Amazon on the basis that this would be one in the eye for woke capitalists.</p><p>Now a lot of this is gibberish. On the one hand, many of the corporate commitments are paper thin. It's easy to stick a Pride flag on your Facebook page or the #BLM hashtag on your tweets. Just in the last couple of days I've been getting promoted tweets from Centrica on its People and Planet Plan. Given that it has famously just fired several hundred engineers for refusing a significant reduction in pay I can only assume the 'People' bit of the 'Plan' is 'have less of them'.</p><p>Similarly a lot of the Right critique is overstated. Corporate objectives are - obviously - still more aligned with political parties that want to keep corporation taxes and labour costs low. A few right-on tweets and ads representing modern day demographics do not outweigh lobbying for more obviously commercial objectives, for example through regulatory changes. In the US it does not look like the spigots of corporate political spending are being closed any time soon, or that the Republicans won't continue to benefit from it.</p><p>And it is obviously a good thing that corporates now employ people to think about their social and environmental impact, and ways to improve it. There is no clamour, beyond the real cranks, for a return of advertising that reinforced racial and sexual stereotypes. </p><p>BUT... I do think it's important to tread carefully, and to consider to what extent we really want corporations to play a political role, even if, currently, they may support some positions that we might agree with. </p><p>Corporations as currently structured are not democratic institutions. The directors have considerable leeway to steer them in the direction they choose. The primary countervailing forces are customers and investors. I think a lot of the ESG commitments made by public-facing companies are driven by the demographics of their customer base. I'm sure the same is part of the story of the ESG demands made by investors.</p><p>One result is that the progressive positions that corporations adopt are limited to how far directors want to go, tempered by what customers want to see, and what BlackRock and others think is OK. While this might deliver some results, it also has the limitations of philanthro-capitalism. It will be shot through with all the biases of people who come from and work in that strata of society. It is no surprise really, then, that labour-related issues don't get much attention, or that Amazon can talk loftily about climate change while aggressively fighting unionisation.</p><p>[There's something else here that I'll come back to another day about the privatisation of political problems. If a position adopted by a company - say to employ workers as independent contractors rather than employees - is tacitly accepted by its customers and its investors (on the basis that customers still buy its products/services and investors still invest), does that mean it's OK? And if collectively we *don't* think it's OK do we really believe it's down to customers and investors to try to solve the problem, say by exiting?]</p><p>Another result is that a legitimised political role for corporations makes it hard to argue that they should only adopt certain political positions and not others, particularly if expressed as '<a href="https://www.youtube.com/watch?v=W2firijxQOo">values</a>'. Unless we can demonstrate that 'our' values are better than 'theirs', why is it OK to adopt one stance and not another? </p><p>To reuse a quote from Hayek that I've blogged before: </p><p><span face=""Trebuchet MS", Trebuchet, sans-serif" style="background-color: white; caret-color: rgb(102, 102, 102); color: #666666; font-size: 13px;"><i>"To allow management to be guided in the use of funds... by what they regard as their social responsibility, would create centres of uncontrollable power never intended by those who provided the capital. It seems to me therefore clearly not desirable that generally higher education or research should be regarded as legitimate purposes of corporation expenditure, because this would not only vest powers over cultural decisions in men selected for capacities in an entirely different field, but would also establish a principle which, if generally applied, would enormously enhance the actual powers of corporations."</i></span></p><p>To go back to the beginning, if you're a not very political member of the public, but there are certain things you believe in - say Brexit for example - and you see corporations weighing in against your position, how do you view it? Would it be any different to how I saw corporations back in the 80s and 90s? And how would you perceive those who defend the political role adopted by corporations?</p><p>Personally I do not feel comfortable calling on corporations to weigh in on political issues on its own terms. I can also see how easy it is for the populist Right to turn this into an advantage - 'look at these powerful corporations trying to block things you believe in'. I think that resonates. At some point over the past year I saw some statement from Ben & Jerry's on Twitter about something that Trump had done. Some angry bloke responded to the tweet along the lines, simply: "What the f*** has this got to do with ice cream?" To be honest, even though I obviously agreed with the anti-Trump position, I had sympathy with the response. </p><p>Yet by going along with the 'Get Corporation X to endorse political objective Y' we end up looking like we're on the side of the corporations exerting political power with no mandate to do so. Urgh. </p><p>I chuck all this out there because I feel uneasy about the direction of travel, but I am not sure why or where we go, and I am interested in whether others feel the same. </p><p>* I feel a bit like this about the way some people on the Left seem to view ideas from different viewpoints - they're dangerous, and thus we must limit people's exposure to them, in case they 'turn'. </p>Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.com0tag:blogger.com,1999:blog-4073991368963140015.post-84859855804601345642021-02-14T13:49:00.003+00:002021-02-14T13:51:49.071+00:00Corporate control on the cheap revisited <p>A few months back I <a href="https://labourandcapital.blogspot.com/2020/11/corporate-control-on-cheap.html">blogged</a> about the role of hedge funds and banks during takeovers and the potential for the combination to have a significant impact on the outcome. Here I just want to add a little sprinkle of detail from the current situation facing G4S.</p><p>As things stand, G4S is the subject of two private equity-backed bids, one of which is supported by the incumbent management. Because neither bid has succeeded so far, it is now moving to an auction. </p><p>I've been tracking the derivate positions in G4S built up by hedge funds. Below is an up-to-date list of all the filings I've found. One caveat: I do not know whether any of these positions have been closed out, because I'm not up to speed with filing requirements, so the list below is of the latest disclosed position for each fund, but the starred ones a recent filings (eg Davidson Kempner has not issued a filing relating to G4S since 23 Dec, but PSquared issued one on 9 Feb). To save you the bother of adding them up, total disclosed positions add up to over 36%, recent ones to just under 26%. </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdcabiowcoavThWO9KoYXY35XW2HEk5Mz20lg0oZiuB8XMNSIucJf4cXQJvKPaPO18XL8dOv00GNavmwaf5nXo_B63d2a3uNvcOsjgD9yocj3XE_py1aWw3hM9z1LAG0-g7GnbseShbqA/s746/Screenshot+2021-02-14+at+13.32.11.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="746" data-original-width="710" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdcabiowcoavThWO9KoYXY35XW2HEk5Mz20lg0oZiuB8XMNSIucJf4cXQJvKPaPO18XL8dOv00GNavmwaf5nXo_B63d2a3uNvcOsjgD9yocj3XE_py1aWw3hM9z1LAG0-g7GnbseShbqA/w381-h400/Screenshot+2021-02-14+at+13.32.11.png" width="381" /></a></div><p>Either way it's significant and the total exposure is bigger than any of the other examples I've looked at, though of course there may be other bigger ones out there. Also the list of funds with exposure has steadily increased - Alpine, Omni and Berry Street all only started producing filings in the past week or two.</p><p>The flip side to this, as I've blogged before, is that banks end up holding a lot of stock as counterparties, and if you look at the list of major shareholders G4S discloses on its IR site currently 4 of the top 5 are banks, holding a total of 21.73%.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiIw64wBOMaJwZCtXiRcKE4Oe9X6DLgA_olIBgqjDxC-Lv3kcEMg3kJ798GwZVv2K81QlggyEyzAeogNYGW9eYM6kdQ5BQEVQQq0Eg4ET79HWYLRvXBGqKd2eMMUdP0Vg8tvDA780ULnHk/s1512/Screenshot+2021-02-12+at+08.53.52.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="218" data-original-width="1512" height="58" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiIw64wBOMaJwZCtXiRcKE4Oe9X6DLgA_olIBgqjDxC-Lv3kcEMg3kJ798GwZVv2K81QlggyEyzAeogNYGW9eYM6kdQ5BQEVQQq0Eg4ET79HWYLRvXBGqKd2eMMUdP0Vg8tvDA780ULnHk/w400-h58/Screenshot+2021-02-12+at+08.53.52.png" width="400" /></a></div><p>To simplify to the extent of a truism, this either matters or it doesn't. The banks hold the shares because the hedge funds want derivatives - I don't believe that hedge funds would want/be able to go out and buy a quarter to a third of shares in a target. The combined size of both equity and equity derivate positions is clearly significant, and would be enough to tip a bid one way or another. Why doesn't this get talked about? </p>Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.com0tag:blogger.com,1999:blog-4073991368963140015.post-82313893456570272572021-02-03T21:56:00.003+00:002021-06-03T08:04:21.505+00:00Getting Blackrock to do things...<p>Just a quick post. I increasingly find myself thinking that the focus amongst campaigners on trying to move the giant asset managers, and Blackrock in particular, represents a failure to think things through.</p><p>There are a number of overlapping aspects to this. First, trying to change the policies of a powerful economic actor without questioning how they got that power, and whether it is legitimate to exercise it, really lacks ambition. We be asking whether we should *allow* an (admittedly enormous) intermediary to exercise influence that derives from other people's deferred pay. Focusing on getting Blackrock to do things is likely trying to change the approach of an unelected political leadership rather than seeking to replace them.</p><p>Second, it also serves to reinforce the shareholder primacy model at exactly the time when it is being questioned. Put another way, it seems a bit incongruous to try an enact a multi-stakeholder model of the corporation through the exercise of power by the only stakeholder currently recognised in law. We can't create a new model through the institutions that dominate the current one, something else is required.</p><p>Third, as someone who focused primarily on labour issues, I am concerned at the way that investors that go quite a long way on environmental ones - while concurrently voting against the most basic asks relating to worker voice - get treated as 'progressive' forces. I can imagine Blackrock et al getting better on climate, supporting more diverse boards etc and advocating the sort of agenda that corporate liberals are comfortable with starting to get plaudits, even as they fail to act on workplace issues. </p><p>* Actually should probably also include the risk of anti-competitive practices. </p>Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.com0tag:blogger.com,1999:blog-4073991368963140015.post-24040263188862059802020-12-06T22:36:00.006+00:002020-12-06T22:56:50.349+00:00The costs of loyalty<p>I've blogged a <a href="https://labourandcapital.blogspot.com/2019/01/loyalty-few-initial-thoughts.html">couple</a> of <a href="https://labourandcapital.blogspot.com/2019/05/the-loyalty-penalty.html">times</a> previously about the peculiar messaging around consumer 'loyalty'. The repeated used of the phrase 'loyalty penalty', and the message that 'loyalty doesn't pay' from both consumer groups and regulators feels very odd to me. </p><p>As I've said before I think loyalty - which I take to mean a long-term co-operative relationship - is a deeply-rooted human trait. Therefore attacking it is unlikely to lead to humans to conclude that being loyal is a failing on their part, but rather will simply engender mistrust. </p><p>On this topic, I was really interested to see <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/938616/E.CA_Economic_Research_on_Loyalty_Price_Discrimination_.pdf">this paper</a> last week, which is part of the CMA's response to a 'super complaint' from Citizens Advice. I've properly read about half of it and skimmed the rest (just being honest!) and it's well worth a read. The 'loyalty penalty' in a nutshell is the cost to the consumer of sticking with the same provider (for energy, insurance etc) rather than switching. This is essentially a price differential between new and existing customers, with the latter getting stung with higher costs (so their loyalty is penalised). As the paper sets out, this cost might be through 'price jumps', when low initial rates reset, 'price walking', where the provider increases costs in steps over time, or because of legacy contract, like when you're stuck on an old tariff. </p><p>Anyway, it's a big enough problem that it has its own name, and this paper looks at academic literature on how and why this comes about and what remedies might be applied. There are loads of interesting aspects to it. For example, early on it is made clear that the approach does not consider 'fairness' - whether it's acceptable in principle to charge different customers different amounts for the same product. </p><p>On the other hand, regulators are concerned about whether vulnerable customers (the elderly, low income households, the less educated etc) are particularly at risk. And they are. Here's a key section (had to screenshot due to weird formatting): </p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-oLD2-t-qH_Zqq289rmUzC38tVlrkfcoBlnG7OQSIcahnficOyHFH8fODooyjflYeIN_-1h7FxWt0HQRBwX7-cNQgFlhEJUuHDWZ_-SrEBKTX55-m1KlSS-38kSUD77nqTCpDFyLa6Lw/s1626/Screenshot+2020-12-06+at+22.14.13.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="874" data-original-width="1626" height="215" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-oLD2-t-qH_Zqq289rmUzC38tVlrkfcoBlnG7OQSIcahnficOyHFH8fODooyjflYeIN_-1h7FxWt0HQRBwX7-cNQgFlhEJUuHDWZ_-SrEBKTX55-m1KlSS-38kSUD77nqTCpDFyLa6Lw/w400-h215/Screenshot+2020-12-06+at+22.14.13.png" width="400" /></a></div><p><br /></p>And a useful table on switching (or the lack of it) in respect of energy provider. <p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-7wHW2ygq1X4PI7XKtThKwmXlz06OT5yHEOM5TwDbsM_P4oSlegyqhuLbFEgQfVCQawMC4DKRU4jsHKtL56aI8uT-DI5e2KLf8UBepXC-IArx3btZlG8SprHCr6Lj0szk8BlTXkGDeMI/s1636/Screenshot+2020-12-06+at+22.12.11.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1254" data-original-width="1636" height="306" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-7wHW2ygq1X4PI7XKtThKwmXlz06OT5yHEOM5TwDbsM_P4oSlegyqhuLbFEgQfVCQawMC4DKRU4jsHKtL56aI8uT-DI5e2KLf8UBepXC-IArx3btZlG8SprHCr6Lj0szk8BlTXkGDeMI/w400-h306/Screenshot+2020-12-06+at+22.12.11.png" width="400" /></a></div><p>I feel like there is an ESG point in here. In a number of markets there are providers that are publicly listed. Are returns to shareholders being juiced by taking advantage of vulnerable customers? That might seem a bit of a stretch, but look what <a href="https://www.cityam.com/dignity-shares-rocket-after-funeral-cost-controls-dropped-because-of-pandemic/">happened</a> to the share price of Dignity when the CMA backed off price controls in the funeral service market (which had been considered because of concerns that grieving families were being ripped off). </p><p>Another thought from reading this is that providers are constantly recalibrating their offer, and responding to changed regulatory environments. In an era of big data, these changes are often happening very quickly. I imagine provider algorithms battling it out with price comparison site algorithms. (Ironically one of the price comparison sites - which are supposed to be on the punters's side and aid competition - was <a href="https://www.gov.uk/government/news/cma-fines-comparethemarket-17-9m-for-competition-law-breach">fined</a> for breaching competition law in a way that the CMA was likely to lead to higher premiums.) It doesn't feel like a fair fight between the ordinary punter and the providers. </p><p>In such an environment, sending out a message that you will get shafted if you don't shop around regularly - which is the tone of much of the 'loyalty penalty' messaging - doesn't strike me as a genius move. Consumers may simply become fatalistic about getting ripped off wherever they take their business, so switching might seem like a waste of time, rather than a smart response. </p><p>Something that really comes across for me is how much effort regulators are putting into trying to get markets, and market participants, to behave like they are supposed to. Here's another little snippet</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBFxCz34PDtevbLXWPz0POgVVZIzD3f9RTpI1PnoY9ekaLXpY77YNe5UUWHm4-QkPZTZvlmB_P6hfCQRArfnKBcjPt9YatRoQio0eHYC_f3uoEdUvK3ysNcFPzbrfDIV7SJOdE5O1hpu4/s1632/Screenshot+2020-12-06+at+22.18.18.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="450" data-original-width="1632" height="110" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBFxCz34PDtevbLXWPz0POgVVZIzD3f9RTpI1PnoY9ekaLXpY77YNe5UUWHm4-QkPZTZvlmB_P6hfCQRArfnKBcjPt9YatRoQio0eHYC_f3uoEdUvK3ysNcFPzbrfDIV7SJOdE5O1hpu4/w400-h110/Screenshot+2020-12-06+at+22.18.18.png" width="400" /></a></div><p>This idea of trying to get market participants to behave more like theoretical expectations reminds me of the genesis of the Stewardship Code. Again, if it's in investors' interests to be effective 'stewards' of assets they own, why don't they just do it? Why do they need regulators to encourage them? That's another story, but it does make me wonder how many markets are like this. Combined with the 'unfair fight' I wonder if markets that are a long way from theory can ever be expected to change. </p><p>And just as I was thinking about this, I stumbled across this comment. Basically what's the point of consumer choice in energy markets if most punters can't/don't want to exercise it, and if regulators might make better choices for them?</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWXXvqjWJ2hbP7v_jxHZNcnHbXiEIDO8L_uEytETE8csAapnHHtUWMjSN0pu5ofiSq3218Ij0Es38T9Q77pxIQXaduSG2ddIoumcMNKqphH7X-0R4oDD-jOV4jxDbwl5_1a1bu2sxwvss/s1622/Screenshot+2020-12-06+at+10.02.43.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="352" data-original-width="1622" height="86" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWXXvqjWJ2hbP7v_jxHZNcnHbXiEIDO8L_uEytETE8csAapnHHtUWMjSN0pu5ofiSq3218Ij0Es38T9Q77pxIQXaduSG2ddIoumcMNKqphH7X-0R4oDD-jOV4jxDbwl5_1a1bu2sxwvss/w400-h86/Screenshot+2020-12-06+at+10.02.43.png" width="400" /></a></div><p>The fact that this is in a report commissioned by the Competition and Markets Authority is a bit interesting to put it mildly. </p><p>Anyway, worth a read.</p>Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.com0tag:blogger.com,1999:blog-4073991368963140015.post-5437986518667836472020-11-28T13:05:00.006+00:002020-11-28T13:27:57.751+00:00Corporate control on the cheap?<p>A couple of years ago, I got into the guts of the Melrose Industries hostile takeover of GKN. This deal squeaked through, despite it being opposed by GKN employees.</p><p>The bit of it that particularly interested me was the role of hedge funds doing the merger arbitrage trade, which ended up influencing a major part of GKN's shares (and simultaneously shorting Melrose). I say 'influencing' as the overwhelming majority of the funds' exposure to GKN was through derivatives, rather than ownership of its shares. </p><p>My understanding of how this corner world works is that hedge funds utilise equity derivatives primarily because they are cheap. It costs a lot of money to buy 1% of a PLC, and if a hedge fund with a few billion under management went out and bought the shares it would represent both a big expenditure and a very significant position. So using CFDs or swaps enables them to gain exposure to movement in the target's shares without having to pay to own the underlying asset. They obviously pay for the derivative itself, but that's a fraction of the cost of the underlying equity.</p><p>As I blogged previously about GKN, my understanding is that, as the counter parties to the derivatives, investment banks end up holding shares. Again, no problem in principle, and everyone is clear that it is the hedge funds which have the economic interest in the shares even if they don't own them. If the hedge funds have long derivatives they make money if the shares go up and lose it if they go down. That in turn means that if the bid fails they lose money, so holders of long derivatives obviously want the bid to succeed (or look to be set to do so - if they got in early they could take profits before the outcome is decided I suppose).</p><p>In a hostile bid the bidder essentially makes an offer over the heads of the incumbent management of the target to the company's shareholders. Those shareholders in turn have to decide by a set deadline whether or not to accept that offer. If you're a shareholder you can accept that offer or not (and the management of the target will be telling you to ignore it) and if you're not a shareholder you can't. And by extension, if you hold derivatives, not shares, you're not a shareholder. So you can't respond to the bid. </p><div><p>So far so simple. But what if you're an investment bank that holds the shares as a counterparty to a derivative holder? You do hold the shares, but only because of the derivatives. How do you decide how to respond? Pure survival instinct is surely going to tip you to support the bid because you know that your valuable hedge fund client is going to lose money if the bid looks like it might fail. It is possible, even, that the derivative is written in a way that stipulates this, though I simply do not know if this is the case or not.</p></div><div>My issue is that this may mean that de facto those holding derivatives are able to exercise influence on the outcome of bid equivalent to that of an investor holding equity. If so this is influencing what we used to call the market for corporate control on the cheap. It doesn't feel right to me that investors whose only interest is in an instrument that mirrors the share price, and its appreciation during the limited timeframe of the process a bid, should be able to influence the ownership of major employers.</div><div><br /></div><div>I could be off-target on some of this so would welcome any corrections etc from anyone who knows this area better than I do. I will keep private just email if you don't want to comment on here. (I'd also be interested to find out how much gaining an exposure of say 1% via derivatives actually costs vs buying the shares.) But I think I do have the outlines broadly right. If so, I think this ought to attract more attention than it does currently. </div><div><br /></div><div>PS. Given that a change in ownership is absolutely fundamental to a company's future this is very obviously a significant stewardship issue. Yet, as I've blogged before, a number of the funds active in the merger arbitrage market do not adhere to the Stewardship Code.</div>Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.com0tag:blogger.com,1999:blog-4073991368963140015.post-5743165544183712032020-11-23T19:52:00.003+00:002020-11-26T07:47:38.113+00:00Meat is murder<p>One of the things we've doing at work since the pandemic hit is looking at the spread of Covid in the workplace, in particular in food processing. My colleague Alice Martin wrote a really good <a href="http://www.pirc.co.uk/wp-content/uploads/2020/09/PIRC_sector_food_processing.pdf">research note on the sector</a> which we published back in September and we're continuing to engage with companies. Earlier this month our research was mentioned in parliament by Labour's shadow minister for food Daniel Zeichner MP.</p><p>It struck us early in the year that there was a problem in the sector and our discussions with unions both suggested some particular cases of concern, and alerted us to potential unreported fatalities. To put the latter point another way, unions were aware of Covid deaths in the sector that companies had not disclosed publicly (at least at that point). In addition, by doing a big of digging into various info sources we were able to compare this with prior safety concerns in the sector, which added quite a bit to our understanding.</p><p>By late spring/early summer it was clear that food processing in general and meat processing in particular were Covid hotspots and outbreaks were reported at sites all over the world. Notably some research issued by the European Centre for Disease Prevention and Control (ECDC) highlight that in terms of workplace Covid clusters, food packing and processing sites came third after long-term care facilities and hospitals. As of August the ECDC had found 153 clusters reported between March and July in the sector (compared to 591 in care, 241 in hospitals) involving 3,865 cases. </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5o0IsIuWkhI6mFEqksleU5KVqP7oaCKCmxm4ls3ul3rhoHGeEXno1_b0iXmuEdXLBA7O9Qh5CjoK2FG-YOCVG_R-vTwcXnES_xfenZqwdGLhznosqQVrIPFXuZK-3-I48q9ywPa4fUkA/s1564/Screenshot+2020-11-23+at+15.54.43.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1332" data-original-width="1564" height="546" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5o0IsIuWkhI6mFEqksleU5KVqP7oaCKCmxm4ls3ul3rhoHGeEXno1_b0iXmuEdXLBA7O9Qh5CjoK2FG-YOCVG_R-vTwcXnES_xfenZqwdGLhznosqQVrIPFXuZK-3-I48q9ywPa4fUkA/w640-h546/Screenshot+2020-11-23+at+15.54.43.png" width="640" /></a></div><p>When we reviewed media reports in the UK, we were able to identify almost 1,500 cases and six fatalities. But these cases were not largely being officially reported as workplace infections. When we looked at RIDDOR reporting of Covid cases in the UK up to early August there were no fatalities and only 47 (forty-seven) cases across the whole country. Since we started highlighting this there seems to have been an uptick in cases, as of today (23 November) one fatality has been reported and 153 non-fatal cases. </p><p>Still, that's a lot less than the numbers of cases reported in the media. To take one example, 250 cases were reported at a single site in Watton in Norfolk. This one is particularly interesting as the rate of infections in Norfolk as a whole has been very low - it was about 25 cases per 100,000 people in North Norfolk - whereas the rate in Watton became the highest in country, at 1,515 per 100,000. This is important because companies have often said that cases identified at work may not have arisen at work, with shared accommodation and travel often highlighted as important factors. This may or may not be true, and we might also question if these factors are themselves created by employment model. </p><p>The fact that food processing is a Covid hotspot is also feeding into public policy decisions. Perhaps not surprisingly, the government has identified workers in food processing as a priority for testing (something also called for Labour politicians in Norfolk), and today I discovered that industry associations are also calling for them to be a priority for vaccination. </p><p>Something doesn't quite add up here. If the risk in the sector is high enough that we need to test and vaccinate the workforce ahead of others, and the cases keep piling up, it's hard to accept that the workplace isn't a signifiant site of transmission, and the RIDDOR figures look far too low. Notably the HSE itself has said there could be significant under-reporting. </p><p>In any case, if you are interested in the S in ESG, and worker safety during the pandemic in particular, I'd urge you to have a look at the sector.</p>Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.com0tag:blogger.com,1999:blog-4073991368963140015.post-59751788376166196852020-08-17T14:12:00.014+00:002020-09-04T10:54:38.741+00:00Working from home, working in fear<p></p><blockquote><p><i>[There is a] religious element [in attitudes toward work]: the idea that dutiful submission even to meaningless work under another's authority is a form of moral self-discipline that makes you a better person.</i></p></blockquote><blockquote><p><i>...</i></p><p><i>[T]he morality of "you're on my time" has become so naturalised that most of us have learned to see the world from the point of view of the [employer] - to the extent than even members of the public are encouraged to see themselves as bosses and feel indignant if public servants (say, transit workers) seem to be working in a casual or dilatory fashion, let alone just lounging around.</i></p><p><i>... </i></p><p><i>There seems a broad consensus not so much even that work is good but that not working is very bad; that anyone who is not slaving away harder than he'd like at something he doesn't especially enjoy is a a bad person, a scrounger, a skiver, a contemptible parasite unworthy of sympathy or public relief.</i><i> </i></p></blockquote><p></p><p>David Graeber, Bullshit Jobs</p><p><br /></p><p>As we all struggle to come to terms with changed working practices in response to the Covid-19 outbreak, there's a rather unpleasant point I see being made about working from home with increasingly regularity. </p><p>I should probably set out my own view from the outset. I've been working remotely, barring a handful of office days, for five months. I personally prefer it, as I find it enables me to get on with the 'thinky' aspect of my job more easily. However I do feel the need for face to face meetings too, so anticipate a mix of home and office working in future. One thing I *hate* is commuting. Aside from the fact that it's a pain, I feel it's time wasted. If I do the school run in the morning if I work from home I can start work properly by about 9.10 whereas it's nearer 10 if I go to the office, and I find eating into my working day that way stressful. </p><p>I also recognise I'm in a privileged position in that I can work from home easily. This is not the case for many working people either because of their occupation, their living arrangements or other factors. And I take the point that a lot of people find the social aspect of office working important. Working from home should, of course, be a choice offered to people. </p><p>Or should it? Because what I see argued with increasing regularity is that employees need to stop working from home and get back in the office, for their own sake. The argument is that while those working from home might be enjoying it for now, they should be careful what they wish for. If their job can be performed from home, it can be performed from anywhere. Companies might see the benefit of reduced office costs from remote working, but might also see that this could be taken even further, with jobs performed remotely from other countries with (obviously) lower labour costs.</p><p>This point has been made by a variety of people including <a href="https://twitter.com/TomPowdrill/status/1295239094730137600?s=20">Helena</a> <a href="https://www.dailymail.co.uk/debate/article-8605931/DAME-HELENA-MORRISSEY-poor-wholl-suffer-dont-return-office.html">Morrissey</a>, <a href="https://twitter.com/TomPowdrill/status/1291277113748750336?s=20">Kirsty Allsop</a>, <a href="https://twitter.com/TomPowdrill/status/1286200350853267458?s=20">Allister Heath</a> and, most notably <a href="https://twitter.com/TomPowdrill/status/1285209724808581120?s=20">Luke Johnson</a>. In the last case, there's a really (presumably deliberately) unpleasant edge to his comments. Those working from home are 'slackers', will miss out on promotion opportunities, and so on. The message is clear: working from home is risky, you're better off getting back in the office. </p><p>As far as I am aware none of these people have a direct financial interest in office working. If they were the owners of Pret it might be a different story. In addition, the risk they are highlighting is, in essence, not a new one. If many jobs can be fulfilled remotely, and remote working can be done pretty much from anywhere these days, then the risk of your job being off-shored is already there. Perhaps you working from home now has increased the visibility (to employers) of the viability of remote working, but it did not create the risk (if it is a risk). The technology that enables remote working did that.</p><p>So if the risk of off-shoring is there in any case, then what message are those working from home being given? It seems like they are being encouraged to work from the office because this will make them visible so their employer does not think about off-shoring their role. That boils down to encouraging presentee-ism as an employment protection tactic for workers. Not exactly what you would expect from exponents of the efficiency of the private sector, but it does chime with David Graeber's view that a lot of private sector white collar work is... errr... bullshit. </p><p>Just for the sake of working these points through I'll assume that someone like Luke Johnson is not primarily motivated by a desire to protect the job prospects of workers who are not in his direct employment. So what else might be going on in seeking to frighten employees back into the office? </p><p>Part of it is undoubtedly a desire to monitor. If people become 'slackers' working from home then get them back where you can keep an eye on them. (Incidentally, this doesn't seem to offer much support to off-shoring as a response. If I can't trust someone located in the same country as me to be sufficiently incentivised to do their job remotely, does paying someone less money to do the job even further away seem likely to solve the problem?) </p><p>There is a strong moralising element in all this too. Part of the criticism of people working from home is that they 'enjoy' it too much. The implication being that a less hateful working experience is somehow too 'easy' and work should be 'hard' (which we see played out in politics through the valorisation of 'hard-working' families). </p><p>I think this gets to the nub of it really. As Graeber suggests in Bullshit Jobs, behind a lot of the bizarre employment practice in the private sector sits a (usually) implicit theory of motivation. This is that people will shirk unless monitored, prodded and so on. A shift to more working from home entails a degree of trust on both sides. Do we allow employees self-determination, or do we insist that they must be in a certain location where their performance can be monitored? (leaving aside the obvious point that technology enables monitoring of remote working too.)</p><p>Some of the comments in relation to working from home suggest a lack of trust in people to be self-motivated, and are certainly perceived that way by employees. My own view is that lack of trust in turn creates its own problems. If people feel they are not trusted to get on with their work they will tend to await clear instructions so they don't get it 'wrong'. A hierarchical, monitoring approach to work seems to be unlikely to breed innovation and creativity.</p><p>To threaten employees with the risk of losing their job if they seek to work from home is especially unpleasant, and more of a cattle prod than a prod. Job security is important to the large majority of people at work, yet is also perceived to be moving in the wrong direction (according to polling in <a href="http://newworkingclass.uk">this</a>). Playing on the fear of unemployment to achieve monitoring and control does not feel like 'stakeholder capitalism', especially given that the current shift to working from home is being driven by a public health risk.</p><p>To build on this last point, I wonder how a company going down the route of off-shoring jobs in the current environment would be perceived. Recent <a href="https://twitter.com/TomPowdrill/status/1294885236736774144?s=20">polling</a> shows that a very large majority of the public think that while there is no vaccine available workers should be able to decide whether or not to return to the office. If a company laid off UK-based workers working from home because of Covid and replaced them with overseas ones I'm not sure the most common response would be "well, they had it coming".</p><p>Finally, we should acknowledge the fact that if this argument is being made means that the question is being asked in some companies. That alone should be a reminder, if you need it, that there are conflicting interests within the firm that can never be wished away, despite the 'win-win' boosterism that is prevalent in ESG-land.</p><p>PS. A couple more bits from David Graeber. Experience during the pandemic has only reinforced some of his points.</p><p></p><p></p><blockquote><p></p></blockquote><p></p><blockquote><p><i>Shit jobs tend to be be blue collar and pay by the hour, whereas bullshit jobs tend to be white collar and salaried. Those who work in shit jobs tend to be the object of indignities; they not only work hard but are also held in low esteem for that very reason. But at least they know they're doing something useful. Those who work in bullshit jobs are often surrounded by honor and prestige; they are respected as professionals, well paid, and treated as high achievers - as the sort of people who can be justly proud of what they do. Yet secretly they are aware that they have achieved nothing; they feel they have done nothing to earn the consumer toys with which they fill their lives; they feel it's all based on a lie - as, indeed, it is.</i></p><p><i>... </i></p><p><i>[I]magine if a certain class of people were to simply vanish... If we all woke up one morning and discovered that not only nurses, garbage collectors, and mechanics, but for that matter, bus drivers, grocery store workers, firefighters, or short-order chefs had been whisked away into another dimension, the results would be equally catastrophic. If elementary school teachers were to vanish, most schoolchildren would likely celebrate for a day or two, but the long-term effects would be if anything even more devastating... The same cannot be said of hedge fund managers, political consultants, marketing gurus, lobbyists, corporate lawyers...</i></p></blockquote>Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.com0tag:blogger.com,1999:blog-4073991368963140015.post-6176149017776244302020-07-11T09:59:00.005+00:002020-09-04T10:58:42.157+00:00Post-democratic ESGA theme I keep returning to is the lack or decline of democracy in the small corner of world I inhabit. A long time ago, unions in the UK ran an initiative called the Campaign for Pension Fund Democracy which sought to give pension scheme members greater control over their pensions. When I first got interested in what we now call Responsible Investment in the late 90s it was because of similar thought that this would be a route to democratising capital.<br />
<br />
Yet if anything democracy has declined. The shift from DB to DC, and towards professional trustees, has reduced direct member involvement in the governance of pension funds considerably. The shift in local government pensions towards pools has likewise in most cases reduced the control that elected politicians have over assets. Many would argue that these changes are a good thing for investment decision-making, but I personally feel we have lost something important along the way.<br />
<br />
Meanwhile ESG has exploded in the investment world. Much of it is gimmicky, and the issues I personally care about the most seem to be those that investors spend least time on, and do badly. However the sheer amount of research and numbers of people involved have both grown enormously. 10-15 years ago I could probably name everyone in London in an investment institution (i.e. a pension fund or asset manager) that had a specific ESG job. Now there are loads of them! <br />
<br />
The problem is that, depsite all this, the power isn't largely shifting in the direction of beneficiaries. Instead the process is actually making asset managers more significant political players. As I've said before, this was always the danger with the focus on 'mainstreaming' ESG. Whilst it's obviously preferable that Blackrock supports shareholder proposals on climate than not, I don't think a lot of people have thought through what it means to make Blackrock (which is itself a public company with shareholders) a powerful arbiter of companies social and environmental standards.<br />
<br />
Funnily enough I find myself agreeing with something Hayek wrote about the purpose of corporations (even if I don't agree with his conclusion that companies should focus on profit):<br />
<blockquote class="tr_bq">
"To allow management to be guided in the use of funds... by what they regard as their social responsibility, would create centres of uncontrollable power never intended by those who provided the capital. It seems to me therefore clearly not desirable that generally higher education or research should be regarded as legitimate purposes of corporation expenditure, because this would not only vest powers over cultural decisions in men selected for capacities in an entirely different field, but would also establish a principle which, if generally applied, would enormously enhance the actual powers of corporations."</blockquote>
This really resonates with me today. Again, it's obviously better that corporations (including financial services corporations) seek to adhere to and promote higher standards of social responsibility. But it comes with dangers too, and I think the lack of democracy is a big issue that goes unremarked. It reinforces the very unhealthy tendency for CEO hero worship (*cough* Tesla *cough*). Here's a bit from the ace-a-tronic <a href="https://www.penguinrandomhouse.com/books/539747/winners-take-all-by-anand-giridharadas/9780451493248/">Winners Take All</a> that nails this point:<br />
<blockquote class="tr_bq">
<span face="" style="background-color: white; font-size: 13px;">All around us, the winners in our highly inequitable status quo declare themselves partisans of change. They know the problem, and they want to be part of the solution. Actually, they want to lead the search for solutions. They believe that their solutions deserve to be at the forefront of social change. They may join or support movements initiated by ordinary people looking to fix aspects of their society. More often, though, these elites start initiatives of their own, taking on social change as though it were just another stock in their portfolio or corporation to restructure. Because they are in charge of these attempts at social change, the attempts naturally reflect their biases.</span> </blockquote><blockquote class="tr_bq"><span face="" style="background-color: white; font-size: 13px;">The initiatives mostly aren't democratic, nor do they reflect collective problem-solving or universal solutions. Rather, they favour the use of the private sector and its charitable spoils, the market way of looking at things, and the bypassing of government. They reflect a highly influential view that the winners of an unjust status quo - and the tools and mentalities and values that helped them win - are the secret to addressing the injustices. Those at greatest risk of being resented in an age of inequality are thereby recast as our saviours from an age of inequality. </span></blockquote>
The second para above is the bit that really bothers me. Corporate-led initiatives are inevitably top-down and shot through with class bias. If you've never had a bad manager, or had to worry about your safety at work, or how much you get paid, or felt unable to speak out about something, you're not going to think these are the sorts of issues that matter.<br />
<br />
And corporate preferences crowd out alternatives. For example, it is still under appreciated what a disastrous effect asset manager opposition to employee representation in corporate governance has had in the UK. I am still hopeful that this one will be won in the long term, but there is no doubt that by first opposing workers on boards and then by accepting/promoting the 'designated NED' fudge they have actively blocked the democratisation of companies.<br />
<br />
By promoting non-democratic investment institutions as arbiters of social and environmental institutions, we are inevitably going to end up with companies that adhere to ESG standards that are acceptable to financial services companies.Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.com0tag:blogger.com,1999:blog-4073991368963140015.post-89860460829046594442020-07-06T17:52:00.001+00:002020-07-06T21:28:07.608+00:00Boohoo in doo-dooOnline retailer Boohoo is in the news for a lot of bad reasons. Allegations of poor working practices in supplier factories, which in turn are linked to a Covid outbreak in Leicester, come after news its had created a new incentive scheme for directors, which it did not put to a shareholder vote.<br />
<br />
Much of the recent scrutiny of the company stems from a report issued by the campaign group Labour Behind The Label, which you can find <a href="https://labourbehindthelabel.org/report-boohoo-covid-19-the-people-behind-the-profit/">here</a>. Questions about poor working practices in Leicester, including illegal underpayment of the minimum wage, have been <a href="https://www.ft.com/content/e427327e-5892-11e8-b8b2-d6ceb45fa9d0">raised</a> for years.<br />
<br />
What I find interesting about the story is that the risk to the company and its investors from poor labour conditions was obvious. This is a sector where there have been numerous scandals and, as the FT article from 2018 shows, specific allegations of illegal practices in Leicester were not hard to find.<br />
<br />
Boohoo even lists labour abuses as both operational and reputational risks in its annual report.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4OmuBrk9cBs0xYbxQa1a0UNC6MZm3ODPXH-Pnxp441tro4DE2_T1C-VuYaAnhFbD9lgRmzjXUnv_nW38pLKtNV57x2qM9YotYWbEUVq0wo8VyNYpBda_I4F8kkUevGQ4XOD5l45jRyvI/s1600/Screenshot+2020-07-06+at+13.30.39.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="436" data-original-width="1600" height="172" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4OmuBrk9cBs0xYbxQa1a0UNC6MZm3ODPXH-Pnxp441tro4DE2_T1C-VuYaAnhFbD9lgRmzjXUnv_nW38pLKtNV57x2qM9YotYWbEUVq0wo8VyNYpBda_I4F8kkUevGQ4XOD5l45jRyvI/s640/Screenshot+2020-07-06+at+13.30.39.png" width="640" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVmZRE5R6-t2mz22D92MH76va1cZJRf0f4VG0DyGc28eNbdbnENwnameQi1Bd3WX0UuiOZp4VAGv-vsmMwx2HEjukAG4YfLPy-5mHgwvz3R_PITz4c51dN3Df4pWz1nyNKQbxVo9aU8I8/s1600/Screenshot+2020-07-06+at+13.31.18.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="604" data-original-width="1600" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVmZRE5R6-t2mz22D92MH76va1cZJRf0f4VG0DyGc28eNbdbnENwnameQi1Bd3WX0UuiOZp4VAGv-vsmMwx2HEjukAG4YfLPy-5mHgwvz3R_PITz4c51dN3Df4pWz1nyNKQbxVo9aU8I8/s640/Screenshot+2020-07-06+at+13.31.18.png" width="640" /></a></div>
<br />
Well it was certainly right about the reputational risk... but if you read the list of mitigating actions / policies the company lists, you might well be reassured.<br />
<br />
And it also says it applies "strict labour standards throughout our supply chain" in the blurb about its support for the SDGs.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibVxFyCfk3DyuczUkkX7eorNMgDdpqy4GXJePzaqjnoniy3IfkmXARBnIJ1Jic9KlZtHBhSoQhnZ_c-aCVVudfqFhixeoQhJBYC5oOYRDX9VqU8hBhu1Hz8M1-ABTTPbYrk4GvYYINzno/s1600/Screenshot+2020-07-06+at+13.29.59.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="345" data-original-width="1600" height="136" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibVxFyCfk3DyuczUkkX7eorNMgDdpqy4GXJePzaqjnoniy3IfkmXARBnIJ1Jic9KlZtHBhSoQhnZ_c-aCVVudfqFhixeoQhJBYC5oOYRDX9VqU8hBhu1Hz8M1-ABTTPbYrk4GvYYINzno/s640/Screenshot+2020-07-06+at+13.29.59.png" width="640" /></a></div>
<br />
The lesson here is pretty obvious - you cannot just go by what a company says about labour issues in its annual report. I don't think it's any great revelation that if you only listen to what companies say about themselves you get a very partial picture. Some companies do flat out lie, but more often it's simply the very human inability to be able to see their own flaws, or why others might have a different view. It's why I cannot buy into a model of employee engagement that doesn't involve real employee voice (which to me means unions, board representation etc) and think a model of shareholder engagement on labour issues that is restricted to investors talking to senior management is fundamentally ineffective.<br />
<br />
Either some investors don't get this, or they don't care. Having done this kind of work for a long time, I'm afraid there are some investors out there who basically think labour is a cost and unions, labour law etc are barriers that they'd rather companies could avoid. They take a punt on companies with labour practices that they know to be poor because they can make money, and they are willing to look the other way.<br />
<br />
(Coincidentally I have a small personal link to this as my dad's side of the family are from Leicester and his mum and dad used to work in a shoe factory there.)Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.com0tag:blogger.com,1999:blog-4073991368963140015.post-76714566997815429552020-06-20T09:40:00.001+00:002020-06-20T09:51:59.678+00:00Politics isn't staticJust a quick post in response to some claims I've seen re-emerge about the wisdom of pitching to the centre in politics. Warning: I'm obviously on the Left, so have strong priors. But I do find the way this is usually put across a bit unthinking.<br />
<div>
<br />
To repeat the obvious, the 'centre' shifts over time. For example, much as I disagree, currently I would say the 'centre' is still pro-Brexit ('Get Brexit Done' was very appealing, even to some Remainers). But it was mildly pro-EU before and may shift again. </div>
<div>
<br />
Similarly I think a lot of 'sensible' opinion is now that austerity was taken too far, even if at the time the 'centre' view was that it was sensible. You don't hear Rishi Sunak arguing that that 'There's No Magic Money Tree'. And further in the past the centre would have also been fairly openly racist, sexist and homophobic. It took people willing to go beyond the existing consensus to shift. </div>
<div>
<br />
This is simple stuff and it is not intended as a justification of my own politics. It is evident that someone like Nigel Farage did not think the way to achieve his political objectives was to tailor them to where public opinion already was.</div>
<div>
<br />
A year or two back I found a good take on the process of political change, or the lack of it, in <a href="https://equilibriabook.com/">this book</a>. Yudkowsksy is not a leftie, I think he'd be a pretty moderate US liberal. But the explanation is a good one.</div>
<div>
<br /></div>
<div>
"The... force locking bad political systems into place is an equilibrium of silence about policies that aren't 'serious'.</div>
<div>
<br /></div>
<div>
"[I]f an existing politician talks about a policy outside what journalists think is appealing to voters, the journalists think the politician has committed a gaffe, and they write about this sports blunder by the politician, and the actual voters take their cues from that. So no politician talks about things that a journalist thinks that a journalist believes it would be a blunder to talk about. The space of what it isn't a 'blunder' for a politician to talk about is conventionally termed the 'Overton Window'...</div>
<div>
<br /></div>
<div>
"To name a recent example from the United States, it explains how, one year, gay marriage is a taboo topic, and then all of a sudden there's a huge upswing in everyone being allowed to talk about it for the first time and shortly afterwards it's a done deal. If you suppose that a huge number of people really did hate gay marriage deep down, or that all the politicians mouthing off about the sanctity of marriage were engaged in a dark conspiracy, then why the sudden change?</div>
<div>
<br /></div>
<div>
"With my more complicated model, we can say, 'An increasing number of people over time thought that gay marriage was pretty much okay. But while that group didn't have a majority, journalists modelled a gay marriage endorsement as a 'gaffe' or 'unelectable', something they'd write about in the sports-coverage overtone as a blunder by the other team.</div>
<div>
<br /></div>
<div>
"...Those journalists weren't consciously deciding the equilibrium. The journalists were writing 'serious' articles, i.e., articles abut Alice and Bob rather than Carol. The equilibrium consisted of the journalists writing sports coverage of elections, where everything is viewed through the lens of a zero-sum competition for votes between Alice's team and Bob's team. Viewed through that lens, the journalists thought a gay marriage endorsement would be a blunder. And if you do something that enough journalists think is a political blunder, it is a political blunder. The journalists' sports coverage will describe you as an incompetent politician, and primates instinctively want to ally with likely winners. Which meant the equilibrium could have a sharp tip over point, without most of the actual population changing their minds sharply about gay marriage in that particular year. The support level went over a threshold where somebody tested the waters and got away with it, and journalists began to suspect it wasn't a political blunder to support gay marriage, which let more politicians speak and get away with it, and then the change in belief about what was inside the Overton window snowballed."</div>
<div>
<br /></div>
<div>
I think this is pretty much spot on. (It also sorta mirrors the Keynes line about stock-picking becoming about second-guessing other people's second guesses about other people's second guesses). </div>
<div>
<br /></div>
<div>
We see the process happening all the time. Anti-EU feeling was on the fringe for a long time, but obviously ticked up significantly. Yet even when (in retrospect) it was tipping over into a majority position it was treated as 'loony', even by many Conservatives. And it is still treated that way by many. Similarly, you can see that the media-political class isn't completely sure about where to position itself in relation to Black Lives Matter, or at least the more radical end of its activity like toppling statues. </div>
<div>
<br /></div>
<div>
As an aside, I think a defensive political lesson to take from this is to listen to the 'cranks' both on your own side and the other's, and to listen to the best versions of the arguments they are making, not focus on the obviously idiotic ones. Today's 'crank' could be shaping tomorrow's centre, but today's centre will dismiss her as a 'loony', 'Trot' etc. </div>
<div>
<br /></div>
<div>
To go back to the beginning, what I think I find frustrating about 'you can only win from the centre' is that it is takes the equilibrium for granted. It's playing the same kind of role of as the journalist in Yudkowsky's scenario - policing the boundaries as they are currently understood. And essentially it betrays a conservative approach (I genuinely don't mean 'conservative' in a pejorative sense, it's an entirely legitimate way to view the world, I just don't share it). I genuinely believe there is more freedom of manoeuvre than it allows. Certainly I think there is scope for economic radicalism that is denied by 'win from the centre' advocates. </div>
<div>
<br /></div>
<div>
I'll finish up with a quote I heard from a union mate that apparently comes from the well-known US union organiser Tom Woodruff: "A rolling programme builds its own consensus. Consensus by itself never built anything but worthless shit." </div>
Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.com1tag:blogger.com,1999:blog-4073991368963140015.post-42012776238746976222020-05-11T22:00:00.000+00:002020-05-12T11:08:06.031+00:00Stakeholder capitalism, not missionary capitalism<a href="https://www.penguinrandomhouse.com/books/607661/the-new-class-war-by-michael-lind/">This</a> is an unusual book. I struggle to place it politically, since it both strongly advocates both reasserting the voice of the working class in politics and society, alongside quite conservative positions on issues like immigration. According to <a href="https://en.wikipedia.org/wiki/Michael_Lind">Wikipedia</a> Michael Lind is a former neoconservative and an advocate of 'democratic nationalism', which doesn't immediately appeal to me.<br />
<br />
It's more of a polemic than an analysis. But there are bits of it that I feel hit the target, even if that might just be because the caricatures are resonant more than anything else. For example:<br />
<blockquote class="tr_bq">
Many of today's so-called community organisations are not so much grass roots as AstroTurf (an artificial grass. A contemporary "community activist" is likely to be a university graduate and likely as well to be rich or supported by affluent overclass parents, because of the reliance of non-profits on unpaid interns and staffers with low salaries. Success in the non-profit sector frequently depends not on mobilising ordinary citizens but on getting grants from the program officers of a small number of billionaire-endowed foundations in a few big cities, many of them named for old or new business tycoons, like Ford, Rockefeller, Gates, and Bloomberg. Such "community activists" have more in common with nineteenth-century missionaries sent out to save the "natives" from themselves than with the members of local communities who headed local chapters of national volunteer federations of the past.</blockquote>
I think there is a lot of truth in this, and the point applies more widely (Angus Deaton made <a href="https://labourandcapital.blogspot.com/2019/02/inequality-depression-unions.html">a similar point</a>).<br />
<br />
This reminds me of things I see in my corner of the world in relation to the way employment issues are dealt with by investors. This is still very much approached in a 'top-down' and instrumental way. Employee engagement is now seen as A Good Thing, but because it can be instrumental to creating value for investors. Further, employee engagement is something done *to* workers *by* managers. And, therefore, engagement over employment issues is something that 'responsible' investors do with senior executives that may, or may not, benefit workers.<br />
<br />
I think this is in part why many investors struggle with unions, and have seen labour issues as more 'political' than others (there are other reasons too - some investors literally just hate unions and are explicit that they want to keep labour costs down). Effective unions are about the empowerment of workers through self-organisation, not getting someone else to act on workers' behalf. A category error a lot of people in my field make is to understand the 'union' as the full-time officers rather than the actual union of workers. Unions are not NGOs working on behalf of workers, they are they workers themselves. <br />
<br />
Where investors often get twitchy is when workers start making demands, because this is seen as a challenge to management. It gets particularly sharp in the corporate governance discussion where it's pretty obvious most investors don't want employee representation on boards (though they've got a bit more subtle about how they position themselves on this issue).<br />
<br />
It's ultimately a question about power. Do we want workers to exercise it themselves, and therefore think about ways to accommodate this within the firm/corporate governance/engagement etc, or are we content with corporate and investors having it, with the hope that some missionaries amongst them will intervene on behalf of the workforce?Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.com0tag:blogger.com,1999:blog-4073991368963140015.post-8525782962261748532020-05-10T11:50:00.001+00:002020-05-10T12:34:40.916+00:00Concentration, alignment and pre-distributionLike most people, I'm not really clear at what stage we are in the Covid-19 outbreak. Confused briefing to the papers (and a new strap line that doesn't include "Stay Home") suggests to me that in general the government *is* easing the lockdown de facto, even if it isn't saying much publicly. But conversely almost everything I hear through work points to continued disruption for months or years ahead.<br />
<br />
With that in mind, it's worth thinking about some of the things from this highly unusual period that might endure. Waking up to the absence of noise, and walking around seeing very little traffic, has been a revelation in London. But I suspect that travel levels will creep back up, which is rather sad. And in any case, I'm going to stick to my knitting and cover a few things I know a little about.<br />
<br />
<b>Concentration</b><br />
<br />
Concentration - both in ownership and within sectors - is something I think could be a lasting effect of the crisis. On ownership first, I think the big asset managers, and particularly the passive managers, will emerge stronger from this crisis.<br />
<br />
I've been following asset management for over 20 years, and throughout that time I've heard the argument made that it's during a downturn that you really want active management, rather than just tracking the index down. It's never been borne out by events, and throughout the past couple of decades all that is happened is that assets have shifted from active to passive. I think this crisis will only add to that trend.<br />
<br />
There's an interesting piece in the FT on this topic <a href="https://www.ft.com/content/a6aa1010-3dff-4521-af52-fbadb496c89d">here</a> which points out that the concentration of assets with a handful of investment groups had surged since the start of 2020. The largest 1% of investors now account for 63% of total industry assets.<br />
<br />
There are couple of noteworthy comments in the article below:<br />
<blockquote class="tr_bq">
Mr Miller said that concentration was also accelerating at fund level, with investors channelling more money into large, low-cost, predominantly passive funds. “We’ve seen investors buck the idea that active managers can outperform in a downturn,” he said. </blockquote>
and<br />
<blockquote class="tr_bq">
Mr Miller warned that the concentration of assets in the hands of fewer decision makers could increase baseline market volatility in future. He added: “It could also make the heads of the largest asset managers incredibly powerful influencers of the global economy as they can exert serious pressure on their portfolio companies.”</blockquote>
I don't currently see anything that is likely to change this. We can see ongoing consolidation within the industry and the continuing active to passive shift. On one level this is fine. I don't have much faith in active management, and the sheer number of active funds on sale seems ridiculous.<br />
<br />
However, the concentration of power in the hands of a small number of players is significant. Some people in my world must think this is a good thing, since the separation of ownership (let's leave this aside for now!) and control is supposed to be the flaw in the public company that corporate governance and stewardship seeks to mitigate. But it doesn't feel like a victory does it?<br />
<br />
The fact that this concentration is being driven in large part by investors going passive raises other questions. For example, at what point does that fact that much of the money invested in the market is not making active buy/sell decisions start to distort it? I remember first hearing this argument in the late 1990s when the point seemed fanciful, but we are now at the point where <a href="https://www.bloomberg.com/news/articles/2019-09-11/passive-u-s-equity-funds-eclipse-active-in-epic-industry-shift">more money is being managed passively than actively</a>.<br />
<br />
Also, if asset managers have a position in a company simply because it is in a given index why should their views on ESG issues be more desirable than those of the underlying beneficiaries? Part of the story of responsible investment in the early years was that it was going to democratise the finance sector, and let those whose money was fuelling it have a greater say. But in practice what is happening is that large passive managers are agglomerating that power for themselves. My personal view is that the fact that it's investment professionals who call the shots in part explains why RI has such a wealthy liberal feel to it. But that's for another day...<br />
<br />
<b>Industry concentration</b><br />
<br />
The other side of the concentration question relates to market structure. There are a number of elements to this. First, it's inevitable that this crisis will kill businesses that were already weak, in turn they might be picked over by other firms which survive and might be able to pick up bargains in the current climate.<br />
<br />
Second, there are certain sectors that seem likely to be particularly affected. I read a piece on The Nation (which I can't find now!) looking at the impact on shopping streets in the US. The argument was that smaller independents would lose out to larger chains. Certainly it seems a safe bet that Amazon emerges stronger at the end of this. But it will surely go beyond this. Airlines looked ripe for more consolidation in any case as a number had failed or looked like they were going to.<br />
<br />
Third, competition policy seems likely to be relaxed, even if not explicitly. For example, the CMA in the UK recently issued guidance on its stance in response to Covid-19. It essentially said that its position was unchanged. However the CMA's existing position was that it would take into account the financial viability of the company potentially being acquired. If there was a risk of business failure it might allow a takeover. Well, in the current environment there must be more cases where businesses are at risk of collapse, ergo it seems likely that more acquisitions that might otherwise have failed to gain clearance are approved. I don't want to oversell this point, but it's worth bearing in mind.<br />
<br />
Incidentally, while I was looking for a separate article I found <a href="https://www.avivainvestors.com/en-gb/views/aiq-investment-thinking/2020/04/will-covid-19-concentrate-corporate-power/">this piece from Aviva Investors </a>which covers a number of the points I make above in more detail, and adds a few more. <br />
<br />
<b>Ownership + industry concentration to stay?</b><br />
<br />
The combination of ownership and industry concentration was <a href="https://labourandcapital.blogspot.com/2019/05/monopoly-ownership-monopoly-owners.html">already attracting attention </a>in public policy land. If the present crisis does reinforce both trends the issues that this raises become sharper. But I'm not sure that governments are going to want to unpick any of this or feel compelled to do so.<br />
<br />
I've always felt that making anti-trust / pro-competition policy a centrepiece of a political programme feels a bit too abstract, despite the legitimacy of the points this would be intended to address. How many people get out of bed to campaign for 'challenger banks' for example? And who are the allies that they can count on. Arguably a capitalism dominated by a handful of big firms in each sector is better for reinvigorated bargaining by labour if that were ever to occur.<br />
<br />
So on balance I think we are shifting to greater concentration and I don't think too many people will be motivated to do much about it.<br />
<br />
<b>Executive pay: aligned with who? </b><br />
<br />
Onto more pure governance turf, I think changes to executive pay so far in the crisis deserve a look. As many people will be aware, the most common response from companies has been to cut base salaries for directors, with cuts around 20% of salary typical. The symbolism is pretty clear - many workers are furloughed on 80% of their normal salary, so the execs get paid 80% of their normal salary, or something similar. In some cases directors are also giving up or deferring bonuses, and in a smaller number of cases LTIP awards. Overall these types of changes have been generally seen as a good thing.<br />
<br />
A question to consider here is how easy it will be to return to normal. For example, if an executive has taken a 20% pay cut during the furlough, is it ok to put the salary back to 'normal' once furloughing is over? What if the company has reduced its headcount? What happens when a bunch of companies push executive salaries back up? I can imagine some resistance to putting pay back to 'normal' levels.<br />
<div>
<br /></div>
Also, imagine in contrast if a company emphasised that it felt it was important for executives to continue to have considerable variable pay with a substantial equity component in order to ensure that their interests were aligned with those of shareholders. Even if they went to say that aligning directors' interests with shareholders would deliver value for all stakeholders (blah blah blah) it wouldn't feel right in the current environment.<br />
<br />
But why not? If public companies are supposed to be run in the interests of shareholders, and this is justified on the basis that there is no conflict between different stakeholder interests and therefore those other stakeholders benefit from such a focus, why shouldn't directors continue to prioritise shareholders? Why are they aligning their pay with their employees rather than their investors?<br />
<br />
The common sense answer is that companies understand that this is a moment at which it is important to prioritise employee safety. You could manufacture an argument that not doing this would be damaging to brands, and thus to profitability, and thus it's actually in the interests of shareholders to put employees first, for now. However I don't think anyone really believes that. But it does again raise the question of whether different interests are in conflict and, if they are, whose should come first.<br />
<br />
<b>Shareholder primacy paused</b><br />
<br />
I've written elsewhere that I think shareholder primacy has been paused for the time being. For certain companies this is more obvious than others. For example, in a number of markets banks and insurers have been told to stop dividends, buybacks and payment of bonuses. Similarly in some countries those companies that are receiving state support are barred from such activity. In the first case, regulators seem to have adopted this stance to ensure that financial institutions are well capitalised, in the second it's more a question of ensuring that taxpayers are not subsidising investors.<br />
<br />
Again, if there were no conflicts of interests this doesn't seem like it should be necessary. For example, banks would cancel dividends and buybacks because they knew they needed to do so to preserve capital and in doing so ensure they were delivering long-term value to shareholders. Actually, it seems that the UK's banks were not planning to scrap dividends before they were told to, and Standard Chartered was carrying on with its buyback right up the last moment. Does this mean that the PRA was wrong to tell them to stop?<br />
<br />
An obvious retort is that this in an extraordinary situation and such moves might be politically necessary if not necessarily economically efficient. By which I mean simply that banks paying huge dividends and bonuses during a time of high unemployment might cause other, bigger problems. But is this only the case during a crisis, or is this just the moment at which we can see more clearly where the tensions are?<br />
<br />
There was already increasing discussion of the merits of shareholder primacy before the pandemic hit. I think a shift back to arguing - explicitly - in favour of the model looks unlikely, though we might see lots of tortured arguments along the lines that actually lower dividends and no buybacks are <i>good</i> for shareholders. Therefore this might be another aspect of changed governance that endures.<br />
<br />
<b>Stakeholder alignment and pre-distribution </b><br />
<br />
Finally, here's something I'm hoping for. I am glad to see Ed Miliband back in a frontline role, and shadow business feels like the ideal place. When we was Labour leader he toyed with the idea of pre-distribution even if there wasn't much flesh on the bones. Maybe now is the time to revisit it. Thinking again about changes to executive pay, a model of <i>stakeholder</i> alignment would surely put a much greater emphasis on profit-sharing and similar models whereby the entire workforce gains when the business succeeds.<br />
<br />
It's always struck me as bizarre that there is more interest in putting 'employee engagement' targets into incentive schemes for executives than ensuring employees are engaged. Rather than paying A in a way that might incentivise them to ensure that B is engaged, why not just focus on how B is paid?<br />
<br />
Once more, things were already moving in this kind of direction. For example, disclosure of pay ratios really wasn't driven by investor interests, and the data that is being disclosed is going to be used by a much wider set of stakeholders. So this does feel like an area where more is likely to happen. I know some people are already thinking about these kinds of issues, so let's encourage it. Let's make stakeholder alignment an objective in pay discussions from here on.<br />
<br />
Finally, this in turn points to a different way of thinking about engagement. As I've written before I think a model which focuses on interactions between senior corporate staff and senior investment staff is flawed. This is the approach which spits out ideas like putting employee engagement KPIs in LTIPs because the conception is that is the strata that matters, and that is where the action happens, even if the bulk of the company is not involved. But again more later...Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.com0tag:blogger.com,1999:blog-4073991368963140015.post-36831593350401966362020-04-05T14:25:00.000+00:002020-04-06T11:56:51.394+00:00Crisis pressure pointsClearly there are areas where the Covid-19 shutdown is going to have a bigger impact than others.<br />
<br />
I won't bother rehashing stories about what's happening to retailers etc. but there are a few things that I think are worth clocking from the past week. The PRA letter to UK banks may actually have been a bigger deal than first thought. The FT <a href="https://www.ft.com/content/356dfb05-4dc1-47e5-afde-324ca1939328">reports</a> that the banks were set to ignore its requests to exercise restraint on dividends and buybacks (on the latter Standard Chartered was <a href="https://www.investegate.co.uk/standard-chrtrd-plc/rns/transaction-in-own-shares/202003311755043100I/">still going</a> right up till the end of March). I found this the most interesting bit:<br />
<blockquote class="tr_bq">
<i> Mr Woods’ intention was for the banks to make the announcement without public direction from the BoE, but leaders at four of the five lenders balked at the plan, the people said. RBS, which is majority owned by the taxpayer, was the only one willing to comply.
“We all had exactly the same view,” said an executive at one of the four refusenik banks. “Just being asked to do it was not enough. We would have chosen to go ahead in paying the dividend and told the [BoE], ‘thanks very much for your input but we disagree’.”
Another person briefed on the talks said: “Making the BoE force our hands was the only way of protecting ourselves from a shareholder revolt. If we had done it of our own volition then we would have faced legal challenges.”</i></blockquote>
Follow the direction of travel, and the PRA has also <a href="https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/letter/2020/letter-from-sam-woods-to-insurers-distribution-of-profits.pdf?la=en&hash=C1FF7D6C560E1C377CC35C1513E27F16646A1B70">written out to insurers </a>asking them to think of doing likewise:<br />
<blockquote class="tr_bq">
<i>When UK insurers’ boards are considering any distributions to shareholders or making decisions on
variable remuneration, we expect them to pay close attention to the need to protect policyholders and
maintain safety and soundness, and in so doing to ensure that their firm can play its full part in supporting
the real economy throughout the economic disruption arising from Covid-19.</i></blockquote>
Meanwhile the European body EIOPA has gone much further and <a href="https://www.eiopa.europa.eu/content/eiopa-statement-dividends-distribution-and-variable-remuneration-policies-context-covid-19_en">told insurers </a>to stop making distributions to shareholders and consider variable pay<br />
<br />
<blockquote class="tr_bq">
<i>EIOPA urges that at the current juncture (re)insurers temporarily suspend all discretionary dividend distributions and share buy backs aimed at remunerating shareholders. This suspension should be reviewed as the financial and economic impact of the COVID-19 starts to become clearer.</i><i>Taking into account the need to preserve an efficient and prudent allocation of capital within insurance groups and the proper functioning of the Single Market, EIOPA urges that this prudent approach is applied by all (re)insurance groups at the consolidated level and also regarding significant intra-group dividend distributions or similar transactions, whenever these may materially influence the solvency or liquidity position of the group or of one of the undertakings involved. The materiality of this impact should be monitored jointly by the group and solo supervisors.</i><i>This prudent approach should also be applicable to the variable remuneration policies. It is expected that (re)insurers review their current remuneration policies, practices and rewards and ensure that they reflect prudent capital planning and are consistent with, and reflective of, the current economic situation. In such context, the variable part of remuneration policies should be set at a conservative level and should be considered for postponement.</i><i>(Re)insurers that consider themselves legally required to pay-out dividends or large amounts of variable remuneration should explain the underlying reasons to their National Competent Authority.</i></blockquote>
From initial signals it looks like UK insurers may conclude that they do not need to change their approach. Legal & General <a href="https://www.investegate.co.uk/legal---general-grp/rns/l-g-confirms-its-current-intention-to-pay-dividend/202004031649028004I/">issued an RNS statement</a> on Friday afternoon confirming its intention to pay a dividend:<br />
<blockquote class="tr_bq">
<i>The Board of Legal & General plc has given careful consideration to the PRA's letter of 31 March.<br />The Board continues to pay close attention to the need to protect its customers and employees at this difficult time. The Board has carefully considered the need to act prudently in maintaining safety and soundness, and in so doing ensure that Legal & General plays its full part in supporting the real economy. It also recognises the importance of dividend income to many institutional and retail shareholders, particularly in the current environment.</i></blockquote>
As things stand this is fair enough, the PRA has asked insurers to consider their approach, L&G says it has and intends to go ahead with dividends. It will inevitably, however, carry another message given that the company's asset management arm is one of the biggest investors in UK companies.<br />
<br />
What's interesting is that both banks and insurers have nodded to the interests of shareholders as a reason to carry on despite regulatory flags. In the case of the banks this has resulted in them being overruled by regulators, essentially cancelling shareholder primacy for the time being. What happens next with the insurers is unclear, especially give EIOPA's intervention.<br />
<br />
This issue might even spread to asset managers. <a href="https://www.ft.com/content/43e5fe5e-bbd7-412a-8ec1-c560c4b16d7d">Amundi has already proposed suspending its 2019 dividend</a> with DWS apparently likely to follow suit. Both are owned by European banks, which might explain it. But then a number of asset managers are owned by insurance companies too. There may be a bit of a domino effect here. And if investors start pulling their own dividends and buybacks, the pressure for investee companies to do likewise increases. Equity income funds beware!<br />
<br />
Finally, worth also watching what is going on with utilities. Here's an interesting bit from the Sunday Times:<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHpwWe2FGqqb4AmOi-MrVj0t-UMU1vAEyiovtaE7XazqNY3YQvSJpzVeNeXkimbSXTbquh9EK_LRxXgms_Br6riCVkBeUUTNwTxzf0D8RgA49cqm6MWMQ0dcda_oBNPIb02Y-SCQr3wfY/s1600/IMG_1223.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="441" data-original-width="640" height="275" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHpwWe2FGqqb4AmOi-MrVj0t-UMU1vAEyiovtaE7XazqNY3YQvSJpzVeNeXkimbSXTbquh9EK_LRxXgms_Br6riCVkBeUUTNwTxzf0D8RgA49cqm6MWMQ0dcda_oBNPIb02Y-SCQr3wfY/s400/IMG_1223.jpg" width="400" /></a></div>
<br />
A second story in the paper looks at similar requests for leniency from energy companies, with one saying that: "Underlying it is a fact of the modern energy market: margins are wafer-thin."<br />
<br />
This talk of wafer-thin margins reminds me of train operating companies. I remember the CEO of National Express explaining this is why they pulled out of UK rail - they just couldn't compete with state-owned (or partially owned) operators.<br />
<br />
There's obviously a very delicate balance between trying to avoid monopoly rents and having private operators involved. It feels like an especially tough sell that this is a good model if it needs bailing out by the state when there is trouble ('trouble' a bit of an understatement here in current circumstances...) There is potential for there to be some big shifts in policy here.<br />
<br />
(PS. To make a brief political point, there has been a lot of discussion of the merits of Labour being committed to public ownership of utilities. There is a small (basically Blairite) bit of the party that seems to dislike public ownership per se, but a more common tactical argument is that it might be poor prioritisation a) it's a lot of money b) is that really where you want to spend it and c) will the voters think you for it. But *if* utilities need bailing out during this crisis, it might be the Conservatives who end up paying the price (both financial and political) for any extension of public ownership. In this instance tactical arguments against melt away, and I can't imagine anyone Left of the Conservatives arguing for rapid re-privatisation. These are just a few sketchy thoughts that I'll try and develop a bit.)Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.com0tag:blogger.com,1999:blog-4073991368963140015.post-57527791605164688272020-03-21T16:05:00.002+00:002020-04-02T19:31:16.348+00:00Capitalism: down with the sicknessI'm just a humble labour & corpgov wonk, so most of the time the kinds of things that interest me are buried in the business pages. But it feels like, as with the financial crisis, questions about who controls businesses and how, and in whose interests, they should be run are going to become big political issues once more.<br />
<br />
As I've made clear previously I have *zero* knowledge of Covid-19 beyond what anyone else can read. All I can speak with any sense about is how I see it impacting the areas that I do know about. So here are a few quick thoughts about the direction of travel.<br />
<br />
First up, we should expect a very sharp turn away from normal expectations across the market. Dividends are already being <a href="https://www.thisismoney.co.uk/money/markets/article-8136365/amp/MARKET-REPORT-1bn-payouts-lost-dividends-cancelled.html">suspended</a> by many companies as they admit they can't accurately forecast what will happen in the months ahead. Buybacks are <a href="https://twitter.com/TomPowdrill/status/1241664246804557824">not going to have a good crisis</a>, and many are being <a href="https://www.insurancebusinessmag.com/uk/news/breaking-news/coronavirus-prompts-direct-line-group-to-suspend-share-buyback-programme-217414.aspx">suspended</a>. Some boards have already announced that <a href="https://finance.yahoo.com/news/heres-a-list-of-ce-os-taking-pay-cuts-amidst-the-coronavirus-crisis-171206258.html">directors are cutting their own pay</a>, more will surely follow. At work we've been <a href="https://twitter.com/PIRC_news/status/1240640064595603462">trying</a> to get companies to embrace common sense on this.<br />
<br />
Second, some companies will get it badly wrong, and this may do them serious damage. EasyJet is taking a lot of flak for <a href="https://www.thetimes.co.uk/article/easyjet-seeks-state-loans-but-pays-stelios-60m-d26jghjtx">proceeding with a £174m dividend payment </a>even as it seeks state support (it claims it is compelled to make the payment, which is something I need to check out). Ryanair spent millions on a share buyback during March even as it cancelled hundreds of flights. One report I read yesterday said it is cutting staff pay by 50% (O'Leary is taking the same pay cut, but he doesn't really need the money does he?). Getting this stuff wrong in an environment where 'license to operate' is very much in the state's hands may have long-term implications. Directors will get booted out, companies' reputations will be in tatters. It could be terminal in some cases.<br />
<br />
Third, there will be even more pressure for a shift to a more stakeholder-oriented governance model. This argument has gained a lot of ground over the past few years, so as the Covid-19 crisis hits it's one of the ideas that are "lying around", as <a href="https://www.goodreads.com/quotes/110844-only-a-crisis---actual-or-perceived---produces-real">Milton Friedman put it</a>. You can see already in proposals from people in both <a href="https://www.common-wealth.co.uk/reports/emergency-landing-how-public-stakes-can-secure-a-sustainable-future-for-aviation">the</a> <a href="http://highpaycentre.org/pubs/conditions-are-critical-publicly-funded-bail-outs-for-private-companies">UK</a> and the <a href="https://eu.usatoday.com/story/opinion/2020/03/20/coronavirus-elizabeth-warren-republican-bailout-plans-dont-protect-workers-column/2888189001/">US</a> that a change in the nature of businesses most directly affected is already being put forward. I can imagine a consensus forming very quickly that bailed-out companies must protect employment, cut executive pay (and no bonuses, LTIPs etc, obvs), stop dividends and buybacks and (maybe?) bring employee representatives into the boardroom. This would be a very clear shift away from operating in the interests of shareholders, even 'enlightened' shareholder value. And it would be very hard to unpick afterwards. What happens to bailed out companies may well start to affect those further away from the epicentre.<br />
<br />
Fourth, I think (and hope) the crisis will lead to demands to change our employment model. All the 'flexibility' in zero hours contracts and gig work has been exposed as coming with huge downside risk for employees. But it also makes capitalism vulnerable. Workers without sick pay <a href="https://www.nytimes.com/2020/03/21/business/coronavirus-ups-fedex-xpo-workers.html?action=click&module=RelatedLinks&pgtype=Article">aren't going to self isolate</a>. It's a lot of lower paid workers whose jobs can't be done from a laptop at home who going to keep things moving. In contrast many of us will reflect that we have <a href="https://www.penguin.co.uk/books/295/295446/bullshit-jobs/9780141983479.html">bullshit jobs</a>. Nothing is inevitable about a change, but I hope that, once we come out of the other side, unions build on some of the excellent work they have done so far and push for a new employment settlement.<br />
<br />
Fifth, surely we're going to change our views on which organisations should and should not be privately owned. I have no idea where the line will end up being drawn but it won't be in the same place it is now.<br />
<br />
Finally, the experience of a prolonged health crisis might serve to reset the discussion about pay. <a href="https://www.dailymail.co.uk/news/article-8129499/More-2-600-medical-workers-infected-coronavirus-Italy.html">We're already seeing medical staff risking, and in some cases losing, their lives</a> to protect us all. They, like most of us, do their job without any expectation of getting any bonus for it. So what makes executive directors so special? If the complex pay model we have for public companies - with all its targets, vesting dates, endless pages of reporting, and wasted investor research and engagement time - is part of a governance model that itself is out of date, let's junk it for good. <br />
<br />
PS - <a href="https://www.youtube.com/watch?v=09LTT0xwdfw">https://www.youtube.com/watch?v=09LTT0xwdfw</a>Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.com0tag:blogger.com,1999:blog-4073991368963140015.post-69641417074966494492020-03-14T16:15:00.002+00:002020-03-14T16:28:37.704+00:00In defence of the Behavioural Insights TeamI've seen something a bit odd on twitter over the past few days - people from various bits of the Left having a dig at the involvement of the Behavioural Insights Team (BIT) in the government's response to the Coronavirus outbreak. I've no dog in this fight, but what I've found particularly odd is the way this criticism has bled into a general attack on using 'behavioural science' to inform policy.<br />
<br />
I know zero about epidemiology, so have nothing of value to say whatsoever about whether the BIT should be involved or not (that doesn't seem to stop a lot of people having an opinion though...). But I do bristle a bit when I see people on the Left attack the idea of looking at things like social psychology and behavioural economics when formulating policy. I also find it jarring when people who apparently have no science background describe this as 'pseudoscience'.<br />
<br />
To be clear, there are important critiques of a lot of this kind of stuff. There is a big question mark over the replicability of some 'findings'. Stuart Ritchie has a decent thread on this topic <a href="https://twitter.com/StuartJRitchie/status/1238281167499145221">here</a>. And I'm happy to defer to people who have the expertise to say that there is no meaningful role for the BIT. But it's a big jump from this to the 'pseudoscience' sort of attack I see on Twitter, and apparent distaste for the BIT on the part of some people on the Left. I think this is a bit mistaken, so I thought I'd set out a few points in defence of this kind of work.<br />
<br />
First, one line of attack is that the BIT is a gimmicky outfit that should have died with David Cameron's gimmicky government. But actually behavioural economics had an impact on policy even under Tony Blair. If you go back to the <a href="http://mmission.org.uk/publications/2004/annrep/fullreport.pdf">Pensions Commission's first report</a> there's a section on what behavioural economics says that could inform savings design. This had a direct influence on decisions like auto-enrolment.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDEQt41MpIcojgFqdxSqUBxQyTXWY3OSM0tGhsapZqZc-MPGL_qgAJdQ6OEuJcZnvVdZcJFeaLDiyqDl2q8kjJwSXuR2O706whVoeO0U25k5keMZkXmtk8CpGKiR4iZNbo66TPddai2oE/s1600/Screen+Shot+2020-03-13+at+11.47.53.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="58" data-original-width="465" height="39" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDEQt41MpIcojgFqdxSqUBxQyTXWY3OSM0tGhsapZqZc-MPGL_qgAJdQ6OEuJcZnvVdZcJFeaLDiyqDl2q8kjJwSXuR2O706whVoeO0U25k5keMZkXmtk8CpGKiR4iZNbo66TPddai2oE/s320/Screen+Shot+2020-03-13+at+11.47.53.png" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgl9-3uExelmWqAaRdOKexWstEKRqT9XWJOPDrexA07HSf7jT-2SRQ58RxKgkr_N0inc11mCJOnY53OkZHo3bvM4SIUCMhvWSq4TW83kMs0iHWTt-hN385hnoZyHd1VVHw1pZ6vJFbKYRA/s1600/Screen+Shot+2020-03-13+at+11.47.57.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="193" data-original-width="414" height="149" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgl9-3uExelmWqAaRdOKexWstEKRqT9XWJOPDrexA07HSf7jT-2SRQ58RxKgkr_N0inc11mCJOnY53OkZHo3bvM4SIUCMhvWSq4TW83kMs0iHWTt-hN385hnoZyHd1VVHw1pZ6vJFbKYRA/s320/Screen+Shot+2020-03-13+at+11.47.57.png" width="320" /></a></div>
<br />
It also had an impact on the design of NEST. For example, one of the <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/272383/6975.pdf">papers on Personal Accounts</a> (what the NEST scheme was called initially) cited various bits of behavioural economics research in the discussion about default design and number of fund choices.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5uP22SXw2Pg4F2B1maF15QjS24PHi8cEufIJv78tQy4RldpbbNhC9JSjPft-g33uD091DO9sPaOQdkPSa8bO_XJGAycqwKzZXRPR6R2TmISS1rbEbKwFmI6-Ui1IR7SdZG2ZTbK0sgmE/s1600/Screen+Shot+2020-03-13+at+09.44.43.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="254" data-original-width="911" height="111" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5uP22SXw2Pg4F2B1maF15QjS24PHi8cEufIJv78tQy4RldpbbNhC9JSjPft-g33uD091DO9sPaOQdkPSa8bO_XJGAycqwKzZXRPR6R2TmISS1rbEbKwFmI6-Ui1IR7SdZG2ZTbK0sgmE/s400/Screen+Shot+2020-03-13+at+09.44.43.png" width="400" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqy4gVLO5nR3465nuhfcdJLvxWec3BTeZbIk4w4UlXlWsSeve2Me_IhKxv3Y_6U2irkkCxMx7v8bz7JgFyibf_HaoT6z1dWgP_BhaHr69_VjxXtrx-2gvv6IEE-Wj1w1yTxk99Av844qE/s1600/Screen+Shot+2020-03-13+at+09.46.20.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="397" data-original-width="888" height="177" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqy4gVLO5nR3465nuhfcdJLvxWec3BTeZbIk4w4UlXlWsSeve2Me_IhKxv3Y_6U2irkkCxMx7v8bz7JgFyibf_HaoT6z1dWgP_BhaHr69_VjxXtrx-2gvv6IEE-Wj1w1yTxk99Av844qE/s400/Screen+Shot+2020-03-13+at+09.46.20.png" width="400" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhksx6fMT5BRIRWz99fFbYQfHn41_ElH12wUrx228O2H-hFFS3-8pRYscVMVNt6Xv0S6nBMWrdjbwW1dh4ZWGIPeYqdUTSwD35xTsiZAxSjxKT6qJ26NL_pG0UO0EtUWy9p6e7VepaeSfM/s1600/Screen+Shot+2020-03-13+at+09.47.47.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="223" data-original-width="909" height="97" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhksx6fMT5BRIRWz99fFbYQfHn41_ElH12wUrx228O2H-hFFS3-8pRYscVMVNt6Xv0S6nBMWrdjbwW1dh4ZWGIPeYqdUTSwD35xTsiZAxSjxKT6qJ26NL_pG0UO0EtUWy9p6e7VepaeSfM/s400/Screen+Shot+2020-03-13+at+09.47.47.png" width="400" /></a></div>
<br />
Now some people on the Left don't like auto-enrolment or NEST, so for such people this is irrelevant. But if you think it's a good policy (and one developed and initiated by a Labour government) then you should at least be aware of the role that behavioural economics played in framing it. This stuff is not 'Tory' or 'Cameroon'.<br />
<br />
Secondly, on a related point, there seems to be a bit of confusion about what the big idea is. I think that's because there isn't one. FWIW from what I've seen/read I don't really think there is a 'theory' that sits behind the work of the BIT. If you read <a href="https://www.penguin.co.uk/books/110/1108284/inside-the-nudge-unit/9780753556559.html">David Halpern's book </a>on the work of the BIT it boils down to some pretty basic principles, rather than some overarching theory. This is a page from it where he summarises the key ones:<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMnbSk4eu1NRt0gT3gtGg3vsLmkTksEwiz1UV6sv9Jc3KUe1qpMoGCj640KajjfogoziEk1zCZyK00ZVQ2xEyPLJiw32L9Apeh2Ur0SBKBYuG6CXXUZqs9JiZvNACSgrjd-kDr79D2Feg/s1600/IMG_4513.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="640" data-original-width="432" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMnbSk4eu1NRt0gT3gtGg3vsLmkTksEwiz1UV6sv9Jc3KUe1qpMoGCj640KajjfogoziEk1zCZyK00ZVQ2xEyPLJiw32L9Apeh2Ur0SBKBYuG6CXXUZqs9JiZvNACSgrjd-kDr79D2Feg/s640/IMG_4513.jpg" width="432" /></a></div>
<br />
<br />
A lot of the work of the BIT seems to be applying these kinds of principles combined with randomised testing. Big wows, as I think the young people say. "Make it easy for people to do things you want them to do" doesn't strike me as a particularly ideological position. If there's a decent attack to be made on this, surely it's more that this is 'common sense' and actually probably just good sales and marketing tricks. I think I'd still take issue with that, but at least I'd feel it at least comes somewhere near the target, as opposed to suggestions that there is some malevolent right-wing anti-regulation agenda at play. <br />
<br />
Another reasonable attack on this kind of work is perhaps that it seems to promise technocratic 'solutions' to political problems. I can remember someone making the point when <a href="https://labourandcapital.blogspot.com/2008/07/review-of-nudge.html">Nudge</a> came out that it was trying to take the politics out of politics, which does feel sorta kinda fair.<br />
<br />
But I wonder if that's mixing up policy design/implementation with policy objectives a bit. Take that 'make things easy' point, it could be used to design policy interventions with wildly different political objectives. In terms of savings design it has influenced the decision to change the default from opt in to out out. But you can reverse the point - make things harder if you don't want people to do them. Which is what I <a href="https://labourandcapital.blogspot.com/2015/10/behavioural-insight-as-weapon.html">thought</a> the Conservatives might have been doing by removing payroll deduction of union subs. (I was wrong, or, at least, my FOI did not return anything!)<br />
<br />
Which leads onto my third and main point - I don't really get why the Left would want to attack this kind of stuff anyway? It can be used for purposes we like or don't like, but we could say that about comms, or other elements of policy delivery. But some of it surely reinforces Left positions. I first came across behavioural finance when I started reading more about financial markets (Robert Shiller etc). And it was obvious to me then that this literature was problematic to those who argue that markets are efficient. Similarly behavioural economics suggests lots of ways in which markets do not operate in the way that stylised accounts of them suggest. Going further, it was reading around this kind of stuff that lead me to critiques of performance-related pay - something a lot of people on the Left are uncomfortable with.<br />
<br />
This is not to say that behavioural finance / economics is 'left wing'. Richard Thaler and Cass Sunstein used the godawful term 'libertarian paternalism' to describe their approach (though again that tells us something, as they were attacked for using evidence of market inefficiencies as a way to propose paternalistic policies). But I don't see the value in not looking at what we can learn from this stuff.<br />
<br />
To establish that when X happens people do Y, and not Z, does not mean you must adopt a certain policy, or that you should rely on non-regulatory interventions. All that it means is that if you have a certain policy objective it's useful to take account of this stuff to design your interventions. I find that basically uncontroversial. It doesn't mean don't look at other information to form decisions, or that you must reject certain types of intervention. <br />
<br />
I am sure that some of the interventions that are 'behaviourally informed' will fail, and that some of the 'findings' that underpin them will be disproved. That's all fine. When the facts change and all that. Equally some of it will prove to be robust and simply become 'economics', or whatever else. Some people seem to have forgotten how much has already entered the mainstream. (Let she who is without a copy of Thinking Fast And Slow cast the first diss). I am also sure that people will be able to find things that David Halpern and/or the BIT have said/done that people on the Left (including me) would find objectionable.<br />
<br />
I'd just urge some caution. What are we really arguing with? If it's actually the policy objective I think we're missing the point. If it's the science I'm happy to let the academics fight it out and tell me what I should think once they are done. I just fear a baby/bathwater outcome. Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.com0tag:blogger.com,1999:blog-4073991368963140015.post-90987628376230368012020-03-08T20:34:00.001+00:002020-03-09T13:33:02.998+00:00Fluttery votesHere's the list of Paddy Power Betfair (now Flutter) major shareholders disclosed in last year's annual report. Capital Group is reported as having 5.9%, or 4.6m shares at 5 March 2019. Of these almost 3.9% are accounted for by the EuroPacific fund.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUHOAiabKGT34mnic0qNC5xVuJHGvUcXwgtfQVgmbmeKgrg_Tvnv1q4Mk-IAEz94juTn6z3t04iY8BtGxqbi7tlEKglr996I9sXXqhv0fRt5l0QheSlnjBxS4y7p98An688oUCllyXNkg/s1600/Screen+Shot+2020-03-08+at+20.15.22.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="464" data-original-width="465" height="398" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUHOAiabKGT34mnic0qNC5xVuJHGvUcXwgtfQVgmbmeKgrg_Tvnv1q4Mk-IAEz94juTn6z3t04iY8BtGxqbi7tlEKglr996I9sXXqhv0fRt5l0QheSlnjBxS4y7p98An688oUCllyXNkg/s400/Screen+Shot+2020-03-08+at+20.15.22.png" width="400" /></a></div>
<br />
Here's an excerpt from the EuroPacific fund's NPX form that covered the 2019 AGM. The only resolution it said it voted against was resolution 2, to approve the dividend.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfGr-ewsE7CJDqGL8Eakm3HUGbwb_4bIrmtMYiCN2mg1JjmJ11CHC8QNSXn1fZX4iGFg_Do7K-DkY5lRlq6iHr_oQdWaB2z57zb9xjUVLCFqiVmlkgjsPEw9_7GxaUtuBYDRhIkM3VBoA/s1600/Screen+Shot+2020-03-08+at+20.11.33.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="495" data-original-width="1266" height="249" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfGr-ewsE7CJDqGL8Eakm3HUGbwb_4bIrmtMYiCN2mg1JjmJ11CHC8QNSXn1fZX4iGFg_Do7K-DkY5lRlq6iHr_oQdWaB2z57zb9xjUVLCFqiVmlkgjsPEw9_7GxaUtuBYDRhIkM3VBoA/s640/Screen+Shot+2020-03-08+at+20.11.33.png" width="640" /></a></div>
<br />
And here's an excerpt from Paddy Power Betfair's AGM voting results for the May 2019 meeting showing the vote against the resolution to approve the dividend.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4oIA4e3vCa6IGhJv8YSn-1fzaxM6hf5zNMxs48nt6e8z-Gt-xY5wktOL79s_H4ajNc04xklp-b4EsNc5g57S6udPa7YWCimm7s2Tmjunvo6hVqxX-QhJ6w-JJUYyGUNAgmjQC_pfqfDk/s1600/Screen+Shot+2020-03-08+at+20.16.52.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="569" data-original-width="352" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4oIA4e3vCa6IGhJv8YSn-1fzaxM6hf5zNMxs48nt6e8z-Gt-xY5wktOL79s_H4ajNc04xklp-b4EsNc5g57S6udPa7YWCimm7s2Tmjunvo6hVqxX-QhJ6w-JJUYyGUNAgmjQC_pfqfDk/s640/Screen+Shot+2020-03-08+at+20.16.52.png" width="393" /></a></div>
<br />
The small print in the annual report says that the EuroPacific Fund delegates voting rights to Capital Research and Management. Does that mean that it voted For the dividend resolution, or didn't vote? Either way surely the NPX disclosure is pretty meaningless.Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.com0tag:blogger.com,1999:blog-4073991368963140015.post-85532016030957336452020-03-08T11:06:00.000+00:002020-03-08T11:06:22.467+00:00Against transparency!The more time I spend looking at disclosures from investors, the less sense a lot of it makes to me. I've blogged quite a bit about meaningless Stewardship Code reporting, with dozens of hedge / boutique funds using exactly the same blurb. We are about to be hit by a wave of SRDII reporting that I think will repeat the same pattern.<br />
I really question whether there is any point to all this reporting. I doubt most of these funds will ever aspire to be active 'stewards' of companies, and that's fine, most people that invest with them understand that. I am also sceptical that anyone reads the stewardship blurbs produced by managers or uses them to base asset allocation decisions on.<br />
There's obviously a mini industry in producing compliance statements, which is probably going to matched over time by people within consulting or auditing firms who will assess them. So to the extent that there is interaction between people over the content of these disclosures it will be between people who write blurb and people who read blurb. It will not be between people who have capital to invest and people who are paid to invest capital, which would seem to be what we were all aiming at when the Stewardship Code came in ten years ago.<br />
So if a lot of disclosure is meaningless, it goes largely unread, the only people who pay attention to it are compliance people (and compliance service providers) and consultants, and the firms who are making the disclosures are unlikely to change anyway, what's the point? It just seems to be imposing a cost.Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.com0tag:blogger.com,1999:blog-4073991368963140015.post-13071090683904267812020-03-07T21:47:00.001+00:002020-03-08T11:58:07.029+00:00NMC voting turnoutRight... here's what we can see in the NMC meeting results. The first graph just sets out what NMC reports. So there is a headline total voting turnout for all meeting and at AGMs from 2015 I can also split out the insider and minority shareholder turnout figures because of the requirement to report the votes on independent NEDs twice.<br />
In the second graph I've put in an assumed minority shareholder turnout of around 81% as this was the level it was at later on. This applies at three meetings - 2013 and 2014 AGMs, and the 2016 EGM. If I don't assume roughly the same turnout and instead assume 100% turnout of the insider bloc, then the minority shareholder turnout at the 2014 AGM would be 65%., which just didn't feel right.<br />
UPDATE: I've added a third graph which is raw votes (rather than %) just in the years where insider votes are identifiable.<br />
<br />
<img src="webkit-fake-url://c1caedc6-e711-4ee2-9072-be31720f20f7/application.pdf" /><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlT8UObGyv8dNVKxnZh2ORydJN6IT6BhZaWFwSEbf4n1t6XYfjjy3ghyBTQGgZmWkF_pJtehj-mB7TcPUj5-X5QK4jebhz20RLh1vbKlglqZ-Nw_J9aMYfyQYOjUT8HTl4TA41t95KfXc/s1600/Screen+Shot+2020-03-07+at+21.49.51.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="334" data-original-width="364" height="366" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlT8UObGyv8dNVKxnZh2ORydJN6IT6BhZaWFwSEbf4n1t6XYfjjy3ghyBTQGgZmWkF_pJtehj-mB7TcPUj5-X5QK4jebhz20RLh1vbKlglqZ-Nw_J9aMYfyQYOjUT8HTl4TA41t95KfXc/s400/Screen+Shot+2020-03-07+at+21.49.51.png" width="400" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwzbZ4D_bRLpB_JRt19eWccjCyLgpBaOi8OM0EoAZdz5Vb921GkLiVhnn7xpSU7v7rKUXgPZd0pEJrwQH1SsPtbz5JO4kE1C8LyS0LZ0N_v3FP4brz90RA2vXG1NpQ2aOEuTNBH_zWTn0/s1600/Screen+Shot+2020-03-07+at+21.50.15.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="334" data-original-width="364" height="366" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwzbZ4D_bRLpB_JRt19eWccjCyLgpBaOi8OM0EoAZdz5Vb921GkLiVhnn7xpSU7v7rKUXgPZd0pEJrwQH1SsPtbz5JO4kE1C8LyS0LZ0N_v3FP4brz90RA2vXG1NpQ2aOEuTNBH_zWTn0/s400/Screen+Shot+2020-03-07+at+21.50.15.png" width="400" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiUL_j62PAMB08rxdpj-GJwxGdqalcexKndR6VYPJJQcJFYbSROTZVaCjGhyphenhyphenvI0zy8XPCTZ1gG3SLbO1w2sqykMSBDMZnVuDS30mo34zzqTFFI9xn_Hk9jC9ZxOkTMWvJ1thpJMjGs-jA/s1600/Screen+Shot+2020-03-08+at+11.56.22.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="220" data-original-width="364" height="241" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiUL_j62PAMB08rxdpj-GJwxGdqalcexKndR6VYPJJQcJFYbSROTZVaCjGhyphenhyphenvI0zy8XPCTZ1gG3SLbO1w2sqykMSBDMZnVuDS30mo34zzqTFFI9xn_Hk9jC9ZxOkTMWvJ1thpJMjGs-jA/s400/Screen+Shot+2020-03-08+at+11.56.22.png" width="400" /></a></div>
<br />
<img src="webkit-fake-url://ba75f9d4-b855-4a3e-9b30-d3015e9d0390/application.pdf" /><br />
<br />
There are a few notable points. The 2016 AGM result look a bit odd. The big drop in overall turnout and insider turnout is largely Shetty not voting his shares, and this is explained in the AGM results <a href="https://www.investegate.co.uk/nmc-health-plc--nmc-/rns/results-of-voting-at-annual-general-meeting/201606031718212347A/">notice</a>. (Shetty held 47.7m at this point according to the annual report)<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1oKvnLPGvv2H4ABOvpTik_lfTdm73Kbxy3mgQraiV8phBuxxwhXzFt_KW3juLxIO3gRYe3Ywe-C9W4uLqKtdsDtMFgy8P4A7JckZWNtu2PCTIObCnHIeLXE7roVT-izNaBFBX-KMcEY4/s1600/Screen+Shot+2020-03-07+at+21.18.50.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="75" data-original-width="706" height="65" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1oKvnLPGvv2H4ABOvpTik_lfTdm73Kbxy3mgQraiV8phBuxxwhXzFt_KW3juLxIO3gRYe3Ywe-C9W4uLqKtdsDtMFgy8P4A7JckZWNtu2PCTIObCnHIeLXE7roVT-izNaBFBX-KMcEY4/s640/Screen+Shot+2020-03-07+at+21.18.50.png" width="640" /></a></div>
<br />
The very high, and unrepeated, level of minority shareholder voting is surprising. If my numbers are right it's 58.9m out 61.4m shares being voted, so only 2.5m(ish) not voted. By comparison at the previous AGM it looks 11m shares from the same free float were not voted.<br />
<br />
Secondly, investors really don't like this company's approach remuneration. At that 2016 AGM 41.4m votes were cast against the remuneration report, so 70% of the minority shareholder vote. If we go to the 2016 EGM, 56m votes were cast against the rem policy. If we assume an 81% turnout (with more shares in issue) I reckon the vote against was around 85% of the free float. And it was over 80% against the remuneration report at the 2017 AGM too.<br />
<br />
Thirdly, the <a href="https://www.investegate.co.uk/nmc-health-plc--nmc-/rns/agm-voting-results/201306271611570582I/">2013 AGM</a> is quite interesting as it is obviously the controlling shareholders who voted the SID off the board (the vote against him 128m, shares held by controlling party disclosed in the annual report 124m) and on the same day it <a href="https://www.investegate.co.uk/nmc-health-plc--nmc-/rns/appointment-of-new-director/201306271612260587I/">appointed</a> the former EY person who became the SID.<br />
<br />
Finally, it's terminal turnout time again. Voting levels drop as the shorting builds up.Tom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.com0