new college of corparate sec ate rio ship
TRANSCRIPT
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 1/58
NEW COLLEGE OF CORPARATE SECATERIOSHIP
CHAPTER-1:INTRODUCTIONThe last two decade of the 20
thcentury witnessed a dramatic
world-wide increas e in foreign direct investm ent (FDI),acc om panied by a mark ed change in the attitude of most
developing countries towards inward FDI. As against a highly
suspicious attitude of these countries towards inward FDI in the past,
most countries now regard FDI as beneficial for their development
efforts and compete with each other to attract it. Such shift in attitude
lies in the changes in political and economic systems that have occurredduring the closing years of the last century.
The wave of liberalisation and globalization sweeping across the world
has opened many national markets for international business.
Global private in ves tm ent , i n mos t pa r t , i s n ow ma de b ymu lt in at io na l c or po ra t i on s(MNCs). Clearly these
corporations play a major role in world trade and investments
because of their demonstrated management skills, technology, financialresources and related advantages. Recent developments in global
markets are indicative of the rapidly growing international business. The
end of the 20th
century has already marked a tremendous growth in
international investments, trade and financial transactions along with
the integration and openness of international markets.
FDI is a subject of topical interest . Countries of th e world, part icularly developing economies, are vying with each other to
attract foreign capital
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 2/58
boost their domestic rates of investment and also to acquire new
technology and managerial skills. Intense competition is
taking place among the fund
s t a r ve d l e s s de ve l ope d c oun t r i e s t o l u r e f o r e i gn
inve to r s b y o f f e r in g repatriation facilities, tax concessions
and other incentives. However, FDI is not an unmixed
blessing. Governments in developing countries have to be
very careful while deciding the magnitude, pattern and
conditions of private foreign investment. In the 1980s, FDI
was concentrated within the Triad(EU, Japan and
US).However, in the 1990s, the FDI flows to developedcountries declined, while those to developing countr ie s
increas ed in response to rapid growth and fewer
restrictions. Most FDI flows continue still to be concentrated in
10 to15 host countries overwhelmingly in Asia and Latin
America. South, East and Southeas t Asi a has
experi enced the fastest economic gro wth in the world,
and emerged as the largest host region. China is now the largesthost country in the developing world. However, small markets
with low growth rates, poor infrastructure, and high
i nde b t e dne s s, s l ow p r og r e s s i n i n t r oduc i ng m a r ke
t an d p r i vat e- se ct o r oriented economic reforms and
low levels of technological capabilities are not attractive to
foreign investors. The remarkable expansion of FDI flows to
developing countries had belied the fear that the opening of
central and Eastern Europe and the efforts of the countries of that region to attract such investment would divert
investment
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 3/58
f l o w s f r o m d e v e l o p i n g c o u n t r i e s . T h e m o s t i m p o r t a n t
f a c t o r s m a k i n g
developing countries at tract ive to foreign investors are rapid economic gro wt h ,
p r i v a t i z a t i o n p r o g r a m m e s o p e n t o f o r e i g n i n v e s t o r s a nd t h e liberalisation of the FDI regulatory frame work. In India, prior
to economic reforms initiated in1991, FDI was discouraged by
Imposing severe limits on equity holdings by foreigners and
Restricting FDI to the production of only a few reserved items.
The Foreign Exchange Regulation Act (FERA), 1973 (nowrep laced by Foreign Exchange Management Act [FEMA]), prescribed
the detailed rules in this regard and the firms belonging to thisgroup were known as FERA firms. All foreign investors were
virtually driven out from Indian industries by FERA. Technology
transfer was possible only through the purchase of foreign
technology. However, due to severe limits on royalty payments
to
foreigners to reduce foreign exchange use, this option was
ineffec t ive . Ho wev er ,t h e g o v e r n m e n t g r a n t e d l i b e r a l t a x i n c e n t i v e s t o e n c o
urage indigenous generation of technology by domestic firms.In the absence
of f o r e i g n t e c h n o l o g y , I n d i a n i n d u s t r y s u f f e r e d b o t h i
n t e rm s o f c os t o f production and quality. The initial policy stimulus to foreign direct investment in India in came
July1991 when the new industrial policy provided, inter alia, automatic
approval for project with foreign equity participation up to 51 percent inhigh priority
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 4/58
Eareas. In recent years, the government has initiated the
second generationre forms under which measures ha ve
been taken to further faci lit ate and broaden the base of
foreign direct investment in India. The policy for FDIallows freedom of location, choice of technology,
repatriation of capital anddividends. As a result of these
measures, there has been a strong surge of international
interest in the Indian economy. The rate at which FDI
inflowhas grown during the post-liberalisation period is a clear
indication that
I n d i a i s f a s t e m e r g i n g a s a n a t t r a c t i v e d e s t i n a t io n fo r o v e r s e a s i n v e s t o r s . Encouragement of
foreign investment, particularly for FDI, is an integral part
of ongoing economic reforms in India.Though India has one
of the most tr ansparent and liberal FDI r egimesamong
the developing countries with strong macro-economic
fundamentals,its share in FDI inflows i s d ismally lo w.
The country still suffers fromweaknesses and
constraints, in terms of policy and regulatory
framework,which restricts the inflow of FDI.Foreign
investment policies in the post-reforms period have
emphasizedgreater encouragement and mobali sation of
non-debt creating privateinflows for reducing reliance
on debt flows. Progressively liberal policieshave led
to increasing inflows of foreign investment in the country.
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 5/58
VIVEK COLLEGE OF COMMERCE
CHAPTER-2:WHAT IS FOREIGN DIRECT
INVESTMENT?
FDI is the process whereby residents of one country (the
home country)acquire ownership of assets for the purpose
of controlling the
production,dis t r i bu t io n and oth er ac t iv i t i es of a f i r
m i n an ot he r c ou nt ry ( t he ho stcountry)
.IMF Definition
According to the BPM5, FDI is the category of internationalinvestment thatreflects the objective of obtaining a lasting
interest by a resident entity inone economy in an
enterprise resident in another economy. The
lastinginterest implies the existence of a long-term relationship
between the directinvestor and the en terprise and a
signi ficant d egree o f influence by th einvestor on the
management of the enterprise
.UNCTAD Definition
T h e W I R 0 2 d e f i n e s F D I a s µ a n i n v e s t m e n t
i n v o l v i n g a l o n g - t e r m relationship and reflecting a
lasting interest and control by a resident entityin one economy
(foreign direct investor or parent enterprise) in an
enterpriseres id en t i n an eco no my ot he r th an th at o f
t he F D I e n t e r p r i s e, a f f i l i a t e e n te r p r i s e o r f o r e i gn
a f f i l i a t e . FDI impl i e s t ha t t he i nv es to r exe r t s a significant degree of influence on the management of the enterprise
residentin the other economy. Such investment involves both the
initial transaction between the two entities and all subsequent
transaction between them among
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 6/58
foreign affiliates, both incorporated and unincorporated. Individuals as
wellas business entities may undertake FDI.Flows of FDI comprise
capital provided (either directly or through other re la tedenterprises) by a foreign direct in vestor to an FDI
enterprise, or capital received from an FDI enterprise by a foreigndirect investor. FDI
hast h re e c omp one n t s , v i z . , e qu i t y c a p i t a l , r e i n ve s t e d e
arnings and intra-company loans.
Equity capital is the foreign direct investor¶s purchase of share of
anenterprise in a country other than its own.
Reinvested earnings comprise the direct investors share (in proportionto
direct equity participation) of earnings not distributed as dividends byaffi l iates, or earnings not remitted to the direct investor.
Suchretained profits by affiliates are reinvested.
Intra-company loans or intra-company debt transactions refer to shortor
long term borrowing and lending of funds between direct
investors(parent enterprises) and affiliate enterprises.OECD Benchmark Definition of Foreign Direct Investm
ent (ThirdEdition)
FDI reflects the objective of obtaining a lasting interest by a resident
entityin one economy (direct investor) in an entity resident in an
economy other than that of the investor (direct investment
enterprise). The lasting interestimplies the existence of a long
term relationship between the direct investor
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 7/58
And the enterprise and a significant degree of influence on the
managementof the ent erpr ise. Dir ect inv estmen t involve s b ot
h the in iti al tr an sac tion between the two entities and allsubsequent capital transactions
betweent h e m a n d a m o n g a f f i l i a t e d e n t e r p r i s e s, b o t h i n c o r p o r a t e d a n d unincorporated.A s i s e v i d e n
t f r o m t h e a b o v e d e f i n i t i o n s , t h e r e i s a l a r g e d e g r
e e o f commonality between the IMF, UNCTAD and OECD
definitions of FDI.The IMF definition is followed internationally
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 8/58
CHAPTER-3:FOREIGN DIRECT INVESTMENT
(FDI): THEORITICALSETTINGS
Most of the present day underdeveloped countries of the world have setout
a p l a n n e d p r o g r a m m e f o r a c c e l e r a t i n g t h e p a c e
o f t h e i r e c o n o m i c d evelop men t. In a cou nt ry p la nn in g
for in du st ri al izat ion an d ai ming toachieve a target rate of
growth, there is a need for resources. The resourcescan be mobilized
through domestic as well as foreign sources. So far as, thedomestic
sources are concerned, they may not be sufficient to acquire
thefixed rate of growth. Generally domestic savings are less thanthe requiredamount of investment. Also the very process of
industrializat ion calls for import of capital goods which can not be
locally produced. Hence comes theneed for foreign sources. They
not only supplement the domestic savings buta l so p r ov i d e t h e r e c i p i e n t c oun t ry w i t h e x t r a f o r e i g
n exc h a n g e t o b u yimports essential for filling the saving
investment gap and foreign exchangegap.The means of getting foreignresources available to a developing country aremainly
three:1.Through export of
goods and services2 . E x t e r n a l a i d 3 . Fore i gn inv es tm ent
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 9/58
Export of goods and services do contribute to foreign resources but they
canmeet only a small part of the total demand for foreignresources.External Aid from foreign governments and
international institutions, byincreasing the rate of home savings andremoving the foreign gap allows theutilization of previously under
utilized resources and capacity. But generallythe aid is tied and distorts
the allocation of resources. So its use has been onthe decline.Foreign
investment is of following two types.1.Foreign Direct Investment
(FDI) and2.Portfolio Investment.
Foreign Direct versus Portfolio InvestmentBy Foreign Direct Investment (FDI) we mean any investment in
a foreigncountry where the investing party (corporation, firm)
retains control over investment. A direct investment typicallytakes the form of a foreign firmstarting a subsidiary or taking over
control of an existing firm in the countryi n q u es t i o n . F D I
c o n s i s t s o f e q u i t y c a p i t a l , t e c h n i c a l a n dma na ge ri a l services , capi ta l equipment and intermedia te
inputs and legal rights to patented or secret products, processes or
trade marks. It is the direct type of forei gn invest men t wh ich isassocia ted with m ult ina tional cor por ati ons because most of
FDI is transferred through firms and remains outside of ordinary,
functioning markets.
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 10/58
FDI can be done in the following ways1.In order to participate in the
management of the concerned enterprise, thestocks of the existing
foreign enterprise can be acquired.2.The existing enterprise and
factories can be taken over.3.A new subsidiary with 100%ownership can be established abroad.4.It is possible to
participate in a joint venture through stock holdings.5.Newforeign branches, offices and factories can be
established.6.Existing foreign branches and factories can be
e x p a n d e d . 7 . M i n o r i t y s t o c k a c q u i s i t i o n , i f t h e
o b j e c t i v e i s t o p a r t i c i p a t e i n t h e management of the
enterprise.8.Long term lending, particularly by a parent
company to i ts subsidiary, when the objective is to participate inthe management of the enterprise.Portfolio investment, on the other
hand, does not seek management control, but is motivated by
profi t . Portfolio investment occurs whenindividuali n v e s t o r s i n v e s t , m o s t l y t h r o u g h
s t o c k b r o k e r s , i n s t o c k s o f f o r e i g n companies in foreign
land in search of profit opportunities.FDI flows are usually preferredover other forms of external finance becausethey a re non-debt
creating, non-volat i le and their returns depend on
th e performance of the projects financed by the investors. FDIalso facilitatesinternational trade and transfer of knowledge,
skills and technology. In awo r ld of in cr ea s ed co mp et i t i on
an d ra p i d te ch n ol og ic a l ch a n ge , t h ei r complimentary and
catalytic role can be very valuable.
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 11/58
Superiority of FDI over Other Forms of Capital Inflows
F D I i s p e r c e i v e d s u p e r i o r t o o t h e r t y p e s o f c a p i t a l
in f l ow s fo r s ev er a l reasons:1.
In contrast to foreign lenders and portfolio investors,fo re ign di rect investors typically have a longer-term perspective
when engaging in ahost country. Hence, FDI inflows are less volatile
and easier to sustain attimes of crisis.2 .Wh ile deb t inflows may
finance consumption rather than investment inthe host
country, FDI is more likely to be used productively.3.FDI is expected
to have relatively strong effects on economic growth, asF D I p r o v i d e s f o r m o r e t h a n j u s t c a p i t a l . F D I
o f f e r s a c c e s s t o internationally available technologies and
management know-how, andmay render it easier to penetrate wordmarkets.A recent United Nations report has revealed that FDI flows are
less volatilethan port fol io flows . To quote , ³ FD I f low s t o
dev elopi ng and transi tioneconomies in 1998 declined by about5 percent from the peak in 1997, amodest reduction in relation to
the effects on the other capital flows of thesp read of th e Asi an
fin anc ial cr isi s to gl oba l prop ort ions. FD I flo ws ar egenerallymuch less volatile than portfolio flows. The decline was modest inall
regions, even in the Asian economies most affected by the
financialcrisis.´FDI is the appropriate form of external financing for
developing countries,wh i c h h a ve l es s c a p a c i t y t h a n h i gh l y
d ev e l op ed e c o n o m i e s t o a b s o r b external shocks. Likewise, the
evidence supports the predominant view that
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 12/58
F D I i s m o r e s t a b l e t h a n o t h e r t y p e s o f c a p i t a l
i n fl o ws . M o r eo v er , th evolati li ty of FDI remained
exceptionally low in the 1990s, when severalemerging economieswere hit by financial crisis.FDI is wi del y con sider ed an
ess ent ia l elem ent fo r achi eving sust ainab ledevelopment. Evenformer critics of MNCs expect FDI to provide a stronger st imulus to
income growth in host countries than other types of
c a p i t a l i n f l ow s . Espe c i a l l y a f t e r t he r e c e n t f i na nc i a l
crisis in Asia and LatinAmerica, developing countries are
strongly advised to rely primarily on FDI,in order to supplement
national savings by capital inflows and promoteeconomicdevelopment.
Macro-economic and Micro-economic Aspects of FDI
I n j u d g i n g t h e s i g n i f i c a n c e o f F D I , e s p e c i a l l y f r o mthe view point of developing countr ies , i t i s useful to
make a di st inct ion be twe en ma cro-economic and micro-
economic effects. The former is connected with issuesof domesticcapital formation, balance of payments, and taking advantage
of external markets for achieving faster growth, while the latter
is connectedwith the issues of c ost reduc tion, produ ctqual i ty impro vem en t, makingchanges in industrial structure and
developing global inter-firm linkages.In this context, it needs to be
recognized that FDI is an aggregate entity, thesum total of the
investments made by many diverse multinationals, eachwith its
o w n c o r p o r a t e s t r a t e g y . T h e m i c r o - e c o n o m i c e f f e c t s
o f t h e
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 13/58
investment made by one multinational may be quite different
from that of another multinational even if the investments are made in
the same industry.Also, what benefits the local economy will depend onthe capabilities of thehost country in regard to technology transfer and
industrial restructuring.Resource-seeking and Market-seeking FDI
Two major types of FDI are typically differentiated: resource-
seeking FDIand market-seeking FDI.Resource-seeking FDI is
motivated by the availability of natural resources inthe host countries.
This type of FDI was historically important and remains arelevant
source of FDI for various d eveloping countries. However,on aworld-wide scale, the relat ive importance of resource-
seeking FDI hasdecreased significantly.The relative importance of
market-seeking FDI is rather difficult to assess. Itis almost impossible totell whether this type of FDI has already become lessimportant due to
economic globalization. Regarding the history of FDI
indeveloping countries, various empirical studies have shown that thesize andgro wth o f ho s t cou n t ry mark e t s wer e a mon g t he
m os t i m p or t a n t F D Ideterminants. It is debatable, however,
whether this is still true with ongoingglobalization.
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 14/58
G l o b a l i s a t i o n e s s e n t i a l l y m e a n s t h a t
g e o g r a p h i c a l l y d i s p e r s e d manufacturing, slicing upthe value chain and the combination of marketsand resources
through FDI and trade are becoming major characteristics of the world
economy. Efficiency-seeking FDI, i.e. FDI motivated by creatingnewsources of competitiveness for firms and strengthening existing
ones,may then em erge as the m ost imp ortant t ype of FDI.
Accordingly, t hecom pe t i t i on fo r FD I wou ld b e bas ed
i n c r ea s i n g l y on c o s t d i f f e r e n c es between locations, thequality of infrastructure and business-related services,the ease of
doing business and the availabil i ty of skil ls . Obviously,
th is scenario involves major challenges for developing countries,
ranging fromhuman capital formation to the provision of business-
related services such asefficient communication and distribution
systems.
Nature of FDI
A l m o s t a l l m o d e r n ( F D I ) i s c a r r i e d o u t b yc o r p o r a t i o n s r a t h e r t h a n i nd ivi du als . Som ewh at li ke
port foli o in vestm ent, the flows o f FD I hav ehistorically been
highly concentrated, both in terms of geography and byindustryand at both the investor and receptor poles. Geographically,
theownership of global stocks of FDI is highly skewed
towards on ly a fewla r ge , h igh in come cou n t r i e s . Ea ch
i n ve s t i n g c o u n t r y h a s , wh et h er b yaccident or design , tended
to direct the major part of its FDI to only a veryfew receiving countries;in fact the pattern of global distribution of FDI have been highly similar
to historical relationships based on colonial ties or other forms of
political hegemony.
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 15/58
Viewed industrially, for any given country, FDI generally comes from
lessthan four or five out of twenty or so major industry groups and
inflows intothose same industries in the receptor country.Generalattribute of FDI is that it has evoked by type over time. Prior to
FirstWorld War, a crude but valid generalization would that a large part
of FDIwas i n se rvic e sec tor of t he host econ omy(par t icu la r ly t ranspor ta t ion , power , communica t ion and
t ra d i ng) whi l e m os t o f th e re s t wa s o f t he ³backward
vertical integration´ type. During the inter-war period, most
of the currently largest manufacturing mult inationalcorpora tions (MNCs)made th e i r i n i t i a l f o re i gn
inves tments , but these hor izonta l or marke textens ion
types of investments have now become major category.Th e f ou r t h
r e c o g n i z e d c h a r a c t e r i s t i c o f m a n u f a c t u r i n g F D I i s
t h a t i t originates in industries that are technologically intensive, ³skill
oriented´ or pr og r es si ve . I n a dd i t io n, th e FD I pr on e
industries are typically moreconcentrated, have higher
advertising outlays per unit of sales and exhibitabove averageexport propensit ies. Industries from which FDI tends
tooriginate display many characteristics associated with
oligopoly.A n o t h e r u n i v e r s a l p r o p e r t y o f F D I i s t h a ti t i s r e a l l y a p a c k a g e o f comp lem en ta ry i np ut s, a
collective flow of both tangible and intangibleassets &
services
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 16/58
FDI in Developing Countries
F D I i s n o w i n c r e a s i n g l y r e c o g n i z e d a s a n i m p o r t a n tc on t r i b u t o r t o a d e v e l o p i n g c o u n t r y ¶ s e c o n o m i c
p e r f o r m a n c e a n d i n t e r n a t i o n a l competitiveness.A f t e r
t h e d e b t - c r i s i s t h a t h i t t h e d e v e l o p i n g w o r l d i n e a r l y1 9 8 0 s , t h econventional wisdom quickly became that it had been
unwise for countriesto borrow so heavily from international banks or
international bond markets.Ra th er count ri es sh ou ld tr y to at tr ac t
non-debt-creating private inflows(DFI). The financialadva nta ge is tha t su ch c apit al in flows need not berepaid and
that outflow of funds (remittance of profits) would fluctuate withthe
cycle of the economy. It has also been widely observed that the
structuraladjustment efforts of the 1980s failed to lead to new
patterns of sustainedgrowth in developing countries. In particular,
structural adjustment programsfailed to restore private investment to
desirable levels. Again it is hoped thatFDI could play an important role;
the World Bank observes that FDI can bean important complement tothe adjustment effort, especially in countrieshaving difficulty in
increasing domestic savings.Against this background of balance of
payments problems and low level of private investment, it is probablynot surprising that attitudes in developingcountries towards FDI have
shifted. In the 1960s and 1970s many countriesmaintained a rather
cautious, and sometimes an outright negative positionwith
respect to FDI. In the 1980s, however the attitudes shifted
radically
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 17/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 18/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 19/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 20/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 21/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 22/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 23/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 24/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 25/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 26/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 27/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 28/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 29/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 30/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 31/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 32/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 33/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 34/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 35/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 36/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 37/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 38/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 39/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 40/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 41/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 42/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 43/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 44/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 45/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 46/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 47/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 48/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 49/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 50/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 51/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 52/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 53/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 54/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 55/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 56/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 57/58
8/3/2019 New College of Corparate Sec Ate Rio Ship
http://slidepdf.com/reader/full/new-college-of-corparate-sec-ate-rio-ship 58/58