Good afternoon. We convene this special meeting in the City Council at 109 Friday afternoon, March 29th. Would you please join me in resigning the Pledge of Allegiance? So one more time for the City Council. I thought we met the last time Monday, but we got one more. So first item on the agenda is the agenda. Councillor Nodell. President Rod I moved to adopt the agenda as presented. Seconded by Councillor Hartnett. Any discussion on the agenda? Hearing none. All those in favor please say aye. Any opposed and that's right we have Councillor Tracy on the phone and is there anyone else on the phone or just Councillor Tracy? Just Councillor Tracy. Okay welcome Councillor Tracy. So we have the agenda and do they say anybody opposed? No. Anyone opposed to the public agenda? Hearing none we have Councillor Shannon. I'm just noticing that the recommended action for adopting the agenda included adding an agenda item and wanted to be sure we. Councillor Mason is online now too. Welcome Councillor Mason. I'm sorry. So I just wanted to make sure that we had a proper motion on the agenda. That's all. City Attorney. If there was an additional communication from Mr. Senville that came in and so that is what that's being that's referencing. Does that need to be amended? Does that need to be amended on to the agenda? Posted on to board docs. As an amendment. Point of information. Hold on. Point of information Councillor Nodell. What time was this document posted? I don't I don't have it. Is there one communication is there a second communication from Mr. Senville? Yes he wrote a short email additionally after he had sent his open meeting. And just remind everybody like any other council meeting everybody use your microphones please. We'll set councillor Nodell. So my intent was include that communication in my motion to adopt the agenda. Okay. So the intent was to include that. Councillor Paul. Thank you. So just for clarification we now have two items that are 3.01. Is that correct? That would be included under 3.01. They're both 3.01. That's everybody. I don't councillors please don't different councillors talk at once. Is that the way we're doing that? Yes there's two attachments. It's the open meeting law violation Senville PDF. And then there's the second one. They're both listed there. But Mr. Senville requested that we add that. Okay. So that's part of councillor Nodell's motion and that's included under 3.01. Okay. Well good on that. Anyone else? Councillor Jang. Yeah the second the email from Mr. Senville. Is it possible for us to have a copy in front of us? Thank you. We will continue to move along while that gets printed out and gets distributed to us. Okay. So if everybody's good we will move on to item number two which is the public forum. And the public forum it will be like all of our public forums. You have three minutes. And I don't know if there's someone able to work the light system. We have the light system. Okay.  So we'll open up the public forum with Wayne Senville. Mr. Senville. Good afternoon. Welcome. Make sure you pull the microphone in. We can't hear you. Donna Walters and Lila Shapiro will be donating their three minutes. And we're still you got to pull out a microphone and wait. Donna Walters and Lila Shapiro will be donating their three minutes or transferring them or giving me a development credit. Okay. So Donna will not be speaking or Lila. So good afternoon. Most of you know that I serve for 11 years as a member of the Burlington Planning Commission including service as its chair and also serve for two years on the development review board. Over the course of the past 31 years living in Burlington I have been involved in numerous city and neighborhood activities and committees. It was also named in 1999 by the Vermont planners Association the Vermont citizen planner of the year. I've worked as a planner and a journalist serving as director past director of regional and local planning assistance in the Vermont Department of Housing and Community Affairs. And after that for 25 years as editor of the Planning Commissioners Journal. Let me now turn to what's before you this afternoon. Vermont's open meeting law provides and I'll quote at an open meeting the public shall be given a reasonable opportunity to express its opinion on matters considered by the public body during the meeting as long as order is maintained. What went wrong at the past Monday at this past Monday's city council meeting is that members of the public were unable to comment in a meaningful way about agenda item 4.06 the resolution for the contract for to authorize reconstruction of City Hall Park. Important information critical to the council's discussion and debate about that agenda item was not made publicly available online or in council chambers until after the meeting started and after the public forum portion of the meeting had concluded. In fact none of this information was shared with the public until after the council had become begun formal debate on the resolution itself. The information in question includes one a table showing line by line a series of major and substantive changes to the park's design materials and furnishings that city staff had apparently prepared over the course of several days before the meeting and an accompanying plan map city council member Tracy during the council's discussion of City Hall Park the City Hall Park resolution noted that this information about City Hall Park construction the City Hall Park construction bid resolution that I just mentioned was only posted on the council's only publicly posted after the council's evening meetings had already been in progress. This was confirmed by information on the city's board docs page that indicates when the documents were published at 644 p.m. At that time many members of the public were already in the council chambers sitting in on the council's immediately proceeding work session was clearly insufficient to provide any opportunity for even a cursory review of these documents before the 7 30 p.m. public forum. The table of proposed changes to the City Hall Park's design was not displayed on the meeting room screen until after the council had actually begun its debate on the City Hall Park resolution. It was only after that point that paper copies of the table and accompanying plan map were also made publicly available by city staff in the meeting room yet apparently this information was available before the meeting as at least some members of City Council had access to it. City Council member Brian Pine for example incorporated the table in question into an amendment to the resolution that he offered and that you adopted. Vermont Supreme Court Justice Dooley writing for the court has noted that and I quote the open meeting law implements the command of chapter one article six of the Vermont Constitution that that officers of government are quote trustees and servants of the people and are at all times in a legal way accountable to them. As is noted in the Vermont Secretary of State's guide to open meetings public comment is often the one opportunity that members of the public have to speak openly about their concerns yet the opportunity to comment is rendered meaningless unless the public also has access to the key information the council is considering at its meeting. This was at the heart of the failure at Monday's council meeting. The end result Monday Monday night was a public meeting where a dozen or so members of the public commented on the City Hall Park plan based on outdated public information. Unaware of the most recent and highly significant changes to the City Hall Park plan that city staff had already prepared and provided to at least several council members as a result and you were here. Most of the comments were not surprisingly irrelevant to what was actually the focus of the city council's discussion that night. So to me the bottom line is that there was no real opportunity for meaningful public comment. It was as if the council were elevating the form of public comment over its substance. Look look I realize that this is not a black and white legal issue that you're facing in my complaint. I have no idea what the city attorney will be telling you and presumably you'll meet in executive session. I would certainly be glad to have the chance to respond to any of the arguments he'll be making to you after you come out of the executive session if you desire. I hope you take action today to acknowledge the open meeting violation and then take steps within the 14 day front timeframe that you'll have to either properly ratify or as I hope to clear void your Monday vote. That concludes my comments and again I'd be glad to remain here and respond to any questions after you come out of the executive session. Thank you. Thank you Mr. Sanville and I want to make clear that not creating any precedent here by allowing one individual to take you know to have others times given to that person going forward in future public forums. This is a special circumstance just in case anybody ever thinks they can speak for 45 minutes by accumulating a dozen people. Shereen Hart is the next person up to speak to be followed by John Bessange. Welcome Ms. Hart. I want to thank counselors Dean Nodell and Hartnett for all of your work. I'm very grateful and counselor Jang who represents me in word seven though you're going to still be with us but thank you all. I'm here on this issue. Let's be clear. There is no open meeting law violation. I am speaking personally. I live and work in Burlington. There is no open meeting law violation. I defy you to read that law and find a violation in what's been alleged. Moreover if you look at the city council's rules there is no violation there. It does not say that you can't supplement what has been filed three or four days in advance. I can't remember what the rule requires. The fact is these materials went before the board of finance directly before. I don't know how they possibly could have gone to you sooner. I find this whole process why we're here today so offensive to the system. You are the counselors who worked on this most closely for the last two years. It is your vote that counts. To me it doesn't matter. This isn't for the new council to vote on. So that's my position. And then it's this very reason that we see our expenses going up. The longer we delay delay delay the more expensive it gets and the more critical services and attributes of this park have to be cut. So in my opinion there is no violation of the open meeting law and there's nothing to do today other than the vote that you don't see that there's a violation. Thank you. Thank you Ms. Hart. John Bosange. Good afternoon Mr. Bosange. Welcome. Good afternoon. I'm John Bosange. I'm the vice chair of the parks recreation Waterfront Commission. And I've been involved with the original envisioning of the park and the subsequent planning for I think about six years. I've watched numerous iterations come and go and changes evolve over the years especially during the past two. I've attended multiple forums and presentations so I know what's occurred and I know where we now stand. Public input on this issue has been continual and open as is often the case it's been exhausting but very appropriate and necessary to sustain a representative democracy. Yet we still have some who have not gotten away and continue to threaten our democratic process of finding compromise and consensus and that's why I'm here this afternoon. It appears that we have Burlington's own version of a national tea party obstruction at all costs obstruction by all means until I get my way. I'm guessing that's the goal of those who have now pushed for another way to stop the City Hall Park project. Like the tea party they seem unable to understand how harmful this is to our democracy here in Burlington. Imagine being a city counselor listening to years of important public comment considering valuable input and suggestions and go through three votes to move forward and now this. I'm not going to comment on the petition I'm far more concerned on the impact on our counselors the mayor the residents of Burlington and those who might one day want to run for an elected office. How discouraging this must be to see this as yet another attempt by those who did not get their way and refuse to accept the results of a thorough process. As a citizen this wonderful city as a registered independent voter this is embarrassing. It does not respect the good hard work of our counselors the mayor the recreation parks department and other city officials who have made adjustments on top of adjustments to this project in order to have it move forward. Democracy works by consensus cooperation and compromise. A tea party mentality destroys that. Continual obstruction wears down a democracy. We can't let that happen anywhere. We don't get away all the time. Responsible citizens understand that and responsible citizens understand that there is a time to move on and that time that time is now. Thank you. Thank you Mr. Basanc. Grace Visak. I'm sure that I have that and Hannah King. Hello my name is Hannah and I live in Ward 8. I was disappointed to hear of the claim filed regarding an alleged open meeting law violation. The City Hall Park renovation project was developed over several years with significant community engagement. Excuse me please pull the microphone in closer so we can hear. While I agree that it is hard to get public engagement perfect I feel that our community needs to be more thoughtful about how our system of government is supposed to function. Those who oppose project seems to seem to be willing to use every last effort to disrupt the process. While I believe that City Hall Park has the potential to be a revitalizing force which would make the heart of our downtown more accessible while also better protecting urban green space I respect those who disagree with me. However myself and many others many of which who find it hard to come to these meetings are growing concern that some in Burlington are willing to undermine the democratic process to simply get what they want. Unfortunately this strategy works our president has taught us that but it has no place in Burlington. To close I wanted to again say that this process was not only open but fair and legitimate. This challenge that you are all dealing with today is an anti-democratic attempt to derail a public initiative and needs to be called out as such. Thank you. Thank you. Hi my name is Grace I live in Ward 8 also and I was also disappointed by this complaint. City Hall Park is an important part of our downtown and of our local urban environment. The much needed regimation this plan includes um includes critical environmental protection measures that are necessary for the well-being of this park that some trees will be removed that others may live is more than reasonable in my view. I also agree that an attempt to undermine this legitimate process by making what seems to be a baseless claim in regard to open meeting law is deeply undemocratic and shows a lack of care for the well-being of our community. I know that I speak for many others who are watching when I ask that we as a community focus our attention on the much more important issues we face and stop wasting time over and over again on these trivial issues. Thank you. Thank you both. Grace Hanna. Alright that concludes our public forum item number two and item number three is the deliberative agenda with 3.01 being the alleged open meeting law violation complaint regarding regular city council meeting March 25th 2019. Um city attorney. Yeah I was going to make a sort of short statement on the on the issue and then I think if there are legal questions due to attorney client privilege and the potential of litigation that we enter executive session if members of the council had sort of further inquiry. Okay do you need to say anything else that's obviously we had a communication. Yes I do sorry I was just sort of is that alright. Yes. Our office unequivocally believes that there is no open meeting law violation. The open meeting law sets forth certain requirements. I apologize can you pull the microphone in a little closer you really need to be on that. Sorry. Thanks. Our office unequivocally believes there's no open meeting law violation. The open meeting law sets forth several requirements largely around notice and putting the public on notice about what's going to be considered by a public body. Uh that includes for regular city council meetings and regular meetings giving 48 hour notice of the agenda. Um so people are aware of what may be deliberated. Uh the city really does go above and beyond by providing the supporting documentation that's not required by the open meeting law to the extent that the city does it. Um I think to say that the public wasn't given an opportunity to express uh its opinion on the reconstruction of city hall park at that meeting. This was I just don't believe that's a valid legal claim. Uh this they had plenty of opportunity according to I think the law in our office is incredibly comfortable with that analysis. Alright thank you so our options at this point now are to one if we have further legal questions of you we should go into executive session. Yes. If we do not want to go into executive session my understanding is we have three choices one to vote that we agree with the complaint and and then we would have two weeks to cure the violation. Two that we um vote against the complaint taking your advice or three that we take no action. Yes. Okay so city council let's open the city council Councillor Busher. So um president right out I'm going to need some guidance some uh visual cues from the city attorney if I touch on something an open session that I shouldn't touch upon but I'd like to make a couple of statements generic statements regarding this meeting today if that's okay. Yes proceed. So um so you know as we were all the recipient of um of this information that you passed around um regarding um Mr. Stenville's comments and his concern about the open meeting law um as a member of the city council I believe that um the attorneys give us good guidance about open meeting law regarding quorums and not to engage in conversations and not put ourselves at risk but there is an awful lot about the open meeting law that I don't think we have um a refresher on so I want to go on records saying that I think that you know some of what is being discussed today is useful and I don't want to minimize this um about as a member of this city council and yes we are a city but we're a small city in Burlington Vermont where we really engage in we want people to engage in a process we encourage that engagement so I don't want to put up walls or suggest that that engagement should be limited or not um an engagement that is as fully informed as it can be I think that would be a mistake leaving this room today with that message going out and that's what I sort of heard today from some comments and that is concerning to me you may not agree with what's going on today but I think that you know people are entitled to raise an issue and see if and if they believe it's credible and and then bring it forward and I don't want to be one that wants to stop that from happening I once again raise an issue if it's credible if they believe it's credible and they research it and as I believe this has has happened today so I just want people to know that um and and my request would be that the council is more engaged and informed regarding open meeting law um rules and regulations and how we can do it better or continue stay the course I have a specific question and that this is where I'm not so sure um there were two parts to um the um the allegation about violation um but one had to do with the um timeliness of material that wasn't available in advance and the uh lack of opportunity for the public then during that item to weigh in in a more fully informed way I can is that something you can speak to in open session maybe after maybe after a short executive sessions I think you're starting to broach a little okay well that's where I'm looking to you to figure out if if I've gone too far because I'm I'm not sure okay all right I will wait then thank you very much president right for allowing me to make these statements thank you councillor was your councillor councillor nodell I would like to move that this council determined that no open meeting law violation has occurred as alleged for the march 25 2019 regular city council meeting and that no cure is necessary motion has been made by councillor nodell seconded by councillor hartner is there discussion about the motion councillor tracy again to talk about this particular issue um as we said in open session at the meeting on Monday night I had significant concerns about the process by which we were discussing the contract for city hall specifically that information was being posted while we were still while we were already in a work session and that the public did not have adequate time to adjust that information and put that information into a you know thoughtful comment on what it was that that we were deliberating and these were significant changes to the plan that had evolved over the course of several days without you know sort out of the view of the public and information that's clearly been shared with councillors prior but had not been shared with members of the public and I think that that to me is is incredibly unfortunate because and I think open the door to yet still more questions about a process that has already been incredibly controversial and divisive and in order to I think help us to move forward we need to make sure that we are trying to give the public as much information and not give openings to have questions around process but I think the way that we do that is by making sure that we follow the best possible practice of giving the public enough opportunity and actually taking our time I think that clearly there was a rush to get this this particular vote in before the new council was sworn in because of a feeling that the new councillors might vote differently and so we rush to get it done and in rushing we really miss key steps of checking in with the public so for me I do think that there is a violation that we should go back and make sure that we have to give the public an opportunity to weigh in fully on the issue with all information presented and then and then move forward so that we don't have continue to have further questions being raised about the validity and actions of this council thank you thank you councillor tracy councillor nodel yes president right thank you um I heard no argument there about the open meeting law itself and and exactly why based on the language of the open meeting law why there was a violation um and I would like to remind members that at the board of finance there was a detailed review of the proposed additional round of five hundred thousand dollars of cuts and several individuals who have been very involved as members of the public which is laudable in this issue were in attendance and did see that walk through in a detailed way and further that at public forum we did hear comments on some of those cuts and so I failed to understand um I failed to understand why we have a violation we all know that at in the workings of the council and in a representative democracy all citizens are important but not everyone's roles are the same and elected officials have different roles in a representative democracy and unless though that is is observed um we are going to have paralysis in government and I for one believe in an activist government that can act on behalf of people because if we have a paralyzed government what we will have is only a private sector that can act actually act in effective ways to realize their goals and I don't think that is in the interests of the people of Burlington mr president thank you councillor nodell councillor shannon then councillor mason and councillor jane thank you president right uh I think that what we're being asked to do is like uh councillor nodell says um become a paralyzed body if the public expects us to be responsive to what their needs are and they come to public they come to public forum they give us suggestions we often well often may be relative term but uh it is not infrequent that we respond to what we hear a public forum and we bring forth amendments one of the things that we heard at both the public forum on monday night and previous public forums was that this plan was too expensive so the process of making it less expensive is by nature going to involve bringing forward amendments we cannot both be responsive to the public and not allow ourselves to make amendments on the floor that have not been publicly warned when I was council president I implored this body to bring forward your amendments prior to our meeting because it's not great process it's not uh it's not because it's a violation of public meeting law it's because we do better when we have our information in advance we also have deadlines and it's not always possible so that was never a strict rule and many people at this table broke that rule but we tried it's a good goal to set to have the information as far in advance as possible both for us and for the public but I would be surprised if even the person bringing this forward has not made amendments the night a decision is being made to be responsive to either the public or a new idea that's brought forward it's it's the way we um we make our our laws and our decisions better and to preclude that opportunity because the time has passed and it was not put up on board docs in advance would not be good governance and I hope that nobody at this table would want to go down that road because every single person at this table has made amendments that haven't been warned thank you thank you councillor Shannon councillor mason pass councillor jane thank you president um and thank you everyone for being here but I think I have a couple of thoughts around this and one of them is specific to the timing definitely that's true that this administration and member of this table especially that side used to not vote on issues because it was presented to them very late there is this culture of holding information until at the last minute that that that's a fact definitely but to this specific issue the only thing that I think and I need help with that is an open meeting is a violation of this is because the public comment is subjected to reasonable rules established by the chairperson usually we give people three minutes but on Monday we gave them only two and I was wondering if that's actually a violation of our law and I will certainly address as council president um that has been around for a long time that is not a new practice I can tell you that councillor shannon employed that when necessary when there were many speakers so that the council can actually can actually conduct business and previous council presidents have employed that too that is a long standing practice and if city attorney would like to add anything to that certainly you can absolutely agree that was all thank you all right thank you councillor jang uh who else was in the queue councillor hartnett thanks um I certainly agree with councillor nodell and don't feel that any opening meeting law has been broken but the other things that have been mentioned here tonight so I just feel like I got a comment on a couple things I am surprised that the amount of pushback we're getting back from warning this council to vote on this right this council should be voting on this this council has done all the work on this this council has the most knowledge of this project right I froze my ass off on a Friday afternoon at one o'clock snowstorm with vj out there learning more about trees I've ever learned before in my life do you think I should vote on this you're dare more I should vote on this should I have a final say I should does it get frustrating it does do I respect the people that have fought this and keep the part green people I do but time after time after time there's been a roadblock and let's not kid ourselves isn't about the money it's never been about the money for this project is expensive it is an enormous price tag for this part I'll be the first to say that but it's needed but that was never the fight on the other side okay and in some we were in some ways they kind of won Monday night right because what we did was we downgraded this project right we took the cornerstone of our city the thing that we should be most proud of here in our city in the center of our city and we're going to have beautiful granite work and we're going to have beautiful bathrooms and members of this council got nervous because they kept hearing about the price tag and they wanted to give this group something so we gave in and we're going to have less of a project because of it and we're going to spend more money in this park down the road because of it using concrete instead of granite no public bathrooms now but maybe later that all means more money later means more money and that's unfortunate it is a lot of money but it's worth it here in this city and if we want to stay the same then we're going to fall behind and if we continue to fall behind people aren't going to want to come here and businesses aren't going to come here and I don't want that I don't want that for my daughter I don't want that for our next generation I don't want that for the college students that come here that want to stay here and this this process has been more open and transparent and more meetings than we have ever had before and anything I've dealt with in my life here in the city of brongton you might not like the project that's fair I got no argument with you there if you don't like it but hopefully today will be the last day we'll move on and we'll get this done thank you thank you councillor hartnett we have councillor jane I have a question and this is just a question to the administration and we know that these changes have been you know many consoles working on it the weekend right but why did you choose to wait until seven during the console meeting to update to share the information with the public why didn't you do it sooner what are the reasoning behind that and I don't know whoever can answer that question Mr. Mayor we did do it sooner and we had an extensive public meeting before the city council meeting where the information was brought and as soon as it was done we were responding to input from councillors right up until shortly before the meeting so we uh people a lot of people work very hard to deliver the information that was delivered as timely as it was I didn't hear what president right I didn't councillor busher what what ultimately you asked him he said it was posted sooner that's what I didn't understand it was shared publicly sooner at the board of finance meeting and public session thank you thank you mr. Mayor uh councillor chancellor jane galsett yeah the question is between board of finance and the council and and the agenda item right why wasn't it posted in between those in in that specific why wasn't it posted then did city attorney want to respond according to the uh board docs and to mr. senbills complain it was posted 644 the final updated documents that night on monday so in terms of just for clarity's sake thank you council roof just really quickly for folks at home who are maybe looking and saying what what is actually going on here right because the question in front of us is not about our feelings or our frustrations or our personal takes on process the question in front of us is whether or not there has been a violation of a law and our legal advisors have unequivocally told us that there has not been so i think that we we should be we should take that we should vote we can air our frustrations maybe in a different form but quite frankly i have to get back to work thank you councillor roof anyone else so councillor busher sorry um so the president right the attorney initially when i made my comment said that he would respond after there might have been an executive session it was a specific question regarding new information and whether or not uh his his read of that was that um that there was no opportunity after public forum for the public to weigh in and i thought you are going to address that potentially and uh since it doesn't appear we're going into executive session president right i wouldn't mind having him just speak to his interpretation of that thank you okay and uh just going off of that but you're asking information that comes up when exactly i guess the timeline i'm just of your question in terms of people are put on notice of what will be discussed uh by you know via an agenda of what will be discussed at the meeting and then they have the public forum in which they weigh in on and if there are supporting materials that informs those comments but i i feel like i'm missing part of your question so it was it so i don't want to belabor this because i appreciate counselor roof saying he really needs to get back to work like other people do um my my point is there were two parts of the open meeting law issue that mr senville pointed out and one had to do specifically with the introduction of information um earlier not by amendment these but earlier um that would but not in time for people to potentially incorporate those in public forum and whether or not the council um would have uh should have offered an opportunity at the specific item for the for the public to respond let me just say that our office continues to believe there's no implication of the open meeting law in it in a potential violation with what you have outlined i think it's thank you thank you yes that council busher i think we are ready for the question if there's nobody else all right all those in favor of the motion which is to deny the claim please say i any opposed that pass that passes with one point where do we have to what what what point of order councillor higher net what is your point of order uh yes in fact we because there is one no vote and the person is not here i believe by rules we have to do a roll call so the clerk's office shall call the roll please good call councillor hartnett once in a while it comes to happen yes yes yes yes yes yes councillor shannon yes tracy president right yes the motion passes every council here but i thought of 10 to one motion passes uh and city attorney just before we go to the next motion uh so the claimant now has the opportunity to take us to court if they desire to do so yes the open meeting law basically instead of going as a first step to court it allows a body to discuss it but now i uh yes the next step if for the all right mr senville yes thank you uh motion to adjourn moved by councillor hartnett second by councillor shannon all those in favour please say aye opposed this city council i think is in fact adjourned for the final time and good luck councillor nodell hartnett and dean we appreciate your service one more time


I will be live in a shaitanya regime Bismillahir Rahmanir Rahim. Let's see what is required IS-34 disclosure. Explanatory comments about seasonality of operation. In case the business is seasonal, you need to explain. Then the nature and the amount of items affecting assets, liabilities, equity, net income, cash flow that are unusual because of their nature, size and incident. In case there is some changes due to seasons, then effects on all these items should be reported. Any change in accounting policy. As I said earlier, there is no need to change accounting policies, but in case there is a need for it, then you need to give an explanation. Issue, repurchase, payments of debt, and equity during this quarter, if you borrowed more money or if you have issued new shares or if you repurchase shares, then you need to make it very clear. Because normally we don't take a loan every quarter. It takes in a year times. If in case you did it in a particular quarter, then you need to explain that how much loan you have taken and how much loan you paid back. So this would also be reported. Division paid. Usually, dividend is declared at the end of the year, but the company which is good, they declare quarterly and half yearly. Now the trend is that if you are making a profit quarterly and half yearly, then you distribute some of the shareholders. So in case you declared a dividend, normally it is declared at the end of the year. It is paid at the beginning of the next year. So in the first quarter, if you paid the dividend in 2020, then you should also see how much dividend you paid in the end of the year. Other material events subsequent to the end of the interim report. This also happens at some time that if you made a report and after that some results came like this or you don't even adjust it, then you also have to tell in notes that accounts were up to date, but after the date this event happened. Now let's see an illustration. Again, the name of the company should be on the top and make it very clear that this is a condensed income statement or balance sheet. Plus, it is unordered. Plus, it is quarter ending or half yearly ending. So here there is a very simple one. We got the sales for six months, any half year ending of 2020 and half year ending of 2019. It can be first quarter of 2020. It can be first quarter of 2019, but I have taken it half yearly. Sales figures improved cost of sales accordingly and the profit draws profit. So look here, just brief, no detail and then operating expense. Again, if you look into the original balance sheets, you can see the details of operating expense. How much is the marketing, how much is the administration, but only operating expense is added in one head. This is the operating profit or financial cost interest or profit before tax and after that earning per share. But one thing to note here is that if there is any operating other income in the region, then we will have to mention that too because other income is also part of the performance. So normally, the company that is investing in a company gets the dividend, the profit gets reported. So you will have to mention that. As far as earning per share is concerned, so earning per share for that particular quarter, that is, the profit earned in that quarter, what is our earning per share? And we have to compare that too. If profit is less in the last quarter, then obviously earning per share will also be less. And if there is more profit in this quarter, then earning per share will be more. And this earning per share, that decide how much dividend we should declare. And along with that, we have to see what cash flow statement is because it is also quarterly, half yearly. So we also have to see that in operation, so much cash has been generated that we can pay quarterly dividend or not. So these are the basics of interim financial reporting. Now there is no difficulty in this. Simply, like you have made earlier accounts yearly, it is the same. In fact, there is a lot of money. In this, you can round the round of figures more. I have seen here that it has not rounded much, it has written 300,000. You can get it out of 300,000. So we have to make a brief, that is, condensed statement, not a detailed statement. Thank you very much.


Yeah, we think about death.  I'm Corbin. Ugh. Hey there.  Uh, and falls on Instagram and clicks on juicy content. It's so juicy. And, thank you all so much. I'm Patreon, I'm Polish, official Twitter account. What? And today. Hey. We were reacting to a long video, but in order to understand the special request, we are standing in a special request so we don't make you mad by calling them Jack Sparrow. We are reacting to a little video about the- The agorys. The agorys. Wait a minute. You mean they predated Jack Sparrow? Yeah. And since a lot of you misunderstood what we were saying, I wanted to, since obviously we don't know these people very well, so I want to learn more about them. Especially since we're going to see that movie with Saif Ali Khan. Yeah. But- Saif Ali Khan. Read the disclaimer for me real quick, please. Ahem. Hrrra.  Believe in Shiva as Supreme Being. They engage in post-mortem rituals. For those of you studying at home, post-mortem means after death. They often dwell in charal grounds, smear cremation ashes on their bodies, and use bones from human corpses for crafting kapalas, skull caps, which Shiva and other Hindu deities are often ironically depicted holding or using. They renounce all social taboos to seek moksha, freedom from the cycle of reincarnation. They are extremely secretive. They are feared by few and misunderstood by many. Might contain graphic content information, proceed with caution, while we're in. Ha ha ha ha ha. You had me with proceed with caution. The minute you say graphic content be warned. Okay, great. Let's start watching. YouTube's gonna demonetize us for it. That's true. We don't like that. No, no, no, we don't like that. But strap in. Let's learn some skills. How long is this thing? 17. Oh, wow. Here we go. They've been around for a while, so I guess they would have some, a lot of history. You're feared by few. There's two segments of this video. The first one was trimmed out of a documentary. The second one was taken from a video uploaded by Isha Foundation. One of the more interesting subjects I photographed on this trip was Mahesh, Gauri Sadri. What made it interesting to me was his backstory. He spoke pretty good English, so he can explain to us his past. But he was a very well paid engineer. He always felt that there was something missing in his life, and that's why he chose to be at Gauri. As you can imagine in any country, leaving a well paid job is something that's very looked down upon and it's very hard to understand why people do that. They don't like fortune coming in dollars. But he really, he told me all he wants is just peace and quiet. He just wants to focus and Gauri is the path that he chooses to do that. My name is Mahesh. And I just changed my mind. Having equal to good of money, everything was there with you. I thought, let me have a change in there. And find out what is the real truth of living. You looked shocked. When he was there, that doesn't, doesn't mean that you'll get all the happiness together if money is there. There are certain things you cannot buy with the money. Correct. But money can buy, I had brought all the things. Money can buy this camera, money can buy that, this, everything. But there are certain things you cannot buy money. With money, you cannot see God. So I thought, okay, let me see the heart that's giving us that money. Then I asked my guru, that's the teacher. He said, see, without your parents' will, you cannot go see God and all that. First take their permission. Take their permission, left my house, not even taking a single rupee, paying not even a single penny I had in there. So I took care of the tickets, I went into the train and came back to Bahamas. I came up this side of the town, it was very quiet, simple, practicing for almost 10 years. Not going to go back. Or he guessed. This tell me something, sky and the earth together. It's the last thing of the human day. After that, you can, ashes, ash is the most last.  Death is something, everybody's scared of. All the people are scared of death.  So in death years, they start crying. So when you embrace death, welcome death, death will not come to you. All one has to go, for a new one to come. This death and birth is something, a cycle. So we are not scared of death. The holy ash is the main thing for Nagori. Whatever happens, you don't get scared of anything. What others can't do, they will. That's the work of Nagori. So you've had ashes on his face when he was getting in the trailer. Yeah. It would be better to know all this going into the film. I think this part got copyrighted. And so they, they, yep, they told me that they had to mute a certain part. Yeah, this is the part they had to mute. So thank you for doing my job for me. I appreciate that. And we understand what it's like to have to mute something because of a copyright issue. Yes. If it's too long, I'll cut it. So don't worry. Whatever you see in this role as illusion is what he just said. He's a deeply spiritual people. Nice shot. Wow. Yeah, if you couldn't read the subtitles saying it's all illusion, it's not permanent, it will change. Today we're wearing this and tomorrow it may not be there. Everything you manage won't know that they did. This building's also been managed won't know that they did. So it's not my illusion. That was abrupt. Now that brings me to another thing when people find, for example, what happens in bananas. Things like aghoris. Some people, foreigners, they talk to me, they also find that insanity. They think, what is this?  Eating dead bodies or experimenting with various other things. What is, it also is something which I think for everyone it'll be what they could explain that. They have not probably visited the scientific laboratories, biological laboratories, where they would guess that. Absolutely bizarre things with various creatures. Yes or no? Yeah. All that is done with the intention of well-being. How much well-being comes out of it? We don't know, isn't it? Once in a way something comes out rest of the time, we are only doing bizarre things in the laboratories, aren't we? Even in a high school, if you study biology, you're cutting open frogs and looking into this and that. It's quite bizarre. Yeah. Isn't it quite bizarre? It's quite bizarre, but all of us have done it and continue to do it as if that's the only way to learn.  So what they are doing is, as I said, there is still prana in the body that is dead. So they are sitting there. If you go there to Manikhar, Nikka and Harishchandra Ghat, Aghoris will be sitting there watching everybody who will come. They inquire, how old is this person? How did he die? That's why some of them who don't want that to be known, they're covering with plastic sheets, you know, where people cannot see how old is the person? They won't say, how old was the person? But Aghoris want to know. If it's a young person, somebody who has vibrant life and for some reason he died, they want that kind. When that happens, they want to do work there. They want to make use of the energy that's released. Once the body begins to burn, this prana has to exit immediately. When that exits, they want to make use of that life energy to do something with themselves. Now, people won't give it to them because they don't want that air wants to be used like this. So what these people will do, if it is there, they'll grab the body and run. How do they get the bodies?  All the monkeys are thinking, what's wrong with these people? Why are they doing this bizarre things to us?  But here the body is dead. That's what I'm saying. If the nails are growing, if the hair is growing, some life still exists, right? That part of the life they want to use. They don't want to do a live person because it will lead to human sacrifice. They don't want to do that. They're waiting for the dead to come. What energy is released from the dead body from cremation? They want to use that. If you do not know the science of that, you cannot just think it's all bizarre. Yes, it's an extreme way of doing it. It is not for everybody. It is something that should be done without, you know, without coming into the notice of a society. But unfortunately, everywhere there is population today. There was a time they would be here. There would hardly be anybody. They would do what they want to do for their growth and pumping. Oh, let me be a little cynical here. What is the contribution of an agori to the society? To a humankind? What have they done for us? I mean, if you talk about science, I can say, yes, those monkeys which have been used, ultimately, you've got some medicines, you've got some certain things which you can fight the diseases and stuff like that. But what has an agori given to the world which they should be proud of and we should give them a sanction to do things which a human being does not find beneficial to the world? What is beneficial to our society and what is not at different times, different times in history, different things people think is beneficial? In, for example, in Tamil Nadu, in ancient Tamilism history, the greatest title that a man can receive is, aayira anekonamati. That means one who killed slain 1,000 elephants. He is the real man. Well, Vidapin is almost halfway there. Don't kill him. Why do you treat him as a criminal? Just why don't you provide him with another 500? He claims he's killed some 500-odd elephants. If you provide him another 400 and all, he will be the greatest man in Tamil Nadu. Why don't you give him out of time, isn't it? He's like, not contextual. Not contextually right. So now, whatever you are talking of science as creating great benefits, it is only contextual now. Already it's beginning to happen. All the environmentalists are trying to block every scientific thing. Because people are beginning to understand in the name of development, we're completely destroying the very source of our well-being. Tell me, what is it that's destroyed this plant? Human. It's essentially technology, isn't it? Yeah, but technology is coming out of it. Yes, it's created humans. But I'm saying what you provided, which comes from pride, mostly you, though. There were other greats who wanted to conquer the whole world, but they couldn't do it. But it is the technology which did it, isn't it? So is technology bad? No. It is just that it's in the wrong hands. How it is used. So the type of technologies, which were 50 years ago, now we are looking down at it. How could somebody do this nonsense?  So you are saying that agoris have become out of context? No, I'm not saying they're out of context. They have no context to the society. Their context is their ultimate well-being. They are only looking at the ultimate nature. How the society is today, they know, and we know that what is true today will be looked down upon tomorrow. What is great today will be thought as the most horrible thing day after tomorrow. This will anyway happen in the social structure. You are made to believe that this is the best.  What you thought was a great thing. So they are not getting involved in the context of the society. They are only involved in the ultimate nature of their being.  So they always stayed away from society. But today society is occupied with everything. They have no place to be. By that logic, we can define any, you know, we can justify any perversion. See, they are not causing harm to anybody. Never are they causing harm to anybody. Have you heard of any Aguri attacking anyone? No, he is doing something with himself. He's not an Samvatism.  They're not doing any of those things there in remote places, doing their own thing with themselves, not with somebody else. Yeah, that's the point. That's the point. They are free to do what they want. Only with themselves. They're not doing it with anybody else. As far as they don't. As far as they don't scare the society, as far as they don't... See, the scaring the society is because society is just, populations have exploded and we are just everywhere. There is a secluded place to help. That's the point. That's the point that if they want to leave... And this explosion of the population in society is a culprit, not agoris. They don't reproduce at least. So then the over-glorification of agoris when we hear that they have got the super powers and all that, that probably is exaggeration and they are self-centered experimental beings. What is super and what is not super is again contextual. See, today you can pick up a little bit of plastic and metal in your pocket and speak to somebody in a Mac. Yes? If only you could do this 100 years ago, we would have treated you as God. So it's only contextual. Their thing is not about powers. It is just about they want to evolve to a place where what you hold as something that you have called, they are trying to befriend that because the moment you like something and the moment you dislike something, you have divided the existence. And once you divided the existence, you cannot embrace it. So they are going to whatever you would not be able to stand. He's very mad. What is most important for you, that is what they're referring to because they want to take their life and what they want to do. I'd like to ask him his definition of existence versus being. Yeah. This is a very interesting conversation. This whole thing, he's a good interviewer. Yeah, what kind of interviewer. Even if you don't do them. So it's a real question conversation. On the other hand, you have this, I think they're otherwise successful for some people. That's all that matters. It works. Yes. It is not for you and me. But for somebody, it works. I am not against anything that works. If it works, it's fine with me. Yeah, but it works for them and they can't ever tell you how it works. Right. You can say that I'm happy. So let me be. That's what they can say. They're not even talking about happiness. We know it works. Yes. It works, okay. In a certain way. In what way? Because certain transformations and capabilities, the display, which is otherwise not possible. Interesting. So wait a minute. Wait a minute. That was it? Well, it was a snippet of a documentary. Oh, hence why we didn't get any of the graphic content. Yes. Gotcha. So that was, especially the second part. I mean, it was interesting to see the Agori and him talk. And they're very epic looking people, honestly. There's that one that was just sitting there with a skull. Yeah. Well, and then the conversation was actually very interesting. Even if you don't agree with certain things, it's always interesting to hear two people with very different opinions. As long as it's not politics, that's just annoying. But if it'd be nice to see people talking politics the way those two men were talking. And they have one has a point. Yes. The only one they wanted to understand, the ones expressing, and I'm sure there were times one said something that the other one didn't agree with. And rather than negate them, there was really a good example of proper Q and A when you're getting to know each other and maybe disagree with something. Yeah. And whoever that interviewer is, he's really good. Really good. He did a really good job. He did a good job of questioning, but being respectful. Yeah. And like we said, we don't know anything about Agoris. No, and this may be way off base. Yeah, so you can tell us. I was wondering, because it said at the beginning they sometimes eat humans. Right. So is that old back in the day Agoris? Because he says they don't hurt this guy. Right, that's it. They don't hurt. That's why I said, any, where do they get their dead bodies? Yes, I don't know if they're like people, like when they like a donor card or something like they want to give right, or at least at a different Agori or I don't know. These are the questions we have. And also they look both those guys, which just may be the case, look extremely slender Saif Ali Khan's a beefy dude. Yeah. So I want, I'd love to know how in depth Saif Ali Khan got into portraying an Agori. Because if it were you or I, I know we would be full immersion of, I want to represent this people group. I want to learn about them. And I want to do everything I can. Maybe he's not a Nagori anymore. Maybe he like wants a Nagori to keep some practice. And maybe there's a difference of ways of agorism, if that's the word is practiced. I don't know. But it is intriguing. Never heard about this before. Yeah. I'm glad to watch this because we obviously we're going to see the Saif Ali Khan film. So we'll know at least a little bit more background behind certain things that he's doing in the film, which will be interesting. Just maybe want to know more though. I felt like there was a lot that didn't tell us. I'll ask the people who made this for me what the documentary is. Because that conversation alone was quite interesting just to hear the juxtapositions of two that are completely basically opposite. And even if that guy believed some of the stuff, he was a good interviewer. And as a good interviewer was something that a lot of people don't agree with or don't whatever and don't think is the right way. He had the devil's advocate interviewer, which is what you want. You want these people to be able to answer these questions and give people the answer. And the important thing about doing an interview like that is that you ask a question based on your particular point of view, logic, everything else. And then you let them answer it. And whether you agree or you don't agree, you just let their answer sit. Yeah. And that's what he did. His job is not to debate. His job is to interview. Exactly. And so I think he did a masterful job. I did too. So I'm assuming he's a seasoned interviewer. I'd really like to know more about this, the agori. Yeah, really would. So if there's more videos, please send it to us. If there's some information that was misinterpreted, as always, you'll let us know down in the comments. I am a little disappointed that there was no Sartaj. I'm sure we'll get a bunch in the film.


Hello, everybody. I know it's the last one, so I want to tell you my story, our story in Colombia. And I don't know nothing about technology. All of you are the audience that are experts in technology. I try to be expert in business and to tell you our story of transformation, of change, and how I, as a CEO of an insurance company in Colombia, I am there to transform our company without getting crazy. It's not easy, believe me, because all of you have a lot of ideas. The world is changing very fast. But we, when we are sitting in a company that is established for more than 40 years, making almost the same business for years and years, you cannot make decisions very easy. If you have to stop on a dime or to accelerate very fast, those type of decisions are not easy. And when you recommend anything or recommendations introducing to our head and say, wow, each recommendation is not easy to follow. For that reason, when we start our transformation, we decide to listen the experts. And we decide, try to learn, try to unlearn what to do. And for sure, all those experts say, you are going to fail. You are going to fail. You are there to fail. But of course, it's not easy to fail. It's not easy to make decisions. And as too many companies, we don't have a lot of budget to fail. We don't have a lot of budget to innovate. So we decide to start this story with the experts. And if you listen the experts, all the experts are going to tell you some steps to follow in transformation. And if I am in this moment recommending any business people, how are the steps to follow any transformation? I can tell you that this is the summary of the first five steps that you have to follow. First, you have to invest in culture.  They open the minds of everybody. It's not easy. This is one of the worst things to do in a biggest company and a small company to change the way you do the things is the worst and most difficult thing to introduce any transformation or any innovation. So the first thing is investing culture.  So if you take time to understand your company, you are going to be ready for the third step. The third step is to be focused, focusing what you really want. Do you want efficiencies? Do you want innovation? Do you want to be an exponential organization? Or do you want to accelerate your presence in your market? You need to understand what you want, what is your biggest problem and how to solve it. With your problem in your hands, you are ready for the next one. You have to select your partners. You have to select the tools that you are going to use for this transformation. At least you have to select the first tools that are different of your traditional legacy systems and that are going to change your company. And of course, your partners because as an insurance company or as a company, the scope is not to be a technology company. My scope is to sell insurance, so I need to find somebody that knows about technology but really much with our culture and help me with the next step, and the next step is the most difficult step, getting to execute. Sometimes a lot of analysis gives you a lot of ideas but you don't know when or how to start executing. And when you start executing, the only thing that you know is that you again and again have to invest in culture and make a new diagnosis again to define your scope, to find new partners and this is like a cycle that never ends. This is the recommendation of the experts but being honest, this is not what happened in our company. So I want to tell you our true story of how we transform or how we are transforming our company into the company for the future. Because when you have all those steps, you can say, I feel comfortable, I have my team ready, I have my culture and ready to transform. But as a CEO, and believe me, each CEO, even for a small or biggest company, when I see it, listening to you, saying about Netflix, Uber, Airbnb or artificial intelligence or whatever that you listen in all the market, in all these type of conference, inside you you feel first, you feel panic. And I want to tell you that is that panic is true.  So this is what happened inside your mind and inside the mind of all business people when you listen to this. If you are a conservative leader, it's not easy to make that decision to destroy your company, to start again. So this is our story. My name is Marta Lucia Pava and as you mentioned, I am a medical doctor. I am the president or the CEO of an insurance company that has been in Colombia for more than 43 years. I have 300-something employees. We have a portfolio of around $145 million and we offer multi-channel solutions, insurance solutions in different geographies inside Colombia. The path to all these 43 years to come here and saying to you that we are transforming the company, we are growing, we have different options is not an easy path. I don't know who can say that has an easy path but the path is full of obstacles, full of obstacles that give you the possibility to learn and the possibility to transform. Saying those obstacles in this moment is almost impossible but I want to summarize one of them. We used to belong to a multinational insurance company very recognized in the market, AIG. AIG, American International Group, have been in, have presence in more than 130 countries. Probably all of you know about AIG as an insurance company and AIG, as all multinational companies, they want to have a very good footprint and very good presence in all geographies and to put that presence in all geographies usually multinational companies says you have to repeat my model of my headquarters. Everybody has to have the same technology, the same culture, the same scope, the same purpose and for us small countries is not easy to follow the same technology that AIG has in New York, the headquarters of AIG is in New York. So the challenge for a multinational company is really understand the necessity or the needs in the market in each geography because the needs in emerging markets or the needs in Latin America are very different, very different if you see the needs that you found in London or in Japan or in Asia Pacific or in any other place. So for multinational, that is a challenge and the most time any CEO for multinational companies is explaining her queries, no, in this geography I don't do it this way, in this market the needs are different, please let me follow with this idea and the bureaucracy to make decisions is not easy to follow because in those multinational companies the structure is like silos, the silo of product, the silo of finance, the silo of operations and each silo is from her queries even if the her queries is in Munich and London, in Zurich or in New York to our country, to Bogota, Colombia. So operations have decisions made in New York that impacts our operations in Colombia but to speak operations in Colombia with finance in Colombia you have to move up to New York and then make decisions. So it is very difficult to manage a company where silos exceeds. So work as a team, innovating this moment is almost impossible. If you know innovation is not only technology, innovation is when you put a very good talent with a very good problem and together the talent and the problem becomes with ideas to solve the solution. But if you don't have autonomy to solve anything or to make any decision what do you do with the very good talent or what do you do with the very big problem? So that was our moment. This is the moment that almost all multinational suffer trying to make some innovation internally in each geography. So we didn't have common goals. The goals of the silo of operation was a different goal of the silo of finance and as a company only people seated in Colombia we didn't have the same goal and with that phase we learned that we were followers. We were ready to have the rules and being honest only following the rules our headquarters was happy. It doesn't matter if the result of the company doesn't matter if the company was losing money or was creating a lot of money because we were just following rules and we learned that very good leaders don't create followers they create more leaders and my recommendation is that if you have in your company any people that is just following rules you have a problem because anybody wants to follow rules every time. Follow rules is not innovation. Follow rules are the things that they are artificial intelligence and all of these new technologies can do and with those technologies people and human beings can be more humans and we are pretty convinced that humans with the space of create and motivate and inspire others can be very human beings. So the picture three years ago in our company was like this in this moment I have 300 employees in that moment I used to have more than 500 employees now we are more profitable we are more efficient and we can repeat the model of New York includes to repeat a lot of head counts that we didn't want following rules. We used to have in terms of technology more than 140 applications and believe it or not with those applications we just have one interconnectivity so those applications used to act as asylos so I used to have not only my employees or our employees as asylos but also the applications and the data and the decision didn't speak each other to have any solution and the cherry of the pie of course is that with that model we were losing money with each dollar that we won we spent one dollar and a half and we spent without any reasonable purpose because the purpose was the purpose of operations the purpose of finance or the purpose of product but not the purpose of a very good result in Colombia. So we learned to live in an environment of ambiguity leading a company with ambiguity was a challenge but it's the way we have to learn to live not only because this type of of solution is because ambiguity is the world where we live the world is changing a lot there is a lot of challenges and if you cannot control everything in your company even that you have to live with ambiguity so we decide in the moment that we have to work with people with culture if you have your people motivated you are not going to lose talent but at the same time what happened is that we decide in Colombia people used to be happy we used to be very optimistic very positive and we try to see the glass full the half glass full are not empty and we were trying to do that it wasn't easy but we were trying to do that but in that moment AIG decided to have their scope in more mature economies and they decided to solve a lot of their countries a lot of their presence worldwide they solved around 22 countries and in Latin America they solved 5 countries and they solved those 5 countries and for us trying to be very optimistic we were looking for good news very good news became very fast became very fast because in the past the scenario couldn't be worse we were losing money we were siloed wasn't easy to have a profitable company and couldn't be worse so anything can happen and we decide that anything is going to be a good news but this was a very good news the company that bought our operation was Fairfax Fairfax is a Canadian financial company financial holding company that invests in too many things they invest in Blackberry they invest in Toys R Us like an opportunistic investment they invest in meals they invest in too many things they also invest in insurance and reinsurance company they never sell those reinsurance and insurance company so we started becoming part of the Fairfax family they sell and they buy everything but they don't sell a never never insurance and reinsurance company and the first good news nobody is going to sell us again the second good news was the meaning of Fairfax Fairfax is the summary of fair and friendly acquisition so when we listen fair and friendly we say wow this is irrational we want that we like that fair and friendly way to do the things so let's see what happened what happened there happened a lot of things but the owner of Fairfax is Prem Watsa Prem Watsa is a person that lives in Toronto is from India he interview me and I want to tell you this because this is very very important for business guys because when they interview me and I present that company losing money I was trying to say hey Prem we know our business, we know how to do it and we want to be profitable and at the end of that conversation he says okay Marta I can see the opportunities tell me any question that you have from me and I say okay I have one question Prem what is the driver of your decision and this magical word and that answer changed my mind and inspired me to continue doing things because he says it's just about people and when we said it's just about people I say wow somebody believe in me believe in us believe in the opportunities that we have and he says I can see your face and I notice that you don't believe in me and I say no of course I believe in you but it's not easy to listen a leader that believes in a small country that are losing money and he says why and I repeat myself here in New York, here in Munich I don't know more about your country than you so I'm hiring talent but the decisions are going to make in your country with your ownership so you are going to be the owner of your destiny and when any leader is the owner of the destiny is going to make very good decisions and I say wow if we can build our own destiny we have a lot of opportunities in our hands because we have experience, we have talent and now we are going to have autonomy and without autonomy innovation and creation of anything is impossible but without autonomy we can do anything what we can do with our small budget but we can do so in that way we start seeing a lot of opportunities the first opportunity is the model they believe in a decentralized model that is the opposite of all multinational companies that try to have the same model worldwide but they say no you don't have to follow my brand you don't have to follow my rules and they say what is your rules and they say I don't have rules I have guiding principles I have values, integrity honesty, having fun at work result oriented no egos no confrontational style and please give me profit and that's it it sounds easy but what's the change in my mind and in the mind of all my leaders there is no rules wow, what can I do without rules I have to reinvent my company I have to reinvent the business that I know how to do and see how I can accelerate this transformation because everybody wants to transform you have to take permission of the bureaucracy change from Bogota to Miami, Miami to New York explaining everybody any decision it wasn't easy so the first opportunity was the decentralized model the second opportunity was the talent in Colombia we have been recognized to be very good on the writings and the writers and the writers are the people that put the price of any risk to sell insurance so we know how to do our business and we are passionate we were investing in culture we were investing in managing the change, understanding the change communicating the change leading with ambiguity so we felt that we were ready for the change and the other opportunity was systems for years and years and years we used to have the same system and we can only ask any transformation for the same system web services for the same system interconnectivity with the same system and that system was ready to explode it doesn't work but we cannot hire anything different so we see the opportunity to transform our system or our IT technology so for us that was another opportunity and the final opportunity is when we sit together and we define one word, only one word that make us different we already have fair facts fair and friendly happy, we are happy with being very unfriendly but in insurance what is the difference that challenge you to be different and it's not easy to follow and we define the word agile so in that moment we said in our brand we want to offer to everybody agile solutions and in insurance without investing in technology doing the same thing for years and years being agile is a challenge it's a challenge and requires a lot of help of all of you guys that know about technology so we decide this and with all of these words we say we are ready we are ready but big companies can change the talent can change the tools, can change everything but cannot change the big purpose that we have or the big purpose that makes you wake up in the morning inspiring to do something if you are a big company or if you are a small company you have to have a reason to wake up each morning to work because not always work is not always work is fun work is hard but if you have a big purpose you can follow that purpose and you can put all your team together to follow that purpose and as insurance company we sit together with our leaders ready for the change to define what is the purpose of an insurance company an insurance company is boring sometimes a wording of a policy of your auto or your damage of your home is not easy, is not fun to read so the inspirational is not the wording the inspirational purpose was to to ensure that you can continue dreaming you can continue dreaming because we are going to protect your dreams and your projects and in a country Colombia is not a mature economy it's a very beautiful country with happy people but it's still trying to grow have an economy that is is getting profitable and profitable step by step but we want that all Colombians continue dreaming because we are going to protect their dreams in a catastrophe or in a bad moment or momentum or in an accident and we can allow them continue dreaming so with that purpose and trying to build agile and friendly we felt that we were ready our transformation but the challenge was wasn't easy because the challenge was when you have an airplane and you cannot land it and your team have to be ready to rebuild that plane and see what happens when you rebuild one plane our challenge was to change all the plane and the clients cannot understand that we were changing the clients have to understand that we are going to be more agile so we are changing people inside, we are changing technology we are changing the brand inside and you have to ensure that your team is ready for that and your team is prepared to have the confidence that the pilot is doing something good and the people that is painting the airplane is doing something good that is a different way to work and if you ask all of you you can say it's not easy to move big companies into a change because nobody have the confidence that the other one is making good decisions but in our moment when AIG decides to sell us the transformation wasn't an option it was a mandatory so we decide to start our transformation because yes or yes we cannot still with the same brand and with the same people and with the same process and application etc so we start investing and as I mentioned in the beginning of my conference we start investing in culture first in culture, second in people always people in culture have to change how to invest in culture top down you have to change the mindset of your leaders so we hire coaches for each one of our leaders you cannot be a good leader if you cannot work inside yourself to be the best version of yourself so we decide to invest in our leaders to open the mind and to manage the change and we hire a lot of conference sharing together how to communicate the change how to lead in the change how to suffer the change and understand the change how to retain people and at the end after the change management we start working as a team how to break silos how to have confidence between each other how to understand people that is very emotional with a person that is very analytic how to understand how to drive a company and at the end we also give all of our leaders the confidence to lead because when you are the owner of your destiny you have to make decisions and the fault is not the fault of the headquarters you are not following rules you are making decisions and it is not easy make decisions is not easy so when you have everything together moving to execute and make decisions is not as easy as the paper can say let's make decisions and of course yes or yes any change includes efficiencies we need to make efficiencies in people it's not easy to make efficiencies in people but you have to select a team that is going to share with you the future you have to make efficiencies in technology you can not waste money in technology we don't have money to waste in too many software applications all of you offer a lot of things without licenses attaching with our model of our business it means a lot of million dollars and we also have to make efficiencies and process re-understand the processes re-understand how we manage our business because at the end what really matters for any owner of the company is profitability a company without profitability is not a company that has a very good future so putting together transform a company having profitability investing in culture is a challenge it's fun but it's a challenge and in that moment we say ok this is the best momentum we have very good talent we have a very good problem we are ready to innovate and let's see what happens because in all of those steps we were looking like inside our company in that moment we didn't have space or time to see what happened outside of our company what is happening in the world so we decided to to be ready to see what is happening outside after that with our big purpose of ensure the dreams of everybody we noticed first internally that there was a lot of discussions comfortable and friendly discussion but there was discussion because you have women and men and millennials and baby boomers and you have a lot of different people that it's not easy to make decisions how to move forward but at the end we learn and probably you listen Steve Jobs speaking about this that when you put all the stones together in a can with different opinions and you have put in this movement in the can at the end we polish each other to be better because we don't want just a stone writing we want all the company all clients trying to be better so with that all of these words became very fast to our head and we say as I mentioned yes we are ready let's see what happened outside now we have incorporated some words in our mind teamwork culture, clients, change okay ready the pocket full of these words we are ready and we felt in this way only for a while because when we look outside what is happening outside all of these words became like a noise that give us like crazy you are losing time you don't know what is artificial intelligence you don't know nothing about data mining or robots or all the things that you know you are experts in that but we see what can I do with those words I don't know what to do in the morning we are ready for change but how can I manage those type of words and we felt and if you ask any CEO they felt like we are losing the train if you are not in that train you are losing the future because company of this century are ready to lose money in the next century you have to transform and when you start transforming you see that you are always feeling that you are going to lose the train and when you felt that you are going to lose the train again you go for experts and see help me I don't want to lose the train I know about insurance, you know about IT so I need experts so we decide to go shopping and when you go shopping it's not easy to go shopping when you don't know nothing about IT when you don't know nothing about partners because all of you partners give us a lot a lot of noise in our heads you are doing bad you are going to lose money if you don't buy my system if you don't buy my consultant expertise of so many million dollars and you start listening and listening and listening and it's not easy to go shopping in terms of IT and when we try to go shopping in terms of IT in terms of partners that really share our inspirational momentum that share and understand our panic our immature baby steps in terms of IT but understand our inspirations we really want to be a customer centric operation and I want to tell you about our two main partners that are sharing with us how we are going to transform our company the first partner is very interesting partner is in the middle of the mountains of Colombia this partner was inspired in art and that partner Systema C Computadores was born with the intention to put art in all communities and all geographies for free and they start developing artificial intelligence logarithms to have data injection and convert the data into useful data and repeat that data to offer data for free for anybody books, paints and too many things and with that they understand that they can replicate the same model to digitalize any company and the second project that they made was trying to make the most boring process that is paying taxes so they try to put to make the paying taxes process in a very good process and now they have a house in Bucaramanga it's a small city in Colombia a house where you can pay taxes you just take three or seven minutes paying taxes because they develop the interconnectivity the efficiencies the data ingestion they made too many things to make easy paying taxes but in that house you can see art coffee and water you can look for books and everything is free the only thing that you have to do is paying taxes and enjoy the art and with that partner we learn that if paying taxes could be easy and agile selling insurance quoting insurance solving or paying claims insurance can be agile so they inspire us to start storing intelligence for processes and interconnectivity and make that one data introducing any data or anything inside of our company in the same moment you can do with this any agile any agile process so we start creating our eDesk sorry any entrances to our company is going to be in the same path digitalize that data and convert that data in useful data and start making interconnectivities so with system as a computer we select the first part of our transformation and then we select the second partner and with this partner a magical world came to our minds they help us to understand that if we want to be a customer centric operation it is impossible if you are not a data centric company with more than 100 applications and the data included in those more than 100 applications it is impossible to make decisions it is impossible because you have duplicated the data, duplicated the process and they help us understand that we have to move the data into a unique database and then with that data in the same place cleaning the data understanding the data the data can start thinking we can start introducing artificial intelligence learning machine and in that moment all those words that make noise in our head are taking more and more and more reason in our business and we say yes we can transform a company we can be ready for the next century we can transform into a more agile predictive company because for insurance company the data is everything the data to calculate any risk to calculate an earthquake to calculate a fire or all the risk that we are facing is about data so with these two partners we said we are going to change our relationships and our new architecture and this is our new architecture I'm not going to follow fast with this architecture but we change all the way we hire software we hire technology we hire any consultant and we say with just these two partners we are going to jump into the water and create our new future without listening a lot of things and we understood another learning a lot of analysis make paralysis and in some way and in some moment you have to jump into the water and interrupt the analysis interrupt comparisons, interrupt your fare and jump into the water and enjoy the path of what is going to happen in the future with that we start creating our CLE project CLE in Africa is the name of an elephant and elephants in Africa have to reinvent themselves because the tusks are very very expensive and everybody was hunted elephants and killing elephants to use the tusks and they reinvent themselves and they start burning without tusks and we understand that we have to reinvent ourselves internally because we want to survive and as an elephant project there is a lot of data it's a very very difficult project but it's the only way to survive and CLE includes the layers of our partners S from Stratio Y from Systemacy Computadores L our legacy system because that is another good news NECO really wants to change the core system each time we think to change the core system is a big headache and change the core system while you have a plane that you have to change is a headache so we are going to continue with our legacy system but all the transformation is going to be outside our legacy system because the data is going to move outside of our legacy system and I from Innovation because Innovation is our inspiration to continue moving forward and also with Stratio we understood that we have to change our methodology and we start making and it wasn't easy but we create this room inspired in our CLE project introducing our company into agile methodologies to make decisions faster to make decisions involving all part of the business not only technology because technology is a facility the business knows about business and technology can help business to solve problems so with these agile methodologies all decisions are made with a team a diverse team that includes not only our screw master or our product owners our legal people our marketing people and we are making or we are building the company that we dream agile fair and friendly so now we feel that we are becoming from a process-centric company into a more customer-centric company and saying that we want to be a customer-centric understand our clients give the solutions for the clients tailor made or for our geography tailor made is not easy and for that reason to be more customer-centric we understand that yes or yes we need to be more data-centric and we need to suffer all the data cycle to clean the data to use the data to put algorithms in our data and start making interconnectivity with external sources and to be more agile this is a future this is how we want to do it we are just in this path a year ago we are learning a lot and each time we sit with our partners or inside we still polish each one to be better because making a decision is not easy the first time we start we sit with the strategy we understand them and we say this is going to fail but at the end it's not going to fail because we are building together a dream we are not matching of what the strategy wants they are not matching of what we want we are building together a dream so we have to dare to become a better person when we polish each other with different type of ideas so in summary we really accomplish of these five steps without understanding that we have to do it but we have to recommend an ECO what are the steps to start a transformational moment in your organization you have to follow always all these steps and reinvent and reinvent again and again those steps and any time you have to jump into the water without knowing the future in the past we learned that we have to control almost 80% of our problems in this new world you have to control just 20 and deliver with ambiguity and that 80% is going to change again and again and you have to allow your leaders your millennials your team to innovate, to create to start doing something the only thing that you have to do in your company is to have one purpose one purpose that give you the possibility to dream and to wake up in the morning making the things better so at the end we build this plane and this is a much beautiful plane and we are going to reinvent the plane any time we have to reinvent the plane so to finalize this conference I can tell you that we are ready for the next steps but now we have a cocktail of too many good things we are not yet blue AIG used to be blue now we are pink but the combination of the experience of the blue with the agility of the pink is a very good combination we have the right size we are just 300 employees $145 million is a very good size to transform the company it's a good size to transform top down the leaders have to change and then you can have more information in all your people because if the leaders didn't match with the transformation it's not easy to move a company with good rhythm you have to make the diagnosis we make a big diagnosis but you have to make the diagnosis and to understand your process again and again and even for us the change was mandatory I can tell you everybody the change is mandatory for everybody and you need to move out of the status quo and ready to transform and transform your companies and the world and I was here sharing this experience I am pretty convinced that sharing is one step to make this world much better and I want this world much better I want to see growth economies introducing into this artificial intelligence and I want to tell you that we are trying to build a very successful story and we are happy with our partners and thank you for being here okay it's me it was my fault we have some questions any of you have questions? I have many can I start first? yes why are you here? I'm here because and don't say me because someone invited me because all of the people that is speaking here are being invited that's not the answer I'm here because I suffer this story personally I'm not telling a story that somebody told me I suffer this story I know that it's not easy but I want to share this because if everybody listen this maybe can change something in your mind maybe about culture maybe about people maybe about the data lake maybe something but my inspiration is that something change something good thank you so much because I love that second question you have been in different companies and you were absorbed by one and to another one the decision in the company came because there is a big company or a small company or it depends on the value in the company what makes the in a company to have faster decision or slowest decision the value or the size of the company the philosophy the philosophy of the company all companies all people wants to innovate but to really make a decision of innovate depends of the philosophy of the leaders because if leaders allow to innovate and create the environment to innovate and create the environment to put some budget and to fail and there to fail again and again is the philosophy last question is there I would like to know how many time do you repeat since the beginning you could explain a little bit to us how many time you dedicate for the business as usual and for the transformation how you manage these two words really good question for sure my business as usual and this moment means transformation but it is a good question because my team is always asking the same Marta if I put transformation team who is going to do the business as usual and it is a very good question we have one team making transformation another team making business as usual so it is a challenge it is a challenge that you have to balance but I think the transformation must be done for people that make business as usual you have to introduce some other talent but yes or yes the owners of the transformation have to be the owners of the business that is great you have a goal to go and you go for the transformation and people in your team say and they should be in the same train I love it any other question should be the last one of today three, two, one zero big applause for Marta thank you so much for coming here it has been an honor and I have a present for you because in your presentation it is really important to become the version of ourselves and I love that because it is in my book and I am going to give you a book one of my book as a present thank you Marta


something I refer to as personal extinction in the interrogation room, I could see it. Like Chase has got a box in his chest. It's got four items in it, I'm making up a number. And each of those things is precious to Chase. Well, if I get them out and I start going, there's one, now it's got three, right? As I get to that last one, guess what happens? To do, to do, to do, that guy will do anything. He'll dance for me to protect that last thing. This guy's down to his last paper. There's a reason for that one, great. If we took it out of context, we said, hey, he's blinking, he must be lying. Well, they're asking him the hardest questions period. They're asking anything sexual occur underage. Well, that's a threat. And they're asking him about the age of this guy at that time. Those are the threat questions. You expect a person to ramp up during threat questions. Marion Corinch and Jim McCormick coined a phrase called contingency thinking. And what that means is I prepare certain pieces of material for the risk that this might occur. But if you take into account personal extinction, you take into account contingency thinking and you take into account the most stressful questions you ask, we see something different.


I think one of the key attractions of the foreign exchange market is its accessibility. It doesn't really close apart from weekends and as such that means that if a trade does go bad for whatever reason the novice trader is able to get out of the trade. More to the point if the trade goes very very well they also have the ability to get out of the trade at any time of the day or night during the week. The foreign exchange market tracks a very wide range of traders with very different perspectives. For example businesses might have a longer term view on currency movements and want to hedge risk. Others want to actually speculate and take risk. Then some investors are looking to move from one currency to another for investment purposes. I think one of the key drivers of markets over the course of the past few months has been trade tensions namely between the US and China and to a lesser extent the US and the European Union. If you implement a tariff onto a range of goods and services the importers and exporters of those goods and services have a choice to make. They can either raise their prices to absorb the cost of that tariff ultimately making them more expensive to consumers. Alternatively they can absorb that tariff increase into their margins so in essence tariffs can actually crimp stock market growth because they essentially crimp profit potential or they can drive up inflationary pressures. Political news can have a big impact on exchange rates over time. The Federal Reserve might suddenly want to raise interest rates then the foreign exchange market will quickly react to that. But one's got to remember that currency is not just about one central bank it's about the other central banks as well. So you can't just look at it in isolation you have to have a sort of global overview. For me the big question is is not whether or not the dollar is going to go up. Just look at what the price chart is telling you about the supply and demand dynamics between the US dollar and other currencies. To draw an analogy if you're betting on the horses generally as a punty you study the form you study whether or not the ground is firm or hard. It's the same thing when it comes to currency trading. Make a trading decision based on what the price action has done in the past. Set your risk management strategy accordingly and keep your losses small and run your profits. Technology has greatly influenced the foreign exchange market over the years. You can draw charts in real time and of course you can even use Twitter feeds to trade off of those. So technology has definitely influenced the amount of trading the volumes of trading and also the type of trading that goes on.