Annual report 2010 - Banca Privata Edmond de Rothschild Lugano ...

More documents

Recommendations

Info

10 • banca privata Edmond dE rothschild lUGano Lastly, the UN climate negotiations are focused on the issue of climate change, and are seeking to preserve prosperity and well-being through the equitable allocation of rare emission quotas. But the UN has barely begun to address the global economic cost of inaction on the ecosystems and biodiversity economy. And yet, there are so many scarcities that need to be managed by negotiation and offset by positive technical advances! Our models do not adequately measure the urgency of ecological investment and our investors the plethora of exceptional opportunities. The transformation of our models under the influence of scarcity is not just an economic challenge: it is also a powerful psychological driver. Economists have never been able to fully explain the growth rate of the thirty-year post-war period by the combination of the capital and labour factors. The much-talked-about residual factor, or around one third of French growth, was attributed to intangible investment, such as technical progress but also the frame of mind of the masses. They wanted growth, they expected it, so they went out and made it. What would happen if this state of mind turned sceptical? While young people in the emerging countries still dream of a western lifestyle today, those in the rich countries seem disenchanted, seeking another model. The risk of desertion by our young people touches the very concept of wealth and progress, at least such as our economic growth is currently defined and measured. When attempting to measure gross national well-being, without falling into the still-overly-creative national accounting approximations, we cannot dissociate ourselves from our children’s disappointment with regard to the religion of their parents – the rate of growth. Although they are serious, believing that environmental concerns represent a threat to economic efficiency is a fatal misinterpretation. For our young people in the Western world, there is no other path to less profligate growth than sustainable development. We have long known that the twenty-first century will be mystical. Those faithful to the goddess Reason will need to convert to new models of production. And the faster the better, since the rivals of the enlightened religion of equitable sustainable development are none other than the religious fundamentalists who confront each other in something too closely akin to a Middle Age war between civilizations. Let’s obey the old precept of changing so that nothing changes. This is what our Group, which has always embraced change over the centuries, must continue to do. Baron Benjamin de Rothschild
Directors, executives and auditors Board of directors Chairman Benjamin de Rothschild Vice-chairman E. Trevor Salathé Secretary Giorgio Foppa Luc Baatard Stéphane Bloch-Saloz Walter Blum Gentilomo Manuel Dami Claude Messulam Leonardo Poggi Board committee Chairman Claude Messulam Luc Baatard Walter Blum Gentilomo Leonardo Poggi E. Trevor Salathé * until June 30, 2010 ** interim president from July 1, 2010 Executive committee Chairman Robert Misrahi * Senior vice-president Vice-chairman Pasquale Ubertini ** Senior vice-president Roger Misrahi Senior vice-president Rolf Marthaler First vice-president Corrado Valsangiacomo First vice-president Members of management First vice-presidents Roberto Castiglioni Gualtiero Cimasoni Reto Collenberg Franco Costa Marco Jelmini Roberto Merazzi Claudio Mosconi Nicola Paris Daniele Poggi Members Stefano Bazzani Alberto Bianchi Gianmaria Bobbià Fabrizio Colombini Filomena Franzi Stefano Ghirlanda Alberto Masa Mauro Passavini Marcello Pincardini Giorgio Rezzonico Matteo Scacchi Statutory auditors PricewaterhouseCoopers S.A. Geneva Internal audit François Maendly Banque Privée Edmond de Rothschild S.A., Geneva Tiziano Tunesi Banca Privata Edmond de Rothschild Lugano S.A. Lugano annUal rEport 2010 • 11
Page 1 and 2: Annual report 2010
Page 3 and 4: © Musée du Louvre © Musée du Lo
Page 6 and 7: 4 • banca privata Edmond dE roths
Page 14 and 15: 12 • banca privata Edmond dE roth
Page 17 and 18: Report of the directors Development
Page 19 and 20: Balance sheet The balance sheet tot
Page 21 and 22: Balance sheet 31.12.2010 CHF 31.12.
Page 23: Income statement 31.12.2010 CHF 31.
Page 44 and 45: 42 A free translation of the report
Page 52: 50 • banca privata Edmond dE roth

Annual report 2010 - Banca Privata Edmond de Rothschild Lugano ...

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?