2015 2016 annual report - cfa institute · annual report 2015 - 2016 6 outreach & awareness...

ANNUAL REPORT 2015 - 2016

and Materials for the Annual General Mee ng (AGM) General Assembly of Members of the CFA Society Liechtenstein

Tuesday, 25 August 2016

2015 ‐ 2016 ANNUAL REPORT

ANNUAL REPORT 2015 - 2016 2

TABLE OF CONTENTS

TABLE OF CONTENTS 2 ABOUT US 3 PRESIDENT‘S REPORT 4‐5 OUTREACH & AWARENESS COMMITTEE 6‐9 MEMBER VALUE COMMITTEE 10‐12 STANDARDS & ADVOCACY COMMITTEE 13 GOVERNANCE COMMITTEE 14‐15 TREASURY & OPERATIONS COMMITTEE 16 FINANCIAL STATEMENT 17 AUDITOR‘S REPORT 18 SPONSORS 19 AGM AGENDA 20‐21 PROXY STATEMENT 22‐23

Pictures front side: Top le : Society Leadership Conference in Hongkong in October 2015. From le to right: Dr. Andreas Hueber, CFA (Vice President) and Michael K. Frommelt, CFA (President), © CFA Society Hongkong. Top right: Banking Award 2015 at University Liechtenstein in December 2015, Chris na Rulfs, CFA (CFA Ins tute EMEA, London), © Uni‐versity LIechtenstein Bo om Le : EMEA Regional Conference in Lisbon in March 2016, A endees, © CFA Ins tute Bo om Right: 33rd A er Work Lecture at University Liechtenstein im May 2016, A endees, © UniversityLIechtenstein

Please make sure to vote the Proxy before August 24th, 2016. You are strongly encouraged to par cipate in the General Assemly in Vaduz. Please register on the Proxy or per email to [email protected]

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The CFA Society Liechtenstein serves it‘s members in Liechtenstein by

Embracing the CFA Ins tute‘s mission to lead the investment profession globally by se ng the highest standards of ethics, educa on and, professional excellence.

Endorsing the adherence and dedica on to the highest standards for ethical behavior, educa on, ongoing professio‐nal development and excellence of prac ce in the profession.

Michael K. Frommelt, CFA; President ARISTO Investment Management AG, Vaduz Dr. Andreas Hueber, CFA; Vice‐President and Governance Officer LGT Bank AG, Vaduz Mar n Zimmermann, CFA; Treasurer and Opera ons Officer LGT Bank AG, Vaduz Michael Frei, CFA; Secretary and Member Value Officer OLZ Wealth Management AG, Schaan Timothy Keilbar, CFA; Outreach & Awareness Officer VP Bank AG, Vaduz Tobias Schwabe‐Fährmann, CFA; Standards & Advocacy Officer Liechtensteinische Landesbank AG, Vaduz

Städtle 27 POBox 1632 FL‐9490 Vaduz [email protected] www.cfa.li CR‐No. FL.0002.179.813‐3

ABOUT US

BOARD OF DIRECTORS (AS AT 30 June 2016)

2016 No. of Members 56 2016 No. of Candidates (Levels I, II and III) 99 2016 Member Reten on Rate: 92.7% 2016 EMEA West Member Reten on Rate: 86.5% 2016 CFA Ins tute Member Reten on Rate: 85.3%

Followers 116

MEMBERSHIP DATA

MISSION STATEMENT


PRESIDENT‘S REPORT

Dear Member, Dear Reader, Happy 10th anniversary CFA Society Liechtenstein! The CFA Society Liechtenstein was founded in August 2014. However, the history goes back a while further. We founded the preceding organiza on, the Liechtenstein Society of In‐vestment Professionals (LSIP), in January 2006— being that is meanwhile more than 10 years ago. A er having granted the Society status by CFA Ins tute in July 2014 we cons tuted CFA Society Liechtenstein out of LSIP. The underlying idea 10 years back has remained unchanged un l this very day. We strive to con nuously improve and build on the quality of the marketplace in Liechtenstein and the surrounding region. Becoming a member of the interna‐onal “family” of the CFA Ins tute with more than 135,000

members in 150 countries gives us substan ally more means to realize this mission. Our efforts were clearly recognized by CFA Ins tute in October 2015 when we received the renowned Society Award „Outstanding Society by Size— Less than 100 Members“ as part of the Annual Society Leadership Conference in Hong‐kong. This cannot be taken for granted by any means as many socie es compete for these pres gious awards worldwide. I believe it is fair to say that Liechtenstein now really has arri‐ved in the CFA world, recognized by all the other Socie es, and that we have hit the ground running as a „new kid on the block“.

In the past fiscal year we brought some well proven for‐mats to Liechtenstein, such as the Global Investment Re‐search Challenge (GIRC) in coopera on with University Liechtenstein and CFA Society Switzerland or CFA Ins tute Travelling Conference. We contributed to the Liechtenstein Bankers Associa on’s Banking Award where we provided the key speaker. For candidates we organized the first mock exam in coopera on with Kaplan Schweser. We also tried out new formats such as the Round Table, which are member‐only events where a brief lecture is fol‐lowed up by a Q&A session. Our Regional Lecture was first staged at University of Applied Science in St. Gallen in coop‐era on with CFA Society Switzerland. This was the first event under our stewardship beyond the Liechtenstein bor‐der. This es perfectly into our new strategy 16‐21 where we decided to pursue CFA Ins tute’s objec ve “broader com‐munity” with the consent of our neighboring CFA Society Austria, CFA Society Germany and CFA Society Switzerland. The number of con nuing educa on events thereby almost doubled compared to last fiscal year.

CFA Ins tute Society Award 2015 at Society Leadership Conference in Hongkong: From le to right: Michael K. Frommelt, CFA (President CFA Society Liechtenstein), Paul H. Smith, CFA (President & CEO CFA Ins tute), Dr. Andreas Hueber, CFA (Vice President CFA Society Liech‐tenstein) and Beth Hamilton‐Keen, CFA (Chair, CFA Ins tute Board of Governors). © CFA Society Hongkong

HIGHLIGHTS IN 2015/2016 1/2


On a more personal note, it is me for me to hand over my responsibili es as President to our board member Tobias Schwabe‐Fährmann, CFA. As the two‐year term comes to a close and the society celebrates its 10 year anniversary the me is ripe to step down. A change is undoubtedly benefici‐

al to the health of the Society in the long run. I shall con ‐nue my involvement with the Society Board as Past Presi‐dent to ensure a smooth transi on and contribute to new ini a ves of the Society in the years to come. Along with our leadership team, I wish to thank you for your support for the last 10 years and look forward to seeing you again at our upcoming events. Be proud of your charter. Transmit the values embodied in your CFA charter and help us fulfill our mission in growing our membership base, suppor ng candidates and strenghte‐ning the investment community in Liechtenstein and beyond. We believe that the values promulgated in your CFA designa on will be cri cal to seeing the investment profession through this challenging me. We cannot fulfill our mission without your support. The future of finance is YOU. Cordially,

Michael K. Frommelt, CFA; President

Having established a new Standards & Advocacy Commi ee we could strengthen our Ethical endeavours in Liechtenstein. Among other things we reconnected with the Financial Mar‐ket Authority (FMA) in Liechtenstein. In order to manage this growth we had to strengthen our Governance and increase our number of volunteers. As far as Governance level is concerned CFA Ins tute acknowledges us a “Pla num Standard”. Despite increased spending our finances are s ll enviable and guarantee flexibility and independence when it comes to im‐plemen ng our new strategy. With Thomson Reuters we managed to a ract a new event sponsor for our AWL. Regre ably we could not introduce a Student Membership in the past fiscal year. We have been wai ng for a reform in membership classes at CFA Ins tute. We had to learn that we s ll have to develop a brand in our region. As a large per‐centage of poten al members and candidates are sca ered in the region they have difficulty iden fying us. The short‐coming was addressed in our strategy 16‐21 and steps have been taken to enhance member value and outreach. We are pleased to welcome Thomas Gratl, CFA to the Society Board. He has served as a volunteer to the Society for some me as Vice Chair to the Standards & Advocacy Commi ee

for which he is going to take full responsibility going forward. Apart from this the Board will remain unchanged. Timothy Keilbar, CFA und Mar n Zimmermann, CFA agreed to swap their Commi ee roles in order to get a new insight into the Society‘s proceedings.

HIGHLIGHTS IN 2015/2016 2/2

PRESIDENT‘S REPORT


OUTREACH & AWARENESS COMMITTEE

… and Done.

Taking direc on from the survey, our Society coor‐

dinated efforts with the CFA Socie es in Switzerland

and Austria and for the first me put together a

Travelling Conference that involved the 3 countries.

Self‐evidently, this could not have been achieved

were it not for the professional support we received

from the CFA Ins tute in London.

In the context of the Travelling Conference in May

2016, we were honored to welcome Russel Napier

to the premises of the University of Liechtenstein as

a dis nguished Analyst, Por olio Manager and

Global Macro Strategist with over 20 years of expe‐

rience. He shared his views on the bigger picture of

the global monetary system that is in his view “built

to fail”.

This event was then followed by our tradi onal

Speaker’s Dinner at which members were welcome

to par cipate.

In January 2016 we launched our Newsle ers, kick‐

ing off with the events to be expected during the

course of the year in interview format.

Our informa on policy remains one of clear focus,

i.e. informing on the most relevant events (e.g. Re‐

gional Conferences) and topics, rather than just

maximizing news flow.

ACTIVITIES DURING 2015/2016

Said ...

Last fiscal year in May 2015, we conducted a member survey, inquiring about their major requirements, i.e. what professional services would be most essen al to their daily work.

The two items that stuck out most were:

1) Visit by an investment professional and presenta on on a global macroeconomic topic

2) The issuance of a Society Newsle er

Bolder Voice

We are taking part in the interna onal media campaign

to promote the CFA brand. All necessary steps have

been taken to place a total of 4 full‐page ads in the 2

leading newspapers of Liechtenstein, namely

“Vaterland” and “Volksbla ”.

Gratefully, we acknowledge the funding support of the

CFA Ins tute that covers the lion’s share of the cost,

while our sound financial posi on allows us to cover the

remaining 25%.

The advertisements will be published in September 2016.


CFA BRAND CAMPAIGN INTERNATIONAL


CFA BRAND CAMPAIGN IN GERMANY


GLOBAL INVESTMENT RESEARCH CHALLENGE (GIRC)

INVESTMENT RESEARCH Students from University Liechtenstein formed two teams to research and analyse a publicly traded company. With the support of their supervisor Milan Ivica each team wrote a re‐search report on the assigned company with a buy, sell or hold recommenda on and was asked to present and defend their analysis to a panel of industry professionals. In Switzerland this year it was Straumann, a Swiss company provider of solu ons in implant den stry and dental ssue regenera on. The winning team went on to the Swiss final. There, seven Swiss universi es and University Liechtenstein par cipated. The winning team from University Lausanne went on to com‐pete at the EMEA level. The winner of the EMEA compe on moved on to the global final. Overall, the CFA Research Challenge 2016 was a great event for all involved and strongly enhanced the students under‐standing of how to value a company and present their results in a professional environment.

GLOBAL CHALLENGE 2016 was the first year for University Liechtenstein and the CFA Society Liechtenstein to par cipate in the CFA Ins tute Global Investment Research Challenge. The Investment Research Challenge is an annual global con‐test organised by CFA Ins tute. We were invited by CFA Society Switzerland to par cipate through the Swiss Final as our Society does not have the cri cal mass to compete on our own. It consists of a comple on of the financial, analy cal and presenta on skills of university students, and it provides graduates and undergraduates with hands‐on mentoring and intensive training in financial analysis. This year both the EMEA regionals and the global finals took take place in Chicago, USA. GIRC started in 2002 and has grown to involve tens of thousands of students from over 800 universi es in more than 55 countries. GIRC started in 2002 and has grown to involve tens of thou‐sands of students from over 800 universi es in more than 55 countries.

Winning Team from University Liechtenstein compe ng at the Swiss final. From le to right: Heini Seeger, Hendrik Idema, Oksana Ostrultska, Stefan Kong, Patrick Wildhaber. © CFA Society Switzerland

OUTREACH & AWARENESS COMMITTEE


MEMBER VALUE COMMITTEE

Con nuing Educa on

In coopera on with University Liechtenstein we offered four A er‐Work Lectures this year. We welcomed very dis nguished speakers and thereby provided local in‐vestment professionals as well as students with valua‐ble insights on the latest developments in asset and investment management. Society members, profession‐als from the local financial center as well as students of University of Liechtenstein and other universi es have par cipated in the free and always well‐a ended lec‐ture, and have contributed to the lively panel discus‐sions and enjoyed networking over drinks a erwards. The A er‐Work Lecture plays an important part in our con nuing educa on strategy.

We organised two roundtable events exclusively for members. Chris na Rulfs presented case studies in eth‐ics and Jörg Eugster talked about the trends in the digi‐taliza on of banking services. The speech and the dis‐cussion were very insigh ul. The buffet lunch allowed networking among members.

We were again partner of the Swiss CFA Society organ‐izing the 5th Swiss Pensions Conference in Zurich. We were in contact with the Liechtenstein Pension Fund Associa on to promote this special conference among pension fund prac oners.

In coopera on with the University of Liechtenstein we organized three VBA‐Excel programming courses. Reg‐istra ons of members show that such specific courses are of interest and will be part of our CE offering.

We offered a Mock exam session in May 2016 for the first me. Local CFA candidates appreciated this oppor‐tunity to prepare for the CFA level I, II or III exam. This offering is part of our strategy in suppor ng CFA candi‐dates and integra ng them in our society.

In coopera on with the CFA Society Switzerland and University of Applied Science Gallen we organized an A er‐Work‐Lecture outside Liechtenstein in St. Gallen. Further events outside Liechtenstein are in prepara on, for example in Vorarlberg in Austria. This is part of our strategy to serve our members that live or work within our service range.

Members

At the end of June 2016 total members stood at 56. We expect to increase the number a er the renewal cycle 2016/17 as not yet all approved (poten al) members and candidates have ac vated their mem‐bership.

Candidate Services

During the last exam period CFA Society Liechten‐stein started its new candidate services. We offer discounts of exam prepara on materials from Ka‐plan Schweser and Wiley and organized the first live mock exam for candidates in Vaduz in May 2016. Thanks to the enouraging par cipa on and feed‐back we will offer the live mock exam also for the upcoming exam periods in December 2016 and June 2017.

Scholarships

CFA Society Liechtenstein awarded a total of 10 scholarships for the CFA Level I exam. Half of the scholarships are provided in the form of Society Scholarships through the CFA Ins tute and the other five specifically to students of the University of Liechtenstein through money raised from Society



TABLE OF EVENTS

DATE

01 October, 2015

SPEAKER

Michael F. Appenzeller

SUBJECT

30th After Work Lecture (AWL): Next Generation Asset & Wealth

Management – Perspectives of a FinTech Entrepreneur – Coopera‐

tion with University Liechtenstein

09, 16, 23 September, 7

October 2015 Jurij‐Andrei Reichenecker

Programmieren mit VBA in Excel Einstiegskurs (Deutsch) – Coopera‐


05 November, 2015 Dr. Christoph Buerer 31th After Work Lecture (AWL): (R)Evolution in Investment Manage‐

ment – Cooperation with University Liechtenstein

03 December, 2015 Christina Rulfs, CFA 2nd Lunch‐Roundtable: Ethics Training: Filling the Void

03 December 2015 Christina Rulfs, CFA

European Capital Markets Union: What It Means for Investors ‐

Banking Award 2015 – In Cooperation with University Liechtenstein

and Liechtensteiner Bankenverband (LBV)

13, 20 January, 17, 24 Febru‐

ary, 2016 Jurij‐Andrei Reichenecker



17 March, 2016 Nicolas Scheuermann 32nd AWL: Does Value Investing Work? Past, Present and Future ‐

Cooperation with University Liechtenstein

20, 27 April, 11, 18 May,

2016 Jurij‐Andrei Reichenecker



25 April 2016 Jörg Eugster 3rd‐Roundtable: Digitalisierung 2030: Banken braucht es immer –

Braucht es dazu aber auch Banken? (Deutsch)

19 May, 2016 Russell Napier 33rd AWL: Built to Fail – How Flaws in the Global Monetary System

Produce Deflation ‐ Cooperation with University Liechtenstein

21 May 2016 Kaplan Schweser Mock Exam CFA Program Level I, Level II and Level III

24 May, 2016

Various

Swiss Pension Conference 2016 ‐ Cooperation with CFA Society Swit‐

zerland

7 June, 2016

Various

11. GIPS Roundtable Liechtenstein (Deutsch) ‐ Cooperation with

Liechtensteiner Bankenverband (LBV)

09 June, 2016

Jörg Eugster

Digitalisierung 2030: Banken braucht es immer – Braucht es dazu

aber auch Banken? (Deutsch) ‐ Cooperation with University of Ap‐

plied Science St. Gallen and CFA Society Switzerland



THIS YEAR AT A GLANCE

PICTURES FROM ACTIVITIES DURING 2015/2016

Regional Lecture „Digitalisierung 2030: Banken braucht es im‐mer—Braucht es dazu aber auch Banken?“ in coopera on with University of Applied Science in St. Gallen in May 2016. From le to right: Prof. Ernesto Turnes (University of Applied Science St. Gallen), Jörg Eugster (NetBusiness Consul ng AG), Michael K. Frommelt, CFA (CFA Society Liechtenstein). © CFA Society Liechtenstein

Banking Award at University Liechtenstein in December 2015. Second from right: Chris na Rulfs, CFA (CFA Ins tute EMEA, Lon‐don) © University LIechtenstein


EMEA Regional Conference in Lisbon in March 2016 From le to right: Mar n Zimmermann, CFA (Treasurer) and Dr. Andreas Hueber, CFA (Vice President) © CFA Ins tute


STANDARDS & ADVOCACY COMMITTEE

European Advocacy Workshop

CFA Society Liechtenstein par cipated in the European Advo‐cacy Workshop in Amsterdam on Sep 8, 2015. Standards & Advocacy related topics have become an important pillar of CFA Ins tute strategy. Most important is the campaign "Pu ng Investors First". Key issue was the coopera on with local bodies like banking associa ons and local regulators. The main goal of advocacy work at CFA Ins tute and the Socie es is to raise awareness about ethics and standards with local bodies and regulators to achieve CFA Ins tutes mission: to lead the investment profession globally by promo ng the highest standards of ethics, educa on, and professional excellence for the ul mate benefit of society.

ESMA Knowledge Requirements Working Group

The Advocacy Chair par cipated in the working group of the ESMA Knowledge Requirements Direc‐ve which sets minimum educa onal standards for

professionals in the industry throughout Europe. The local CFA Socie es are working together with the regulators to ensure that the CFA designa on is s ll a valid knowledge requirement under the upcoming regula on.

Visit of Chris na Rulfs, CFA, Director Society Advocacy Engagement CFA Ins tute EMEA, London

Chris na and representa ves of CFA Society Liech‐tenstein presented current advocacy topics covered by CFA Ins tute and the Society to Liechtenstein Bankers Associa on and the FMA on Dec 3rd, 2015 (Future of Finance Inita ve, Pu ng Investors First campaign). Further coopera on and exchange of ideas was agreed with the FMA.


CFA EMEA Advocacy Workshop in Amsterdam in September 2015 First from right: Sarah Belenkin (CFA Ins tute EMEA, London), second from right: Chris na Rulfs, CFA, (CFA Ins tute EMEA, London), eighth from le : Tobias Schwabe‐Fährmann, CFA (Standards & Advocacy Officer). © CFA Ins tute


GOVERNANCE COMMITTEE


Coordina on/Collabora on with our neighbouring Socie es when organising events outside of Liechten‐stein in line with our Strategy 2016‐21

Par cipa on in the next Regional EMEA Conference in Budapest and Society Leadership Conference in Phila‐delphia

Adapt our membership classes according to CFA Ins ‐tute’s guidelines following conclusion of Society Mem‐bership project (expected May 2017)

AREAS OF FOCUS FOR 2015/2016

Par cipa on in the Society Leadership Conference (SLC) in Hong Kong (theme: “Building our Profession: Clarity, Focus, Impact“)

Recep on of the “Society Excellence Award for Socie‐es <100 members” for CFA Society Liechtenstein at

the SLC

Process of dra ing our new Strategy 2016‐21 “Beyond Liechtenstein” – including workshops with Society members from the various regions within our Member Service & Candidate Range (MSCR) and representa ves from the CFA Ins tute’s EMEA office – resulted in (amongst others) 4 key strategic objec ves. Following its approval by the Board the strategy is being imple‐mented as planned.

Par cipa on in Regional EMEA Conference in Lisbon, including a Governance Training Workshop with some key take‐aways

Comple on of nego a on with neighbouring CFA Soci‐e es on prac cal implementa on of MSCR and tech‐nical implementa on with CFA Ins tute Tech team (defini on of post codes beyond the borders of Liech‐tenstein).

Carrying out our (first ever) Board Self‐Assessment

Comple on of SMSS (Society Member Service Standards) resulted again in excellent score for our Society

Taking part in the Society Sa sfac on Survey 2016 by CFA Ins tute

Revision of Board Manual

Introduc on of new Student Membership Class currently on hold un l project on CFA Ins tute level to align various membership classes across local Socie es has resulted in clear direc ons

Dr. Rainer Pratl, CFA (Director Society Rela on for EMEA, CFA Ins tute, London) arrives at CFA Society Liechtenstein in De‐cember 2015. © CFA Society Liechtenstein


ORGANISATIONAL CHART

ORGANISATIONAL CHART (AS AT 30 JUNE 2016)


CFA Society Liechtenstein is pleased to inform its mem‐bers that the fiscal year 2015/2016 ends with sound financial figures. Revenues increased by 37% to CHF 30’027.19. This substan al increase was mainly driven by the new CFA society funding model. Opera onal funding, which is provided to all socie es annually in support of the many ac vi es involved in maintaining a strong founda on and delivering services at the local level, increased 71% to CHF 18’777’14. Revenues from Sponsoring (CHF 5’000) and Membership dues (3’753.54) were stable. An extraordinary income of CHF 2’496.51 was received thanks to the “2015 Most Out‐standing Society Excellence Award” in the category for Socie es with less than 100 members, which was awarded to CFA Society Liechtenstein at the CFA Ins ‐tute’s Society Leadership Conference in Hong Kong in October 2015.

Due to a very cost efficient management and the en‐gagement of our members and volunteers the expens‐es increased only by 5.1% to CHF 19’843.80. Next to opera onal cost of CHF 5’910.11, the main expenses were driven by representa ve cost (A er‐Work‐Lectures, Round Tables, etc.) CHF 5’078.25 , Adver sing (print media) CHF 4’931.30 and Scholarships for CFA Level I Candidates at the University Liechtenstein CHF 3’806.14. bank charges & miscellaneous account to CHF 118.00.

This results in a profit of CHF 10’183.39 for the fiscal year 2015/2016 and provides a sound basis to further encourage a high level of professionalism and ethical behaviour within the member service range of the CFA Society Liechtenstein.

TREASURY & OPERATIONS COMMITTEE



FINANCIAL STATEMENT

BALANCE SHEET AS AT 30 JUNE 2016

INCOME STATEMENT FOR THE FINANCIAL YEAR ENDING 30 JUNE 2016

All values in CHF 30 June 2016

Assets

Bank accounts 42’776.26

Accounts receivables 724.90

Total assets 43’501.16

Liabili es & Equity

Equity at the beginning of period 32’020.54

Accounts payables 1’297.23

Profit of the period 10’183.39

Equity at the end of period 43’501.16

Total Liabili es & Equity 43’501.16

All values in CHF 1 July 2015 – 30 June 2016

Revenues

Sponsoring 5’000.00

Membership dues 3’753.54

CFA Ins tute ‐ Opera onal Funding 18’777.14

CFA Ins tute – Society Award 2’496.51

Total Revenues 30’027.19

Expenses

Opera onal Cost (incl. Traveling) 5’910.11

Representa ve Cost (incl. CE) 5’078.25

Adver sing 4’931.30

Scholarship 3’806.14

Bank Charges & Miscellaneous 118.00

Total Expenses 19’843.80

Profit 10’183.39


AUDITOR‘S REPORT

AUDITOR’S REPORT TO THE ANNUAL GENERAL MEETING OF CFA SOCIETY LIECHTENSTEIN

15


SPONSORS

WE WERE KINDLY SPONSORED BY:

PLATINUM SPONSORS

GOLD SPONSORS

EVENT SPONSORS


AGM AGENDA

Each individual listed as Regular Member of the CFA Society Liechtenstein will receive the document per e‐mail, which in‐cludes a mee ng agenda as well as a Proxy Statement and the document for the Proxy ballot. These materials have been mailed on or around July 20th, 2016. The enclosed Proxy is solicited on behalf of the Board of Direc‐tors. For the Proxy to be considered, it must be received by August 24th, 2016. Each eligible member is encouraged to vote by the enclosed Proxy even if the Member is also planning to a end the General Assembly in person. Required Quorum: For business to be transacted at the General Assembly of CFA Soci‐ety Liechtenstein Members, ten percent (10%) of the Society’s Regular Members “in good standing ” must be represented in person or by Proxy at the mee ng. ://: Quorum to be checked and confirmed

a. Approval of the Minutes of the 2015 Annual Gen‐eral Mee ng The Minutes of the 2015 AGM are available in English and German on the Society’s website before the mee ng. ://: Mo on to be approved

b. Annual Report The AR is part of this document and was forwarded to the members prior to the AGM.

c. Exonera on of the Board of Directors ://: Mo on to be approved

d. Elec on of Board of Directors Elec on of Officers: The following paragraphs describe the pro‐fessional backgrounds of the nominees for the Society Board of Directors and where applicable successors of such posi ons, to be elected or confirmed respec vely for the term beginning July 1, 2016 and ending June 30, 2018, and if applicable, un l choosing and qualifying a successor.

President: Tobias Schwabe‐Fährmann, CFA, is Head of Group Credit & Risk Methods at Liechtensteinische Landesbank AG (LLB) in Vaduz. He is responsible for development, implemen‐ta on, and documenta on of processes, methods, and mo‐dels in credit risk management of LLB Group. Tobias joined LLB in 2011 as Collateral Valua on Specialist to further deve‐lop LLBs lending value methodology for lombard loans and was responsible for the credit monitoring of LLBs loan book as Head Credit Monitoring between 2012 and 2015. Prior to working in the banking sector he started his career as Invest‐ment Consultant for Swiss Pension funds at PPCmetrics AG, Zurich. In this role he was part of the asset manager selec on team for real estate investments. In addi on, Tobias imple‐mented the internal performance measurement and analysis tools for the investment controlling unit of PPCmetrics AG. Tobias earned his Masters Degree in Mathema cal Finance from the University of Konstanz, Germany in 2008 and his CFA designa on in 2011. He has been with the Board since July 2014. Vice‐President and Governance Officer: Dr. Andreas Hueber, CFA, is member of the Senior Management of LGT Bank in Vaduz where he is Head of Credit Por olio Management. Pri‐or to this appointment he was in Hong Kong working as Local Credit Advisor with LGT Investment Management (Asia) Ltd. suppor ng the credit business of LGT in all its Asian represen‐ta ons. Andreas started his professional career at LGT in 2002 where he first completed an internship working in various departments within the bank. He holds an Engineer’s degree in Electrical & Electronics Engineering and graduated from the University of Innsbruck in 2003 where he completed a Mas‐ter’s Program in Interna onal Economics and Business Stud‐ies. As part of this program he studied one year at Dublin City University (2001/2002). In 2008 he received a Ph.D. in Inter‐na onal Business. Andreas earned his CFA designa on in 2006. He is a founding member of the Liechtenstein Society of Investment Professionals LSIP, the predecessor of the CFA Society Liechtenstein. Andreas has been with the Board since August 2008.

AGENDA 2016 1/2


AGM AGENDA

Secretary and Treasury & Opera ons Officer:: Timothy Keilbar, CFA, is Deputy Head of Investment Controlling at VP Bank AG in Liechtenstein. For the total client base of the bank he ensures clients’ assets in discre onary and non‐discre onary accounts are invested within the framework of legal and regulatory requirements. Before joining VP Bank in July 2007, he worked as the Investor Rela ons Officer of Volkswagen Financial Services AG, being responsible for the communica on with ins tu onal investors and analysts in ma ers rela ng to debt‐issuances of the company. Timothy has covered various posi ons in the investment arena since the start of his career in 1994. Prior to the assignment with the Volkswagen Group, he covered a number of other posi ons centring around the capital markets, ac ng as a Client Advisor at Commerzbank, a buy‐side Equity Analyst with Dresdner Bank AG and later as an Ins tu onal Salesman for the Royal Bank of Canada. He was awarded the CFA‐designa on in 2001 and has also earned the equivalent of a Master’s Degree in Business Administra on at the University of Passau, Germany. He has been with the Board since February 2010. Secretary and Member Value Officer: Michael Frei, CFA, is Managing Director of OLZ Wealth Management AG in Schaan where he manages private and ins tu onal client assets. Be‐fore star ng with OLZ in 2007 he was an Investment Consult‐ant at Complementa Investment‐Controlling AG in Zurich (2001 to 2006). He advised Pension Funds in Liechtenstein and Swit‐zerland concerning Asset Alloca on, Manager Selec on and Investment‐Monitoring. He also led the competence center Equi es and was responsible for the manager selec on pro‐cess. Ini ally, he joined The Boston Consul ng Group (2000 to 2001) where he worked as a Management Consultant to finan‐cial services and industrial companies. Michael graduated in economics and finance from the University of St. Gallen and earned his CFA designa on in 2006. He has been with the Board since September 2008. Public Awareness & Outreach Officer: Mar n Zimmermann, CFA, is a Rela onship Manager at LGT Bank in Liechtenstein AG, Vaduz, advising and suppor ng intermediary clients (fiduciaries, external asset managers, etc) in their investment decision making process. Prior to this, he worked as an Equity Analyst at LGT Capital Management, Pfäffikon, Switzerland, where he was responsible for investment recommenda ons on German and European markets. He started his professional career at LGT in 2003. Mar n studied at Laurea University of Applied Sciences, Finland and Hochschule Liechtenstein where he graduated with a Master of Sciences (MSc) in Banking and Financial Management . He has been with the Board since Oc‐tober 2010.

Standards & Advocacy Officer: Thomas Gratl, CFA, works in Group Internal Audit at LGT Group Founda on. In his func on as Internal Auditor, his main responsibili es are within the areas Trading, Por olio Management, Risk Con‐trolling, and Product Management. Thomas joined LGT in late 2008 a er he earned his Bachelor Degree at the Uni‐versity of Innsbruck. The CFA designa on was earned in 2015. Past President: Michael K. Frommelt, CFA, is Chairman and Managing Partner of ARISTO Investment Management AG in Vaduz where he manages private client assets. Prior to star ng his own business in July 2004 he was CIO and deputy CEO of swissfirst Bank (Liechtenstein) AG, Vaduz, which was originally known as of Bank Wegelin (Liechtenstein) AG in Vaduz. Michael worked most of his career in Zug (Zulauf Asset Management AG in 1998), Zü‐rich (Vontobel Asset Management in 1994 to 1998 and UBS in 1986 to 1994) as a Por olio Manager, Fund and Rela‐onship Manager. From 1986 to 1988 he served a special

assignment at UBS (Securi es) London and UBS Branch London. Ini ally, he took a banking appren ceship at Bank in Liechtenstein AG in Vaduz back in 1981. Michael gradu‐ated at the School of Economics and Business Adminstra‐on (HWV) in St. Gallen in 1985 and earned his CFA desig‐

na on in 1994. He was a founding member of the Swiss Society of Investment Professionals SSIP, the predecessor of the CFA Society Switzerland. He is also a founding mem‐ber and founding President of the Liechtenstein Society of Investment Professionals LSIP, the predecessor of the CFA Society Liechtenstein. Michael has been with the Board since January 2006.

://: Mo on to be approved

e. Elec on of Internal Auditor The following individual, Daniel Bose, CFA, is nominated to serve as auditor to the Society respec vely confirmed for term beginning July 1, 2016 and ending June 30, 2018, and if applicable, un l choosing and qualifying a successor.

://: Mo on to be approved

f. Miscellaneous

AGENDA 2016 2/2


PROXY STATEMENT

For the Proxy to be voted it must be received by August 24th, 2016. Each eligible member is encouraged to vote by Proxy

even if the member is also planning to a end the AGM in person.

P R O X Y

Statutory business For Against Abstain Approval of the Minutes of the 2015 Annual General Mee ng O O O Exonera on of the Board O O O To elect the following Officers for term beginning July 1, 2016 and ending June 30, 2018, and if applicable un l successor is

elected and qualified.

Board Members For Against Abstain Tobias Schwabe‐Fährmann, CFA (President) O O O Dr. Andreas Hueber, CFA (Vice President) O O O Timothy Keilbar, CFA (Treasurer) O O O Michael Frei, CFA (Secretary) O O O Mar n Zimmermann, CFA (Outreach) O O O Thomas Gratl, CFA (Advocacy) O O O Michael K. Frommelt, CFA (Past President) O O O To elect the following Auditor for term beginning July 1, 2016 and ending June 30, 2018, and if applicable un l successor is

elected and qualified.

Auditors For Against Abstain Daniel Bose, CFA O O O

PROXY 2016 1/2

Indicate your choice by marking an x in the apprropriate box.


Please send proxy statement to: [email protected]

Regular member’s name:

Date:

Signature:

PROXY STATEMENT

PROXY 2016 2/2


Städtle 27 POBox 1632 FL-9490 Vaduz [email protected] www.cfa.li CR-No. FL.0002.179.813-3

2015 2016 annual report - cfa institute · annual report 2015 - 2016 6 outreach & awareness...

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