Trustees services

We thank the trustees of the Analytical Trust Fund of the Royal Society of Chemistry UK for a SAC research studentship, and are grateful to EPSRC for access to the mass-spectrometry service at Swansea. 

BMC has been in business for more than 100 years. Its financial success is due in part to strong leadership by the chief executive and a very active board of trustees. Until recently, BMC has generated enough revenue to meet operating expenses and to expand services to outlying communities. Unfortunately, in the past 3 years, dramatic decreases in investment income and reductions in reimbursement from third-party payers have almost eliminated the cash available for expansion. If the trend continues, there will be a shortage of operating capital within the next 2 years. 

Ever vigilant, the board of trustees identified the problem early. To better understand the cost of providing service, the board hired the services of a health care consulting firm. The consultants are charged with meeting with key hospital department heads to identify opportunities for reducing the cost of doing business. Of course, the director of pharmacy and his staff are on the list. 

This definition needs some explanation. The viewpoints mentioned in it represent the stakeholders concerns about the system (the trustee) under consideration. A viewpoint can represent an individual user who decides about involving herself/himself in the co-operation with the system depending on its trustworthiness (consider for instance e-commerce or e-health applications) or can represent a class of users. An example of a latter is a non-profit institution which assesses a given Web service on behalf of its users (this is what Health On the Net foundation [1] does for the users of e-health services). A viewpoint can be highly formalized, for instance in the situation where the criteria to be met by the trust case (to consider it satisfactory) are documented and supported by regulations (like in the case for safety critical applications [2]) or are documented and widely accepted (which is the case for security critical systems [3]). For some viewpoints satisfactory may mean convincing and valid whereas for some other satisfactory may have more subjective interpretation. 

The MPF market is presently heavily regulated by the Mandatory Provident Fund Authority and the Security and Future Commission with detailed and specific responsibilities imposed on the trustee as well as the investment manager. The nature and business of providing MPF service and the high compliance requirements of the regulatory bodies has limited the entry of players. However, the banks, fund management houses and insurance companies are now all preparing to expand their business into the MPF market. Based on their own estimations, major players totally claimed 285% of the market share (Table 1). 

However, there are various costs such as those associated with the initial set up of a scheme, annual trustee and fund management services fee, switching fee, buy-and-sell spread, cash rebate, discount, associated benefit packages, payroll/MPF contribution conversion software as well as many others. In addition to after-sales service, it is a combination of some or all of the above that provides the appeal to the employer when making an MPF selection decisions. 

Business-to-Business (B2B) Transactions First, we discuss the business-to-business processes between the trustee and the company that employs individual MPF participants. After signing an agreement tojoin the MPF service provided by the trustee, the employer needs to send information about every employee to the trustee for creation of a new MPF account. Information about the percentage of the monthly contribu-... 

In late 1938, CBS asked Watson Davis to resume production with his previous news-and-interview format, but Davis was now keenly aware of who controlled the microphone and how easily he could lose access to the airwaves.48 He and the trustees had consistently rejected commercial sponsorship. As long as the series remained a sustaining (i.e., non-commercial) program, with production partially underwritten by Science Service but the air time provided by the network (and therefore at the network s discretion), Davis had to attend to the CBS suggestions. As a consequence, the revived Adventures in Science series blended attention to academic science with occasional promotion of research-based industries. 

Under the secured loan structure, the trustee might find it necessary under certain circumstances to enforce the fixed and floating charges. Such circumstances could include unremedied events of default under the issuer-borrower loan, or if third-party creditors were to attempt to put the company into administration. In this case, the trustee would seek to have an administrative receiver appointed on behalf of the secured creditors. However, the process could disrupt the receipt and payment of cash flows. The ratings of the notes are based on timely payment of interest (and sometimes principal) so the transaction will include some form of liquidity support, which is typically sized to enable the issuer to cover one year s debt service. 

This chapter is an account of trustee and agency services that are required to support proper functioning of the debt capital markets. A distinction will be made between responsibilities of a trustee, and the other services offered by trust banks, known as agency services, to support debt markets structured products. The purpose of this chapter is to give the reader a broad understanding of the work undertaken by trust banks and how these services relate to the structures themselves. It should be noted that while many of these services are offered globally, the focus of this chapter is primarily on the European structured finance market. 

In determining whether it can exercise discretion in a given situation, the trustee will normally retain counsel and the services of other experts as necessary to assist it with this exercise. The prudent trustee will also seek indications from the rating agencies as to whether the proposed modification will have any adverse effect on the ratings of the bonds. 

Custodial services are often performed by a third party to the deal. This is partly through necessity as in most cases, the deal participants do not have custodial capabilities. Additionally the third party involvement reinforces the off-balance sheet nature of the deal for the originator and clearly defines those assets associated with the particular deal. Finally the appointed custodian is generally, although not necessarily, the same entity as the appointed trustee. Hence, there is further protection provided to the investor in a default situation as the trustee effectively has control of the assets. This is a source of comfort for investors. 

The use of trusts and professional trustees within Eurobond issuance serves a number of legal and practical purposes. In the main, however, the essential service the trustee brings to the transaction is stability to the transaction and piece of mind for bondholders and issuers alike. Accordingly, the trustee is an invaluable element of a successful secured Eurobond transaction. Further to the role of trustee the Trust bank will offer a range of services to support the structured finance market place. 

Myer Kutz is president of Myer Kutz Associates, Inc., a publishing and infonnatian services consulting firm. Formerly, he was vice president for professional scientific and technical publishing at John Wiley and Sons. Mr. Kutz has been a member of the board of trustees of the Online Computer Library Center and was chair of the ASME publications committee. He has a B.S. degree in mechanical engineering from MIT and an M.S. from RPI. Mr. Kutz resides with his wife in Delmar, N.Y. 

System Safety professionals shall perform professional services as faithful agents and trustees for each employer, client or customer, void of any known conflict of interest. 

SECTION 4—System Safety Professionals Perform Professional Services as Faithful Agents and Trustees for Each Employer, Client or Customer, Void of any Known Conflict of Interest. 

Phil Hughes MBE is a well known UK safety professional with over thirty years worldwide experience as Head of Environment Health and Safety at two large multinationals, Courtaulds and Fisons. Phil started in health and safety in the Factory Inspectorate at the Derby District in 1969 and moved to Courtaulds in 1974. He joined lOSH in that year and became Chairman of the Midland Branch, National Treasurer and then President in 1990-91. Phil has been very active on the NEBOSH Board for over ten years and served as Chairman from 1995 to 2001. He is also a Professional Member of the American Society of Safety Engineers and has lectured widely throughout the world. Phil received the RoSPA Distinguished Service Award in May 2001 and became a Director and Trustee of RoSPA in 2003. He received an MBE in the 2005 New Year s Honours List for services to health and safety. 

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