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  • EPM Presentation Judith Downes

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    Muhammad Hazih
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    This document summarizes two joint ventures: INGA, a joint venture between ANZ and ING where they had equal say in key decisions and required unanimous board approval for major decisions; and AWAC, an unincorporated joint venture between Alumina and Alcoa where Alcoa manages operations as the majority shareholder but requires an 80% vote for major changes.

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    This document summarizes two joint ventures: INGA, a joint venture between ANZ and ING where they had equal say in key decisions and required unanimous board approval for major decisions; and AWAC, an unincorporated joint venture between Alumina and Alcoa where Alcoa manages operations as the majority shareholder but requires an 80% vote for major changes.

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    Attribution Non-Commercial (BY-NC)
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    13 visualizzazioni3 pagine

    EPM Presentation Judith Downes

    Caricato da

    Muhammad Hazih
    This document summarizes two joint ventures: INGA, a joint venture between ANZ and ING where they had equal say in key decisions and required unanimous board approval for major decisions; and AWAC, an unincorporated joint venture between Alumina and Alcoa where Alcoa manages operations as the majority shareholder but requires an 80% vote for major changes.

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    Attribution Non-Commercial (BY-NC)
    Scarica in formato PPTX, PDF, TXT o leggi online su Scribd
    Segnala contenuti inappropriati
    di 3

    Judith Downes

    Centre for Accounting & Industry Partnerships Executive-in-Residence

    ING Australia INGA


    Incorporated Joint Venture May 2002

    ANZ 49% INGA

    ING 51%

    Key features of INGA Joint Venture ANZ & ING had equal say in key decisions affecting strategic direction INGA Board had four directors appointed by ING, four directors appointed by ANZ ING nominated CEO, subject to ANZ approval Matters requiring unanimous Board approval:

    Business plans Major capital expenditure Acquisitions/disposals > $A20 million

    Distribution, branding, asset management, pricing arrangements: arrangements all set in JV document

    Alcoa World Alumina and Chemicals AWAC


    Unincorporated Joint Venture
    January 1995

    Alumina 40%

    Alcoa 60%

    Alumina 40% AWA

    Alcoa 60%

    Alcoa of Australia

    Brasil

    Similar structure for: Spain USA Jamaica Suriname Guinea Saudi Arabia

    Key features of AWAC Joint Venture Strategy and policy set by Strategic Council Alcoa appoint three members, Alumina two members Only following matters require 80% vote

    Change of scope of AWAC Dividend policy Equity requests >US$1 billion per year Sale of majority of assets Loans between AWAC and shareholders

    Alcoa is the manager and operator of the AWAC companies

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