Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697628427910.pdf (Australia)
Macquarie Agricultural Funds Management A Member of the Macquarie Group Level 22, 20 Bond St Sydney NSW 2000 Telephone Facsimile (02) 8232 6220 (02) 8232 5741 = = N=gìäó=OMMV= = `çããáííÉÉ=pÉÅêÉí~êó= m~êäá~ãÉåí~êó=gçáåí=`çããáííÉÉ=çå=`çêéçê~íáçåë=~åÇ=cáå~åÅá~ä=pÉêîáÅÉë= ml=_çñ=SNMM== m~êäá~ãÉåí=eçìëÉ== `~åÄÉêê~=^`q=OSMM= ^ìëíê~äá~== = = _ó=Éã~áäW=Åçêéçê~íáçåëKàçáåí]~éÜKÖçîK~ì= = = aÉ~ê=j~Ç~ãLpáêI== = = fåèìáêó=áåíç=~ÖêáÄìëáåÉëë=ã~å~ÖÉÇ=áåîÉëíãÉåí=ëÅÜÉãÉë=EjfpF= = = mäÉ~ëÉ=ÑáåÇ=ÉåÅäçëÉÇ=çìê=ëìÄãáëëáçå=íç=íÜÉ=m~êäá~ãÉåí~êó=fåèìáêó=áåíç= ~ÖêáÄìëáåÉëë=ã~å~ÖÉÇ=áåîÉëíãÉåí=ëÅÜÉãÉëK=qÜáë=ëìÄãáëëáçå=~ÇÇêÉëëÉë=áëëìÉë= Åçåí~áåÉÇ=áå=óçìê=äÉííÉê=Ç~íÉÇ=P=gìåÉ=OMMVK== = pÜçìäÇ=óçì=Ü~îÉ=~åó=èìÉëíáçåë=êÉÖ~êÇáåÖ=íÜáë=ëìÄãáëëáçåI=éäÉ~ëÉ=Åçåí~Åí=ãóëÉäÑ= çå=MO=UOPO=QMVSK= = vçìêë=ëáåÅÉêÉäó== = = = ^åíÜçåó=^Äê~Ü~ã= `ÜáÉÑ=bñÉÅìíáîÉ=lÑÑáÅÉê= j~Åèì~êáÉ=^ÖêáÅìäíìê~ä=cìåÇë=j~å~ÖÉãÉåí= WS: FP_Sydney: 3827293: v1 July 09 Parliamentary inquiry into agribusiness managed investment schemes Submission by: Macquarie Agricultural Funds Management L e v e l 2 2 , 2 0 B o n d S t r e e t S y d n e y N S W 2 0 0 0 2 Macquarie Agricultural Funds Management Inquiry into agribusiness managed investment schemes : Submission About Macquarie Agricultural Funds Management = j~Åèì~êáÉ=^ÖêáÅìäíìê~ä=cìåÇë=j~å~ÖÉãÉåí=Ej^cjF=áë=~å=çéÉê~íáåÖ=ÄìëáåÉëë=ïáíÜáå=íÜÉ= j~Åèì~êáÉ=Öêçìé=çÑ=Åçãé~åáÉëK==qÜÉ=j~Åèì~êáÉ=dêçìé=áë=~=ä~êÖÉI=ÇáîÉêëáÑáÉÇ=Ñáå~åÅá~ä=ëÉêîáÅÉë= çêÖ~åáë~íáçå=ïáíÜ=çîÉê=NOITMM=ÉãéäçóÉÉë=áå=ãçêÉ=íÜ~å=TM=çÑÑáÅÉë=áå=OS=ÅçìåíêáÉë=~åÇ=
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 Funds Management Inquiry into agribusiness managed investment schemes : Submission 1.
The relevance of agricultural MIS to the Australian agriculture industry = qÜÉêÉ=áë=ÅìêêÉåíäó=äáãáíÉÇ=çééçêíìåáíó=Ñçê=áåîÉëíãÉåí=áåíç=ÇáêÉÅí=Ñ~êã=Ö~íÉ=~ÖêáÅìäíìê~ä=éêçÇìÅíáçåK== qÜáë=áë=ÉëéÉÅá~ääó=ëç=Ñçê=êÉí~áä=áåîÉëíçêëK==qÜÉ=^ìëíê~äá~å=~ÖêáÅìäíìê~ä=jfp=áåÇìëíêó=Ü~ë=íÜìë= éêçîáÇÉÇ=^ìëíê~äá~å=êÉí~áä=áåîÉëíçêë=ïáíÜ=~å=ÉÑÑÉÅíáîÉ=îÉÜáÅäÉ=íç=ÇáêÉÅíäó=é~êíáÅáé~íÉ=áå=ä~êÖÉ=ëÅ~äÉ= ÅçããÉêÅá~ä=Ñ~êã=Ö~íÉ=éêçÇìÅíáçå=íÜêçìÖÜ=~=êÉä~íáîÉäó=ãçÇÉëí=áåáíá~ä=ÅçåíêáÄìíáçå=~åÇ=~ë=~=êÉëìäíI= Ü~ë=áåàÉÅíÉÇ=ãáääáçåë=çÑ=Ççää~êë=áåíç=êìê~ä=^ìëíê~äá~å=ÅçããìåáíáÉëK==qê~Çáíáçå~ääóI=ëìÅÜ=~ÅÅÉëë=íç= é~êíáÅáé~íÉ=áå=ä~êÖÉ=ëÅ~äÉ=ÅçããÉêÅá~ä=éêçÇìÅíáçå=Ü~ë=ÄÉÉå=~î~áä~ÄäÉ=çåäó=íç=éêáî~íÉ=áåÇáîáÇì~äë= Å~é~ÄäÉ=çÑ=ÑìåÇáåÖ=íÜÉ=ëáÖåáÑáÅ~åí=áåîÉëíãÉåí=ÅçããáíãÉåíë=êÉèìáêÉÇ=íç=Éëí~ÄäáëÜ=íÜÉëÉ=îÉåíìêÉëK== qÜÉ=ëìêîáî~ä=~åÇ=äçåÖ=íÉêã=ëìëí~áå~Äáäáíó=çÑ=íÜÉ=~ÖêáÅìäíìê~ä=jfp=áåÇìëíêó=áë=íÜÉêÉÑçêÉ=îáí~ä=íç=~ííê~Åí= íÜÉ=áåîÉëíãÉåí=êÉèìáêÉÇ=Ñçê=íÜÉ=Éëí~ÄäáëÜãÉåí=çÑ=ëçãÉ=çÑ=íÜÉ=ïçêäÇÛë=ÄÉëí=ÅçããÉêÅá~ä=Ñ~êãáåÖ= çéÉê~íáçåë=áå=êìê~ä=^ìëíê~äá~K=== mêáçê=íç=íÜÉ=áåíêçÇìÅíáçå=çÑ=~ÖêáÄìëáåÉëë=jfpI=ã~åó=çÑ=íÜÉ=ÅìêêÉåí=~ÖêáÄìëáåÉëë=jfp=éêçîáÇÉêë=ÇáÇ= åçí=ÉãÉêÖÉ=Ñêçã=~=Üáëíçêó=çÑ=éêçîáÇáåÖ=áåîÉëíãÉåí=ëÉêîáÅÉë=çê=~=ÑìåÇë=ã~å~ÖÉãÉåí=Ä~ÅâÖêçìåÇK== qÜáë=áë=ÇÉëéáíÉ=íÜÉ=Ñ~Åí=íÜ~í=~ÖêáÄìëáåÉëë=ã~å~ÖÉÇ=áåîÉëíãÉåí=ëÅÜÉãÉëI=Äó=ÇÉÑáåáíáçå=~êÉ= êÉÖìä~íÉÇ=ÑìåÇë=~åÇ=Ñáå~åÅá~ä=éêçÇìÅíëK==== j~åó=çÑ=íÜÉ=ìåÇÉêäóáåÖ=Ñ~êãáåÖ=çéÉê~íáçåë=ÄÉÜáåÇ=^ìëíê~äá~å=~ÖêáÄìëáåÉëë=jfp=çÑÑÉêáåÖë=~êÉ=èìáíÉ= Å~é~ÄäÉ=çÑ=éêçÇìÅáåÖ=éêçÑáí~ÄäÉ=êÉíìêåëK==eçïÉîÉêI=íÜÉ=éêçÑáí~Äáäáíó=çÑ=~=éêçàÉÅí=~äçåÉ=ÇçÉë=åçíI=
Öì~ê~åíÉÉ=~=ëìÅÅÉëëÑìä=mêçÇìÅíK==o~íÜÉêI=~å=~ééäáÅ~íáçå=çÑ=êçÄìëí=ÑìåÇë=ã~å~ÖÉãÉåí=ÇáëÅáéäáåÉë= ~åÇ=íÉÅÜåáèìÉë=áë=êÉèìáêÉÇ=íç=ÅçåîÉêí=~=éêçÑáí~ÄäÉ=éêçàÉÅí=áåíç=~=ëìÅÅÉëëÑìä=mêçÇìÅí=éêçîáÇáåÖ= éçëáíáîÉ=êÉíìêåë=íç=áåîÉëíçêëK==^=ëíêçåÖ=ÑìåÇë=ã~å~ÖÉãÉåí=Ä~ëÉÇ=~ééêç~ÅÜ=íç=Éëí~ÄäáëÜáåÖ= ~ÖêáÄìëáåÉëë=jfp=áë=ÉëëÉåíá~äK=== qÜÉ=^ìëíê~äá~å=~ÖêáÄìëáåÉëë=jfp=áåÇìëíêó=ëÜçìäÇ=ÄÉ=çéÉê~íÉÇ=ïáíÜáå=~=Ñê~ãÉïçêâ=íÜ~í=éêçîáÇÉë= ^ìëíê~äá~å=êìê~ä=ÅçããìåáíáÉë=~åÇ=áåîÉëíçêë=ïáíÜ=ëìëí~áå~ÄäÉ=éêçàÉÅíë=~åÇ=íê~åëé~êÉåí=áåîÉëíãÉåí= çééçêíìåáíáÉëK==qç=~ÅÜáÉîÉ=íÜáëI=~ÖêáÄìëáåÉëë=jfp=åÉÉÇë=íç=ÄÉ=ÇÉîÉäçéÉÇ=ïáíÜáå=~=Ñê~ãÉïçêâ=íÜ~í= áë= Ä~ëÉÇ= ìéçå= ëçìåÇ= ~ÖêáÅìäíìê~ä= éê~ÅíáÅÉë= ~åÇ= ëçìåÇ= ÑìåÇë= ã~å~ÖÉãÉåí= ~åÇ= áåîÉëíãÉåí= éêáåÅáéäÉëI=ê~íÜÉê=íÜ~å=~=ë~äÉë=çêáÉåíÉÇ=~ééêç~ÅÜK=== 5= 2.
Key principles to promote a sustainable agribusiness MIS industry = _Éäçï=áë=~=ëìãã~êó=çÑ=âÉó=éêáåÅáéäÉë=íÜ~í=j^cj=ëÉÉâë=íç=ê~áëÉ=Ñçê=ÅçåëáÇÉê~íáçå=áå=çêÇÉê=íç= éêçãçíÉ=~=ëìëí~áå~ÄäÉ=~åÇ=ëìÅÅÉëëÑìä=~ÖêáÄìëáåÉëë=áåÇìëíêóK=== 2.1 Demonstrating adequate financial capacity ^ÖêáÄìëáåÉëë=jfp=éêçîáÇÉêë=ëÜçìäÇ=ÄÉ=êÉèìáêÉÇ=íç=~ååì~ääó=ÅÉêíáÑó=íç=íÜÉ=êÉÖìä~íçê=íÜ~í= íÜÉó=Ü~îÉ=íÜÉ=Ñáå~åÅá~ä=Å~é~Åáíó=íç=ëìééçêí=íÜÉ=Ñáå~åÅá~ä=çÄäáÖ~íáçåë=ÅêÉ~íÉÇ=Äó= ~ÖêáÄìëáåÉëë=jfpI=áåÅäìÇáåÖ=Üçï=íÜÉó=Eçê=êÉä~íÉÇ=é~êíáÉë=çå=ïÜáÅÜ=~=ëÅÜÉãÉ=áë=êÉäá~åíF= ïáää=ÄÉ=ÑìåÇáåÖ=çê=éêçîáëáçåáåÖ=Ñçê=íÜÉ=Åçëíë=~ëëçÅá~íÉÇ=ïáíÜ=~ää=çÄäáÖ~íáçåë=áå=êÉëéÉÅí=çÑ= íÜ~í=ëÅÜÉãÉK== 2.2 Revised project structures ^ÖêáÄìëáåÉëë=jfp=ëíêìÅíìêÉë=ëÜçìäÇ=éêçîáÇÉ=áåîÉëíçêë=ïáíÜ=ä~åÇ=êáÖÜíë=éêçîáÇáåÖ=çåÖçáåÖ= ~ÅÅÉëë=íç=íÜÉ=ä~åÇ=ìíáäáòÉÇ=Ñçê=íÜÉ=~ÖêáÄìëáåÉëë=jfp=Ñçê=íÜÉ=äáÑÉ=çÑ=íÜÉ=éêçàÉÅíK==qÜÉëÉ= êáÖÜíë=ëÜçìäÇ=ÄÉ=Å~é~ÄäÉ=çÑ=ëìêîáîáåÖ=áå=íÜÉ=ÉîÉåí=çÑ=~=Ñ~áäÉÇ=çê=êÉéä~ÅÉãÉåí=êÉëéçåëáÄäÉ= Éåíáíó=EobFK== qÜáë=Å~å=ÄÉ=~ÅÜáÉîÉÇ=ÉáíÜÉê=íÜêçìÖÜ=~=ëíêìÅíìêÉ=íÜ~í=áë=Å~é~ÄäÉ=çÑW= áK jÉÉíáåÖ=~ååì~ä=~åÇ=çåÖçáåÖ=ä~åÇ=ÑìåÇáåÖ=ÅçëíëX=çê= ááK mêçîáÇáåÖ=áåîÉëíçêë=ïáíÜ=çïåÉêëÜáé=Eçê=íÜÉ=ÉÅçåçãáÅ=Éèìáî~äÉåí=çÑ=çïåÉêëÜáéF=çÑ= íÜÉ=ä~åÇ= 2.4 Reform commission structures `çããáëëáçå=ëíêìÅíìêÉë=Ñçê=~ÖêáÄìëáåÉëë=ã~å~ÖÉÇ=áåîÉëíãÉåíë=ëÜçìäÇ=ÄÉ=~ãÉåÇÉÇ=íç= Éëí~ÄäáëÜ=~=ã~ñáãìã=äáãáí=íç=íÜÉ=çîÉê~ää=äÉîÉä=çÑ=Åçããáëëáçåë=EÄçíÜ=Ü~êÇ=~åÇ=ëçÑí=Ççää~ê= ÅçããáëëáçåëF=é~ó~ÄäÉ=íç=~ÇîáëÉêëK===
 ^ë=é~êí=çÑ=íÜÉ=ÅÉêíáÑáÅ~íáçå=êÉèìáêÉãÉåí=ìåÇÉê=OKN=~ÄçîÉI=~ÖêáÄìëáåÉëë=jfp=éêçîáÇÉêë= ëÜçìäÇ=ÄÉ=êÉèìáêÉÇ=íç=êÉéçêí=íÜÉ=çîÉê~ää=äÉîÉä=çÑ=Åçããáëëáçåë=EÄçíÜ=Ü~êÇJÇçää~ê=~åÇ=ëçÑíJ Ççää~êFI=áåÅäìÇáåÖ=~ää=çíÜÉê=Ñáå~åÅá~ä=áåÅÉåíáîÉë=~åÇ=ã~êâÉíáåÖ=ÉñéÉåëÉë=~ííêáÄìí~ÄäÉ=íç= ~ÖêáÄìëáåÉëë=jfp=ë~äÉë=É~ÅÜ=óÉ~êK== 2.5 Past performance of schemes mêçÇìÅí=éêçîáÇÉêë=ëÜçìäÇ=ÄÉ=êÉèìáêÉÇ=íç=ÇáëÅäçëÉ=íÜÉáê=é~ëí=éÉêÑçêã~åÅÉ=êÉëìäíë=ïáíÜ= êÉëéÉÅí=íç=éêÉîáçìëäó=ÅçãéäÉíÉÇ=~ÖêáÄìëáåÉëë=jfpK== cçê=ÅìêêÉåí=éêçàÉÅíëI=çåÖçáåÖ=áåîÉåíçêó=~ëëÉëëãÉåíë=ëÜçìäÇ=ÄÉ=~=êÉèìáêÉãÉåí=Ñçê=É~ÅÜ= ~ÖêáÄìëáåÉëë=jfp=íç=éêçîáÇÉ=áåîÉëíçêë=ïáíÜ=~=ÖìáÇÉ=~ë=íç=íÜÉ=çåÖçáåÖ=éÉêÑçêã~åÅÉ=çÑ= íÜÉáê=éêçàÉÅíK=== 6 Macquarie Agricultural Funds Management Inquiry into agribusiness managed investment schemes : Submission 3.
Scheme structures and business models 3.1 The relevance of the corporate strength of the Provider qÜÉ=êÉÅÉåí=Åçää~éëÉë=çÑ=^ìëíê~äá~Ûë=íïç=ä~êÖÉëí=~ÖêáÄìëáåÉëë=jfp=éêçîáÇÉêë=E~åÇ=íÜÉáê=ëìÄëáÇá~êó= Åçãé~åáÉë=íÜ~í=~ÅíÉÇ=~ë=êÉëéçåëáÄäÉ=ÉåíáíáÉë=Ñçê=~ÖêáÄìëáåÉëë=jfpF=EmêçîáÇÉêëF=Ü~îÉ=ÜáÖÜäáÖÜíÉÇ= íÜ~í=~=ëçäÉ=çê=Ççãáå~åí=êÉäá~åÅÉ=çå=~ÖêáÄìëáåÉëë=jfp=ë~äÉë=íç=ÑìåÇ=åçí=çåäó=éêçÑáí~ÄáäáíóI=Äìí=~äëç= çéÉê~íáçå~ä=êÉèìáêÉãÉåíë=EáåÅäìÇáåÖ=íÜÉ=Ñáå~åÅáåÖ=~åÇ=äÉ~ëáåÖ=çÑ=~ëëÉíë=ÜÉäÇFI=Ü~ë=íÜÉ=éçíÉåíá~ä=íç= äÉ~Ç=íç=Ñáå~åÅá~ä=ÇáÑÑáÅìäíóK==^=Åçêéçê~íÉ=Ñ~áäìêÉ=çÑ=íÜÉ=mêçîáÇÉê=ã~ó=íÜÉêÉÑçêÉ=Å~ëÅ~ÇÉ=áåíç=~=Ñ~áäìêÉ= çÑ=É~ÅÜ=áåÇáîáÇì~ä=~ÖêáÄìëáåÉëë=éêçàÉÅí=íÜ~í=áí=ï~ë=êÉëéçåëáÄäÉ=Ñçê=ÅêÉ~íáåÖK= 3.2 Increasing sales leads to increasing financial commitment tÜáäëí=~å=áåÅêÉ~ëÉ=áå=~ÖêáÄìëáåÉëë=jfp=ë~äÉë=áë=íóéáÅ~ääó=éçëáíáîÉ=Ñçê=ÅìêêÉåí=óÉ~ê=éêçÑáí~ÄáäáíóI=áí= ÅêÉ~íÉë=~=åìãÄÉê=çÑ=ÑìíìêÉ=~åÇ=çåÖçáåÖ=Ñáå~åÅá~ä=çÄäáÖ~íáçåë=Ñçê=íÜÉ=mêçîáÇÉê=íÜ~í=ãìëí=ÄÉ=ãÉí= ÉáíÜÉê=çìí=çÑ=ÅìêêÉåí=óÉ~ê=êÉîÉåìÉ=çê=Ñêçã=ÑìíìêÉ=áåÅçãÉ=ëíêÉ~ãëK==qÜÉëÉ=Ñáå~åÅá~ä=çÄäáÖ~íáçåë=Å~å= áåÅäìÇÉW= cìåÇáåÖ=Åçëíë=~ëëçÅá~íÉÇ=ïáíÜ=ëÉêîáÅáåÖ=íÜÉ=êáÖÜíë=íç=ìëÉ=ä~åÇ=Ñçê=íÜÉ=éêçàÉÅí=Ó=ÉáíÜÉê= Ñêçã=ä~åÇ=ÜÉäÇ=çå=Ä~ä~åÅÉ=ëÜÉÉí=çê=íÜêçìÖÜ=~=äÉ~ëÉ=~êê~åÖÉãÉåí=EëÉÉ=ÄÉäçïFX=~åÇ= låÖçáåÖ=~åÇ=ÑìíìêÉ=Å~éáí~ä=ÉñéÉåÇáíìêÉ=ÅçããáíãÉåíë=çÑíÉå=êÉèìáêÉÇ=Ñçê=íÜÉ=çåÖçáåÖ= ÇÉîÉäçéãÉåí=çÑ=~=éêçàÉÅíK= få=~äãçëí=~ää=Å~ëÉëI=áåîÉëíçêë=Ü~îÉ=åç=çïåÉêëÜáé=çÑ=Eåçê=ÉÅçåçãáÅ=ÉåíáíäÉãÉåí=íçF=íÜÉ=ìåÇÉêäóáåÖ=
ä~åÇ=ìëÉÇ=Äó=íÜÉ=éêçàÉÅíI=Äìí=ê~íÜÉê=íÜÉó=~êÉ=Öê~åíÉÇ=êáÖÜíë=íç=ìëÉ=íÜÉ=ä~åÇ=Äó=íÜÉ=mêçîáÇÉê=íç= ~ÅÅÉëë=íÜÉ=ä~åÇ=EÉKÖK=íÜêçìÖÜ=éêçéÉêíó=~ÖêÉÉãÉåíë=çê=ëìÄäÉ~ëÉëFK==qÜÉ=~Äáäáíó=íç=ã~áåí~áå=íÜÉ= áåíÉÖêáíó=çÑ=íÜÉëÉ=ä~åÇJìëÉ=êáÖÜíë=áë=ÅêáíáÅ~ä=íç=ÉåëìêÉ=íÜÉ=éêçàÉÅí=Å~å=ÅçåíáåìÉ=ëìÅÅÉëëÑìääó=Ñçê=íÜÉ= íÉêãK==qÜÉ=ä~åÇ=áë=ÖÉåÉê~ääó=ëçìêÅÉÇ=Ñçê=~ÖêáÄìëáåÉëë=jfp=Äó=íÜÉ=mêçîáÇÉê=ÉáíÜÉê=ÄóW= lïåáåÖ=ä~åÇ=ÇáêÉÅíäó=çå=Ä~ä~åÅÉ=ëÜÉÉí=EÑêÉÉÜçäÇ=~ééêç~ÅÜFX=çê= båíÉêáåÖ=áåíç=~=äçåÖ=íÉêã=äÉ~ëáåÖ=~êê~åÖÉãÉåí=ïáíÜ=~=íÜáêÇ=é~êíó=çïåÉê=Ñçê=íÜÉ=äáÑÉ=çÑ=íÜÉ= éêçàÉÅí=EäÉ~ëÉÜçäÇ=~ééêç~ÅÜFX=çê= p~äÉ=~åÇ=äÉ~ëÉÄ~Åâ=~êê~åÖÉãÉåíë=ïÜÉêÉ=ä~åÇ=ÜÉäÇ=çå=Ä~ä~åÅÉ=ëÜÉÉí=áë=ëçäÇ=íç=~=íÜáêÇ= é~êíó=~åÇ=äÉ~ëÉÇ=Ä~Åâ=Ñçê=íÜÉ=éêçàÉÅí=íÉêã=Eë~äÉ=~åÇ=äÉ~ëÉÄ~Åâ=~ééêç~ÅÜFK= qÜÉ=äÉîÉä=çÑ=çåÖçáåÖ=ÑìåÇáåÖ=Åçëíë=~ëëçÅá~íÉÇ=ïáíÜ=ã~áåí~áåáåÖ=ä~åÇ=~ÅÅÉëë=íÜÉêÉÑçêÉ=ÇÉéÉåÇë= çå=íÜÉ=äÉîÉä=çÑ=áåíÉêÉëí=ÄçêêçïáåÖ=Åçëíë=ìåÇÉê=~=ÑêÉÉÜçäÇ=~ééêç~ÅÜI=çê=çå=íÜÉ=~ååì~ä=êÉåí~ä= ÉñéÉåëÉë=é~ó~ÄäÉ=ìåÇÉê=~=äÉ~ëÉÜçäÇ=~ééêç~ÅÜK==få=ÄçíÜ=ÅáêÅìãëí~åÅÉëI=~ÖêáÄìëáåÉëë=jfp= ëíêìÅíìêÉë=~êÉ=êÉäá~åí=ìéçå=íÜÉ=mêçîáÇÉê=Eçê=~=êÉä~íÉÇ=Éåíáíó=Ó=ÉKÖK=é~êÉåí=Åçãé~åóF=áå=ãÉÉíáåÖ= íÜÉëÉ=Åçëíë=íç=ÉåëìêÉ=íÜÉ=çåÖçáåÖ=îá~Äáäáíó=çÑ=íÜÉ=ëÅÜÉãÉK=== råÇÉê=~=ë~äÉ=~åÇ=äÉ~ëÉÄ~Åâ=~ééêç~ÅÜI=ä~åÇ=éêÉîáçìëäó=ÜÉäÇ=çå=Ä~ä~åÅÉ=ëÜÉÉí=EÄó=íÜÉ=mêçîáÇÉê=çê= ~=êÉä~íÉÇ=ÉåíáíóF=áë=ëçäÇ=íç=~=íÜáêÇ=é~êíó=Eçê=ãìäíáéäÉ=íÜáêÇ=é~êíáÉëFK==tÜáäëí=íÜáë=ãÉíÜçÇ=áë=ÉÑÑÉÅíáîÉ=áå= êÉÇìÅáåÖ=Åçêéçê~íÉ=Ä~ä~åÅÉ=ëÜÉÉí=ÇÉÄíI=áí=ÇçÉë=äáííäÉ=íç=êÉÇìÅÉ=íÜÉ=~ååì~ä=ÑìåÇáåÖ=Åçëí=çÑ=ä~åÇ=~ë=
íÜÉ=Åçëí=çÑ=ãÉÉíáåÖ=êÉåí~ä=é~óãÉåíë=áë=íóéáÅ~ääó=ÅçããÉåëìê~íÉ=íç=íÜÉ=Åçëí=çÑ=ÑìåÇáåÖ=ÇÉÄíK==få= ~ÇÇáíáçåI=íÜÉ=ÅÜ~åÖÉ=çÑ=ä~åÇ=çïåÉêëÜáé=~åÇ=íÜÉ=åÉï=êáÖÜíë=Öê~åíÉÇ=ìåÇÉê=íÜÉ=åÉï=äÉ~ëáåÖ= ~êê~åÖÉãÉåíI=Ü~ë=íÜÉ=éçíÉåíá~ä=íç=áåíêçÇìÅÉ=åÉï=êáëâë=íç=íÜÉ=ìåÇÉêäóáåÖ=ëíêìÅíìêÉ=çÑ=íÜÉ=éêçàÉÅí= íÜ~í=ïÉêÉ=åçí=çêáÖáå~ääó=ÅçåíÉãéä~íÉÇ=Äó=~å=áåîÉëíçê=ïÜÉå=íÜÉó=çêáÖáå~ääó=ÉåíÉêÉÇ=áåíç=íÜÉ=éêçàÉÅíK== 3.3 Reducing corporate risk through appropriate scheme structures ^å=~äíÉêå~íáîÉ=íç=êÉÇìÅÉ=áåîÉëíçê=ÅçìåíÉêé~êíó=êáëâ=çå=íÜÉ=mêçîáÇÉêI=áë=íç=~ÇÇêÉëë=íÜáë=áëëìÉ= íÜêçìÖÜ=ëÅÜÉãÉ=ëíêìÅíìêÉëI=Éëí~ÄäáëÜáåÖ=~ÖêáÄìëáåÉëë=jfp=íÜ~í=éêçîáÇÉ=Ñçê=íÜÉ=ÑçääçïáåÖ=âÉó= ÉäÉãÉåíëW= 7= NK qÜ~í=áåáíá~ä=~åÇ=çåÖçáåÖ=çéÉê~íáåÖ=Åçëíë=~ëëçÅá~íÉÇ=ïáíÜ=íÜÉ=çéÉê~íáçå~ä= ã~å~ÖÉãÉåí=çÑ=íÜÉ=mêçàÉÅí=Å~å=ÄÉ=ãÉíX=~åÇ= OK qÜ~í=áåîÉëíçêë=Ü~îÉI=çê=Ü~îÉ=íÜÉ=ãÉ~åë=íç=ã~áåí~áåI=~==êáÖÜí=íç=~ÅÅÉëë=íÜÉ=ä~åÇ=Ñçê= íÜÉ=äáÑÉ=çÑ=íÜÉ=mêçàÉÅíK= 3.3.1 Meeting ongoing operating costs jçëí=ÑçêÉëíêó=mêçàÉÅíë=êÉèìáêÉ=áåîÉëíçêë=íç=ã~âÉ=~å=ìéÑêçåí=ÅçåíêáÄìíáçå=~åÇ=åç=ÑìêíÜÉê=çåÖçáåÖ= ÅçããáíãÉåíëI=~åÇ=êÉäó=çå=íÜÉ=mêçîáÇÉê=íç=ãÉÉí=íÜÉ=çåÖçáåÖ=ã~áåíÉå~åÅÉ=Åçëíë=~ëëçÅá~íÉÇ=ïáíÜ= ~=íóéáÅ~ä=ÑçêÉëíêó=mêçàÉÅíK==qç=ÉåëìêÉ=íÜ~í=ëìÑÑáÅáÉåí=ÑìåÇë=Éñáëí=Ñçê=íÜÉ=mêçîáÇÉê=íç=ãÉÉí=íÜÉëÉ= çåÖçáåÖ=Åçëíë=~ë=~åÇ=ïÜÉå=íÜÉó=Ñ~ää=ÇìÉI=~=mêçîáÇÉê=ëÜçìäÇ=ã~âÉ=~ééêçéêá~íÉ=Ñáå~åÅá~ä= éêçîáëáçåë=~í=íÜÉ=çìíëÉíK=== få=íÜÉ=Å~ëÉ=çÑ=ÜçêíáÅìäíìê~ä=jfpI=íÜÉ=çåÖçáåÖ=çéÉê~íáåÖ=ÉñéÉåëÉë=~ëëçÅá~íÉÇ=ïáíÜ=íÜÉëÉ=íóéÉë=çÑ= mêçàÉÅíë=~êÉ=ãçêÉ=áåíÉåëáîÉ=íÜ~å=íÜ~í=çÑ=ÑçêÉëíêóK==qç=ÇÉ~ä=ïáíÜ=íÜáëI=ã~åó=ÜçêíáÅìäíìê~ä=jfp=
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ÄÉåÉÑáíëK==bñ~ãéäÉë=çÑ=ëçÑí=Ççää~ê=ÄÉåÉÑáíë=áåÅäìÇÉ=ëéçåëçêëÜáéëI=ÅçåÑÉêÉåÅÉëI=éêçÑÉëëáçå~ä= ÇÉîÉäçéãÉåíI=ã~êâÉíáåÖ=ÅçëíëI=~ÅÅçããçÇ~íáçå=çê=íê~îÉäK==j~åó=éêçÇìÅí=ÇáëÅäçëìêÉ=ëí~íÉãÉåíë= ÇáëÅäçëÉ=íÜ~í=ëçÑíJÇçää~ê=ÄÉåÉÑáíë=ã~ó=ÄÉ=é~áÇ=ÜçïÉîÉê=íÜÉêÉ=áë=åçí=íÜÉ=ë~ãÉ=ÇÉÖêÉÉ=çÑ= íê~åëé~êÉåÅó=~ë=Åçãé~êÉÇ=íç=ÅçããáëëáçåëI=áå=êÉëéÉÅí=çÑ=íÜÉ=~Åíì~ä=èì~åíìã=çÑ=íÜÉëÉ=é~óãÉåíë= Eáå=ÉáíÜÉê=Ççää~ê=íÉêãë=çê=~ë=~=éÉêÅÉåí~ÖÉ=çÑ=íÜÉ=~ééäáÅ~íáçå=ÑÉÉFK==qÜÉ=çåìë=áë=íÜÉêÉÑçêÉ=çå= ~ÇîáëÉêë=íç=~ééêçéêá~íÉäó=ÇáëÅäçëÉ=íÜÉ=äÉîÉä=çÑ=Åçããáëëáçåë=~åÇ=ëçÑí=Ççää~ê=ÄÉåÉÑáíë=êÉÅÉáîÉÇ=íç= íÜÉáê=ÅäáÉåíëK== tÜáäëí=ãìÅÜ=çÑ=íÜÉ=êÉÅÉåí=~ííÉåíáçå=Ü~ë=ÄÉÉå=çå=íÜÉ=äÉîÉä=çÑ=Åçããáëëáçåë=é~ó~ÄäÉ=Äó=íÜÉ= áåÇìëíêóI=ÇìÉ=~åÇ=éêçéÉê=ÅçåëáÇÉê~íáçå=ãìëí=~äëç=ÄÉ=ÖáîÉå=íç=íÜÉ=äÉîÉä=çÑ=ëçÑí=Ççää~ê=ÄÉåÉÑáíë=~åÇ= íÜÉ=éê~ÅíáÅÉë=ÉåÖ~ÖÉÇ=Äó=mêçîáÇÉêë=áå=éêçîáÇáåÖ=çíÜÉê=Ñáå~åÅá~ä=áåÅÉåíáîÉë=íç=ëìééçêíÉêë=çÑ=íÜÉáê= éêçÇìÅíëK=== 9= ^=êÉîáÉï=çÑ=íÜÉ=ÉñáëíáåÖ=éê~ÅíáÅÉë=ìëÉÇ=Äó=~ÖêáÄìëáåÉëë=jfp=éêçîáÇÉêë=~êçìåÇ=ëçÑí=Ççää~ê= Åçããáëëáçåë=~åÇ=çíÜÉê=Ñáå~åÅá~ä=áåÅÉåíáîÉë=íç=~ÇîáëÉêë=áë=ï~êê~åíÉÇI=~åÇ=ÅçåëáÇÉê~íáçå=ëÜçìäÇ= ÄÉ=ÖáîÉå=~ë=íç=ïÜÉíÜÉê=íáÖÜíÉê=êÉëíêáÅíáçåë=ëÜçìäÇ=ÄÉ=éä~ÅÉÇ=çå=íÜÉ=~Äáäáíó=çÑ=mêçîáÇÉêë=çê=íÜÉáê= êÉä~íÉÇ=ÉåíáíáÉë=íç=ëìééäÉãÉåí=Åçããáëëáçåë=íÜêçìÖÜ=íÜÉ=ìëÉ=çÑ=ëçÑí=Ççää~ê=é~óãÉåíë=~åÇ=çíÜÉê= Ñáå~åÅá~ä=áåÅÉåíáîÉëK= få=çêÇÉê=íç=áãéêçîÉ=íÜÉ=íê~åëé~êÉåÅó=~åÇ=êÉÖìä~íáçå=çÑ=Åçããáëëáçåë=áå=íÜÉ=~ÖêáÄìëáåÉëë=jfp= áåÇìëíêóI=áí=áë=ëìÖÖÉëíÉÇ=íÜ~í=íÜÉêÉ=ÄÉ=~å=~ååì~ä=êÉÖìä~íçêó=êÉèìáêÉãÉåí=çå=mêçîáÇÉêë=íç=êÉéçêí=çå=
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