Annual Report 2011 - Hong Kong Monetary Authority

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Outlook for 2012 2012 will be marked by profound changes in the legal environment. Private banking will continue to chafe under the increasing burden of regulation and under mounting pressure on banking secrecy. This will have an impact on the cost of our operations as well as on the profitability of our core business. The key to success will be our threefold ability to adapt to the new conditions shaping our business, to rise to the challenges ahead and to satisfy the expectations of our clients. We believe that our strategy will enable us to achieve these objectives. We will continue adding new professionals to our workforce and will invest in new technology. These efforts are meant not only to provide our clients with top-quality service but also to enhance our competitiveness. 2012 will see a continuation of our strategic focus on growing our onshore Swiss clientele. Having received all the necessary licences, our Hong Kong branch will be up and running from 2 April 2012. We will also go on expanding in the Gulf area via our representative office in Dubai, which is now fully operational. Our attitude remains guarded, however, in view of geopolitical, economic and market environments fraught with uncertainty. We cannot conclude this report without expressing gratitude to our shareholders and clients for their abiding trust. Our thanks also go to our management, particularly to our CEO Claude Messulam and our Deputy CEO Jean-Pierre Pieren, and to our entire staff for their dedication and fine work. The Board of Directors FINANCIAL REPORT CONSOLIDATED ACCOUNTS 59
Report of the statutory auditor to the general meeting of Banque Privée Edmond de Rothschild SA, Geneva Report of the statutory auditor on the consolidated financial statements As statutory auditor, we have audited the consoli dated financial statements of Banque Privée Edmond de Rothschild SA, which comprise the balance sheet, income statement, statement of cash flows and notes (pages 62 to 97), for the year ended 31 December 2011. Board of Directors’ Responsibility The Board of Directors is responsible for the prepa ration and fair presentation of the consolidated financial statements in accordance with accounting rules for banks and the requirements of Swiss law. This responsibility includes designing, implementing and maintaining an internal control system relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. The Board of Directors is further responsible for selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances. Auditor’s Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Swiss law and Swiss Auditing Standards. Those stan dards require that we plan and perform the audit to obtain reasonable assurance whether the consoli dated finan cial statements are free from material misstatement. 60 2011 ANNUAL REPORT - BANQUE PRIVÉE EDMOND DE ROTHSCHILD SA An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control system relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control system. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements for the year ended 31 December 2011 give a true and fair view of the financial position, the results of operations and the cash flows in accordance with accounting rules for banks and comply with Swiss law.
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Annual Report 2011
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Contents 6 20 Banque Privée Edmond
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Banque Privée Edmond de Rothschild
Page 9 and 10: 1 4 1 Odéon, Théâtre de l’Euro
Page 11 and 12: within our group, which have develo
Page 13 and 14: Is this the end of the market econo
Page 15 and 16: dangerous to bet on bureaucracy as
Page 17 and 18: SENIOR MANAGEMENT Head Office Execu
Page 19: BRANCHES In Switzerland Fribourg Se
Page 22 and 23: Social Entrepreneurship Economic te
Page 24 and 25: Corporate governance Introduction O
Page 26 and 27: 1.1.2. / 1.1.3. Group legal structu
Page 28 and 29: 2.6. Transferability restrictions a
Page 30 and 31: 1965-1996 First Vice-President, the
Page 32 and 33: Jean Laurent-Bellue Member, French,
Page 34 and 35: 3.2. Other activities and vested in
Page 36 and 37: 3.5. Powers The Board of Directors
Page 38 and 39: 4. Executive Committee The Executiv
Page 40 and 41: Jean-Pierre Pieren Member, Swiss, 1
Page 42 and 43: Present duties Since 1988 Chief Fin
Page 44 and 45: 5. Remuneration, profi t-sharing an
Page 46 and 47: This scheme was implemented for a f
Page 48 and 49: 7. Take-overs and defensive measure
Page 50 and 51: 9. Information policy Banque Privé
Page 52 and 53: Intercultural Dialogue Too often, p
Page 54 and 55: Key fi gures Banque Privée Edmond
Page 56 and 57: Awards 2011 in Milan and Large Fund
Page 58 and 59: esources of institutional clients i
Page 62 and 63: Report on other legal requirements
Page 64 and 65: Abroad Banks Banque Privée Edmond
Page 66 and 67: Prifund Conseil SA Luxembourg 3) 10
Page 68 and 69: Dividends are eliminated through re
Page 70 and 71: Personnel welfare liabilities Contr
Page 72 and 73: Consolidated balance sheet at 31 De
Page 74 and 75: Consolidated cash fl ow statement a
Page 76 and 77: - The Risk Manager sees to it that
Page 78 and 79: 2011 2010 Change (in CHF ‘000) (i
Page 82 and 83: Forex adjustments Redesignations In
Page 84 and 85: Situation at end-2010 Uses and rele
Page 86 and 87: 2011 2010 (in CHF ‘000) (in CHF
Page 90 and 91: 22 Breakdown of consolidated assets
Page 94 and 95: (Note 26 cont’d) 2011 2010 Positi
Page 98 and 99: 2011 2010 42 Earnings per share Gro
Page 100 and 101: Health and Research For over a cent
Page 102 and 103: Key fi gures of Banque Privée Edmo
Page 104 and 105: Roundup of results The Bank’s net
Page 106 and 107: Elections as per our Articles of As
Page 108 and 109: Breakdown of revenues (% of total)
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Report on other legal requirements
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Balance sheet at 31 December 2011 (
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Notes to the fi nancial statements
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2011 2010 Change (in CHF ‘000) (i
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2011 2010 Change (in CHF ‘000) (i
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Par value Number of shares 2011 201
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Loans granted to the Bank’s gover
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(Note 15 cont’d) 2011 2010 Employ
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2011 2010 Change (in CHF ‘000) (i
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Edmond de Rothschild Conseil et Cou
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Other Edmond de Rothschild Group co
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Other Edmond de Rothschild Group co
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Annual Report 2011 - Hong Kong Monetary Authority

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