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Finance committee Exactly. We're very encouraged that what was announced in March of this year showed that they seemed to be going in that direction. When they were started in January 2015 through the signing of the original agreement, it wasn't clear. There is nothing at all in the agreement abou
November 7th, 2017Committee meeting
Michael Robinson
Finance committee I can't balance my bank book, and certainly I couldn't answer that question properly. The firm that I'm with, and I'm just counsel there now, has hundreds of lawyers, but hires experts—real accountants—to do that sort of thing.
November 7th, 2017Committee meeting
Michael Robinson
Finance committee Well, no, they're on the corruption agenda there, that they should encourage all the minority shareholders to put the pressure on China to sign up.
November 7th, 2017Committee meeting
Michael Robinson
Finance committee Yes, I do. It is AAA/A-1+.
November 7th, 2017Committee meeting
Michael Robinson
Finance committee Yes. It's the particular agreement that was signed by the existing five international development banks to respect the corruption control regimes that each of them has. The way those corruption control regimes work is that if participants in a particular project are found by the
November 7th, 2017Committee meeting
Michael Robinson
Finance committee No, in fact they've made significant progress in that regard, as evidenced by their public statement—I haven't had a chance to go behind the public statement to find out exactly what's been going on, but I'm going to take it at face value—that they've already voluntarily adopted
November 7th, 2017Committee meeting
Michael Robinson
Finance committee Yes, the numbers are all over the map on that. I'd never heard about the $500 million until today. I'd heard in the realm of $230 million.
November 7th, 2017Committee meeting
Michael Robinson
Finance committee In answer to your last question, slim to nil. Let's say it's 63 and 22 others are accepted. You're well over 80. Those minority shareholders really have to vote en bloc and they have to get together. That's why we at Transparency International were recommending that TI, the major
November 7th, 2017Committee meeting
Michael Robinson
Finance committee Voting power, right.
November 7th, 2017Committee meeting
Michael Robinson
Finance committee Well, I have a hard time seeing it, unless it's just to be part of the world's big six international development financing institutions. We are certainly a major member and contributor to the World Bank. We're part of the Inter-American Development Bank, and the other four. It t
November 7th, 2017Committee meeting
Michael Robinson
Finance committee I would have to agree with that. As a practitioner and not an economist, I'm a bit cynical. If you looked at it from the perspective of all of these minority shareholders jumping in, 60 of them that are not going to have any power unless they vote en bloc against the dominant sha
November 7th, 2017Committee meeting
Michael Robinson
Finance committee I don't see many. I'll reiterate that I think that the interest of the minority shareholders was to protect their nationals based on the theory—which may not be a valid theory at all—that preference would be given to the nationals who are bidding for these contracts, assuming the
November 7th, 2017Committee meeting
Michael Robinson
Finance committee It was Standard & Poor's.
November 7th, 2017Committee meeting
Michael Robinson
Finance committee The securities that they would issue.
November 7th, 2017Committee meeting
Michael Robinson
Finance committee To anybody.
November 7th, 2017Committee meeting
Michael Robinson