Annual Report - BB

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AnnualReport2017Annual Report 20171

Summary13Business Model25Transforming Role34Corporate Governance46Risk Management61Financial Value Creation69Social Value Creation87Environmental Value Creation93GRI Appendix139Annual Report 2017GRI Content Index2

About UsAssetsR 1.37 trillioncompany to conduct a public offering of99.8% of the Brazilian municipalities, and our 4,770branches represent 21.8% of the share ofshares in the Brazilian capital market. Withthe national financial system. Our external net-We are Banco do Brasil S.A., the first bankto operate in the Country and also the firstover 200years of existence, we haveWe are present inwork is composed of 29branches locatedactively contributed to the development ofin 20Brazil. Our brand reflects attributes suchwith financial institutions abroad and, in 2017,strength, confidence, andcredibility. Private limited, public limascountries. We maintain agreementsthere were 884Shareholders’EquityR 98.7billionComman EquityTier1 Capital (Basel)10.48%Market Share inCredit19.3%Market share in agribusiness60.0%Total number of employees99,161857 Products inour portfoliobanks operating as our cor-respondent banks in 106 countries. 102-4ited, mixed-capital company and controlledThe continuous innovation of business andby the Federal Government, we are part ofrelationship models allow us to maintain com-Novo Mercado of B3, included in the Corpo-petitiveness and the preference of customers,rate Sustainability Index (ISE) and the Dowbuilding solid and long-lasting relationships. TheJones Sustainability Index (DJSI), of theexpansion of theNew York Stock Exchange, in the Dow Jonesthe main actions that promote the improvementSustainability Emerging Markets portfolio,in the customer experience, who seeks more anda result of our Management’s commitmentmore easiness in the relationship with transparency, accountability, equity andBased on the principles of sustainability,socioenvironmental responsibility, support-we will continue giving priority to profitability, rev-ed by the use of monitoring tools that alignenues from the provision of services, reductionthe executives’ behavior to the interests ofof losses, gains in efficiency and improvement inthe shareholders and the society in general.productivity from the simplification of processes102-1, 102-5and digitaldigital modelis one oftransformation.International presence since 1941Annual Report 20173

We connectpeople to theirachievementsWe are connected to theBrazilian rural production growth.Through our financings, smallrural producers may invest incrops and therefore increase theirperformance and get into newmarkets. More work in the field,more food on the table.Annual Report 20174

Key Indicators102-7Transforming Role193.0 greenR balance ofbillion businesses60%Corporate GovernanceRisk ManagementLevel 1 Seal with maximum score, inR 1.4billion resourcesthe Governance Indicator of the Departmentof Coordination and Governance of StateOwned Companies (IG-SEST).of share in funding inten dedJuvenile Insertion into the Digital Eco nomy, which will developBrazilian municipalities.children and adolescents fromAABB Comu nidadeProgram, of Banco do BrasilFoundation (Fundação Banco doBrasil – FBB), for the job market.ronmental due diligence process, whenwe joined the Carbon Disclosure Program (CDP).for agribusiness, serving1.2 million family rural producers. The busi nesses reached 97.2% oftheare allocated in fundswith socioenvironmental characteristics.We initiated the envi-230works completed and financed by us, totaling37,573 new real estate units, i.e. 114 developments in the line of Minha Casa Minha Vida2017We supported initiatives directed to mitigationof climate change, such as the Low-CarbonAgriculture Program (ABC Program),in which we identified positive financialimplications with the contracts of operationsin 2017 in the amount of R 1 billion, at acontracting cost of R 3.8 million(Real Estate Lending) Program, with the deliveryof 18,824 housing units.OurCCBB were the zoneof 230 cultural initiatives, with4.1 million visitors andR 967.8 million return inspon taneous media.Annual Report 2017R 54.5million contributed in FBB,which represents an increaseWe expanded by 160% the number of users of BB Code on the internet and exceededthe mark of 29 million customers withbiometrics registered.of 12.8% compared to 2016.5

Key Indicators102-7Creation of Social ValueCreation of Financial ValueAdjusted NetIncomeR 11.1 billion-3.8%-4 to 0% estimateAll Expenses Net ofRecovery of Write-offs-R 20.1billion-R 23.5 to -20.5 billion estimateFeeIncome9.0%6 to 9% estimateApp Cliente360 Mobile,which can be downloaded on thecell phone and is another way forR 9.5 to 12.5 billion estimateNII (Net of Recoveryof Write-offs)Creating Value for the Environmentmanagers to interact with their portfolio.thousandcustomers.OrganicDomesticLoan Portfolio-3.2%- 4 to -1% estimateIndividuals 2.7%Fale Com seuGerente, which-11 to - 8% estimateRural 6.1%6 to 9% estimateAdministrativeExpenses-3.1%water by 10.3% in the year 2017.36,417thousand34,098 thousand individualsand 2,319 thousand companies.Reconditioning ofrevolutionized the digital service.ofR 36 million.105 thousandcartridges (which corresponds to 97.58%By accessing via the Internet orof the total used in 2017) which provided savingsBB App, customers can contactoftheir Relationship Manager, from8 a.m. to 10 p.m.2 to - 5% estimateCompanies -10.6%Reduction of the total consumption ofThe reduction of electric powerconsumption avoided an expensechecking accounts:-2.5 to 0.5% estimateNew solutions formeans ofpayment that allowed greater101,247employees:99,161 employees and2,086 interns.economic dynamism in partnershipwith municipalities.1 million ofEstilo Digital, customers,More thanconsolidating our leadership in thehigh-income market in Brazil.Annual Report 201766,01773.4%of total transactions wereconducted through cellphones and the internet.R 91.8 million.1,704 branches with the SelectiveWaste Collection Program implemented.Digital transformation strategy,which contributed to reducing paperconsumption by 628 tons.In the first half of 2017,42% (2,021units) of the branches evaluated reachedthe target set for IPE. Already in the secondsemester, 51% (2,902 units) reachedthe indicator – a increase of 9% in comparedto the first half.6

2018 EstimatesThe estimates for 2018 are below. The indicators and the way they are calculatedhave not changed compared to the previous year.The results depend on market conditions, the economic performance of the countryand the foreign markets, which can impact the effective performance of those pro- aintenance of the current business model, withMout considering the sale of companies or businesses of the Conglomerate;vided for in our estimates.IndicatorsAssumptions that Are Influencedby the Manegement2018 Estimates11.5 to 14 rioritize business with better income, adjustingPprofitability to sustainable thresholds, adding value to shareholders;NII (Net of Recovery of Write-offs) (%)-5 to 0Growth of the loan portfolio in strategic macro-sectors, in compliance with the economic conditions;Organic Domestic Loan Portfolio – Expanded View (%)1 to 4Adjusted Net Income (R billion)Individuals (%)4 to 7Companies (%)-3 to 0Rural Loans (%)4 to 7ALLL Expenses net of Recovery of Write-offs(R billion)-19 to -16Fee Income (%)4 to 7Administrative Expenses (%)1 to 4Annual Report 2017Focus on the relationship, seeking to be the primary provider of solutions in order to enhance thecustomer experience and the income of the Bank;Assumptions that Are beyondthe Control of the ManagementNational and international regulatory changes inthe financial market;Consistent growth of the world economy;Preservation of the current macroeconomic policy architecture: floating exchange rate, goals forinflation and fiscal discipline;Gradual reduction of the level of unemploymentin the job market; andProspect of gradual resumptionof the economy (GDP).Intensification of the digital service model, withinvestments in the rationalization of the operational structure;Does not to consider new acquisitions and/orstrategic partnerships that can be signed for theexploitation of specific segments; andAdjustments in contracts with suppliers and thecollective bargaining agreement, aligned to themarket practice.7

AwardsIn 2017, we were recognized with awards,recognition, and certifications that attest ourcommitment to sustainable development and thequalified relationship with our stakeholders. Themain ones were:efinance Award: we were awardedin 21 categories in view of several innovations,including the possibility of purchasing with points inphysical stores through the Ourocard application,open banking solution with the launch of the Portalfor Developers, the spread of digital culture for thedevelopment of Labbs in Silicon Valley and ContaFácil, the first step to the checking account openedby using the cell phone.OmbudsmanQualityRanking: our Ombudsman’sBest Corporate UniversityInnovation – Gold AwardUniBB: our Corporate University receivedthe international award from the Global Council ofCorporate Universities for the second time. The awardis granted every two years and disseminates the bestcorporate education programs in the world.Cubic Awards CorporateUniversity Best-in-Class:awarded by International Quality & Productivity Center(IQPC), the award is the main one in corporate education inof the Brazilian GHG Protocol Program.recognized by the Central Bank as the best oneamong the five financial institutions with more than 30thousand credit card holders throughout Brazil.2017 Top EmployerCertification: we were recognizedAbrarec Gold Service Award:million customers.for the quality and reliability of our inventory ofthe main suppliers of analytical data on the effectivenessof communication of brands in these media.Brand Finance Global 5002017: Brand Finance presents the largest brandsin the world each year and assesses which are the mostCorporateInnovation: our Silicon Valley Labbswas recognized in the Fall Summit event, organizedthe planet.Medida Certa Institute, which interviewed approximately 12Annual Report 2017Greenhouse Gases (GHG), we received the Gold Sealand Twitter), based on an analysis of Social Bakers, one ofin Leadership Development” category.ninth consecutive time, we received the award from theenvironment of excellence.have the best relationships in social networks (Facebookwe occupied the first place among the Brazilian banks thatby Plug and Play, a major accelerator of startups onOffice wasTop Employer Institute for offering employees a workGold Seal of the BrazilianGHG Protocaol Program:the world. We were recognized in 2017 in the “ExcellenceCardmonitor Awardof “Preferred Cardof Brazilians”: for thebyWorldwideSocially Devoted:Anbima Ranking: we occupied thefirst place in the ranking of Anbima in the managementof Investment Funds intended for the Public Sector, interms of Government’s Asset Management.Green Latin America FinanceAward: we were recognized in the “Eco-efficiency”and “Climatically Smart Agriculture” categories in the awardwe received the award with a case of our Customer Service,sponsored by the Latin American Federation of Bankswhich conducted the differentiated service to a customer for(FELABAN), in partnership with the International Bankersthe settlement of a money order to abroad, in record time.Association (FIBA) and International Finance Corporation (IFC).powerful and valuable. In 2017, we occupied the 319thposition (440th in 2016).Top of Mind 2017:we won all the editions of the “Top Bank” category.Best Banks Award 2017in Latin America – Brazil:the publishers of Global Finance magazine recognizedour activities in fully meeting the needs of customers,even in a challenging year.Most ValuableCompanies in Brazil:we are in the fifth position in the annual ranking of themost valuable brands in Brazil, according to a surveyof the Interbrand consulting firm.8

IntroductionRelevant TopicsThe 2017 Annual Report discloses to employees, shareholders,This report presents a summary of the main events of the year 2017, as well as our perfor-investors, customers and Government representatives the waymance in this scenario. In order to reinforce our commitment to transparency, we disclosedwe operate and manage our businesses and their resulting im-the main facts associated with our brand.pact on economic, environmental and social spheres.We will discuss in depth the relevant topics, expressed in our materiality, revised in 2016ReadingGuidePublished in electronic media since 2010, this report has been(see GRI Appendix, page 95 for more information). They are worked on challenges andprepared in accordance with the GRI Standards, Essential option,identified in boxes, according to the icon. In short, the challenges are:and audited by KPMG Auditores Independentes. The purpose isto demonstrate our value creation, in alignment to the principlesof Integrated Reporting and through the results achieved duringthe period in response to our challenges in sustainability – Agenda 30 BB (see chapter “Business Model” for more information).The economic and financial data is in compliance with ActNo. 6,404/1976 (Business Corporation Act) and with the stan-Our report was developed to pro-dards issued by the Brazilian Securities and Exchange Com-vide a simple and enjoyable read-figures stated are related to our performance and that of our sub-ing, especially the topics of greatestian practices applicable to financial institutions, according to therelevance to our businessesmission (CVM) and by the Central Bank of Brazil (Bacen). Thesidiaries, in compliance with the standards in force and the Brazilfinancial statements available on the Investor Relations website( The information related to social and envi-Advances in governance; Non-financial and/or emerging risk management; Search for innovation; Customer satisfaction; Social affairs; Productive development and financial inclusion; Ensuring the promotion of diversity; Development of our human capital; Ethics and anti-corruption; Development of financial solutions focused on the inclusive green economy; Evaluation process and environmental criteria for lending and financing; Development of process of due diligence; and Strategic management in the private social investment.ronmental indicators comprises Banco Múltiplo, which, in 2017,contributed with 75.8% of our operating income.Annual Report 20179

Alignment with TrendsAgenda 30 BB ChallengesWe continue the journey towards integrated management and thought.This is expressed in the update of our Sustainability Plan – AgendaPARTNERSHIPPROSPERITY30 BB, in alignment with the Sustainable Development Goals (SDG).We demonstrate the importance of our transforming role through ourproducts and services, which promote the transition to an inclusivegreen economy.PLANETPEOPLEIn the GRI Content Summary and throughout this report, there areicons identifying the correlation of our performance with the SDGs.Where appropriate, there is also an icon, linking our activities to thePEACEcapitals proposed by the framework of the Integrated Reporting.Keeping the history of accountability, the GRI Content Index alsoshows a correlation with the 10 Global Compact principles.CapitalsAlso focused on improvement and production of Integrated Reporting, we reviewed our business model and disclosed the results thatassess our value creation.Identification of:Challenge;FinancialIntellectualSocial andRelationshipHumanNaturalManufacturedCapital of Integrated Reporting; andSDG.For any questions or suggestions regarding this publication,please send us an email to the following addresses: a good reading!Annual Report 201710

Message from the ManagementGDP (variation %in 12 months)102-14Even in a challenging year, we operated with full confidence of deliveringCustomers; Processes; People; and Sustainability – formally assumingresults compatible with the estimates disclosed and commitments taken,the purpose of “taking care of what is valuable to people”. That meansbecause we know the capacity and the commitment of our employees.assisting in the achievement and preservation of which is important20151.0Special System for Settlement andCustody – Selic (% p.y. – end of period)14.2513.7520167.002017for our customers, shareholders, employees and society in general.We ended 2017 with an adjusted net income of R 11.1 billion and adjusted return (ROE) of 10.7%, compared to 7.5% in 2016. Part of thisThat is also why the sustainability is an aspect that crosses the man-result was achieved with the efficient control of administrative expenses,agement of our businesses, which enables us to match the service towhich fell 3.1% in a year, even with an inflation (National Extendedthe shareholders’ interests with the responsible extension of credit. WithConsumer Price Index – IPCA) of 2.95% and substantial reduction ofthis commitment and inspired by the Sustainable Development Goals,the allowance for doubtful accounts (AFDA) by R 6.3 billion (19.9%launched by the United Nations (UN), we have a Sustainability Plan,compared to 2016).called Agenda 30 BB.Our revenues from service provision and bank charges grew 9.0%In all our activities, we make use of guidelines for an increasingly efficientcompared to 2016, which demonstrates the success of the evolutionconsumption of natural resources and so that our products and servicesof our customer relationship strategy, especially with the use of newhave environmental attributes, in order to help with the transition to antechnologies. The materialization of this result is in our adjusted effi-inclusive green economy. In these terms, we entered into agreementsciency ratio, which reached 38.1%, compared to 39.7%, in 2016 andwith sectoral entities and agencies that promote socioenvironmentalthe improvement of our Basel and common equity tier 1 capital indexes,responsibility activities, nationally and internationally. We participate,which increased to 19.6% and 10.5%, respectively, in 2017.for example, in the Brazilian Global Compact Committee and keep our2015(3.5)20172016(3.5)Adjusted Net Income(R billion)11.6Adjusted ROE (%) to the 10 Global Compact principles.7.5The review process of the Corporate Strategy included the involvementof several stakeholders. After extensive reflection, we agreed to workSupported by the achievements of 2017, we believe that, in 2018, thein the 2018-2022 period on five performance perspectives – Financial;transformation and complexity of the business environment will intensify.2015Annual Report 20172016201720152016201711

102-14Therefore, improving the customer experience and investment in innovation will continue to be assumptions of our performance. More efficiencyin operations and in the processes, the growth of the use of artificialAdministrative Expenses(R billion)(31.6)(32.8)(31.8)National Extended Consumer Price Index– IPCA (% accumulated in 12 months)AFDA Expenses (R billion)(31.5)10.67(25.2)(23.7)intelligence in data analysis, plus specialization of the employees and6.29the constant search for the convenience of customers when using ourservice channels will be crucial pillars in the evolution of profitability.2.95We also believe that the acceleration of the economic recovery will drivethe growth of our loan portfolio, especially to individuals, small and medium-sized enterprises and agribusiness. The effects of the strengtheningof the economic activity are also reflected in the increase of insurancebusiness, means of payment, capital market and asset management.201520162017201520162017201520162017We appreciate the dedication and effort of our employees and the trustof the customers and society, that guide us toward the vision of “Beingthe company that provides the best experience for people’s lives andpromotes the development of society in an innovative, efficient andFee Income (R billion)Efficiency Index (%)Common Equity Tier 1Capital – Basel (%)sustainable manner.”22.023.825.941.639.738.18.29.610.5Paulo Rogério CaffarelliBanco do Brasil’s CEOFabrício da SollerChairman of the Board of Directors2015Annual Report 20172016201720152016201720152016201712

Business Model2018-2022 BB Corporate StrategyOur Stakeholders102-16102-40 102-42In order to improve our perception with regard to diverse stakeholderswith which we interact, we promoted in 2014, with an update in 2016, anIn 2017, in an evolutionary and participatory process, we redesignedevaluation of the relevance of the main categories of stakeholders.our strategic guidelines:This mapping, in the scope of the process of updating our sustainabilityplan, allowed us to broaden the focus of our activities in search of valuePurposecreation, as follows:To take care of what matters to people.VisionTo be the company that provides the bestexperience for people and promote society’s development in an innovative, efficientand sustainable way.ValuesCustomer Focus, Innovation, Ethics,Efficiency, Protagonism, Reliability andPublic Spirit.BusinessModelAnnual Report 2017Civil ustomersGovernmentinnovativebrazilian company, which connects people totheir torsSuppliersThis conception reinforces the central role of people in ourstrategic decisions with the intention in being “aPartnersPriorityRegulatory bodiesImportant13

Our Conception of Integrated Reporting CapitalsFinancial Capital:funds available or invested in own or third-partybusinesses obtained through borrowings, provision ofservices and the supply of products to our customers.Intellectual capital:consists of intangible assets such as the value ofour brand, the accumulated technical knowledgeand our ability to innovate in the development ofnew products, services, and technologies, aimedat the perpetuity of the business.Social and Relationship Capital:the ethical relationship we maintain with ourstakeholders – customers, shareholders/investors,suppliers, regulatory bodies, society and Government– and shows our ability to share values and improvethe individual and collective well-being.Human Capital:composed of our employees, their expertise,experience and capacity for innovation. It includestheir alignment with our good governance practicesand ethical values; ability to execute our strategy;the motivation to improve processes, goods, andservices; and ability to direct, manage and collaborate.Annual Report 2017Manufactured Capital:consists of our facilities and equipment, includingbuildings, a network of branches, ATMs, systems,and applications.Natural Capital:consists of all environmental, renewable andnon-renewable resources, used or impacted byour business, and that support our prosperity.It includes mostly water, air, land, forests,biodiversity, and ecosystem health.14

Our Relevant TopicsMaterial Challenge102- 44In 2016, we reviewed our materiality, whichresulted in the definition of 13 priority sustain-Challenge 11ability challenges, that guided the update of ourTo ensure greater proportionality ofTo strengthen the roleSustainability Plan, referred to as Agenda 30representation of gender and race in allof BB with regard toBB, in alignment to 2030 Global Agenda andthe hierarchical levels of BB.human capital, consid-to the Sustainable Development Goals (SDG).We associate our priority challenges with thecapitals proposed by the framework of the Integrated Reporting and identify indicators forering the managementChallenge 15To strengthen the role of BB withregard to the ethics and anticorruption topics.Challenge 19Challenge 2Challenge 14of health, safety andwellness, the development and the retentionof talents.To identify andTo improve the management of socioenvironmental risk basedmanage mediumon socioenvironmental criteria in the granting of financing,and long-termconsidering also the controversial issues.interactivitypagenon-financial and/Challenge 21or emerging risksthat may significantlyimpact BB’sbusinesses.To develop a social (includes human rights and labor practices) and environmental due diligence process to assess theimpacts of operations and commercial relations of BB.quantifying our value creation.HumanCapitalSocial andRelationship CapitalChallenge 1Challenge 4Challenge 7FinancialCapitalChallenge 24IntellectualCapitalChallenge 3To align the gover-To enhance customer relationship management andTo enhance BB’s initiatives towards the effectiveTo improve the integrationTo identify innovations in thenance of Banco doincrease the satisfaction and retention indices.development, entrepreneurship and the promotionof the Private Socialfinancial sector (businessof social and financial inclusion.Investment (PSI) and theand technology models) andbusiness strategy.anticipate the trends in orderBrasil (BB) to the bestinternational practicesand strengthen the roleof the Senior Management in the sustainability strategy.Annual Report 2017Challenge 6To strengthen the engagement of BB in the pursuitChallenge 16of social affairs through comprehensive, efficient andTo develop financial solutions and business models that pro-innovative solutions aligned to public policies.mote the transition to an inclusive green ensure the perpetuity andlongevity of BB.15

Our Value CreationChallengesStatement of Value AddedCapitalsCapitalsFinancialFinancialR 1.4 in trillion in financial assetsR 864.5 billion of third-party asset managementSocial and RelationshipMore than 300 thousand shareholders65.8 million clients36.4 million account holdersR 45.8 billionR 10.8 billion – Other JCP Retained Earnings Non-controlling interest in retained earningsOur Management ModelSocial and RelationshipR 13.9 billion – JCP of the Union, Intereston instrument eligible for capital of the UnionHumanHumanR 19.5 billion in wages101,247 employeesIntellectual1IntellectualTraining – R 64.3 millionData processing – R 851.2 millionAdvertising and publicity – R 394.6 millionCorporate Education – R 70.9 millionR 3.1 billion – investment in technologyManufactured4.770 agencies73.4% transactions by mobile/internetManufacturedR 1.6 billion – rentalsNaturalElectricity: 609 GWhNatural1Material, water, energy and gas – R 604.4 millionWater: 1,405 thousand m3Paper: 5,454 t(1) Values complementary to the Distribution of Added Value.Creation of BB valueAnnual Report 201716

Convergence of industries: innovation is destroying the boundaries amongStrategyindustries, which are being redrawn bydisruptive technology companies, withthe revolution of traditional business andIn 2017, we reviewed our Corporate Strate-their production chains. In this scenario,gy for the period of 2018-2022 (ECBB 2018-organizations must analyze the threats2022) through a more complete and comprehensive process that the one promotedin previous years, with the active participationof shareholders, employees, leaders, andand seek opportunities beyond the limitsof their industry, always considering, inthat convergence, the service demandsFuture of work: the working modelis changing, moving first to a more independent economy to then achievean economy driven by artificial intelligence and robotics. This processshould affect occupation and employment concepts, with impacts on businesses, Governments, and society.Intelligent technologies: intelligenttechnologies raise the level of insightand decision-making beyond the simpleinteraction between connected items. Ina network, assets, infrastructure or evena transaction become autonomous, sothat information systems can detect andautomatically solve operating problemsand/or detect suspicious patterns.and needs of customers.representatives of entities linked to Bancodo Brasil (ELBB). We also discussed studieson the financial industry, considering eightmegatrends, involving the following emergingmore relevant with the current demographic, social and urban changes. The possi-tor (see more information in Chapter 4, Riskbility of occurrence of extreme weatherManagement): 102-43 102-15events and other situations that put theto the scenarios assessed, we promotedSWOT (strengths, weaknesses, opportunities,environments: the number of residents incussions about the sustainability becometopics, opportunities, and risks for the sec-Based on these megatrends and in responseConcentration of population in urbanResources and sustainability: the dis-societies at risk raises the pressure forcities, including those of small and mediumECBB2018-2022smart cities, for models of guarantee ofsizes, increases each year. This concentration brings challenges related to the organization and to the infrastructure in thosemunicipalities; causes behavioral changesin society; leads to the need for a review ofthe physical presence of the service provid-reliability of the social system and for theers; and influence the emergence of mediamaintenance of ethical behavior.interaction with customers.and threats) analysis to support the formulationof our 2018-2022 Corporate Strategy.Annual Report 2017Global connectivity: the great flow of infor-Empowerment of customers: the cus-Demographic changes: behavior-mation causes behavioral changes in societytomer profile is changing and evolving intoal patterns have been undergoingin many ways – at the same time it providesa niche and custom culture, leveragedchanges arising from new demo-greater freedom of choice, reduces privacythrough data analysis. This transformationgraphic dynamic. Changes in life ex-and brings doubts as to the security in dataoccurs mainly in the business-to-consumerpectancy and fertility rate, changesmanagement. The agents are constantly(B2C) but has a ripple-down effect also inin the structure of homes and digitalexposed, which raises the reputational risk.the business-to-business (B2B) and con

efinance Award: we were awarded in 21 categories in view of several innovations, including the possibility of purchasing with points in physical stores through the Ourocard application, open banking solution with the launch of the Portal for Developers, the spread of digital culture for the development of Labbs in Silicon Valley and Conta

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