1、Aberdeen Emerging Markets Investment Company LimitedLooking for the best-of-breed emerging market fundsAnnual Report31 October 20191Aberdeen Emerging Markets Investment Company Limited ContentsVisit our Website?Markets Investment Company Limited,please visit aberdeenemergingmarkets.co.ukTHIS DOCUMEN
2、T IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.If you are in any doubt about the action you should take,you are recommended to seek your own financial advice from your stockbroker,bank manager,solicitor,accountant or other financial adviser authorised under the Financial Services and Markets A
3、ct 2000(as amended by the Financial Services Act 2012)if you are in the United Kingdom or,if not,from another appropriately authorised financial adviser.If you have sold or otherwise transferred all your Ordinary shares in Aberdeen Emerging Markets Investment Company Limited,please forward this docu
4、ment,together with the accompanying documents immediately to the purchaser or transferee,or to the stockbroker,bank or agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.Company OverviewFinancial Highlights 2Chairmans Statement 4Strategic ReportInves
5、tment Managers Report 6PortfolioInvestments 10Asset Allocation 11GovernanceDirectors Report 12Corporate Governance Statement 18?Statement of Directors Responsibilities 25Depositary Report 26Financial Statements?Statement of Comprehensive Income 30Statement of Financial Position 31?Statement of Cash
6、Flow 33Notes to the Financial Statements 34?Investor Information 51?Contact Addresses 612?Company OverviewFinancial HighlightsAberdeen Emerging Markets Investment Company Limited?company with its Ordinary shares listed on the P?Segment of the London Stock Exchange.It offers investors?Latin America.T
7、he Company is governed by a board of independent directors,and has no employees.Like most other investment?party providers.Net asset value(“NAV”)per Ordinary share total return1,4NAV per Ordinary share2+14.1%663.3p2018-12.4%2018600.6pOrdinary share price total return1,4Ordinary share price mid marke
8、t+13.2%561.0p2018-15.7%2018515.0pMSCI Emerging Markets Net Total Return Index in sterling termsNet Assets+10.3%304.9 million2018-9.0%2018276.6 millionNet gearing4Ongoing charges ratio(“OCR”)4+8.0%1.07%2018+7.0%20181.02%Dividends per Ordinary share4Revenue return per Ordinary share21.0p2.41p201821.0p
9、20182.03p1?2 See note 14 in the Notes to the Financial Statements for basis of?3 Dividends declared for the year in which they were earned4?.NAV per Ordinary shareAt 31 October pence Ordinary share pricemid marketAt 31 October pence 453.5p618.8p706.0p600.6p663.3p15161718191516171819400.4p545.0p632.5
10、p515.0p561.0p3Aberdeen Emerging Markets Investment Company LimitedInvestment ObjectiveThe Companys investment objective is to achieve?Investment Policy?12.Benchmark?sterling terms.Management?which has delegated the investment management of the Company to Aberdeen Asset Managers Limited(“AAML”or the?
11、The Companys portfolio is managed by Aberdeen Standard?on page 50.Financial Calendar27 March 2020First interim dividend payable for year ending 31 October 202021 April 2020?June 2020Second interim dividend payable for year ending 31 October 2020June 2020?September 2020Third interim dividend payable
12、for year ending 31 October 2020December 2020?January/February 2021?4?Company OverviewChairmans StatementOverviewI am pleased to report that over?per ordinary share?of 10.3%from the Companys benchmark,the MSCI Emerging?As at?%.?asset class recovering from a poor 2018.While developments?concern for mo
13、st of the year,a backdrop of easier monetary?concerns.On the other hand,within the Latin American region,?opposition leader Alberto Fernandezs victory in Octobers?time of rising markets.A more detailed explanation of the years performance and?Managers Report.DividendsThe Board believes that one of t
14、he attractions of the Company?capital.This policy has been adopted by the Board in the belief that the level of dividends paid by emerging market companies over the long term is an increasingly important attraction for investors seeking to invest in the emerging market asset class.Three interim divi
15、dends,each of 5.25p per share,were paid on?the total dividends for the year to 21p per share.?and December and it is anticipated that the total dividends for the year ending 31 October 2020 will be no less than 22.0p per share,a 5%increase on the level of dividends paid last year,representing a yiel
16、d of?%based on the share price of 606.0p as at?Loan Facility and Gearing?and at times when the Investment Manager sees attractive?performance of the Company.At the end of the year,the?representing gearing,net of cash,of 8.0%.?and the Board expects to renew the facility on similar terms?5Aberdeen Eme
17、rging Markets Investment Company LimitedShare Buy Backs?considers it desirable that the Companys shares do not trade?Shares in Public Hands?interest in 5%or more of a listed companys share capital,as well as shares held by directors of a listed company.As at 31 October 201?lic hands was estimated to
18、 be approximat?as at the date of this Report.?informed of any relevant developments as well as working?Manager in this regard.Annual General Meeting(“AGM”)The AGM will be held at 12 noon on 21 April 2020 at 11 New?investors who hold their shares in the Company via the Aberdeen Standard Investments P
19、lan for Children,Share Plan?The Notice of the Meeting is contained on pages 56?.Board CompositionIn the light of relatively recent changes to the Board,and having served as a Director since the Companys?Outlook?Investment Manager remains?there are signs of the global economy weakening,growth?At the
20、time of writing,the spre?s is?es is?Investment?portfolio towards those markets with the most compelling?believes that this,together with the Companys approach of?managers with strong investment propositions,provides an?Mark Hadsley-ChaplinChairman 12?6?Strategic ReportInvestment Managers Report?,?pe
21、r Ordinary share was 14.1%while the MSCI Emerging Markets?Relative performance over the period was good,with the?Standard?high conviction,research intensive stock picking strategy.?gains over the remainder of the period.It was also pleasing?match the markets 32.5%rally.?time,enhancing overall perfor
22、mance.?were made by holdings in BlackRock Latin American Investment?NAV performance attribution for the year ended 31 October 2019Fund Selection0.8%Asia?EMEA?Latin America?Asset Allocation1.6%Asia0.0%EMEA1.1%Latin America0.0%?0.5%Discount Narrowing2.4%Fees and Expenses(1.0%)NAV outperformance*3.8%?M
23、arket Environment?Index gaining 10.3%?weakening global economic data and the direction of monetary?Chart 1.Emerging and developed market performance during year to 31 October 20191201151101051001059585Source:Bloomberg.GBP returns for the period from 31 October 2018 to 31 October 2019 MSCI Emerging M
24、arkets Net TR MSCI World Net TRPerformance rebased to 100Oct 18Nov 18Dec 18Jan 19Feb 19Mar 19Apr 19May 19Jun 19Jul 19Aug 19Sep 19Oct 197Aberdeen Emerging Markets Investment Company LimitedAsia was the best performing region,gaining 11.2%as China,?index provider MSCIs decision to increase the weighti
25、ng of?event in that market was the general election,which saw the?that helped?sector which dominates that market.?despite a strong recovery in Brazil,the largest regional market,?Lpez Obradors administration and a somewhat testing?as opposition leader Alberto Fernandezs victory in Octobers?whole the
26、 Argentinian market declined 35.2%.Chart 2.Market performance during the year to 31 October 2019 Source:Bloomberg.GBP returns for the period from 31 October 2018 to 31 October 2019-30%-20%-10%0%10%20%30%40%-40%MSCI EMRussiaGreeceEgyptHungaryTurkeySouth AfricaPolandUnited Arab EmiratesSaudi ArabiaCze
27、ch RepublicQatarColombiaBrazilMexicoPeruChileArgentinaTaiwanPhilippinesIndonesiaIndiaChinaThailandKoreaMalaysiaPakistanEM AsiaEM EMEAEM Latin AmericaUSWorldFrontierJapanUK8?Strategic ReportInvestment Managers Report?Portfolio?of activity in the portfolio consistent with the above themes.?internation
28、al investors despite growing relevance within the?The investment in Aberdeen Standard China A Share?f?Salvador and the Ivory Coast.As with all investments into?There were also several new additions within the closed end?half yearly report,positions in Aberdeen New India Investment?of the Indian mark
29、et relative to other emerging markets as?vehicle had in place a performance driven?was triggered at the end of September and we expect the tender to be?prevailing price.?with a disappointing spell of performance.The Companys geographic allocation is shown on page 11.?America,Brazils allocation incre
30、ased to 6.6%largely as a?remain overlooked by mainstream emerging market investors.?closed end holdings stood at 10.3%at the end of the period,?of net assets over?possible in an environment where this is increasingly a concern?9Aberdeen Emerging Markets Investment Company LimitedThe overall composit
31、ion of the portfolio by type of vehicle is shown below.The allocations to both open and closed ended?of 8.0%.October 2019October 2018?50.1%48.6%?56.3%53.1%?1.4%5.3%Cash?other net?assets(?(?Market OutlookDespite the emerging markets index posting a gain of 10.3%,the investment backdrop became more ch
32、allenging over?growth forecasts across the emerging world were generally revised down as the period progressed.While the global economy is weaker than historical averages,growth remains respectable,with the IMF,OECD and World Bank forecasting real growth in 2020 in the range of 2.8%to?there are risk
33、s to these forecasts we feel they are reasonable given the accommodative stance of central banks and?following the recent signing of the“Phase one”trade deal and,as?ing?on China”.?earnings in emerging markets,with persistent downward?15.1%?(12.2?developed markets as a whole.?held back by negative se
34、ntiment and low expectations.The?those regions now deemed to be marginal when compared with Asia,which is perceived as the most defensive emerging market region.This has been to the detriment of frontier?the long term prospects in many of these markets are as?event will have no lasting impact on eit
35、her economic activity?list of holdings with a bias towards those markets with the most?talented managers operating in emerging markets.Amongst?emerging markets that is not easily replicated.Aberdeen Asset Managers Limited 12?10?PortfolioInvestmentsAs at 31 October 2019CompanyCountry of establishment
36、Value(000)Percentage of net assets(%)?Ireland?20,6126.8?6.3?6.0?16,2265.3?Ireland15,4305.1?Estonia?4.6?13,4234.4?Romania13,2844.4Top ten investments175,00457.5?4.2?11,5333.8?3.6?Ireland?3.5?Cayman Islands?3.5?Cayman Islands10,4583.4?3.1?3.1?2.8?Cayman Islands8,500?Next ten investments103,14933.7Top
37、twenty investments278,15391.2?2.5?Cayman Islands?2.3?2.0?2.0Global X MSCI Colombia ETF?4,4131.4?1.3?1.2?Isle of Man?1.0?2,611?0.8?0.6?Cayman Islands?0.6Total investments328,713107.8Cash?and liabilities?Net assets 304,877 100.011Aberdeen Emerging Markets Investment Company LimitedPortfolioAsset Alloc
38、ationAs at 31 October 2019Country splitCompany(%)Benchmark(%)Asia65.072.8China?12.2Taiwan8.8?India?.0Thailand3.0?Indonesia?2.0Singapore1.5?Philippines0.31.1?0.3?Malaysia0.12.0Pakistan0.1?Other0.5?EMEA25.615.2?6.54.1Romania5.2?2.42.4Egypt1.30.1?1.2?Poland1.11.0?1.01.0?0.6?0.60.5Czech Rep0.30.1?0.10.3
39、Greece?0.3Other4.6?Latin America12.212.0Brazil6.6?Colombia2.10.4Mexico1.22.5?0.4Argentina0.40.2Chile0.30.8Other?Nonspecified 0.8?4.2?(?Total100.0100.0?12Annual Report 2019GovernanceDirectors ReportThe Directors of Aberdeen Emerging Markets Investment Company Limited(“AEMC”or the“Company”)present the
40、 report and financial statements for the year ended 31 October 2019.Investment PolicyObjectiveThe Companys investment objective is to achieve consistent returns for shareholders in excess of the MSCI Emerging Markets Net Total Return Index in sterling terms(Bloomberg ticker:NDUEEGF Index)(the“Benchm
41、ark”).i)Asset Allocation The Investment Manager invests in a portfolio of funds and products which give a diversified exposure to developing and emerging market economies.The Investment Manager does not seek to replicate the Benchmarks geographical distribution.The Companys geographic asset allocati
42、on is derived from the Investment Managers analysis of prospects for regions and countries and the underlying opportunities for investment.The Board does not believe that it should impose prescriptive limits on the Investment Manager for the geographic breakdown and distribution by type of fund as t
43、his could have a negative impact on the Companys performance and accordingly the Company does not have any prescribed investment limits in this regard.The Investment Manager has discretion to enter into hedging mechanisms where it believes that this would protect the performance of the Companys inve
44、stment portfolio in a cost effective manner.To date,the Company has never entered into any such hedging mechanisms.?Individual investments are selected for their potential to outperform as a result of one or more of the following:the performance of the region,market or asset class in which they inve
45、st;the skill of the underlying fund manager;and additionally,in the case of closed end funds,through the narrowing of discounts at which their shares trade to net asset value.No holding by the Company in any other company will represent,at the time of the investment,more than 15%by value of the Comp
46、anys net assets.The diversification within investee funds is taken into account when deciding on the size of each investment so the Companys exposure to any one underlying company should never be excessive.iii)Gearing The Directors reserve the right to borrow up to a maximum of 15%of the NAV of the
47、Company at the time of drawdown.Business ActivitiesThe Company is a closed-ended investment company incorporated and resident in Guernsey and holds a Premium Listing on the London Stock Exchange.Results and DividendsThe Companys total comprehensive income for the year was a gain of 38,447,000(2018:l
48、oss of 40,984,000).The Companys?The Company declared four interim dividends,each of 5.25p per Ordinary share,in respect of the year ended 31 October 2019.?5.5p per Ordinary share in respect of the year ending 31 October 2020,which will be paid on 27 March 2020 to shareholders on the register on 28 F
49、ebruary 2020.It is anticipated that four interim dividends will continue to be paid on a quarterly basis in March,June,September and December.The Board will put a resolution to shareholders at the AGM in respect of its policy to declare four interim dividends each year.Investment Report and OutlookT
50、he Chairmans Statement and Investment Managers Report incorporate a review of the highlights during the year and the outlook for the forthcoming year.Key Performance Indicators(“KPIs”)The Companys success in attaining its objectives is measured by reference to the following KPIs:(a)The Company seeks
51、 to generate consistent relative returns ahead of those generated by its Benchmark Index.(b)The Company seeks to achieve a positive absolute return over the longer term through its exposure to the emerging market asset class.PerformanceAn overview of the Companys performance is contained in the Chai
52、rmans Statement and Investment Managers Report.In sterling terms,the Benchmark Index total return increased by 10.3%over the year against a increase of 14.1%for the Companys NAV per Ordinary share.Ongoing ChargesFor the year ended 31 October 2019,the Companys ongoing?Companies(“AIC”)methodology,was
53、1.07%(2018:1.02%).Principal Risks and UncertaintiesTogether with the issues discussed in the Chairmans Statement and the Investment Managers Report,the Board considers that the main risks and uncertainties faced by the Company fall into the following categories:(i)General Market Risks Associated wit
54、h the Companys Investments Changes in economic conditions,interest rates,foreign?conditions,competition,political and diplomatic events,13Aberdeen Emerging Markets Investment Company Limitedtax,environmental and other laws and other factors can?value of the securities in which the Company invests an
55、d,therefore,the Companys performance and prospects.The Companys investments are subject to normal market?or selling of securities,and there can be no assurance that appreciation in the value of those investments will occur.There can be no guarantee that any realisation of an?Companys valuation of th
56、at investment for the purposes of calculating the NAV.The Companys investments,although not made into developed economies,are not entirely sheltered from the negative impact of economic slowdowns,decreasing consumer demands and credit shortages in such developed?which the Company directly or indirec
57、tly invests.A proportion of the Companys portfolio may be held in cash or cash equivalent investments from time to time.Such proportion of the Companys assets will be out of the market?but may give some protection against negative stock market movements.(ii)Emerging MarketsThe funds selected by the
58、Investment Manager invest in emerging markets.Investing in emerging markets involves certain risks and special considerations not typically associated with investing in other more established economies or securities markets.In particular there may be:(a)the risk?taxation;(b)social,economic and polit
59、ical uncertainty including war and revolution;(c)dependence on exports and the corresponding importance of international trade and commodities prices;(d)less liquidity of securities markets;?on foreign investment and limitations on repatriation of invested capital and a fund managers ability to exch
60、ange local currencies for pounds sterling;(h)a higher degree of governmental involvement and control over the economies;(i)government decisions to discontinue support for economic reform programmes and imposition of centrally planned?standards which may result in the unavailability of material infor
61、mation about economies and issuers;(k)less extensive regulatory oversight of securities markets;(l)longer settlement periods for securities transactions;(m)less stringent laws?and protection of investors;and(n)certain consequences regarding the maintenance of portfolio securities and cash with sub-c
62、ustodians and securities depositories in developing markets.?(a)Small cap stocksThe underlying investee funds selected by the Investment?medium sized companies of a less seasoned nature whose securities are traded in an“over-the-counter”market.These?risks than the securities of larger,better-known c
63、ompanies,due to shorter operating histories,potentially lower credit ratings and,if they are not listed companies,a potential lack of liquidity in their securities.As a result of lower liquidity and greater share price volatility of these“secondary”?value of the investee funds and,indirectly,on the
64、value of the Companys portfolio.(b)Liquidity of the portfolioThe fact that a share is traded does not guarantee its liquidity and the Companys investments may be less liquid than other listed and publicly traded securities.The Company may invest in securities that are not readily tradable or may?mul
65、tiple of the normal trading volumes of an investment,?investments.Investors should not expect that the Company will necessarily be able to realise its investments within a period which they would otherwise regard as reasonable,and any such realisations that may be achieved may be at a considerably l
66、ower price than prevailing indicative market prices.The Company has a borrowing facility in place which may be utilised to assist in the management of liquidity.The borrowing facility is described later in this Directors Report.Liquidity of the portfolio is further discussed in note 17 to the?(c)For
67、eign exchange risksIt is not the Companys present policy to engage in currency hedging.Accordingly,the movement of exchange rates between sterling and the other currencies in which the Companys investments are denominated or its borrowings?or favourable,on the returns otherwise experienced on the in
68、vestments made by the Company.Movements in the foreign exchange rate between sterling and the currency applicable to a particular shareholder may have an impact upon that shareholders returns in their own currency of account.Management or mitigation of the above risksRiskManagement or mitigation of
69、riskGeneral market risks associated with the Companys investmentsThese risks are largely a consequence of the Companys investment strategy but the Investment Manager attempts to mitigate such risks by maintaining an appropriately diversified portfolio by number of holdings,fund structure,geographic
70、focus,investment style and market capitalisation focus.Liquidity,risk and exposure measures are produced on a monthly basis by the Investment Manager and monitored against internal limits.Emerging marketsOther portfolio specific risks(a)Small cap stock(b)Liquidity of the portfolio(c)Foreign exchange
71、The investment management of the Company has been delegated to the Companys Investment Manager.The Investment Managers investment process takes into account 14Annual Report 2019GovernanceDirectors Report continuedthe material risks associated with the Companys portfolio and the markets and holdings
72、in which the Company is invested.The Board monitors the portfolio and the performance of the Investment Manager at regular Board meetings.(iv)Internal RisksPoor allocation of the Companys assets to both markets and investee funds by the Investment Manager,poor governance,compliance or administration
73、,including poor controls over cyber security,could result in shareholders not making acceptable returns on their investment in the Company.Management or mitigation of internal risksThe Board monitors the performance of the Manager and the other key service providers at regular Board meetings.The Man
74、ager provides reports to the Board on compliance matters and the Administrator provides reports to the Board on compliance and other administrative matters.The Board has established various committees to ensure that relevant governance matters are addressed by the Board.The management or mitigation
75、of internal risks is described in detail in the Corporate Governance Statement on pages 20 and 21.BorrowingsThe Company is permitted to borrow,at the point of drawdown,up to 15%of its net assets.On 29 March 2018,the Company entered into an unsecured 12 month revolving credit facility with The Royal
76、Bank of Scotland plc,under which loans with a maximum aggregate value of 25 million may be drawn.The facility was renewed with The Royal Bank of Scotland International Limited(London Branch)(“RBSI“)on 29 March 2019 for a further 12 month period,with a termination date of 29 March 2020.The Company ha
77、s commenced discussions with RBSI and the Board expects to renew the facility on similar terms when it matures.As at 31 October 2019,25 million was drawn down in full at an all-in rate of 1.26413%(2018:1.275%).GearingThe Companys year-end net gearing was 8.0%(2018:7.0%).The Directors monitor the Com
78、panys gearing on a regular basis in accordance with the Companys investment policy and under advice from the Investment Manager.Market InformationThe NAV per Ordinary share is calculated for each business day and is published through a regulatory information service.Discount Management PolicyThe Boa
79、rd considers it desirable that the Companys shares do not trade at a price which,on average,represents a discount that is out of line with the Companys direct peer group.To assist the Board in taking action to deal with a material and sustained deviation in the Companys discount from its peer group,
80、it seeks authority from shareholders annually to buy back shares.Shares may be repurchased when,in the opinion of the Board and taking into account factors such as market conditions and the discounts of comparable companies,the Companys discount is higher than desired and shares are available to pur
81、chase in the market.The Board is of the view that the principal purpose of share repurchases is to enhance NAV for remaining shareholders,although it may also assist in addressing the imbalance between the supply of and demand for the Companys shares and thereby reduce the scale and volatility of th
82、e discount at which the shares trade in relation to the underlying NAV.Ordinary Shares in IssueAs at 31 October 2019 the Company had 45,965,159(2018:46,047,096)Ordinary shares in issue(excluding shares held in treasury).The Company also held 8,653,348 Ordinary shares in treasury(2018:8,571,411).Purc
83、hases of Own SharesDuring the year ended 31 October 2019,the Company purchased 81,937(2018:30,000)of its Ordinary shares which are held in treasury in accordance with its general share buy back authority.The Companys discount management policy is described above.The Companys present authority to mak
84、e market purchases of its own Ordinary shares will expire at the conclusion of the AGM at which time a new authority to buy back shares will be sought.The timing of any purchase will be decided by the Board.Any shares bought back by the Company will either be cancelled,or if the Directors so determi
85、ne,held in treasury(and may be re-sold).Purchases of own shares will only be made at a price representing a discount to NAV per Ordinary share.Allotment of Shares and Disapplication of Pre-Emption RightsAt the forthcoming AGM,an ordinary resolution will be proposed to confer an authority on the Dire
86、ctors,in substitution for any existing authority,to allot,either as new Ordinary shares or shares from treasury,up to 5%of the issued Ordinary share capital of the Company(excluding shares held in treasury)as at the date of the passing of the resolution(up to a maximum of 2,298,257 Ordinary shares b
87、ased on the number of Ordinary shares in issue as at the date of this report).A further resolution will be proposed as a special resolution to provide the Directors with the authority to disapply pre-emption rights in respect of issuing shares and/or selling shares from treasury under the general au
88、thority granted as described above.Any future issues of Ordinary shares,or sales of shares from treasury,will only be undertaken at a premium to the prevailing NAV per Ordinary share.These authorities will expire at the conclusion of the AGM in 2021.The Directors consider that the authorities propos
89、ed?although they do not,at the present time,have any intention of exercising such authorities.15Aberdeen Emerging Markets Investment Company Limited?As at 31 October 2019,the Company had been formally?Ordinary shares(excluding treasury shares)in accordance with the requirements of the FCAs Disclosur
90、e Guidance and Transparency Rules.Holding%City of London Investment Management Company Limited13,742,01329.9Lazard Asset Management LLC9,563,16720.8Wells Capital Management Inc6,580,47314.31607 Capital Partners,LLC5,400,87511.7Derbyshire County Council Pension fund2,788,4256.1?at the date of this Re
91、port.Non-Mainstream Pooled Investments(“NMPIs”)Financial Conduct Authority(“FCA”)rules determine which investment products can be promoted to ordinary retail investors.Under of these rules,certain investment products?promotion to retail investors.?its shares can be recommended by Independent Financi
92、al Advisers(“IFAs”)to ordinary retail investors in accordance with the FCA rules in relation to NMPIs and intends to continue to do so for the foreseeable future.The Board has been advised that the Companys shares are excluded from the FCAs restrictions which apply to NMPIs because they are shares i
93、ssued by a non-UK company which would qualify as an investment trust if resident in the UK.Continuation Vote?consider it desirable that shareholders have the opportunity to review the future of the Company at appropriate intervals.At the 2018 AGM,a resolution was approved by shareholders that the Co
94、mpany should continue in existence in its current form until the AGM to be held in 2023.If the vote to continue is not passed at the 2023 AGM then,within four months of that resolution failing,the Directors will be required to formulate and put to shareholders proposals relating to the future of the
95、 Company,having had regard to,inter alia,prevailing market conditions and the applicable law and regulations.If the resolution is passed,the Company will continue in operation and a similar resolution will be put to shareholders at every?Automatic Exchange of InformationForeign Account Tax Complianc
96、e Act(“FATCA”)FATCA legislation,which was introduced in the United?institutions such as the Company.In Guernsey,local law has?reporting obligations under the legislation.The Common Reporting Standard(“CRS”)CRS is the result of the drive by the G20 nations to develop?account information,developed by
97、the Organisation for Economic Cooperation and Development.Guernsey has?on accounts maintained by them which are held by account holders resident in jurisdictions with which Guernsey has agreed to exchange information.Depositary and Custody ServicesNorthern Trust(Guernsey)Limited has been appointed t
98、o provide depositary and custody services to the Company.ManagementSince 1 June 2016,the Companys Alternative Investment Fund Manager has been Aberdeen Standard Fund Managers Limited(“ASFML”),which is a wholly owned subsidiary of Standard Life Aberdeen plc and is authorised and regulated by the FCA.
99、ASFML has been appointed to provide investment management,risk management and promotional activities to the Company.The Companys portfolio is managed by Aberdeen Asset Managers Limited(“AAML”)by way of a group delegation agreement in place between ASFML and AAML.Promotional activities have also been
100、 delegated to AAML.Further details of the key terms of the agreement and fees payable to the Manager can be found in Note 6 to the?Alternative Investment Fund Managers Directive(“AIFMD”)The Company appointed ASFML as its Alternative Investment?An AIFM must ensure that an Annual Report for the Compan
101、y?the Annual Report to investors on request and make the Annual Report available to the FCA.The investment funds sourcebook of the FCA details the requirements of the Annual Report.16Annual Report 2019GovernanceDirectors Report continuedAll the information required by those rules and relevant AIFM r
102、emuneration disclosures are or will be available on the Companys website(aberdeenemergingmarkets.co.uk).Management EngagementIn accordance with the requirements of the FCAs Listing Rules,the Management Engagement Committee has reviewed whether to retain ASFML as the Manager of the Company.The Manage
103、ment Engagement Committee has agreed that,given the performance of the Company and the specialist knowledge of ASFML,it is in the best interests of shareholders as a whole to continue with ASFMLs appointment as Manager to the Company.Company Secretary and AdministratorsVistra Fund Services(Guernsey)
104、Limited(“Vistra”)is appointed as Administrator and Secretary to the Company.PraxisIFM Fund Services(UK)Limited(“PraxisIFM”)is appointed by Vistra to act as administration agent in the United Kingdom.Further details on the fees payable under these agreements?Payment of SuppliersIt is the Companys pay
105、ment policy to obtain the best terms for all business and therefore there is no consistent policy as to the terms used.The Company contracts with its suppliers setting out the terms on which business will take place and abides by such terms.A high proportion of expenses,including management and admi
106、nistration fees,are paid within the month when invoiced.There were no overdue amounts owing to trade creditors at 31 October 2019.Settlement of Share TransactionsTransactions in the Companys Ordinary shares are settled by the CREST share settlement system.DonationsThe Company did not make any donati
107、ons during the year under review.Going ConcernThe Directors have adopted the going concern basis in?considered the Companys going concern status at the time of?of the assessment is provided below.At the AGM held in April 2018,a resolution was approved by shareholders that the Company will continue i
108、n existence in its current form until the AGM to be held in 2023.The Directors believe that the Company has adequate resources to continue in operational existence for at least 12 months from the date of approval of this document.In reaching this conclusion,the Directors have considered the liquidit
109、y of the Companys portfolio of investments as well as?As at 31 October 2019,the Company held 1.2 million in cash and 328.7 million in investments.It is estimated that approximately 75%of the investments held at the year end could be realised in one month.The total operating expenses for the year end
110、ed 31 October 2019 were 3.2 million,which represented approximately 1.07%of average net assets during?costs.At the date of approval of this report,based on the aggregate of investments and cash held,the Company has substantial operating expenses cover.The Companys net assets at 31 January 2020 were
111、307.4 million.The Company has a 25 million revolving loan facility with RBSI,maturing on 29 March 2020.The Company has commenced discussions with RBSI and the Board expects to renew the facility on similar terms when it matures.As at 31 October 2019,25 million was drawn down from the RBSI facility.T
112、he liquidity of the Companys portfolio,as mentioned?borrowings at short notice.?after due consideration,that the Company is able to continue in operation for a period of at least 12 months from the date?Viability StatementThe continuation of the Company is subject to the approval of?place at the AGM
113、 in 2023.In accordance with Principle 21 of the AIC Code of Corporate Governance published in July 2016,the Directors have assessed the prospects of the Company over the period from the date of this report up until 31 October 2022(the“Period”).The Directors believe that the Period,being approximatel
114、y three years,is an appropriate time horizon over which to assess the viability of the Company,particularly when taking into account the long-term nature of the Companys investment strategy.In their assessment of the prospects of the Company,the Directors have considered each of the principal risks
115、and uncertainties set out on pages 12 to 14 of this report.Developments in emerging markets and portfolio changes are discussed at quarterly Board meetings and the internal control framework of the Company is subject to formal review on at least an annual basis.The Companys portfolio consists of a r
116、ange of funds and other products which provide exposure to emerging markets.Under normal market conditions,the majority of the investments held by the Company could be sold within one month.However,there are circumstances which could lead to a reduction in market liquidity and,therefore,the ability
117、of the Company to realise its investments.The Directors do not expect there to be any material increase in the annual ongoing charges of the Company over the Period.The Companys income from investments and cash realisable from the sale of its investments provide substantial cover to the Companys ope
118、rating expenses,and any other costs likely to be faced by the Company over the Period.17Aberdeen Emerging Markets Investment Company LimitedTaking the above into account,the Directors have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as the
119、y fall due over the Period.AuditorKPMG Channel Islands Limited(“KPMG“)was re-appointed as auditor of the Company at the AGM held in April 2019.As explained in the Report of the Audit Committee on pages 22 and 23,an audit tender process was undertaken during the year by the Audit Committee.Following
120、the tender process,the Audit Committee recommend to the Board that KPMG should be re-appointed as auditor.Accordingly,a resolution for the re-appointment of KPMG Channel Islands Limited as auditor of the Company will be proposed at the forthcoming AGM.Annual General Meeting(“AGM”)The AGM will be hel
121、d on 21 April 2020.The notice of AGM is included in this document.Corporate GovernanceThe Corporate Governance Statement on pages 18 to 21 forms part of this report.Statement of Directors ResponsibilitiesThe Statement of Directors Responsibilities on page 25 forms part of this report.Helen Green Dir
122、ectorWilliam Collins Director 12 February 202018Annual Report 2019GovernanceCorporate Governance StatementThis Corporate Governance Statement forms part of the Directors Report.The Board of Aberdeen Emerging Markets Investment Company Limited(the“Company”)has considered the principles and recommenda
123、tions of the Association of Investment Companies(“AIC”)Code of Corporate Governance(“AIC Code”)by reference to the AIC Corporate Governance Guide for Investment Companies(“AIC Guide”)as issued in July 2016.The AIC Code,as explained by the AIC Guide,addresses all of the principles set out in the UK C
124、orporate Governance Code,as well as setting out additional principles?to the Company.The Board considers that reporting against the principles and recommendations of the AIC Code,and by reference to the AIC Guide(which incorporates the UK Corporate Governance Code),will provide better information to
125、 shareholders.The Guernsey Financial Services Commission revised its Code of Corporate Governance(the“Guernsey Code”)in February 2016.Companies which report under the AIC Code are deemed to meet the requirements of the Guernsey Code.The Company has complied with the recommendations of the AIC Code a
126、nd the relevant provisions of the UK Corporate Governance Code,except as set out below.The UK Corporate Governance Code includes provisions relating to:the role of the chief executive executive directors remuneration the need for an internal audit functionFor the reasons set out in the AIC Guide,and
127、 in the preamble to the UK Corporate Governance Code,the Board considers these provisions are not relevant to the position of the Company,being an externally managed investment company.The Company has therefore not reported further in respect of these provisions.The Board?Company has the platform fr
128、om which it can achieve its investment objective.Its role is to guide the overall business?ensuring that their interests are its primary consideration.The intention is to create a supportive working environment which allows the Investment Manager the opportunity to manage the portfolio in accordance
129、 with the investment policy,through?assessed and managed.CompositionMr Hadsley-Chaplin was appointed by the Board on 26 April 2012,Mr Collins was appointed by the Board on 14 June 2012 and Mrs Green was appointed by the Board on 1 July 2016.Ms de Rochechouart was appointed by the Board with?on 16 Se
130、ptember 2009.?accordance with the Companys Articles of Incorporation.Mr Hadsley-Chaplin was appointed Chairman of the Board on 10 April 2017.All Directors are considered by the Board to be independent at the date of this report.?maintained by the Company.Board DiversityThe Companys policy is that th
131、e Board should have a broad range of skills and diversity.The Board performs an annual review of its performance and these factors form part of that review process.At the year end,the Board comprised three male and two female Directors.The Board has given careful consideration to the recommendations
132、 of the AIC Code and other guidance on boardroom diversity.The Board considers these recommendations when reviewing Board composition.Mark Hadsley-Chaplin(Chairman)United Kingdom resident-founded RWC Partners Ltd,a London based fund?until 2010.Prior to this he was Vice Chairman of UBS Securities(Eas
133、t Asia)Ltd,based in Singapore and responsible for the management and development of the banks Asian equity business worldwide.Mr Hadsley-Chaplin holds no other public company directorships.John Hawkins-United Kingdom resident-is a Fellow of the Institute of Chartered Accountants in England and Wales
134、.He was formerly Executive Vice President and a member of the?The Bank of Bermuda for 25 years,of which approximately 15 years were based in Hong Kong.He is also a director of?Given Mr Hawkins tenure of service as a Director,of more than nine years,he stands annually for re-election at the AGM.Willi
135、am Collins(Senior Independent Director)Guernsey resident-has over 45 years experience in banking and investment.From September 2007 he was employed by Bank J Safra Sarasin(formerly Bank Sarasin)in Guernsey as Director-Private Clients,retiring at the end of 2014.Prior to that he worked for Barings in
136、 Guernsey for over 18 years.In 1995 he was appointed a director and from 2003 until August 2007 was Managing Director of Baring Asset Management(CI)Ltd.Mr Collins holds no other public company directorship.Helen Green-Guernsey resident-is a chartered accountant?a chartered accountant in 1988 and bec
137、ame a partner in?responsible for trust and company administration.Mrs Green serves as a non-executive director on the boards of a number of companies in various jurisdictions.Mrs Green holds other public company directorships in UK Mortgages Limited,Landore Resources Limited,CQS Natural Resources Gr
138、owth and Income plc and JPMorgan Global Core Real Assets Limited.19Aberdeen Emerging Markets Investment Company LimitedEleonore de Rochechouart-United Kingdom resident-is a partner of ResFamiliaris LLP,a wealth management advisory boutique designed for families looking for a dedicated and independen
139、t service covering all aspects of their global wealth?ResFamiliaris in 2010,Ms de Rochechouart spent 20 years in?and asset allocator in both the traditional and alternative investment arena.Ms de Rochechouart holds no other public company directorships.The Chairman The Chairman is independent in acc
140、ordance with principle 1 of the AIC Code.Mr Hadsley-Chaplin has extensive knowledge of the investment management industry and backgrounds which provide the foundation for the role of Chairman and the basis on which to make judgements as head of the Board,on behalf of shareholders.Directors Sharehold
141、ings?had the following shareholdings in the Company.Ordinary shares At 31 October 2019 and at the date of this reportOrdinary shares At 31 October 2018M Hadsley-Chaplin30,00025,000W Collins15,00012,000J Hawkins10,00010,000H Green1,800E de RochechouartA procedure has been adopted for the Directors,in
142、 the furtherance of their duties,to take independent professional advice at the expense of the Company.Directors are encouraged to attend industry and other seminars,including courses run by the AIC,covering issues and developments relevant to investment companies.Board MeetingsThe actual number of
143、meetings of the Board and Committees for the year under review is given below,together with individual Directors attendance at those meetings.The first number in the table is the meetings attended by the individual Director and the second number is the number of meetings that Director was eligible t
144、o attend.BoardNomination CommitteeAudit CommitteeManagement Engagement CommitteeRemuneration CommitteeM Hadsley-Chaplin3/42/2n/a1/11/1W Collins4/42/23/31/11/1J Hawkins4/42/23/31/11/1H Green4/42/23/31/11/1E de Rochechouart3/3n/a3/31/11/1In addition there were three Board meetings to deal with matters
145、 relating to the loan facility renewal,and the approval of dividends and share buybacks.Re-election of DirectorsThe services of each of the Directors are provided under the terms of letters of appointment between each of them and the Company.Each Directors appointment is for an initial three year pe
146、riod subject to renewal and termination upon three months notice.In accordance with the Companys Articles of Incorporation one third of the Directors will retire by rotation.In addition to this requirement,the Board has agreed that all Directors should be subject to re-election at intervals of no mo
147、re than three years and that Directors who have served for more than nine years will seek annual re-election.A retiring Director shall be eligible for re-appointment in accordance with the Articles of Incorporation.Accordingly,Mrs Green and Mr Hawkins will retire and put themselves forward for re-el
148、ection at the AGM and Ms de Rochechouart will put herself forward for election at the AGM.The Board has reviewed the contributions made by Mrs Green and Ms de Rochechouart and recommends their continuing appointment as Directors of the Company.Board CommitteesThe Company has established an Audit Com
149、mittee,a Management Engagement Committee,a Nomination?committees of the Board may be formed from time to time to?Audit CommitteeA report on pages 22 and 23 provides details of the role,composition and meetings of the Audit Committee together with a description of the work of the Committee in dischar
150、ging its responsibilities.Mrs Green is the Chairman of the Audit Committee.The Audit Committee has formal terms of reference and copies of these are available on request from the Company Secretary and on the Companys website.20Annual Report 2019GovernanceCorporate Governance Statement continuedManag
151、ement Engagement CommitteeThe Company has established a Management Engagement Committee which at the year end comprised all the independent Directors,namely,Mr Hadsley-Chaplin,Mr Collins,Mr Hawkins,Ms de Rochechouart and Mrs Green.The Committee meets formally at least on an annual basis to consider
152、the appointment and remuneration of the Manager.The Committee also considers the appointment and remuneration of other suppliers of services to the Company.Mr Hadsley-Chaplin was appointed Chairman of the Management Engagement Committee on 24 January 2019.The Committee has formal terms of reference
153、and copies of these are available on request from the Company Secretary and on the Companys website.Nomination CommitteeThe Company has established a Nomination Committee which at the year end comprised Mr Collins,Mrs Green,Mr Hawkins,Ms de Rochechouart and Mr Hadsley-Chaplin.The Committee has been
154、established for the purpose of considering the composition of the Board as a whole and for identifying?of the Company and meets as and when it is required.The?candidates have the necessary skills and time available to devote to the job.Mr Collins is Chairman of the Nomination Committee.The Nominatio
155、n Committee has formal terms of reference and copies of these are available on request from the Company Secretary and on the Companys website.Remuneration CommitteeThe Company has established a Remuneration Committee,which at the year end comprised Mr Collins,Mr Hadsley-Chaplin,Mr Hawkins,Ms E de Ro
156、chechouart and Mrs Green.The Committee meets at least on an annual basis to consider the remuneration of the Directors.The Committee reviews the remuneration of the Directors and Chairman against the fees paid to the directors of other investment companies of a similar size and nature,as well as tak
157、ing into account other comparable data.Mr Collins is the Chairman of the Remuneration Committee.The Remuneration Committee has formal terms of reference and copies of these are available on request from the Company Secretary and on the Companys website.Performance EvaluationA formal annual performan
158、ce appraisal process is performed on the Board,the committees,and the individual Directors.The appraisal is performed internally and the Board considers that this is appropriate given the nature and size of the Company.A programme consisting of open and closed end questions is used as the basis for
159、the appraisals.The results are reviewed by the Chairman and are then discussed with the Board so that any necessary action can be considered and undertaken.A separate appraisal of the Chairman is carried out under the supervision of the Senior Independent Director and the results are reviewed and re
160、ported back to the Chairman.The results of the performance appraisal?demonstrated that the structure of the Board and the diverse experience of the Directors are appropriate to meet the Companys requirements.The Directors are aware that the Board should have an appropriate balance of skills,experien
161、ce,independence and knowledge.The annual performance evaluation report covers this issue and the Board understands the requirement for this balance to be maintained.Internal Controls?of the Companys system of internal controls.The Board recognises its ultimate responsibility for the Companys system?
162、has applied the Financial Reporting Councils(“FRC”)guidance on internal controls.The system of internal controls is designed to manage rather than eliminate the risk of failure to achieve business objectives.It can provide only reasonable assurance against material misstatement or loss.The Board has
163、 undertaken a review of the aspects covered by the?key areas of business objectives,accounting,compliance,operations and secretarial as being matters of particular importance upon which it requires reports.The Board believes that the existing arrangements,set out below,represent an appropriate frame
164、work to meet the internal control requirements.Through these procedures the Directors have?system throughout the year and up to the date of this report.The Board uses a risk assessment matrix to consider the main risks and controls for the Company.The matrix is reviewed and updated on a frequent bas
165、is by the Board.The Board has contractually delegated to external agencies,including the Manager,the management of the investment portfolio,the custodial services(which include the safeguarding of the assets),the registration services and the accounting and company secretarial requirements.Each of t
166、hese contracts was entered into after full and proper?Financial Aspects of Internal Control?These aim to ensure the maintenance of proper accounting?business decisions are made and which is used for publication and that the assets of the Company are safeguarded.As stated above,the Board has contract
167、ually delegated to external agencies the services the Company requires,but it is fully informed of the internal control framework established by the Manager,the Administrator and the UK Administration?The key procedures include monthly production of management accounts and NAV calculations,monitorin
168、g of performance monthly and at regular Board meetings,review by the Directors of the valuation of securities,segregation 21Aberdeen Emerging Markets Investment Company Limitedof the administrative function from that of securities and cash custody and of both from investment management,maintenance o
169、f appropriate insurance and adherence to physical and computer security procedures.In addition,the Board keeps under its own direct control all material payments out of the Company other than for investment purposes.The Statement of Directors Responsibilities in respect of the?25 and a statement of
170、going concern is on page 16.The Independent Auditors Report is on pages 27 to 29.?The Board holds at least four regular meetings each year,plus ad hoc meetings and committee meetings as required.Between these meetings there is regular contact with the Manager,the Administrator,the UK Administration
171、Agent and the external Auditor.The Company Secretary reports in writing to the Board on operational and compliance issues prior to each meeting,and otherwise as necessary.Upon joining the Board,any new Directors receive an induction and other relevant training is available to Directors on an ongoing
172、 basis.Directors receive and consider monthly reports from the UK Administration Agent,giving full details of all holdings in the portfolio and of all transactions and of all aspects of the?Administration Agent report separately in writing to the Board concerning risks and internal control matters w
173、ithin the scope?and secretarial matters.Additional ad hoc reports are received as required and Directors have access at all times to the advice and services of the Company Secretary,which is responsible to the Board for ensuring that Board procedures are followed and that applicable rules and regula
174、tions are complied with.This contact with the Manager,Administrator,UK Administration Agent and the external Auditor enables the Board to monitor the Companys progress towards its objectives and encompasses an analysis of the risks involved.These matters are assessed on an ongoing basis through the
175、year.?internal controls during the year.Principal Risks?assessment of the principal risks facing the Company,including those that would threaten its business model,future performance,solvency or liquidity.The principal risks and how they are being managed is set out in the Directors Report.Sharehold
176、er RelationsThe Board encourages all shareholders to attend the AGM and seeks to provide at least 20 working days notice of that meeting.The Notice of Meeting sets out the business of the AGM and any item not of an entirely routine nature is explained in the Directors Report.Separate resolutions are
177、 proposed for each substantive issue.The Board welcomes feedback from the Companys shareholders.The Board receives shareholder feedback directly and via the Companys Manager and Broker through their programme of meetings with shareholders.All Directors are available to shareholders if they have conc
178、erns over issues they feel have not been dealt with through the normal mode of communication with the Chairman.Exercise of Voting PowersThe Company is committed to exercise diligently its rights as a shareholder and usually votes on relevant decisions of its holdings.In making a voting decision all
179、relevant factors are taken into account,including the performance of the investee company,its corporate governance where this bears meaningfully upon the responsiveness of its management to shareholders needs and the readiness of its management to address any areas where improvements might be expect
180、ed?for shareholders.Further information regarding the activities of the Company in pursuing these issues may be found in the Investment Managers report.The Manager has published on its website its statement of compliance with the principles of best practice of the Stewardship Code issued by the FRC
181、in July 2010 and updated in September 2012.UK Stewardship Code and Proxy Voting as an Institutional ShareholderResponsibility for actively monitoring the activities of portfolio companies has been delegated by the Board to the Manager and in turn to the Investment Manager.The full text of the Compan
182、ys response to the Stewardship Code may be found on its website.Environmental,Social and Corporate Governance(“ESG“)PolicyThe Company is a closed-ended investment company and?operations.The Investment Manager takes into account the ESG policies of potential investee funds as part of its investment p
183、rocess and has implemented an ESG policy.22Annual Report 2019GovernanceReport of the Audit CommitteeRole,Composition and MeetingsThe Board has established an Audit Committee,which at the year end comprised Mrs Green,Mr Collins,Ms de Rochechouart and Mr Hawkins.As a minimum,the Audit Committee meets
184、on a bi-annual basis and its main functions include,inter alia,reviewing and monitoring internal?on which the Company is reliant,considering annual and?making recommendations to the Board in relation to the appointment and remuneration of the Companys auditor and monitoring and reviewing annually th
185、e auditors?and,where relevant,compliance with corporate governance changes.The Committee is responsible for the development and implementation of a policy on the supply of any non-audit services provided by the auditor.The Board has also requested that the Audit Committee advise it on whether it bel
186、ieves that the Annual Report and Financial Statements taken as a whole is fair,balanced and understandable and provides the information necessary for shareholders to assess the Companys position and performance,business model and strategy.Mrs Green is the Chairman of the Audit Committee and has?as a
187、 whole has competence relevant to the investment company sector.?three meetings of the Audit Committee.The Companys external auditor also attends the meetings at the Committees request and reports?Companys statutory audit.The Companys external auditor attended all of the Audit Committee meetings dur
188、ing the year?Accounting Matters?Valuation of InvestmentsThe Company,as an investment company,invests virtually all of its assets into funds invested in developing and emerging?approximately 107.8%of its net assets.The valuation of?portfolio consists of investments in either quoted investment compani
189、es or open ended funds with observable independent values.The estimates,assumptions and judgements required to be made by management in determining the valuation of investments and method of accounting are described in more?The Audit Committee reviewed the portfolio valuation as at?from the Administ
190、rator,UK Administration Agent and the Manager that the Companys accounting policies on valuation of investments had been followed.The Audit Committee made enquiries of the Administrator,UK Administration Agent and the Manager with regards to the procedures that are in place to ensure that the portfo
191、lio is valued correctly.The Audit Committee agreed the approach to the audit of the valuation of investments with the external auditor prior to the commencement of the audit.The results of the audit in this area were reported by the external auditor and there were?external auditors conclusions.?Comp
192、anys external audit.The Audit Committee received a presentation of the audit plan from the external auditor prior to the commencement of the audit and a presentation of the results of the audit following completion of the main audit testing.The Audit Committee performed a review of the external audi
193、tor following the presentation of the results of the audit.The review included a discussion of the audit?The factors considered by the Audit Committee included the external auditors resources,independence,the performance of the team employed to conduct the audit,audit planning,communication and scop
194、e of the audit.Audit TenureKPMG Channel Islands Limited(“KPMG”)has been the Companys external auditor since 2009 and the audit of?2019 will be the tenth year that KPMG has acted as auditor.Following professional guidelines,the audit partner rotates?of appointment.The Company is committed to the high
195、est standards of corporate governance and,in accordance with best practice for premium-segment listed companies,the Audit Committee decided to put the audit out to tender?were asked to provide detailed written proposals to the Audit?Committee.Following the interviews,and having given full considerat
196、ion to the proposed fees,auditor independence and quality of the audit teams,the Audit Committee concluded that it would be in the best interests of the Company for KPMG to be re-appointed as auditor.23Aberdeen Emerging Markets Investment Company LimitedAccordingly,the Audit Committee agreed that th
197、e re-appointment of KPMG as auditor should be recommended to the Board and put to shareholders for approval at the Annual General Meeting.Provision of Non-Audit ServicesThe Audit Committee has put a policy in place for the supply of any non-audit services provided by the external auditor.Such servic
198、es are considered on a case-by-case basis and may only be provided to the Company if the provision of such services is at a reasonable and competitive cost and does not?which would prevent the auditor from remaining objective and?no non-audit services provided,other than reporting on the?the Auditor
199、 for this additional service amounted to 15,000(2018:14,500).Helen GreenAudit Committee Chairman 12 February 202024Annual Report 2019GovernanceDirectors Remuneration ReportThis Directors Remuneration Report has been prepared on a voluntary basis in accordance with UK regulations governing the disclo
200、sure and approval of Directors remuneration,and comprises three parts:1.a Remuneration Policy which the Board has decided will be subject to a binding shareholder vote every three years(or?place at the AGM on 10 April 2017,covering the three year period to 31 October 2019.2.an Implementation Report
201、which is subject to an advisory vote on the level of remuneration paid during the year;and 3.an Annual Statement.A Remuneration Committee has been formed which comprises Mr Collins(Chairman),Mr Hadsley-Chaplin,Ms de?The Directors Remuneration Policy and level of Directors Remuneration are determined
202、 by the Remuneration Committee.Remuneration PolicyThe Boards policy is that the remuneration of non-executive?the Board as a whole.The non-executive Directors fees are determined within the limits set out in the Companys Articles of Incorporation and Directors are not eligible for bonuses,?The Compa
203、nys Articles of Incorporation currently limit the maximum amount payable in aggregate to the Directors to 200,000 per annum and this may only be changed by the passing of an ordinary resolution of the Company.No services have been provided by,or fees paid to,advisers in respect of remuneration polic
204、y during the year ended 31 October 2019.No shareholder views have been sought in setting the Remuneration Policy although any comments received from shareholders are considered.Directors Service ContractsThe Directors do not have service contracts.The Directors have appointment letters subject to te
205、rmination upon three months notice.The Directors are subject to re-election by shareholders at a maximum interval of three years.There were no changes to the Directors Remuneration Policy during the year nor are there any proposals for changes in the foreseeable future.The Remuneration Policy is rev
206、iewed by the Remuneration Committee on an annual basis and it is the Committees intention that this Remuneration Policy will apply for the three year period ending 31 October 2022.A resolution to approve the Directors Remuneration Policy covering the three year period to 31 October 2022 will be prop
207、osed at the forthcoming AGM.Implementation ReportDirectors Emoluments for the Year?the other Directors.During the year ended 31 October 2019,there were no additional fees paid to the Directors.The following emoluments in the form of fees were payable in the year ended 31 October 2019 to the Director
208、s who served during the year:Fees 2019 000Fees 2018 000M Hadsley-Chaplin(Chairman)?34.7H Green33.029.7?26.0W Collins?26.0E de Rochechouart(appointed 16 April 2019)15.2?23.9142.2140.3Statement of Voting at the AGMAt the Companys last AGM,held on 16 April 2019,shareholders approved the Directors Remun
209、eration Report in?votes were against.At the Companys AGM held on 10 April 2017,shareholders approved the Directors Remuneration Policy in respect of the three years ending 31 October 2019.?of proxy votes were against.A resolution to approve the Directors Remuneration Report(excluding the Directors R
210、emuneration Policy)in respect of the year ended 31 October 2019 will be proposed at the AGM.Spend on PayAs the Company has no employees,the Directors do not consider it appropriate to present a table comparing remuneration paid to employees with distributions to shareholders.The total fees paid to D
211、irectors are shown above.Annual Statement?Report summarises,as applicable,for the year ended 31 October 2019:the major decisions on Directors remuneration;any substantial changes relating to Directors remuneration;and the context in which the changes occurred and decisions?William CollinsRemuneratio
212、n Committee Chairman12 February 202025?GovernanceStatement of Directors Responsibilities in Respect of the Annual Report and AccountsThe Directors are responsible for preparing the Annual Report and Accounts in accordance with applicable law and regulations.Guernsey company law requires the Director
213、s to prepare?International Financial Reporting Standards as issued by the IASB and applicable law.Under company law the Directors must not approve the?statements,the directors are required to:select suitable accounting policies and then apply them consistently;?relevant and reliable;state whether ap
214、plicable accounting standards have been followed,subject to any material departures disclosed and?assess the Companys ability to continue as a going concern,disclosing,as applicable,matters related to going concern;and use the going concern basis of accounting unless they either intend to liquidate
215、the Company or to cease operations,or have no realistic alternative but to do so.?transactions and disclose with reasonable accuracy at any?for such internal control as they determine is necessary?free from material misstatement,whether due to fraud or?as are reasonably open to them to safeguard the
216、 assets of the Company and to prevent and detect fraud and other irregularities.The Directors are responsible for the maintenance and?on the Companys website,but not for the content of any information included on the website that has been prepared?Disclosure of Information to the Auditor?aware,there
217、 is no relevant audit information of which the?and to establish that the Companys auditor is aware of that information.Responsibility Statement of the Directors in Respect of the Annual Financial Report?applicable set of accounting standards,give a true and fair?loss of the Company;and the Managemen
218、t Report(comprising the Chairmans Statement,the Investment Managers Report and the Directors Report)includes a fair review of the development and performance of the business and the position of the?and uncertainties that it faces.The Board considers that the Annual Report and Accounts,?provides the
219、information necessary for shareholders to assess the Companys position and performance,business model and strategy.Helen GreenDirectorWilliam CollinsDirector12 February 202026Annual Report 2019GovernanceDepositary Report?as D?accordance with the requirements of Article 36 and Articles?We have enquir
220、ed into the conduct of Aberdeen Standard?31 October 2019,in our capacity as Depositary to the Company.This report including the review provided below has been prepared for and solely for the Shareholders in the Company.We do not,in giving this report,accept or assume responsibility for any other pur
221、pose or to any other person to whom this report is shown.Our obligations as Depositary are stipulated in the relevant provisions of the AIFM Directive and the relevant sections?Amongst these obligations is the requirement to enquire into the conduct of the AIFM and the Company and their delegates in
222、 each annual accounting period.Our report shall state whether,in our view,the Company has been managed in that period in accordance with the constitutional documents,the scheme particulars and the AIFMD legislation.It is the overall responsibility of the AIFM to comply with these provisions.If the A
223、IFM or their delegates have not so complied,we as the Depositary will state why this?the situation.?ensure that the performance of its duties will not be impaired?arise will be resolved fairly and any transactions between the?arms length and in the best interests of Shareholders.Basis of Depositary
224、ReviewThe Depositary conducts such reviews as it,in its reasonable discretion,considers necessary in order to comply with its obligations and to ensure that,in all material respects,the Company has been managed(i)in accordance with the limitations imposed on its investment and borrowing powers by th
225、e provisions of its constitutional documentation and the appropriate regulations and(ii)otherwise in accordance with the constitutional documentation and the appropriate regulations.Such reviews vary based on the type of Company,the assets in which a Company invests and the processes used,or experts
226、 required,in order to value such assets.ReviewIn our view,the Company has been managed during the period,in all material respects:(i)in accordance with the limitations imposed on the investment and borrowing powers of the Company by the constitutional document;and by the AIFMD legislation;and(ii)oth
227、erwise in accordance with the provisions of the constitutional document and the AIFMD legislation.For and on behalf ofNorthern Trust(Guernsey)Limited12 February 202027?Financial StatementsIndependent Auditors ReportIndependent Auditors Report to the Members of Aberdeen?Position as at 31 October 2019
228、,the Statements of Comprehensive Income,Changes in Equity and Cash Flows?accounting policies and other explanatory information.?Company as at 31 October 2019,and of the Companys?then ended;are prepared in accordance with International Financial Reporting Standards(IFRS);and?Basis for OpinionWe condu
229、cted our audit in accordance with International?our ethical responsibilities under,and are independent of the Company in accordance with,UK ethical requirements including FRC Ethical Standards,as applied to listed entities.We believe that the audit evidence we have obtained is a?Key Audit Matters:Ou
230、r Assessment of the Risks of Material MisstatementKey audit matters are those matters that,in our professional?on:the overall audit strategy;the allocation of resources in the?matters were addressed in the context of our audit of the?thereon,and we do not provide a separate opinion on these?The risk
231、Our responseValuation of Investments(Investments at fair value?328,713,000;(2018:?Refer to page 22 of the Audit Committee,?accounting policies and note 18 disclosuresBasis:As at 31 October 2019 the Company had invested in closed and open-ended investment funds(together,the?the majority of net assets
232、.The Companys listed or quoted?86%of investments,are valued based on prices obtained from third party pricing providersThe Companys holdings in?14%of investments and are not quoted or traded on a recognised stock exchange or other trading facility are valued at the net asset values provided by the u
233、nderlying funds administrators.Risk:The valuation of the Companys investments,given that it represents the majority of the Companys net assets,is a?being subject to estimation risk.Our audit procedures included:Internal controls:Assessing the design and implementation of controls over the valuation
234、of investmentsChallenging managements assumptions and inputs including use of KPMG specialist:?281,874,000 to a third party pricing source.?administrators?to consider:the nature of the investments held by the underlying funds;the?disclosures that may be relevant to their valuationAssessing disclosur
235、es:?use of estimates and judgments regarding the valuation of investments and the?28Annual Report 2019Financial StatementsIndependent Auditors Report continuedOur Application of Materiality and an Overview of the Scope of Our Audit?We reported to the Audit Committee any corrected or?reporting on qua
236、litative grounds.?audit procedures performed in those areas as detailed above.We Have Nothing to Report on Going ConcernWe are required to report to you if we have anything material to add or draw attention to in relation to the directors?of the going concern basis of accounting with no material?Com
237、panys use of that basis for a period of at least twelve?We have nothing to report in this respect.Other InformationThe directors are responsible for the other information.The other information comprises the information included in the annual?does not cover the other information and we do not express
238、 an audit opinion or any form of assurance conclusion thereon.?responsibility is to read the other information and,in doing so,consider whether the other information is materially inconsistent?audit,or otherwise appears to be materially misstated.If,based?material misstatement of this other informat
239、ion,we are required to report that fact.We have nothing to report in this regard.Disclosures of Emerging and Principal Risks and Longer Term Viability?statements audit,we have nothing material to add or draw attention to in relation to:?(pages 16 and 17)that they have carried out a robust?Company,in
240、cluding those that would threaten its business model,future performance,solvency or liquidity;?explaining how they are being managed or mitigated;the directors explanation in the viability statement(pages 16 and 17)as to how they have assessed the prospects of the Company,over what period they have
241、done so and why they consider that period to be appropriate,and their statement as to whether they have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the period of their assessment,including any related disclosures draw
242、ing?Corporate Governance DisclosuresWe are required to report to you if:?audit and the directors statement that they consider that?whole is fair,balanced and understandable and provides the information necessary for shareholders to assess the Companys position and performance,business model and stra
243、tegy;or?Audit Committee does not appropriately address matters communicated by us to the Audit Committee.We are required to report to you if the Corporate Governance Statement does not properly disclose a departure from the?We have nothing to report to you in these respects.We Have Nothing to Report
244、 on Other Matters on Which We are Required to Report by ExceptionWe have nothing to report in respect of the following matters?report to you if,in our opinion:?accounting records;or we have not received all the information and explanations,?for the purpose of our audit.Respective ResponsibilitiesDir
245、ectors ResponsibilitiesAs explained more fully in their statement set out on page 25,the directors are responsible for:the preparation of the?true and fair view;such internal control as they determine is?that are free from material misstatement,whether due to fraud or error;assessing the Companys ab
246、ility to continue as a going concern,disclosing,as applicable,matters related to going concern;and using the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations,or have no realistic alternative but to do so.29?Auditors ResponsibilitiesOur objec
247、tives are to obtain reasonable assurance about?material misstatement,whether due to fraud or error,and to issue our opinion in an auditors report.Reasonable assurance is a high level of assurance,but does not guarantee that an audit conducted in accordance with ISAs(UK)will always detect a material
248、misstatement when it exists.Misstatements can arise from fraud or error and are considered material if,individually or in aggregate,they could reasonably be expected?A fuller description of our responsibilities is provided on the?The Purpose of this Report and Restrictions on its Use by Persons Othe
249、r Than the Companys Members as a BodyThis report is made solely to the Companys members,as a body,in accordance with section 262 of the Companies?on which we have agreed to report,on terms we have agreed?that we might state to the Companys members those matters we are required to state to them in an
250、 auditors report and for no other purpose.To the fullest extent permitted by law,we do not accept or assume responsibility to anyone other than the Company and the Companys members,as a body,for our?Barry Ryan?Chartered Accountants and Recognised Auditors Guernsey 12 February 202030Annual Report 201
251、9Financial StatementsStatement of Comprehensive Income Year ended 31 October 2019Year ended 31 October 2018NoteRevenue000Capital000Total000Revenue000Capital000Total000?437,73037,730?)?)?(392)(392)(157)(157)Net investment gains/(losses)37,33837,338(41,964)(41,964)Investment income5?5,0195,0194,86137,
252、33842,1995,019(41,964)(36,945)Investment management fees6(2,331)(2,331)(2,515)(2,515)Other expenses6?)?)?)?)?and taxation1,64737,33838,9851,618(41,964)(40,346)Finance costs9(315)(315)(312)(312)?1,33237,33838,6701,306(41,964)(40,658)Withholding tax expense(223)(223)(326)(326)?for the year 1,10937,338
253、38,447980(41,964)(40,984)Earnings per Ordinary share102.41p81.17p83.58p2.03p(86.83p)(84.80p)The total column of this statement represents the Companys Statement of Comprehensive Income,prepared under IFRS.The revenue and capital columns,including the revenue and capital earnings per Ordinary share d
254、ata,are supplementary information prepared under guidance published by the Association of Investment Companies.All revenue and capital items in the above statement derive from continuing operations.No operations were acquired or discontinued during the year.The notes on pages 34 to?31?Financial Stat
255、ementsStatement of Financial PositionNoteAs at31 October 2019000As at31 October 2018000Non-current assets?4?295,601Current assetsCash and cash equivalents 1,1901,037Sales for future settlement72Other receivables3502971,6121,334Total assets330,325296,935Current liabilitiesPurchases for future settlem
256、ent(104)Other payables(344)(351)Finance costs payable9?)?9(25,000)(20,000)Total liabilities(25,448)(20,379)Net assets304,877276,556EquityShare capital12149,616?Capital reserve13161,204132,546Revenue reserve(5,943)(6,072)Total equity304,877276,556Net assets per Ordinary share14663.28p600.59pApproved
257、by the Board of Directors and authorised for issue on 12 February 2020 and signed on its behalf by:Helen Green DirectorWilliam Collins DirectorThe notes on pages 34 to?32Annual Report 2019Financial StatementsStatement of Changes in EquityYear ended 31 October 2019NoteSharecapital000Capitalreserve000
258、Revenuereserve000Total000Balance at 1 November 2018150,082132,546(6,072)276,556?1,109?Dividends paid11?)?)(9,660)?12(466)(466)Balance at 31 October 2019149,616161,204(5,943)304,877Year ended 31 October 2018NoteSharecapital000Capitalreserve000Revenuereserve000Total000Balance at 1 November 2017183,930
259、184,593(7,052)361,471?(41,964)?)Dividends paid11?)?)?12(33,413)(33,413)?12(254)(254)?12?)?)Balance at 31 October 2018150,082132,546(6,072)276,556?The notes on pages 34 to?33?Financial StatementsStatement of Cash FlowNoteYear ended31 October 2019000Year ended31 October 2018000?(3,243)(3,407)?110,6097
260、3,523?(105,959)?)?(223)(326)?156,01447,030?95,000(5,000)Borrowing commitment fee and interest charges(343)(319)Dividend paid11(9,660)?)?12(33,667)?12(466)?)?(5,469)(49,250)Net increase/(decrease)in cash and cash equivalents545(2,220)?(392)(157)Cash and cash equivalents at start of the year1,0373,414
261、Cash and cash equivalents at end of the year1,1901,037?operating activities because they form part of the Companys operating activities.The notes on pages 34 to?34Annual Report 2019Financial StatementsNotes to the Financial Statements For the Year Ended 31 October 20191.Reporting entityAberdeen Emer
262、ging Markets Investment Company Limited(the“Company”)is a closed-ended investment company,registered?Companys Ordinary shares have a premium listing on the London Stock Exchange and commenced trading on 10 November 2009.The Company changed its name to Aberdeen Emerging Markets Investment Company Lim
263、ited on 14 April 2016.The?Return Index in sterling terms.Manager?year ended 31 October 2019.Non-mainstream pooled investments(“NMPIs”)?2.Basis of preparation(a)Statement of compliance?sought?12 February 2020.?aberdeenemergingmarkets.co.uk.(b)Going concern?in 2023.?As at 31 October?the year ended 31
264、October?investments and cash held,the Company has substantial operating expenses cover.?29 March 2020.The Company has commenced?31 October?short notice.?35Aberdeen Emerging Markets Investment Company Limited(c)Basis of measurement?(d)Functional and presentation currency?(e)Capital reserve?(f)Revenue
265、 reserve?to the Companys revenue reserve.The revenue reserve?dividend distributions.(g)Use of estimates,assumptions and judgements?Use of estimates and assumptions?those investments.Allocation of investments to fair value hierarchy?the asset or liability.Use of judgements?proprietary and provided by
266、 independent sources that are actively involved in the relevant market.?(a)Investments?36Annual Report 2019Financial StatementsNotes to the Financial Statements continued?in an active market,are valued at the net asset values provided by such entities or their administrators.These values may be?has
267、occurred.?(b)Foreign currency?movements”line.(c)Income from investments?Special dividends and distributions described as capital distributions are assessed on their individual merits and may be credited?the Companys bank accounts.(d)Treasury shares?(e)Cash and cash equivalents?37Aberdeen Emerging Ma
268、rkets Investment Company Limited?(g)Financial liabilities?(h)Taxation?(i)Operating segments?the asset and settle the liability simultaneously.?(k)Structured entities?in the Companys?Comprehensive Income.(l)Dividend payable?impact on the Company.?interpretations?38Annual Report 2019Financial Statemen
269、tsNotes to the Financial Statements continued?2019 0002018 000Quoted and?Total investments at fair value at 31 October328,713295,601?2019 0002018 000Opening book cost?Opening investment holding gains?104,360Opening fair value295,601383,263Analysis of transactions made during the yearPurchases at cos
270、t106,06427,668Sales proceeds received(110,682)(73,523)Gains/(losses)on investments37,730(41,807)Closing fair value328,713295,601Closing book cost259,025246,718Closing investment holding gains69,68848,883Closing fair value328,713295,601?the investments.?Financial instruments as at 31 October 2019Held
271、 at fair value 000Loans and receivables 000?liabilities 000Total 000?1,1901,190?422422?Total328,7131,612(25,448)304,877Financial instruments as at 31 October 2018Held at fair value 000Loans and receivables 000?liabilities 000Total 000?(20,000)(20,000)Total295,6011,334(20,379)276,5565.Investment inco
272、me2019 0002018 000?2,626Other income6?Total income4,8615,01939Aberdeen Emerging Markets Investment Company Limited6.Management fee and other expenses2019 0002018 000Management fee2,3312,515?200200?130?3331?142140?Audit services3939Non-audit services?36Miscellaneous expenses?Total other expenses88388
273、6Total expenses3,2143,401Management fee?those investments.?either party.Promotional fee?ly 2019.Company Secretary and Administrator fees?UK Administration agent fees?Depositary services and custodian fees?7.Directors fees?40Annual Report 2019Financial StatementsNotes to the Financial Statements cont
274、inued8.Transaction charges2019 0002018 000?296Total transaction costs included in gains on investments8711?On 29 March?nd plc,?million?Scotland International Limited(Lon?million?2019 0002018 000Interest payable303?1239?315312?10.Earnings per Ordinary share?issue(excluding shares held in treasury)dur
275、ing in the year ended 31 October 2019.?attributable to the above Ordinary shares.11.Dividends paidDividends paid during the year ended 31 October 2019Dividend type(in respect of the year)Pay datePence per Ordinary ShareCapitalreserve000Revenuereserve000?*First interim(2019)-paid 29 March 2019?2,413?
276、2,413Total dividend21.008,680?u?31 October?31 October?20 December 2019 to those shareholders on the register on 29 November 2019.?31 October?be paid on?2020 to shareholders on the register on?February 2020.Dividends paid during the year ended 31 October 2018Dividend type(in respect of the year)Pay d
277、atePence per Ordinary ShareCapital reserve 000Revenuereserve000?Total dividend20.7510,08341Aberdeen Emerging Markets Investment Company Limited12.Share capitalFor the year ended 31 October 2019AuthorisedOrdinary shares of 1 p nominal value 000Allotted,issued and fully paidOrdinary shares with voting
278、 rights(excluding treasury shares)Treasury shares?Closing number of sharesUnlimited54654,618,50745,965,1598,653,348For the year ended 31 October 2018AuthorisedOrdinary shares of 1 p nominal value 000Allotted,issued and fully paidOrdinary shares with voting rights(excluding treasury shares)Treasury s
279、hares?(30,000)30,000Closing number of sharesUnlimited54654,618,50746,047,0968,571,411Purchases of own shares?2019?2018?Share capital account?Ordinary sharesVoting rights?(excluding shares in treasury)carries one vote.Treasury shares do not carry voting rights.Dividends?in treasury do not receive div
280、idends.Capital entitlement?42Annual Report 2019Financial StatementsNotes to the Financial Statements continued13.Capital reserve20190002018000Realised gains on investments and other capital reserve movementsOpening balance?19,216?(2,292)?Foreign exchange losses(392)?Balance at 31 October91,51583,663
281、Investments heldOpening balance?104,360?(10,412)?Balance at 31 October69,68948,883Capital reserve balance at 31 October161,204132,546?14.Net asset value(“NAV”)per Ordinary share?Ordinary shares in issue(excluding shares held in treasury)at the year end.?As at 31 October 2019As at 31 October 2018Net
282、assets(millions)NAV per Ordinary share(p)Net assets(millions)NAV per Ordinary share(p)?662.42?600.46?0.4?0.10.13NAV as disclosed in these Financial Statements304.9663.28276.6600.59?20190002018000?(40,346)?(223)(326)?(106,063)?392?Increase in debtors?(111)?(6)?6,01447,03043Aberdeen Emerging Markets I
283、nvestment Company Limited16.Related party disclosuresManager?Investments held by the Company which are managed by the Standard Life Aberdeen plc group?As at 31 October 2019000As at 31 October 2018000?1,260Aberdeen Asian Income Fund Limited?14,929?4,099?Total36,3788,027Directors?19.?Risk Management F
284、ramework?Market risksi)Risks associated with emerging markets?each investment so the Companys exposure to any one underlying company should never be excessive.The Companys market?ii)Currency risks?44Annual Report 2019Financial StatementsNotes to the Financial Statements continued?Currency price risk
285、 sensitivity?iii)Interest rate risk?Movements in interest rates are likely to indirectly?Interest rate risk sensitivity?Quantitative analysis?20192018?Interest rate risk 000Non interest rate risk 000Total 000%of net assets?Interest rate risk 000Non interest rate risk 000Total 000%of net assetsNon-cu
286、rrent asset investments at fair value:?4.614,44614,446?0.3?0.19129120.3Short term receivables4224220.1?0.1?Total(23,810)328,687304,877100.0(18,991)295,547276,556100.0iv)Other price risks?Market price risk sensitivity?variables remain constant.45Aberdeen Emerging Markets Investment Company LimitedMar
287、ket concentration?Country2019%of net assets2018%of net assetsChina29.626.4?14.3?10.9India?6.6?Liquidity risks?Liquidation Period2019(%)2018(%)One month?63Three months?One year92?year end.?Credit risks?Standard&PoorsMoodysFitch RatingsIndividual rating?A-1+?F1+?AA-Aa2AA-?46Annual Report 2019Financial
288、 StatementsNotes to the Financial Statements continuedCapital management?Directors Report.?closed-ended structure.?Operational risk?risk mitigation.?31 October 2019 00031 October 2018 000Level 1?Level 2?64,994Level 3?999Total328,713295,601?47Aberdeen Emerging Markets Investment Company Limited?2019
289、0002018 000Opening balance9991,133Additions during the yearDisposals during the year?(134)Closing balance at 31 October1,779999?Structured entities?StrategyNumber of investee fundsFair value range 000Weighted average fair value 000Investment at fair value 000%of total net assets of underlying funds?
290、10?Equity long-only?48Annual Report 2019Financial StatementsNotes to the Financial Statements continued19.Operating segments?20.Post balance sheet events?Ordinary share,to shareholders on the?49Aberdeen Emerging Markets Investment Company LimitedCorporate InformationAlternative Performance Measures(
291、“APMs”)(unaudited)DiscountThe amount,expressed as a percentage,by which the Ordinary share price is less that the NAV per Ordinary share.PageAs at31 October 2019NAV per Ordinary share(in pence)a2663.28Ordinary share price(in pence)b2561.00Discount(ba)-1415.4%GearingA way to enhance income and capita
292、l returns,but which can also magnify losses.The revolving loan facility with RBSI is a common method of gearing.PageAs at31 October 2019Total assets less cash/cash equivalents(000)an/a329,135Net assets(000)b31304,877Gearing(net)(ab)-127.96%LeverageUnder the Alternative Investment Fund Managers Direc
293、tive(“AIFMD”),leverage is any method by which the exposure of an Alternative Investment Fund(“AIF”)is increased through borrowing of cash or securities or leverage embedded in derivative positions.Under AIFMD,leverage is broadly similar to gearing,but is expressed as a ratio between the assets(exclu
294、ding borrowings)and the net assets(after taking account of borrowing).Under the gross method,exposure represents the sum of the Companys positions after deduction of cash balances,without taking account of any hedging or netting arrangements.Under the commitment method,exposure is calculated without
295、 the deduction of cash balances and after certain hedging and netting?Further details on the Companys leverage is provided on page 54.Ongoing ChargesA measure,expressed as a percentage of average NAV,of the regular,recurring annual costs of running an investment company.Year end 31 October 2019PageA
296、verage NAVan/a300,880,000Operating expensesbn/a3,214,000?(calculated using the AIC methodology)ba21.07%Total ReturnA measure of performance that includes both income and capital returns.This takes into account capital gains and reinvestment of dividends paid out by the Company into its Ordinary shar
297、es on the ex-dividend date.Year end 31 October 2019PageOrdinary share priceNAVOpening at 1 November 2018(in pence)a2515.0600.6Closing at 31 October 2019(in pence)b2561.0663.3Price movement(b a)-1cn/a8.9%10.4%Dividend reinvestmentdn/a4.3%3.7%Total return(c+d)213.2%14.1%n/a=not applicable50Annual Repo
298、rt 2019Corporate InformationInformation about the Investment Manager Aberdeen Asset Managers LimitedThe Companys Investment Manager is Aberdeen Asset Managers Limited,a wholly-owned subsidiary of Standard Life Aberdeen plc.Assets under the management of the groups investment division,Aberdeen Standa
299、rd Investments,were 525.7 billion at 30 June 2019.Investment TeamAberdeen Standard Investments Closed End Fund Strategies(“CEFS”)team is amongst the most experienced of any operating globally with a similar strategy.The teams members have in excess of 50 years experience of investing in emerging mar
300、kets with a focus on conducting in depth manager research and the analysis of discounts on closed end funds.Average tenure on the team is in excess of 10 years.While the team is based in London,its members travel frequently to emerging markets to meet with existing managers and identify new prospect
301、s.Being part of a global asset management business,the team has the ability to draw on the expertise of the wider Aberdeen Standard Investments group.Andrew ListerSenior Investment ManagerYears in team:19.Years experience in emerging markets:19.Bernard MoodySenior Investment ManagerYears in team:13.
302、Years experience in emerging markets:20.Samir ShahInvestment ManagerYears in team:9.Years experience in emerging markets:9.Viktor BroczkoInvestment ManagerYears in team:17.Years experience in emerging markets:17.Investment Strategy and ProcessThe CEFS team seeks to achieve the Companys objective by
303、allocating to talented managers(Manager Selection)who buy well managed companies in markets that are themselves attractive(Asset Allocation).Closed end funds are utilised to gain exposure to managers and markets at a discount to their intrinsic value(Discount Opportunities).The team is actively cont
304、rarian,meaning that it will often allocate to out of favour markets and funds that,as a result,are trading at attractive valuation levels.The teams investment process includes three pillars:Identifying best of breed managers through extensive travel and networks 400-500 manager meetings conducted pe
305、r annum by CEFS team Focus on People,Process,Portfolio,Performance Actively negotiate the best fee structure possibleManagerselectionTalentedmanagers Identifying attractive opportunities in the global universe of closed end funds Target investment in discounted assets with a catalyst for re-rating A
306、ctive engagement with boards,managers shareholders,brokers Capture the advantages of semi-permanent capital structureDiscountopportunitiesDiscountedvaluation Identifying the most attractive markets Input from Aberdeens global strategy team and underlying managers Quantitative model referenced for ob
307、jectivity Contrarian mind-setAssetallocationAttractivemarkets51Aberdeen Emerging Markets Investment Company LimitedCorporate InformationInvestor Information Alternative Investment Fund Managers Directive(“AIFMD”)and Pre-Investment Disclosure Document(“PIDD”)The Company has appointed Aberdeen Standar
308、d Fund Managers Limited as its alternative investment fund manager and Northern Trust(Guernsey)Limited as its Depositary under the AIFMD.The AIFMD requires Aberdeen Standard Fund Managers Limited,as the Companys AIFM,to make available to investors certain information prior to such investors investme
309、nt in the Company.Details of the leverage and risk policies which the Company is required to have in place under the AIFMD are published in the Companys PIDD which can be found on its website:aberdeenemergingmarkets.co.uk.The periodic disclosures required to be made by the AIFM under the AIFMD are s
310、et out on page 54.Investor Warning:Be alert to share fraud and boiler room scamsAberdeen Standard Investments has been contacted by investors informing us that they have received telephone?their investment company shares,purporting to work for?emails claiming that certain investment companies under
311、our management have issued claims in the courts against individuals.These may be scams which attempt to gain your personal information with which to commit identity fraud or could be boiler room scams where a payment from you is required to release the supposed payment for your shares.These callers/
312、senders do not work for Aberdeen Standard?no link with Aberdeen Standard Investments.Aberdeen Standard Investments does not cold-call investors in this way.If you have any doubt over the veracity of a caller,?our Customer Services Department.The Financial Conduct Authority provides advice with respe
313、ct to share fraud and boiler room scams at:fca.org.uk/consumers/scams.Shareholder Enquiries?payments,registered details and related matters,shareholders holding their shares directly in the Company are advised to contact the Registrars(see Contact Addresses).Changes of?If you have any general questi
314、ons about your Company,the Manager or performance,please telephone the Aberdeen Standard Investments Customer Services Department,send an email to or write to:Aberdeen Standard Investment Trusts PO Box 11020 Chelmsford Essex CM99 2DBDividend Tax AllowanceThe annual tax-free personal allowance for di
315、vidend income for UK investors is 2,000 for the 2019/20 tax year.Above this amount,individuals pay tax on their dividend income at a rate dependent on their income tax bracket and personal circumstances.The Company provides registered?should be included with any other dividend income received when c
316、alculating and reporting to HMRC total dividend income received.It is the shareholders responsibility to include all dividend income when calculating any tax liability.How to InvestInvestors can buy and sell shares in the Company directly through a stockbroker or indirectly through a lawyer,accounta
317、nt or other professional adviser.Alternatively,for retail clients,shares can be bought directly through the Aberdeen Standard Investments Childrens Plan,Investment Trust Share Plan or Investment Trust Individual Savings Account(“ISA”)or through the many broker platforms?companies.Aberdeen Standard I
318、nvestments Childrens PlanAberdeen Standard Investments operates an Investment Plan for Children(the“Childrens Plan”)which covers a number of investment companies under its management,including the Company.Anyone can invest in the Childrens Plan(subject to the eligibility criteria as stated within th
319、e terms and conditions),including parents,grandparents and family friends.All investments are free of dealing charges on?per company,while regular savers may invest from 30 per month.Investors simply pay Government Stamp Duty(currently 0.5%)on entry where applicable.Selling costs are 10+VAT.There is
320、 no restriction on how long an investor need invest in the Childrens Plan,and regular savers can stop or suspend participation by instructing Aberdeen Standard Investments in writing at any time.Aberdeen Standard Investments Share PlanAberdeen Standard Investments operates an Investment Trust Share
321、Plan(the“Plan”)through which shares in the Company can be purchased.There are no dealing charges on the initial?amount.Lump sum investments start at 250,while regular savers may invest from 100 per month.Investors simply pay Government Stamp Duty(currently 0.5%)on entry where applicable.Selling cost
322、s are 10+VAT.There is no restriction on how long an investor need invest in a Plan,and regular savers can stop or suspend participation by instructing Aberdeen Standard Investments in writing at any time.52Annual Report 2019Corporate InformationInvestor Information continuedAberdeen Standard Investm
323、ents ISAAberdeen Standard Investments operates an Investment Trust ISA(“ISA”)through which an investment may be made of up to 20,000 in the 2019/20 tax year.There are no brokerage or initial charges for the ISA,although?Duty(currently 0.5%)on purchases where applicable.Selling costs are 15+VAT.The a
324、nnual ISA administration charge is 24+VAT,calculated annually and applied on 31 March(or the last business day in March)and collected soon thereafter either by direct debit or,if there is no valid direct debit mandate in place,from the available cash in the ISA prior to the distribution or reinvestm
325、ent of any income,or,?of investments held in the ISA.Under current legislation,investments in ISAs can grow free of Capital Gains Tax.ISA TransferInvestors can choose to transfer previous tax year investments to Aberdeen Standard Investments,which can be invested in the Company while retaining their
326、 ISA wrapper.The minimum lump sum for an ISA transfer is 1,000 and is subject to a minimum per company of 250.Nominee Accounts and Voting RightsAll investments in the Aberdeen Standard Investments Childrens Plan,Investment Trust Share Plan and Investment Trust ISA are held in nominee accounts and in
327、vestors are provided with the equivalent of full voting and other rights of share ownership.Keeping You InformedFurther information about the Company may be found on its dedicated website:aberdeenemergingmarkets.co.uk.This provides access to information on the Companys share price performance,capita
328、l structure,London Stock Exchange announcements,current and historic Annual and Half-Yearly Reports,and the latest monthly factsheet on the Company issued by the Manager.The Companys Ordinary share price appears under the heading Investment Companies in the Financial Times.Alternatively,please call
329、0808 500 0040(Freephone)or email or write to the address for Aberdeen Standard Investment Trusts stated above.Details are also available at:invtrusts.co.uk.Key Information Document(“KID”)The KID relating to the Company and published by the Manager can be found on the Companys website.Literature Requ
330、est ServiceFor literature and application forms for Aberdeen Standard Investments investment trust products,please contact us through invtrusts.co.uk.Or telephone:0808 500 4000Or write to:-Aberdeen Standard Investment Trusts PO Box 11020 Chelmsford Essex CM99 2DBTerms and ConditionsTerms and conditi
331、ons for Aberdeen Standard Investments managed savings products can also be found under the Literature section of our website at:invtrusts.co.uk.Online DealingThere are a number of online dealing platforms for private?invest in the Company.Real-time execution-only stockbroking services allow you to t
332、rade online,manage your portfolio and buy UK listed shares.These sites do not give advice.Some comparison websites also look at dealing rates and terms.Discretionary Private Client StockbrokersIf you have a large sum to invest,you may wish to contact a discretionary private client stockbroker.They c
333、an manage your entire portfolio of shares and will advise you on your?Personal Investment Management&Financial Advice Association at:pimfa.co.uk.Financial Advisers?companies,visit:unbiased.co.uk.Regulation of StockbrokersBefore approaching a stockbroker,always check that they are regulated by the Financial Conduct Authority:?Email:consumer.queriesfca.org.ukVoting at General MeetingsIf you hold you
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