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Operator Good morning, and welcome to the Sensient Technologies Corporation 2020 Fourth Quarter and Year-End Earnings Conference Call. [Operator Instructions] After today s presentation, there will be an opportunity to ask questions. [Operator Instructions] I would now like to turn the conference over to Mr. Steve Rolfs. Please go ahead, sir. Stephen J. Rolfs Senior Vice President and Chief Financial Officer Good morning. I m Steve Rolfs, Senior Vice President and Chief Financial Officer of Sensient Technologies Corporation. I would like to welcome all of you to Sensient s fourth quarter earnings call. I m joined this morning by Paul Manning, Sensient s Chairman, President and Chief Executive Officer. ....
The JSE needs to innovate as delisting flurry continues The number of companies on the local bourse continues to shrink in 2021, with the investment pool on the JSE becoming smaller by the day. This is, however, a global trend with the emergence of private equity and increased regulatory and governance practices required by listed companies on stock markets across the globe. Locally, corporate scandals such as Steinhoff, EOH and Tongaat have added to the ‘red type’ required by the JSE in terms of regulatory and governance practices. The exodus of companies on the JSE is especially prevalent in the small-cap segment of the market, where the regulatory costs often do not outweigh the benefits of being on the exchange. These companies are often illiquid counters, which do not allow institutional investors such as the large asset managers to invest in due to their investment mandates. This coupled with the lack of economic growth, sovereign debt issues and foreign invest ....