it's a hard business
TRANSCRIPT
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he past year has delivered fundamental shifts in the markets
where Noble operates, and as a market-oriented business we change our approach and adjust our business models accordingly. This is not new to hard commodity markets, which are accustomed to cyclical movements, and quick to adapt to new conditions.
In 2012 the Energy Coal & Carbon Complex division (ECCC) combined with the Metals, Minerals & Ores segment (MMO), in a move to derive greater benefits from Noble’s sales and marketing capabilities focused on three client associated groups: steel mills, power stations and smelters. The platform was renamed the Hards Platform.
“We have created a strong heartbeat and two powerful legs to drive forward on,” says Will Randall, Head of Hard Commodities. “One is bulks and one metals with common business development, marketing and origination teams.” Unlike other large commodities companies where the hard commodities divisions have two segments, the bulks which is iron ore and all the coals, and metals and special ores, Noble has combined the two in order to leverage the global footprint. Our business is about more than just the products we supply, it is also about the countries in which we operate.
The Hards business model looks to deliver a robust earnings profile: one-third from equity, one-third from annuity
and one-third from trading. To illustrate, the exploring, project development and extracting of a product form the equity component. The supply chain management and marketing form the annuity component and our trading ability allows us to service the short-term requirements of our clients. “We’ve worked hard over recent years to set this up within our business and we look forward to developing this further across new products (and regions),” says Will.
The realignment of Noble’s Hards Platform allows it to better leverage deep market and product knowledge. This in turn allows Noble’s key marketers to strengthen their client relationships and represent the entirety of the CONT. ON p2
SEpTEMBER 2012ISSUE 34
p02 Noble Life p03 Energising America p08 Cocoa on the Go p14 Summer parties Abound
Walking the Talk
It’s a Hard BusinessIntegration of the Hard Commodities platform brings together all product teams within the division, creating a true partnership across all service functions
A fter a few months as Noble’s CEO, several of the Group’s strengths
have become apparent to me – but the one that stands out the most is our culture. It’s clear that we live the culture we preach – we are a company of hands-on, entrepreneurial, determined people with a can-do attitude. And our culture is not just talked about, it is demonstrated by the people at all levels that drive our businesses. As a strong believer in this culture, it’s provided me with a great base from which to start.
Noble’s continued success depends on this culture, which in many ways is founded on hard work, pure and simple. I believe that with hard work and the right people, any goal can be achieved. Nevertheless, just hitting the targets we set is not our end game. It’s how we take advantage of our success that will keep driving us forward, and this comes down to knowledge, communication and how we conduct ourselves.
Knowing ourselves is key to knowing where (and who) we want to be as a Group. We need to challenge ourselves to know the right size, the right focus and the right directions. It’s something we are already doing – our newly reorganised platforms
Yusuf Alireza
Chief Executive Officer
are a strong demonstration of this – but to keep raising the bar we need to keep challenging ourselves, locally, globally and as individuals.
Communication is a big part of this, and as a global company spread across the globe, open lines of communication are essential to keeping everyone informed and in the know. With that in mind, we look forward to the imminent launch of another communication channel, Noble World Online, which will feature more stories more regularly and be accessible to all employees via our intranet.
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This magazine is as good as the material you send us, so keep the stories, photos and anecdotes coming.
HONG KONGLelia [email protected]
Joni [email protected]
ARGENTINAGabriela [email protected] BRAZILLeciàne [email protected]
Sergio [email protected] CHINAJeff [email protected]
INDIASmitie [email protected] INDONESIADavid [email protected]
SINGApOREVasugi [email protected] SWITZERLANDAnnemarijn van [email protected] UNITED KINGDOMMarcus [email protected]
Tina [email protected] UNITED STATESPamela [email protected]
VIETNAMTran Thi Bao [email protected]
I believe that with hard work and the right people, any goal can be achieved. Nevertheless, just hitting the targets we set is not our end game.”
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Noble World is published by Eight Ltd on behalf of Noble Group. All rights reserved. This publication may not be sold. No part of this publication may be otherwise reproduced, adapted, performed in public or transmitted in any form by any process without prior authorisation of Noble Group. © Noble Group, 2012.
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Noble LifeNoble World takes a behind-the-scenes look at how Chief Executive Yusuf Alireza is settling in after a few months on the job
usuf Alireza took up his role as Chief Executive
Officer on 12 April 2012 and the former member of the Goldman Sachs Management Committee is thriving in his new environment.
“I need to get to know the firm and its people as quickly as possible,” says Yusuf. “So I have spent a lot of time travelling to meet employees and discuss the issues that matter to them and understand Noble’s culture across the globe.”
From Brazil and Argentina to Geneva, Singapore and Hong Kong, Yusuf has clocked the miles and spent time in each of the businesses speaking with managers and employees at all levels as well as customers to assess the Group’s underlying strengths.
His first significant trip was to South America where Noble has 10,000 employees in Brazil
alone and almost one-third of its asset base.
“This will always be a core part of my responsibility and frankly it’s the part of the job I enjoy the most — interacting with people — especially Noble people and being invigorated by their individual enthusiasm for each of their businesses.”
“As CEO, I principally work for Noble’s shareholders and this is made easier because many of the people who work at Noble are also owners,” he says.
“If I can improve the working efficiency and environment for every single individual, that will have a huge impact in terms of the performance of the firm.” To do this he plans to work with the businesses to align the technology, people and processes that augment the Group’s culture.
While it’s still early days for Yusuf ’s vision, he remains
Ysteadfast in his belief that core to the Noble vision is maintaining the entrepreneurial spirit and culture of partnership.
He believes in transparency and communication and keeping employees informed about what is happening in the broader Group context, all of which make each individual’s role more meaningful. Any surprises?His two biggest surprises have been positive. “One, the quality of our people and two, the strength of the culture,” says Yusuf.
“The reason I’m surprised is because I was working under the assumption that any firm which had grown this quickly — with headcount up five-fold in the last five years — would have issues in terms of the depth and quality of its people and also would have had difficulty in keeping a strong culture.
“I have found it to be the contrary. Noble people feel they are really part of something. They feel connected to the company and see their work as more than just a job. People are really involved in what they do and you see this when they talk about all the things that Noble does.”
ChallengesLooking ahead, Yusuf thinks it’s going to be a tough environment and many firms are going to face head winds, but Noble remains a firm in the right industry at the right time.
In addition, Noble has reinforced its position across markets by reorganising the business into three key platforms, with strong leaders in each.
“We now need to challenge each one of the platforms and say who are the best-in-class in
It’s a culture defined by a strong entrepreneurial spirit, a strong sense of ownership in the business, integrity and a belief that nothing is beyond our reach.”
CONTINUED fROM p1... related Noble products, and take advantage of the synergies that exist across products.
“We are actually creating a more mobile and nimble team within this expanded platform over the long run,” says Will about Noble managers working across products and regions. “There is no room for bureaucracy and it’s all about accessing, reacting and driving value from the ground up.”
And with the depth and breadth of experience on the team, reaction times are certainly shortened.
“We have many people who built the business (and relationships) during volatile times and it’s fantastic to see that they are coming to the forefront in managing the risk and reacting to the rapidly changing procurement cycles (and our customer requirements). Our senior team has been present
over many cycles and sharing knowledge across one platform is helping our younger generation of managers develop stronger risk management skills,” says Will.
Will has been part of the platform for 15 years, originally stationed in Newcastle Port handling shipments of coal. He considers himself extremely fortunate to have been part of this team and being surrounded by a lot of Noble expertise over the years.
The Hards Platform operates within a matrix that comprises four core groups: the senior corporate group, product management group, regional management group and lastly a focused team specifically for China. In time this will result in Noble managers being able to work across products and regions, improving the quality of the equity, annuity and trading income streams.
agri, energy and hards, and how do we make sure we’re in that category,” says Yusuf.
Yusuf defines excellence as performance return on equity. “How efficient are we about our cost base and how good are we at extracting value?
“Our business is defined by the strength of our relationships. We should be a firm people want to do business with because people want to do business with us, not because they have to do business with us. I think that’s a much more sustainable model — to build a franchise where you’re providing a service, and people trust and respect you for providing a service they really value.
“This is what Noble has been built upon and it’s a very strong foundation that I intend to harness fully.”
We’ve worked hard over recent years to set this up within our business and we look forward to developing this further across new products (and regions).”
Yusuf (centre) meets with people from Bioenergia in Brazil
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t’s been a busy year for the Noble Americas Energy Solutions team
in San Diego. The business is continually growing with several new utility territories added in the last year to the active markets Noble serves in the U.S. and many new key customers signed.
Aside from the U.S., business has also expanded into the Baja California market, adding several new customers along the California-Mexico border with an electricity product that generates cost savings compared to standard utility prices, explains Gayle McCutchan, Vice President, Commodity Sales. The team is also investigating renewable energy opportunities for Noble Solutions’ compliance obligations and to help Noble’s customers with their sustainability strategies.
Noble Solutions provides electricity and natural gas to customers in deregulated energy markets in the U.S. The only
ISO 9001:2008 certified retail electric supplier in the U.S., it also provides an integrated mix of services such as commodity supply, risk management, portfolio management, energy information management, scheduling, settlements and billing management.
Acquired in November 2011 and formerly known as Sempra Energy Solutions, part of a joint venture between Sempra Energy and The Royal Bank of Scotland (RBS), Noble Solutions combines the energy services expertise from its origins at Sempra Energy with the financial experience it gained at RBS and now with its global commodities access from Noble Group.
Its foundation is its strength: Noble Solutions has built a sustainable competitive advantage in pricing with quick turnaround times, product development and customer response times. Noble Solutions’ integrated
IT platform brings together an array of pricing tools and other systems to easily assess customer and market data to provide customised commodity structures and prices for our customers.
“In addition to knowing and managing risk, one of our primary goals is to systematise as many business processes as possible and continually seek improvement through standardisation,” says Gayle. “Additionally, the ISO certification process has instituted a focus on quality control, which has resulted in high levels of customer satisfaction and increased renewal rates.”
Aligned with Noble Group’s greater strategy is to build a sustainable business focusing on significant and relevant trade flows in bulk commodities. As a top energy retailer in the U.S. market, Noble Solutions brings significant market share and an immediate foothold in electricity to the Group. The business generates a consistent return on relatively low risk and its ability to manage the many risks inherent in retail energy commodity transactions complements Noble Group’s overall strategy around managing commodities risk.
Energising AmericaNoble Americas Energy Solutions’ national capabilities, speed in pricing, customer-centric product development and flexible offering put it ahead of the pack in delivering the best products and structures for customers’ energy procurement needs
proud day for Noble Argentina as the Timbúes loading port
has set a new record. Last month Mv Peppino Bottiglieri weighed in at 54,580 tonnes. Loading took 47 hours, making for a loading rate of 1,100 tonnes per hour!
This vessel was transporting multiple agriculture products, making the loading rate even more impressive. Mv Peppino Bottiglieri is 229.2 metres long with a beam of 38 metres, displacement of 93.366 deadweight tonnes and a draft of 10.42 metres.
The record was formally held by Mv Bottiglieri Sophie Green vessel weighing in at 54,065 tonnes earlier in the year.
River Port Grain Terminal at Timbúes, the largest in Noble’s network of owned and operated facilities in South America, commenced operation in 2006. Located in the heart of the grain belt, some 340 kilometres from Buenos Aires in close proximity to the agricultural hub of Rosario, the terminal occupies an area of 231 hectares with 2,100 metres of waterfront.
New Record in Timbúes
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News
N oble Clean Fuels closed a deal in mid-April 2012
with E.ON Gas Storage (UK) to lease 100 percent capacity of a new gas storage facility for five years.
The facility, Holford, is located in Cheshire in the northwest of England and will be one of the UK’s most flexible natural gas storage facilities. There are currently three
caverns and this will increase to eight by February 2013 when Holford will be capable of injecting or withdrawing about eight percent of the UK’s average daily gas demand.
Noble has been able to use the facility from 1 May and we have worked with E.ON to implement the processes required for Noble to nominate and record gas flows to and from Holford.
Signing ceremony: Back row, from left: Brad Blesie, Noble, Head of Business Development, G&p EMEA; Dr. Henning Lustermann, Vice president Business
Development & Asset Management, E.ON Gas Storage GmbH; Jo Vizor, Managing Director, E.ON Gas Storage UK Ltd; David Beaton, Noble; Head of power & Gas,
Coal, Emissions Trading Europe; Mark Strange, Noble, Head of power & Gas Origination; David Dorsett, Head of Business Development, E.ON Gas Storage UK
Ltd; and Nicole Otterberg, Managing Director, E.ON Gas Storage GmbH. Seated, from left: Dr. peter Klingenberger, Chief Executive Officer, E.ON Gas
Storage GmbH and Olav Refvik, Noble Global Head of Oil Liquids
Holford capacity is as follows:
Maximum injection
Maximum withdrawal
Space
8 million therms/day
8 million therms/day
60 million therms/day
Clean Fuels Division Grows Gas CapacityNoble Clean fuels leases 100 percent of new E.ON gas storage facility for the next five years
In addition to knowing and managing risk, one of our primary goals is to systematise as many business processes as possible and continually seek improvement through standardisation.”
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Online GuruTerry Lai joined Noble in 2011 and has quickly become an important member of the Noble family
How did you learn about Noble? Terry Lai: I was looking for a job in online communications when a friend recommended Noble Group. At the time, I wasn’t familiar with the company but thought I’d submit my CV and here I am today, working in Corporate Affairs.
What does your day look like?TL: Everyday is something different. A few weeks ago, we
launched the iPad application (available on iTunes). We created the latest Who We Are folders, which are marketing materials for various business divisions. I’m also leading the development of the global strategy management website.
Highlight of the day?TL: Our broader team in Corporate Affairs covers everything from corporate social responsibility to media, marketing and events. There
are so many things going on at any given moment that we sometimes just have to laugh at what we have to go through. I think the team works well together, with each person having their own strengths so that’s a huge plus.
What interests you outside the office? TL: Kickboxing, online shopping, trying new restaurants and going to concerts!
Terry Lai, Online Communications Content Manager, Hong Kong
oble Group’s 2011 Annual Report New Frontiers has
landed a string of awards at the MerComm International ARC Awards for design and communication excellence.
In addition to winning silver in the Multi-Industry Overall Annual Report category (coming second to GE) New Frontiers won awards in a range of areas: Gold for Interior Design, Silver for Illustration and Silver for Written Text.
The awards reinforce the status of Eight’s integrated financial communications practice as a world-class producer of corporate affairs and communications materials. In addition to the printed
version, this year’s report materials included a dedicated website, an iPad version (a first for the Group), an updated brochure and an updated “Who we are” fact kit.
Noble’s Annual Report Back at the PodiumNoble’s innovative approach to presenting the Group's assets and financials
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o stranger to the Listing Committee having formerly served
on the committee from 2006 to 2009, Noble’s Stephen Brown, Director Corporate Affairs, was appointed Deputy Chairman of the Hong Kong Exchanges’ main board and its second board Growth Enterprise Market in May 2012.
“The HKEx Listing Committee oversees various policy matters concerning listed companies and has 28 members from all sorts of professional backgrounds," said Stephen. "Not only does membership keep you on your toes concerning the latest issues impacting listed companies, it is also fascinating to hear
experts’ views on the issues we address.”
Stephen began his career with Cazenove & Co. in London. He brings nearly three decades of experience in the Asian equity markets, having advised and acted on behalf of global institutional investment clients at senior levels. In addition to the
appointment on HKEx, Stephen is also Director of the Civic Exchange, a Hong Kong-based not-for-profit public policy think tank, and a member of the Securities and Futures Commission's Dual Filing Advisory Group. He joined Noble in August 2007.
Stephen Brown Appointed to HKEx Listing CommitteeStephen Brown, Director Corporate Affairs, appointed a member of the Listing Committee of the Hong Kong Exchanges’ main board and Growth Enterprise Market
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Fortune Favours NobleNoble Group climbs fortune Global 500
91 oble Group has kept its stride and again moved up the Fortune
Global 500 list to No.91 in 2011 from No.139 in 2010. In the China category listing, Noble is No.8 out of 73 companies. The Fortune listings highlight Noble’s outstanding growth over the past year, underscored by the Group’s 2011 total operating income of US$1.5 billion and net profit of US$431 million.
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Noble’s tablet application makes it easy to browse the Group’s investor relations communications, including results announcements and annual reports.
The foray into a new generation of media combines the focused editorial content of annual reports with the interactivity of a digital application including video. financial reports have never been more interesting.
Noble Group App is available free from the iTunes App Store.
Stephen Brown, Director Corporate Affairs
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Natalia Zolotukhina, Bonel Resources LLC, Chief Accountant
people
What do you do at Noble?Thomas Alderweireld: The Hong Kong based team’s activities range from innovative multi-purpose risk system design and implementation to “back of the envelope calculations”. We are customer-driven but we try to allocate the proper time coaching our junior recruits. We all come from a scientific background so we are as much driven by results as how to obtain them. Quantitative research in the commodity business can be really exciting.
After work, how do you spend your evenings?TA: My wife and I enjoy hosting dinner parties. We tend to cook
Thai, French or Italian cuisine. Cooking is a passion of mine and also helps me to relax. Otherwise, I always enjoy a good book, watch series or catch up with scientific achievements.
What is your favourite thing to do on the weekends?TA: I love to be outdoors, especially hiking or swimming with family and friends. I’m currently training for my first 100km Oxfam Trailwalker, which I hope will help me maintain a healthy lifestyle.
How long have you been living in Hong Kong?TA: We moved from Belgium
to Hong Kong in early summer 2010. Hong Kong is easily one of my favorite countries as the countryside is fantastic! One minute you are in one of the largest metropolitan cities in the world with cars honking and minibuses zooming past and the next minute you are in the center of a pristine geopark which is home to wild cows!
Anything you would change about the city?TA: I wish the office was located in the geopark rather than in the city. However, I don’t think I’d get much work done if the office was in the middle of the parks. So maybe it’s for the best we are in the city!
Thomas Alderweireld, Manager, Quantitative Analyst, Hong KongFrom Higgs to Hiking
Quantitative Analyst Thomas Alderweireld switches off by hitting the trails
xemplary efforts and achievements among the Global Finance
Team came to the forefront in January when all regional staff were able to nominate any individual from the Global Finance Team for the inaugural Noble CFO Award, launched last year.
All Global Finance Team members were eligible for
CFO Awards including Internal Audit, Accounting, Business Finance, IT, M&A, Structured Finance, Tax, and Treasury.
Jason Cohen, Global Controller for Sugar and Soft Commodities, based in Stamford was voted winner of the CFO Award by colleagues. Jason has successfully completed various tasks given tight timelines. Congratulations Jason!
For their above-and-beyond attitude… the nominees:• Headquarters:
Kelris Lam• Asia pacific & Middle East:
Aaron Li• Europe & Africa:
Natalia Zolotukhina• North America:
Jason Cohen• Southern Cone:
Jorge Tomkinson
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Prized Analytical MindsNoble’s top contenders for the inaugural Noble CfO Award step up – again
How to get noticed
• Solve a difficult or unusual problem with efficiency and poise
• Jump in to help out peers even though not obliged to do so
• Create and foster exceptional teamwork
• promote the Noble brand through charity work or other actions
• Dedication to mentoring and developing talent within Noble
• Successful completion of a high-profile or time-intensive project
• Keen demonstration of creative thinking for the good of Noble
Jorge Tomkinson, Senior Analyst Treasury Argentina
Aaron Li, Asia pacific & Middle East
Winner of the Noble CfO Award Jason Cohen, Global Controller for Sugar and Soft Commodities
From left: Louis Tang, Group financial Director - Controlling; Kelris Lam, finance Manager; Ronald Man, Manager, Management Accounting; and Jenny Ng, Accounts Officer
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Why the fuss? Because, in addition to dynamic truck unloading, customers are now assured that the road to Lima is in good condition, reducing wear and tear on trucks and improving efficiency.
The Human Resources team at Noble’s sugar mills has recently been recognised for making a difference in 2011/2012 within the sugarcane market, and was awarded the “Distinction/Prominence in HR Management” award by the leading Brazilian agribusiness publication VisãoAgro.
Noble’s oilseed crushing plant and port terminal at Timbúes has successfully passed the tests for the ISO 14001 Certificates (Rule for the Environment Management Systems of the International Organisation for Standardisation), and OHSAS
18001 (International Rule for Health Management Systems and Occupational Safety).
These certificates show the effort and hard work of all of those involved in the process, as well as Noble’s commitment to the environment and the safety and health of employees.
Sugar Mills HR Brings Home MedalBrazil sugar mills awarded Agro Vision Award for HR management distinction
Sergio fernandes da Luz, Sugar Mills' HR Director, accepting
the VisãoAgro award from São paulo State parliamentarian
Roberto Moraes
What is…
Each year the magazine carries out research to highlight mills, distilleries and suppliers of products and services in the state of São Paulo, as well as visionary entrepreneurs who have excelled in the areas of sugarcane processing and production.
Road to LimaImprovement works at Lima port are completed, with two new paved entry points
Certified GreenTimbúes receives ISO 14001 and OHSAS 18001 certification
ISO 14001 is an international rule that outlines how to establish an efficient Environment Management System, which means reaching equilibrium between profitability and less environmental impact.
OHSAS 18001 is an international rule that establishes Health and Safety System Management, and includes (among other key areas): planning in order to identify, evaluate, and control risks; preparation and response in the face of emergencies; and measurement, supervision and improvement of performance.
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Noble has partnered for the past three years with the W.F. Albright Institute of Archaeological Research (AIAR) to provide research fellowships for the Institute’s international fellowship programme. AIAR, located in Jerusalem, Israel, and founded in 1900, is the oldest American research centre for ancient Near East studies in the Middle East.
One of the winners of the 2010-2011 Fellowship, Xiaoli Ouyang, is ranked in the top two percent of all Albright Fellows in the last three decades. Noble World spoke with Xiaoli (See inset box Fellowship year) while she was in Paris this spring doing research with a French collaborator on a project that looks at cracking the meaning
behind margin numbers in administrative records from Mesopotamia (c.2112-2004 BCE). She spent her fellowship year as a post-doctoral researcher at the Albright Institute of Archaeology during which time she finished an edition of about 90 cuneiform (the script used in Mesopotamia) tablets, and revising her dissertation into a book manuscript to be published by a European publisher.
An extraordinary scholar and well respected in her field, Xiaoli received three offers from Chinese universities before settling on Fudan in Shanghai. She’s currently preparing to take up the faculty position in the History Department at Fudan University, designing the courses she will teach in her first year
at the university, and collecting the relevant readings and other educational tools. She told Noble World if she had not been awarded the fellowship she would have spent more time with her infant daughter while trying to continue her research part-time.
The Noble Group Fellowships for Chinese Students and Scholars, which started in March 2010, is open to Chinese citizens who are doctoral students and post-doctoral candidates, and are either studying, or residing in China and undertaking research in institutions of other countries.
Noble Group Fellowship recipients for 2012-2013 to date are Shih-Wei Hsu, Yan Wang, Wen Hua Shi and Xin Wu.
Noble LaureateNoble World speaks with Xiaoli Ouyang about her year as a Noble Group fellow at the W. f. Albright Institute of Archaeology
News
What are you most happy about your year as a Noble Group fellow at the Albright Institute?First of all, I enjoyed the interaction and communication with other fellows at the Albright Institute, the local scholars in Jerusalem and Israel, and the scholars who passed by the institute on their way to their further destinations in the Middle East. My discussions, conversations, and chats with them greatly broadened my intellectual horizon and provided me with a great deal of valuable, practical advice on how to transform myself from a recent PhD graduate to a scholar and how to confront the challenges during this process. The Noble Group Fellowship has helped me to become acquainted with a large number of scholars and to further expand my professional network.
What is the best piece of advice you ever got that you still apply today?If you really want to be a good scholar, persist in your efforts, keep working hard, and never ever let anybody or anything stop you!
At Noble we strive for excellence in everything we do. What does excellence mean to you?For me, excellence means that I must do my best, absolutely and categorically.
What advice do you have for future Noble Group fellows?Interact with other fellows and guests at the W. F. Albright Institute as much as possible, whether in a lecture, at the dinner table, or during a field trip. Your year at the Albright will provide a rare or even a once-in-a-life opportunity to live with scholars from various fields and different stages of their study/career under the same roof for an extended period of time. You will benefit for life from this.
fellowship year
Man of the YearLook no further than Ivan Miroshnichenko at Noble Ukraine
At the end of March 2012, Noble Ukraine celebrated Director General Ivan Miroshnichenko’s reception of the country’s Man of the Year award. One of nineteen people nationwide to be recognised for their distinguished achievements, Ivan called the prize the “recognition reward for
the daily work and achievements of the company’s team”.
The Man of the Year event is well known in the Ukraine and is considered the most prestigious award that recognises professional achievements at a national level in different segments of the economy, as
well as in public, political, social and sports life of the country.
The Award organisers cited the “competitive strength” of the represented enterprises combined with “contribution to the State branding” as some of the main criteria that defined the winner in each nomination.
Xiaoli Ouyang in front of an archaeological site in Israel
Ivan Miroshnichenko receiving award
CSR
When the United Nations designated 2012 as the International Year for Cooperatives, its aim was to raise awareness of their contributions throughout the world to reduce poverty, generate employment and improve social welfare. For examples of effective cooperative business models – which combine economic viability and social responsibility – look no further than the Ivory Coast, where Noble’s Cocoa division has been forming partnerships with cocoa producing cooperatives for over a decade.
Cocoa is typically grown on small, family-run farms in areas rich in biodiversity but also extremely remote. The small holder farmers face many challenges as a result, including a lack of access to training, poor community infrastructure and limited knowledge of current cocoa prices. By coming together as an organisation to aggregate their production, farmers can overcome these problems and achieve a better price for their product.
Characterised by strong values of solidarity, fairness
and social welfare, cooperatives not only assist farmers in the sale of their production at market prices, they also provide credit at reasonable rates, facilitate technical assistance and distribute inputs such as fertilisers. In Ivory Coast, Noble Cocoa is working with over sixty cocoa supplying cooperatives and a further six regarding certification by UTZ Certified – the leading certification programme for sustainable cocoa production.
“We have learned new skills not only on sustainable farming methods but also organisation and business skills,” commented Bledou Boidi, Vice President of the Coabia’s cooperative in eastern Ivory Coast. “Productivity on the farms has risen and the extra money we
receive from the premium means we can invest more on education in the community.” In January 2011, UTZ certified farmers in the Coabia cooperative received a premium per bag of cocoa they produced.
Cooperatives provide an added service for certification with the establishment of a traceability system to ensure transparency along the supply chain. Each farmer member whose farm is certified receives a number and every time the farmer sells to the cooperative, the sale is recorded. The certified production is bagged and segregated separately from non-certified cocoa, ensuring Noble Cocoa’s purchase from the cooperative originates from the certified farms and that practice sustainability.
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productivity on the farms has risen and the extra money we receive from the premium means we can invest more on education in the community.”
Noble partners with cocoa cooperatives to strengthen local economies and promote sustainable development
Cocoa on the Go
CSR
Neutrally GoodNoble’s continued focus on carbon neutrality makes it a standard-setting pioneer in the industry
Carbon neutral soybeans, cotton, coffee or cocoa have the potential to add value to the Noble supply chain by developing new products for a growing niche market.
One area with a rapidly changing playing field is cocoa, a fragile and sensitive crop native to tropical regions. The evergreen tree is typically grown under the shade of native forest canopy trees and its production can have a pivotal role in conserving biodiversity and protecting the world’s forests. As global demand for cocoa continues to grow, particularly for responsibly sourced cocoa, the need to adopt sustainable business practices has never been greater, and it is transforming the business landscape.
Noble has taken a lead in implementing initiatives to empower cocoa farmers, build a sustainable supply chain and reduce our carbon output. As such, in 2011, Noble offered a new innovative product to the market – carbon neutral cocoa. Carbon neutral cocoa
means all greenhouse gas emissions caused by the cocoa production, from the farmers we partner with to the manufacturers we deliver to, have been calculated. The emissions caused by cocoa production are subsequently offset by carbon credits from renewable energy projects. As a result, Noble’s carbon neutral cocoa from Côte d’Ivoire has a zero emissions footprint.
As Côte d’Ivoire is the largest cocoa producer in the world, and since Noble has its own exporting facilities there in order to control quality from the farm to the end user, it made the most sense to start the initiative there. “Through this project, we are able to understand, measure and reduce our environmental impact in our cocoa supply chain,” says Charlie Watson, CSR Manager for Noble Cocoa. “Showing greater environmental responsibility and improving our resiliency to climate change are both essential to our future business operations.”
In 2010 Noble assessed the carbon footprint of the Group’s coffee supply chains in Brazil to develop a new product – carbon neutral coffee.
Noble’s implementation of Group-wide carbon control measures began in 2007 with the Carbon Neutral Project – the Group’s step-by-step programme to calculate, reduce and offset emissions across worldwide operations. The project has continued to expand, and in 2011 Noble achieved carbon neutrality for all of Noble’s beneficiary ships, offices, publications and high-level management events.
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The Magic of Cocoa
Noble’s Cocoa department recently attended a dinner at Grosvenor House in London hosted by The federation of Cocoa Commerce. Attended by over 900 guests from the international cocoa community, the theme of the event was The Magic of Cocoa, highlighting how industry players deliver higher levels of prosperity to cocoa growing communities.
The dinner was linked to a fundraising initiative for the SOS Children's Villages project in Abobo Gare, Côte d’Ivoire. SOS Children's Villages has been active in Africa for 40 years with community projects in 47 African countries. Noble Cocoa contributed to the charity via a cocoa pod stand showcasing our work with farmers on more sustainable, responsible cocoa production in West Africa. The stand also served to introduce Noble Cocoa’s recently launched product – carbon neutral cocoa.
Graham Laird, Senior Cocoa Trader and his wife, Michelle, with chocolate manufacturer ferrero’s Aldo Cristiano at the event
Carbon footprint Calculation Carbon OffsetIndependent
VerificationCarbon Neutral Cocoa
To conduct a representative carbon footprint calculation, Noble collected primary data from cocoa farms, processing and storage facilities and various transportation routes in Côte d’Ivoire as well as data from international seaways and transportation at the destination.
The methodology used for this assessment is based upon the TÜV Nord standard TN-CC 020: 2011-08 Calculation & Verification of Carbon footprints & Carbon Neutrality, ISO14044 standard and pAS 2050 (BSI, 2011). The calculation was verified by TÜV-Nord to assure its completeness, accuracy and conservativeness.
The greenhouse gas emissions caused by the cocoa production – from the farming stage up to the gates of the processing plants in Europe – were offset by carbon credits from renewable energy and energy efficiency projects in India and China.
Noble developed a new product: Carbon Neutral Cocoa from Côte d’Ivoire. The carbon footprint of Noble Cocoa from Côte d’Ivoire was verified to be 2.93t CO2eq for 1 tonne of Cocoa. Noble is now looking at potential emission reduction measures within the Cocoa supply chain to reduce the carbon footprint.
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• 260,000kg of corn harvested
• 1.8 million meals in total harvested and delivered in 2012
• 51 schools took part in the chocleada
• 38 chocleadas in total will be organised, with 7,600 people participating
• 40 charitable organisations will benefit from Noble’s donation
All ears
Banking on a Good HarvestArgentina and Uruguay’s donations help stock kitchens in South America
Back to SchoolSmiles all around as Noble Argentina and paraguay employees’ children receive new backpacks and stationery for school
Footie FeverNoble Hong Kong assembles a team for the five-a-side Standard Chartered Trophy charity football tournament for school
Noble collaborated with Red Argentina Food Bank in the local annual event called ‘chocleada’, where an acre of corn donated by an agricultural producer is harvested and the produce distributed by the food bank.
The event is a fun day out for many who otherwise would not have the chance to try their hand at farming. Nationwide the harvesting is organised by
secondary school students, families and friends.
For the last five years, Noble Argentina has contributed to the event through the symbolic purchase of harvests, in the form of donations to 21 social organisations, in three different inland locations where corn is cultivated. This year chocleadas were organised in Uruguay as well.
Hong Kong found its footing on the pitch in a fast-paced charity football tournament organised by Standard Chartered Bank at the beginning of April.
Entry fees went towards ‘Seeing is Believing’, a global initiative to tackle avoidable blindness and visual impairment. A collaboration between Standard Chartered Bank, the International Agency for the Prevention of Blindness and other leading eye care organisations, the funds raised in Hong Kong will be donated to ORBIS for eye restoration and education projects in China.
Noble dads receive school bags with school kits for their children
Community volunteers
Students modelling their new backpacks
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“Grab a co-worker and run, walk or ride for a good cause” was the rallying cry for Noble Stamford in the lead up to Hope in Motion Ride/Run/Walk 2012 that takes place annually on the first Sunday of June. This is Noble Stamford’s third consecutive year participating in the event that raises funds to support Stamford Hospital Bennett Cancer Center and its invaluable services to patients, their families, and cancer research.
Noble sponsors the registration cost for employees and one guest (each), and together the team of 28 this year gathered their families and friends to donate. The team’s goal this year is to raise US$15,000.
Want to contribute? Our colleagues in Stamford are raising funds, so if you want to make a contribution, please donate online through the team donation page www.hope-in-motion.org/noblegroup.
Run for It! Across Noble, employees take to the streets for a good cause
Hope in Motion
Slam DunkNoble sponsors Oxford’s Saïd Business School basketball team
It was a good start to the season for Saïd Business School basketball team, securing Noble as a corporate sponsor
and then going on to win 15 games out of 19 overall. Highlights worth noting are Saïd Business School brought home the OxBridge title, and reached the semi-finals of MBAT (Europe-wide MBA competition) where the team unfortunately lost to HEC-Paris. En route, though, they beat INSEAD and Cambridge. Not bad, for a season’s work.
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ARGENTINAIrma Gonzalez, a receptionist at Noble Argentina, is a big fan of fitness competitions, especially city marathons and adventure races. Along with colleagues Iris Navarro and Delia Guadarrama they joined 5,000 other women in the Nike 5 km Women’s Race. Noble Argentina sponsored Irma, Iris and Delia, who went on to deliver excellent results and a lucky draw win for Irma. Congratulations!
HONG KONGAt the end of January in Hong Kong, Noble’s corporate sponsored team saw a dozen colleagues participate in the Standard Chartered charity race. Race proceeds go to three charitable causes: Seeing is Believing, The Hong Kong Paralympic Committee & Sports Association for the Physically Disabled and The Hong Kong Anti-Cancer Society (HKACS).
Noble-sponsored Saïd Business School basketball team
Left: Cambridge didn’t know what hit them in the title game Right: Scramble for the ball in the game against INSEAD (green jersey)
Noble 2012 Corporate Challenge
Runners
full Marathon • Tammy Tam • Robert Taylor
Half Marathon • Alex Kwok
• flora Lai
• Eric Li
• Lawrence Yu
10 km • April Lee
• Veronica Ko
• Sunaina Arya • Winnie Wong
Lawrence Yu, Head of Infrastructure, Asia Pacific
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Inspiring FuturesBrazil celebrates International Women’s Day
The women of Noble Bioenergia enjoyed special events in their honour on 6 and 8 March
The Noble Bioenergia women’s day celebration featured a motivational speaker, refreshments, games and raffle giveaways On the Road
Globally Yusuf Alireza’s all-staff town halls were well attended as Noble’s new CEO introduced himself to employees across Asia, Europe, Middle East and South America. He stressed honesty and transparency as key aspects in his leadership style, and feedback from participants show appreciation for his frankness.
Geneva-based Michael von Luehrte, Global Head of Agri Commodities Research, led a Lunch & Learn session at the Delhi Office during his visit to India in February.
Embedded in the Noble business model across the company, Agri research develops all fundamental supply and demand analysis, including weather and crop monitoring for coffee, cocoa, cotton, grains and oilseeds, rice, sugar, and ethanol.
“Standardised practices, strong analytical capabilities, close stakeholder linkage, a geographically diverse and highly motivated workforce are our key success factors,” says Michael.
The Agri Research team consists of more than 90 people spanning South America, the US, Europe, India and China. As a fully integrated part of the segment teams, research also provides training and development for young talent.
India is one of the key countries in terms of agricultural production and raising demand levels. A diversified smallholder farm structure and the variability of the monsoon rainfall make India a critical focus for the research team.
The key priorities for 2012 are to drive synergies across the various groups, share experiences and best practices, plus continuing to develop and attract the necessary talent to perform critical tasks.
Delhi Office Enjoys Agri LunchLunch & Learn at the Delhi office on Agri research and key 2012 priorities
Michael von Luehrte, Global Head of Agricultural Commodities Research, thanks the Indian research team for the excellent work done
CEO Yusuf Alireza takes questions from the floor
during a town hall in Noble's Beijing office
Happy Birthday to Richard!
An otherwise routinely busy day (read: normal working day), Noble Chairman Richard Elman was genuinely surprised when senior management held a birthday celebration gathering for him, presenting him with champagne and a birthday cake.
An Argentinian welcome
From left: Alfonso Romero (MD of Southern Cone), Yusuf Alireza, José Luiz Glaser (CEO Noble Agri)
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Awards Night for China GrainsChina’s four crushing plants celebrated their sales teams’ success at the end of 2011 with a gala evening of awards. With offices throughout China, all sales teams travelled to Guangzhou to celebrate with colleagues.
And the winners are…• Qinzhou Plant –
Best Soybean meal Sales Team Award 2011• Nantong Plant –
Best Soybean oil Sales Team Award 2011• Longkou Plant –
Best Sales Support Team Award 2011• Qinzhou Plant –
Excellent Sales Support Team Award 2011
In Fair VeronaNoble’s Aluminium Team from London descends on Verona, Italy for the Metef-foundeq tradeshow
As the economic environment in Europe holds sway over sentiment, especially in Italy, it may not be a representative year for aluminium industry events.
However, Noble’s booth at Metef-Foundeq in April this year, an international
aluminium tradeshow, was well attended. To conclude the event, on the final night of the fair Noble hosted a dinner for 50 customers and service providers at which great Italian cuisine and wine was enjoyed above ancient Roman ruins.
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Noble’s European Aluminium team at the bi-annual Metef-foundeq fair
in Verona, Italy At the May Lunch & Learn session in Hong Kong, Desikan Bhoovarahan, Group Insurance Director, introduces Noble’s Insurance function and provides an overview of its scope, role, and how it supports the business to add value.
fuling team impresses the audience with their dance moves
Qinzhou Sales team collects their award
fuling team photo
The Guangzhou team’s routine brings audience applause to fever pitch
Noble's Insurance
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For 2012, Delhi has committed to some serious office cricket action with cross-function teams testing their skills on weekends whenever possible. Players arrive at 7.00am for practice and matches brimming with passion and excitement. They play for either Delhi Warriors or Delhi Daredevils, and are drawn from across functions and companies including Elegant Services (Fleet Management).
Noble employees came out to cheer on Geneva’s hockey team, the Eagles of Servette. It was an opportunity to relax in an informal environment as Servette sadly went on to lose the game. Better luck next time!
Eagles performance aside, much fun was had by all who participated, as they enjoyed hospitality facilities in the VIP box.
GENEvAAfter the winter party’s success, the bar had been set high for Geneva’s first official summer party. Inspired by the nearby Olympic events, the Geneva Summer Party was an afternoon of fun and games, and a hefty dose of team building.
To ensure everyone let their hair down, the organising
LoNdoNLondon office’s summer BBQ was held at The Orangery in the city on one of the hottest days of the year! The air-conditioned al fresco setting was more than welcome.
STAmFoRdThe Stamford team took to the Indian Harbor Yacht Club, nestled in Smith Cove on the east coast of Greenwich, Connecticut, for some summer fun. The setting was perfect for relaxed drinks with colleagues.
Noble’s Daredevils and WarriorsIndian cricket at fever pitch
Servette EaglesGeneva’s hockey night brings the office together behind the Servette Eagles
Events
Noble cricketers armed with plenty of team spirit and determination
Go Geneva!
committee arranged stations of games for a bit of friendly competition. Using T-shirt colours to differentiate teams, people were grouped on arrival. The games catered to different strengths with games to test balance, strength, coordination, communication and general knowledge of Noble’s history. Taking one for the team
Summer Parties AboundAcross Noble employees enjoy a reprive from the heat with a few chilled beverages, BBQ and games
Give me a… scream!
Let the games begin: Noble Geneva takes the field
From left: Jeremiah patterson (HR), Bill Cronin (COO), Babak pooya (Legal),
Seumas Lobban (Legal) and Michael Marino (Legal)
Mark foster and farhud Manzoori
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After sorting out some initial problems, Noble-sponsored employee boat Malandra sailed at high speed towards the first buoy. Racing in a fixed marker circuit, around 70 craft divided into several categories covered a circuit close to 25km.
At first the wind cooperated but then died down, forcing all
High Seas Adventure Noble sponsors employee boat in regatta
Tough MudderSpecial forces training is messy business
Safety throughout Noble offices putting safety first around the world
Events
Global Operations: Team spirit and cross-function collaboration
Houston colleagues motivated one another through a 12 mile obstacle course including running, climbing and well, lots of mud! This course, designed by British Special Forces was a true test of mental and physical toughness for all participants. Noble showed team camaraderie by successfully completing this gruelling challenge together.
Noble offices are increasing awareness for health and safety practices. From tips posted on the intranet to brigade training in ports, we are keeping everyone on their toes for the best practices to encourage a safe working environment for all employees.
London Common area message boards keep everyone up to date.
Hong Kong Maintaining the intranet where you can find tips for health and wellness.
Singapore Distributed safety guides from the Ministry of Manpower. India Organised eye exams to test for glaucoma, cataracts, AMD and diabetic retinopathy.
Geneva Well prepared for emergency situations as various staff are also part-time local volunteer firefighters.
boats to look for alternative ways to make it to the finish. When the wind picked up again, Noble’s team managed to make up for the lost time, and when they arrived at the finish line they celebrated heartily, just as good sailors should.
The Malandra finished 14th out of 25 boats in the category
– not a bad result considering it was the team’s first regatta. The most important things about assembling a good team for sailing, according to Skipper Damián Medina, are team spirit, camaraderie, onboard chat, anecdotes and laughter. All ingredients the Malandra had plenty of.
From left: Ion O’farrell, Damián Medina, Delia Guadarrama and Irma González prepare to board the Malandra owned by Damián and sponsored by Noble Argentina, to participate in the Regacic Regatta
With or without mud, everyone gives smiles of relief after they successfully completed the Tough Mudder Challenge as a team!
Flying Visit: Istanbul
During a visit to Istanbul in May, London-based Director Chartering Nigel Herdman visited the office and met the chartering post-fixture team (pictured). The Istanbul team handles post-fixture for the Geneva chartering desk. (from left) Remzi Issever, Bernaz Gulgun Belibagli, Osman Kirimtay, Levent Asar and Gökhan Selviboy.
Argentina Members of the Timbúes and Lima Emergency Brigade simulated emergency scenarios, teaching Noble employees what to do in the event of an emergency.
Stamford Has a dedicated Director of health and safety along with support committee to organise safety drills and courses.
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Hatched and MatchedWelcoming the new births and marriages from all across the world of Noble
1 Aditi Gupta, Treasury India, married Ashok on 13 April 2012
2 Aiden, son of Dennis Cheung, IT Hong Kong, was born on 28 May 2012
3 Ajay, son of Vimaleswari Jayabalan, Oil Research Singapore, was born on 2 february 2012
4 Bruce Hendry, Grain & Oilseeds South Africa, married Shelley on 6 April 2012
5 Chinmay, son of Mohan Kumar BC, Coffee India, was born on 25 february 2012
6 Elif Simay, daughter of fatih Akbay, Grains Turkey, was born on 8 March 2012
7 Estefano, son of Cristian Giorgi, projects Department, Timbúes Argentina, was born on 28 July 2012
8 florencia Martinez Molteni, fertilizers Commercial Argentina, married Alejandro Somoza on 12 May 2012
9 Gizem, daughter of Yücel Gen˜oglu, Grains Turkey, was born on 7 march 2012
10 James Hinchcliffe, Energy London, married Katja Zehner on 24 february 2012
11 Jonathan Landesman, Risk Hong Kong, married Sophia Mendelsohn on 20 May 2012
12 Karim, son of Amer Matar, Sugar Dubai, was born on 2 July 2012
13 Kyara Elizabeth Brodeur, son of Matt Smith, IT London, was born on 16 June 2012
14 Lucas Silva, son of Maria De fatima De Lima, Internal Audit America, was born on 28 May 2012
15 Manuel Virasoro, Origination Assistant Argentina, married Belén Ruete Güemes on 3 March 2012
16 Matthew Ryan, son of Michelle Thomas, finance South Africa, was born on 27 february 2012
17 Octavio, son of Irene ferreri, International Execution Coordinator, Zonamérica, Uruguay, was born on 16 March 2012
18 paloma, daughter of Gastón García, port Chief Lima, was born on 30 March 2012
19 parry, son of Harry Tang, freight Manager Beijing, was born on 29 April 2012
20 Reagan Honey and Theodore Thomas, daughter and son of Melissa Mauro, Oil Operations America, were born on 19 April 2012
21 Rocío, daughter of Romina Schuldeis, fertilizers Department, Buenos Aires Office Argentina, was born on 5 July 2012
22 Santiago Mejia, Coffee North America, married Aurora Virginia farewell on 2 June 2012
23 Sara, daughter of Alejandro Sanchez Gestido, Liquidfied Natural Gas London, was born on 3 June 2012
24 Sarah, daughter of fabian Leow, finance Singpaore, was born on 25 April 2012
25 Siddhi, daughter of Lalit Bhaskar, Iron Ore India, was born on 2 December 2011
26 Sophia, daughter of Icarus Lau, IT Hong Kong, was born on 30 June 2012
27 Temuugen, son of Solonga Erdenechimeg, Hards Commodities Mongolia, was born on 16 May 2012
28 Trisha, daughter of Diwaker Kureel, Iron Ore India, was born on 18 January 2012
29 Tsz Lam, son of Anna Ho, Operation and post fixture Hong Kong, was born on 7 May 2012
30 Valerie, daughter of Jeffrey Chan, HR Hong Kong, was born on 1 July 2012
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20 2122
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Hatched and Matched
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On 24 July 2012, Jennifer pan Lixian, Assistant Treasury Manager, Singapore delivered quadruplets! This is the first case in Singapore since 2008 and first ever at Noble Singapore. Congratulations Jen!
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26 Fantastic Four
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