| Thu 22 Apr 2010, 16:00 | | AGL - Anglo American plc - Annual general meeting address to shareholders by |
|
AGL
ANAAL
AGL - Anglo American plc - Annual general meeting address to shareholders by
the chairman and chief executive
Anglo American plc
Incorporated in the United Kingdom
(Registration number: 3564138)
Short name: Anglo
Share code: AGL
ISIN number: GB00B1XZS820
Anglo American plc
Annual General Meeting Address to shareholders by the Chairman and Chief
Executive
At Anglo American plc`s Annual General Meeting for shareholders in London
today, Sir John Parker, Chairman, and Cynthia Carroll, Chief Executive, made
the following remarks:
Sir John Parker, Chairman, Anglo American plc:
My primary role as your chairman is to manage the Board, while that of our
chief executive Cynthia Carroll is to manage the company day by day. I believe
it is the Board`s job to set the drumbeat for the business by owning the
strategy, empowering management to execute it, and holding them accountable
for delivery. Thus, the Board needs to be fit for purpose, with the right
range of skill sets to be capable of tackling any issue that comes through the
boardroom door.
I had planned to introduce all the members of the Board. Unfortunately, the
ill wind that has blown out of Iceland during the past week has had the effect
of severely depleting the numbers of directors here today. We have no fewer
than five absentees who despite their best efforts simply could not get to
London: Sir CK Chow, Nicky Oppenheimer, Mamphela Ramphele, Jack Thompson and
Peter Woicke.
Let me start by introducing the new faces who are being proposed for election
at today`s AGM. Furthest to my right is Ray O`Rourke, who has spent a lifetime
of achievement in large-scale, complex construction projects. Ray has just
joined the Safety and Sustainable Development and the Audit Committees. Next
to him is Sir Philip Hampton, who has a wealth of financial, strategic and
boardroom experience. Philip is taking over the chairmanship of the
Remuneration Committee from Sir Rob Margetts. The third new person, though
absent today, is Jack Thompson, a lifelong successful mining executive. Jack
recently joined the Remuneration Committee and is a member of the Safety and
Sustainable Development Committee.
Next to Sir Philip is our senior independent director David Challen, who
chairs the Audit Committee. followed by Nick Jordan our company secretary.
Moving to my left.. I don`t think Cynthia Carroll our chief executive and Rene
Medori our finance director need any introduction.
We then have Chris Fay, who is stepping down after more than 10 years. Chris
has chaired the Safety and Sustainability Committee of the Board throughout
that period and has been a member of the Audit Committee for almost nine
years. Chris will be succeeded as chairman of the Safety and Sustainable
Development Committee by Peter Woicke.
On my far left is Sir Rob Margetts, who has been on the plc Board since its
inception, is also stepping down. For the past decade, Rob has been an
outstanding chairman of the Remuneration Committee.
I would like to take this opportunity to thank Rob, Chris Fay and Fred
Phaswana (who resigned in January to take up an appointment as chairman of
Standard Bank in South Africa) for the valuable contributions they have made
over the years to the success of Anglo American. I also sadly wish to pay
tribute to Karel Van Miert, who passed away in June. He is greatly missed by
his colleagues.
Finally, I would like to thank my predecessor, Sir Mark Moody-Stuart. He
achieved so much in his nearly seven years as chairman to embed sustainability
and sound corporate governance, both in our own business and in the global
arena.
On behalf of the Board, I wish all of those Board members stepping down a long
and active retirement. I also at this stage wish to thank all our employees
and pay tribute to their dedication and their loyalty to Anglo American. I
have been chairman now for just under nine months, but have already travelled
extensively around the Group. I have been impressed not only by the quality of
our assets, but also by the professionalism of Anglo American`s people. We
have a top-class team, with an unparalleled record of innovation and
leadership in exploration, in engineering, and in mining operations.
2009 review
We meet you, our shareholders, as a Board to provide you with reports on the
management and performance of your company during 2009. It was a year that
began with the world economy in a very moribund state, with world trade at a
near-standstill, and metals and minerals demand and prices severely depressed
- but by the end of the year commodities had staged a strong revival against a
background of increased optimism in the markets.
All of this stood us in good stead during an extremely volatile year, with a
particularly challenging first six months. Anglo American delivered a very
creditable overall performance as we increasingly reaped the benefit from a
series of strategic initiatives designed to create greater long-term
shareholder value.
Our strategy
In 2009, we made further progress in positioning Anglo American as a focused
global mining company. Our strategy is to deploy capital in those commodities
we have identified as being the most attractive to our Group in the long term,
and on which we will build Anglo American`s future. We have a portfolio of
high-quality assets in the most attractive commodity markets, with a world-
class range of expansions and projects, which are expected to lift our organic
output by about a third by 2013 - and that excludes the very significant
upside potential in our unapproved project pipeline.
A key element of our strategy is our drive to unlock value and reduce costs.
Thus, the Board has given its strong support to initiatives like our asset
optimisation programme and a streamlined supply chain, as well as the bold re-
organisation of the Group. This re-organisation is now substantially complete
- and includes, notably, the emergence of a new generation of younger managers
at the Executive Committee level. This has created a new dynamic, with an
operating model far more attuned to executing our business strategy
effectively.
Safety
No company can ever be ranked as truly great if it has an unsatisfactory
safety record. As your new chairman, I would like to state categorically that
safety will have my unremitting attention as it has always been my main
priority. My philosophy is that the people who work for us should be able to
return home safe to their families each night.
It is encouraging to report that Anglo American is making and continuing to
make significant inroads in improving its safety performance. In 2009, there
was another sharp reduction in the number of people who lost their lives on
company business, accompanied by a similar downward trend in lost-time
injuries. In the three years under Cynthia Carroll`s leadership, the number of
fatalities has been reduced by nearly 55 per cent.
That is a remarkable achievement - and a striking riposte to those many people
both within and outside the industry who say that deaths in mining are
inevitable. Of course, we won`t be satisfied until we reach our target of
zero; but the fact that the number of deaths and injuries has now reached
record lows - with further progress in 2010 to date - is starting to convince
our employees and contractors alike to believe that zero harm is achievable.
Sustainable development
Operating our businesses in a socially and environmentally responsible way,
and earning and deserving trust, are fundamental to our licence to operate and
to delivering long-term value to our investors.
Our commitment to excellence in this field is not a function of the economic
cycle. Indeed, in difficult economic times the responsibility on us to
demonstrate that we are a consistent, supportive partner for sustainable
development is all the greater.
We continued to integrate sustainable development into our business processes
in 2009. We launched two major policies: the Anglo Environment Way, and the
Anglo Social Way, which establish demanding environmental and social
management standards. We assessed our social performance against the standards
in the Social Way at the end of 2009, identifying many examples of best
practice but also some gaps which we aim to close in 2010.
We also launched a new version of our Good Citizenship Business Principles -
our corporate code of conduct. Alongside a greater focus on environmental
issues, this emphasises an increased commitment to our already extensive
programmes on HIV/AIDS treatment as well as to diversity and family life.
The Principles also strengthen our stance against corruption, and are
complemented by an enhanced Business Integrity Policy, accompanied by detailed
anti-corruption Performance Standards. These are all being rolled out
throughout the business.
Climate change took centre stage at the end of 2009. Although the Copenhagen
Accord fell short of expectations, Anglo American remains committed - as both
a substantial consumer of energy and a major coal producer - to minimise our
own carbon emissions. We also continue to play a proactive role in the ongoing
international debate, as well as developing our own technological response.
In Australia, for example, we have helped develop two mine gas power stations,
based on methane captured from our coal mines. Together, they will reduce
greenhouse gas emissions by around 2.3 million tonnes a year.
More broadly, Anglo American continues to support leading international
initiatives to promote responsible corporate activity. We remain committed to
the United Nations Global Compact as well as the Extractives Industry
Transparency Initiative, which is steadily gaining traction. We continue to
support the Investment Climate Facility for Africa, to which we have
contributed $1.5 million to date. We are also actively engaged in discussions
around the review of the OECD Guidelines for Multinational Enterprises, and we
play an active role in support of the Voluntary Principles on Security and
Human Rights.
Outlook
Turning to the economic picture - the world economy is recovering after the
severe recession of late 2008 and the early part of 2009. Unprecedented policy
stimulus and, more recently, a turn in the inventory cycle have contributed to
the upturn. In the major advanced economies there are some significant
headwinds remaining that will probably restrain growth in 2010 at least.
Financial systems are fragile, households and companies are rebuilding balance
sheets, and policymakers are under pressure to withdraw extreme stimulus
measures.
Prospects are much brighter in the major emerging economies. China and India
are growing strongly as increases in infrastructure spending have offset the
weakness in export markets. While policymakers will probably seek to curb
overheating risks, longer-term economic fundamentals remain sound. Economic
growth in the emerging economies will continue to outpace that in the advanced
economies over the next decade.
Dividend
I believe the dividend is to the forefront in all of your minds.. The
resumption of the dividend at the earliest possible time remains a key
priority for the Board. Assuming that the commodity price environment and
outlook continue to improve and the business performance remains robust, the
Board would expect to be able to announce the resumption of a dividend in
respect of the current financial year.
Conclusion
Anglo American is now a more fit for purpose organisation, and we are
enthusiastically executing our clearly defined strategy for delivering value.
With some of the highest-quality assets and projects in the mining world, and
the financing in place to deliver on them, your company is well positioned to
take optimum advantage of the next commodity upcycle and beyond. I also have
great confidence in our highly professional management team, led by Cynthia
Carroll.
Pebble
Finally, to any visitors from Alaska. . Your concerns involve a very early-
stage project in which Anglo American has an interest. I`m sure there will be
questions that you will wish to pose, but I would like to say now that,
although I have not yet had the chance personally to visit the project, I do
understand the concerns and interests that the Pebble project arouses and
appreciate the different points of view presented.
We have made it clear that the project will work on the basis of world class
scientific and engineering skills and that we will use inclusive and
innovative stakeholder engagement. Our bottom line remains that, if the
project cannot be designed in a way that provides the proper protections for
Alaska`s fisheries and wildlife, or to the livelihoods of Alaskan communities,
then it shouldn`t be built. It is on that basis that we will continue to
evaluate the project in full compliance with the prescribed regulatory
processes in Alaska and the United States.
It is now my pleasure to give the floor to Cynthia, who will provide you with
further insight.
Cynthia Carroll, Chief Executive, Anglo American plc:
Thank you, John.
Good morning, ladies and gentlemen. I`m delighted to see all of you here
today. Thank you for coming.
2009 was an extraordinary year for the mining industry. And one of great
change for Anglo American.
I`m going to talk briefly about the global economy and how it has affected our
industry.and I`m going to look at our performance in light of those global
economic conditions.
Then I`d like to explain the steps we`ve been taking to develop and modernise
your company.
So let`s start by looking at the economy in 2009.
It`s a pretty simple story to tell. But believe me, it did not seem so simple
when we were right in the middle of it.
In early 2009, the world economy collapsed following the unprecedented
financial crisis in the autumn of 2008.
As the year went on, varying degrees of confidence began to return to world
markets. Alongside the pick-up in industrial activity, the prices of many of
our commodities increased sharply. Recovery was driven principally by the
emerging economies led by China and India, while the picture for the developed
world remained rather more subdued.
This backdrop still stands, though we`re now seeing signs of recovery in the
OECD countries to support the ongoing strength elsewhere. This is certainly
reflected in today`s substantially stronger commodity prices.
So what was the impact on Anglo American?
Well, I`m pleased to report that the decisive measures we put in place to
position the Group through the downturn proved effective. We saw strong
performances across our businesses and delivered a solid operating
performance, with operating profit of $5.0 billion and underlying earnings of
$2.6 billion.
And we achieved that as we continued to invest in and develop the business for
growth.
Let me tell you how.
Strategic vision
The first thing to say is that we have a clear ambition, and everything we do,
every day, is designed to achieve it.
That ambition is for Anglo American to become the investment, the partner and
the employer of choice in the mining industry - in short, for Anglo American
to be the leading global mining company.
We shall achieve that goal through our operational excellence of world class
assets in the most attractive commodities. And we shall achieve it while
maintaining a resolute commitment to the highest standards of safe and
sustainable mining.
We have already become a much more focused and performance-oriented mining
company.
In 2009, we made significant progress on several fronts.
We:
* restructured the Group;
* embedded significant cultural change; and
* achieved a step change in safety performance.
All this while continuing the significant cost and efficiency initiatives that
are taking Anglo American into a new, more dynamic era of value delivery.
Restructuring achieved
Let`s talk about the way we`ve reorganised the business.
Beginning in January 2009, we worked on a thorough, strategic and
organisational review of Anglo American.
We wanted two things.
* Number one, a robust strategy for long term value delivery.
* Number two, the right business structure to support that strategy.
The two reviews ran in tandem. When the Board met in Johannesburg in early
June, we agreed to focus on what we believe to be the most attractive
commodities: copper, diamonds, iron ore, metallurgical coal, nickel, platinum
and thermal coal.
Later in the month we received the approach from Xstrata to merge the two
companies. It was no big surprise. Naturally, our strategic review had
examined our competition in terms of portfolio composition, quality and
strategy. The Board was therefore in a very solid position to tell Xstrata
that the proposal was just not worth pursuing. There was no strategic fit.
Then, in October, we formally announced the outcome of the strategy work and
the second area of focus for us - the Group`s reorganisation. We stripped away
the divisional layers of management to create a more streamlined and efficient
structure, placing the management teams for each of our seven commodity
businesses in their core geographical areas, and making them directly
responsible for operational performance, project delivery and for driving down
costs.
At the same time, we rationalised the corporate centre to focus on creating
further value. Close collaboration allows us to realise substantial benefits
from Anglo American`s scale and performance-oriented culture.
I`m referring to leaders who are relentless in their drive for value, the
sharing of best practice based on wide experience in different territories,
technical innovation, operational know-how and the pursuit of synergies in key
value-driving functions such as supply chain and asset optimisation.
We`ve worked quickly. This new structure is now implemented. It gives us a
benefit not only in the way we run the business, but also in cost. The
associated, annualised cost saving is approximately $120 million and we
reduced our total workforce by 23,400 during the year.
The strategic review also identified businesses no longer core to our future:
we will divest our zinc assets, Scaw Metals, and phosphates and niobium
businesses, together with Tarmac. The preparatory work to separate these
businesses is under way. I`m pleased to say that we have received a lot of
interest - the process to sell the zinc portfolio is well advanced.
Cost performance
We said we wanted to create additional value from asset optimisation and
global supply chain programmes. We are doing just that.
The target we set was $2 billion of savings by 2011. We are on track for that,
and have in fact restated our target upwards. We will now deliver that $2
billion just from our core portfolio - so it doesn`t take into account any
contribution from businesses to be divested. In 2009, we generated more than
$1.6 billion of savings, ahead of expectations.
Naturally, we continue to exercise tight cost control. We`ve delivered cost
reductions across the Group, most notably at our Diamonds and Metallurgical
Coal businesses. And Anglo Platinum is truly being transformed. The business
has a clear strategy to move the cost position of its operations to the first
and second quartile. In 2009, it achieved flat cash operating unit costs and
significant further productivity improvements.
The other good news is that following a major restructuring of the operations
at Rustenburg and Amandelbult to enable greater operational control and
flexibility, the company has removed 140,000 ounces of high cost production -
about 6% of our annual production - by placing three shafts on care and
maintenance.
We`ve provided strong support to the recapitalisation of both Anglo Platinum
and De Beers in recent months, positioning them to take full advantage of
economic recovery and the delivery of their long term growth prospects
as respective industry leaders.
Divestment programme under way
And we`ve made excellent progress during 2009 in disposing of non-core assets.
As we reported at the half year, we disposed of our residual shareholding in
AngloGold Ashanti in the first quarter of 2009. We sold our shareholding in
the aluminium products company Hulamin in July and in Tongaat Hulett in
August. Those three disposals generated total proceeds of $2.4 billion.
In addition, during the first quarter of 2010, we`ve agreed the sale of
Tarmac`s aggregates businesses in France, Germany, Poland and the Czech
Republic and its Polish concrete products business. Total proceeds will be
approximately $400 million.
Delivering growth
Our overall strategy is very clear: we deploy capital in those commodities
that deliver long term, through-the-cycle returns for our shareholders. These
are commodities that have strong fundamentals and attractive risk-return
profiles. We have developed a portfolio of world class, low cost, long life
operating assets, together with growth projects that focus on those most
structurally attractive commodities.
We had a choice to make when the economic downturn came. We could have pulled
back and stopped all major investments. Instead, we continued to develop key
strategic growth projects. It was the right choice: we are now in a good
position to capitalise on the next phase of global economic growth.
I`d like to focus for a moment on our four major projects - the Minas Rio iron
ore project and the Barro Alto nickel project, both in Brazil, the Los Bronces
copper expansion project in Chile and the Kolomela - previously Sishen South -
iron ore project in South Africa. I`ve visited all of them in the last year or
so and have been really impressed by the way our teams are working together
efficiently and effectively, towards our common goal. I always come away
excited by the energy, enthusiasm, optimism and commitment that our people are
showing around the world - at all levels.
Each of those four projects is well placed on its respective industry cost
curve, each has a long resource life and each has further expansion potential.
They`re all on track to enter production, some from next year onwards, in time
to meet what we expect to be continuing growth in commodity demand. I`ve
picked four - there are many others in development and going through various
stages of feasibility, not least an exciting greenfield copper opportunity at
Quellaveco, in Peru, where I had constructive talks with the President just
last month, and a large metallurgical coal project at Grosvenor, in Australia.
We will invest $4.2 billion in new projects this year, out of a total planned
capital expenditure for 2010 of $6.0 billion. To mention just two of these:
the Barro Alto project in Brazil will produce around 40,000 tonnes per year of
nickel, starting in the first quarter of 2011. It`s on budget, and it`s on
schedule. Life of mine production costs will be around $3.70 / lb, and that
compares to today`s nickel price of close to $12 / lb. In Chile, the Los
Bronces copper expansion project is also on track and on budget and will start
production in the fourth quarter of 2011. It will produce 370,000 tonnes per
year of copper at the outset, and the cost per pound will be 80 cents over the
life of mine - compared to a current copper price of over $3.50 / lb.
So as you can see, we have a lot to be excited about, and we have made
significant structural change in this past year.
It has been accompanied by very positive cultural change. Our people have
really taken to heart the importance of performance, that there are ways we
can all work more profitably. They`ve taken up this performance-oriented
culture and they`re running with it - everywhere we operate. You heard our
cost savings target - we`re getting there because the mindset and focus have
changed.
Safety performance
There`s been a similar cultural change in our attitude to safety. Mining is a
tough business. But there are ways to mitigate, and even eliminate, the risks.
We really can achieve a safer working environment. It`s in our hands and we`re
doing it. It is an attitude that is now embedded in the culture of Anglo
American.
These aren`t just words. There`s hard evidence. Anglo American`s safety record
when I joined the Group was unacceptable. Everyone, throughout, has been
committed to turning this around.
In 2009 we achieved a 55% reduction in fatalities compared to the start of
2007. And we reduced our lost time injury frequency rate by 52% over the same
period. In the first quarter of 2010, fatalities were 67% lower than the same
period last year.
Now I know that percentages tell you nothing of the human tragedy involved.
And I am truly saddened by the loss of life on company business last year. But
the great majority of our sites operate without any fatalities - 92% of them
during 2009 - and we have many examples of exceptional safety performance.
Anglo Platinum, for example, operated for extended periods without incurring a
single fatality. At Kumba Iron Ore, Thabazimbi has achieved two years LTI-
free; our base metals businesses were fatality-free for the first time since
2005 and Iron Ore Brazil delivered a 98% improvement in its injury frequency
rate - and recently reached the milestone of 10 million man hours worked
without a lost time injury.
That`s good, but for the Group as a whole it`s still not good enough. You
heard it from the chairman. You will hear it from me. We shall work to reduce
accidents still further and we are relentless in striving to achieve our goal
of zero harm. This is a priority in Anglo American.
There`s other evidence of a healthy company culture. Last year we saw many of
our people wholeheartedly involved not only with those processes that bring
direct business benefit, but also with the way Anglo American engages with the
world. The expectations of mining companies are rising: I welcome that. We`re
moving fast to continue to meet and exceed those expectations.
Sustainability
The chairman has talked about some of our initiatives. Let me give you some
other examples.
We are committed to environmental stewardship and minimising the environmental
impact of our operations. Our sustainable development agenda progressed on
several fronts during the year. One of the key elements of our strategy is the
management of water: we have to find ways of using water more effectively in
the communities and catchment areas where we operate. Effective water
management systems are now in place across all of our operations.
Last March, we launched the Anglo Environment Way (AEW). It sets out a
consistent approach to responsible environmental management, supporting our
vision for minimising harm to the environment by designing and operating all
of our operations in an environmentally responsible manner.
And we conducted 13 biodiversity peer reviews during 2009, four in conjunction
with the conservation group Fauna & Flora International.
Finally, we are very conscious of the energy we use. Mining is energy
intensive: our efforts to improve energy efficiency continue to be a major
focus.
There are other areas where we are making a sustainable and positive
difference to the communities in which we operate.
In South Africa, for example, I`m enormously proud of the new enterprise
development venture we`re involved in which builds on our already highly
successful Zimele programme. It`s our commitment to the United Nations
Business Call to Action - and we are the first major mining company to sign up
to this important initiative. We`re establishing 12 new enterprise development
hubs in areas of high unemployment. We believe the venture will create 25,000
new jobs in 1,500 new businesses over the next seven years. Today through the
expansion of Anglo Zimele we support around 10,000 jobs in South Africa, and
by applying the model in countries like Chile we have created a further 8,000
jobs. We`re now rolling this out further, into such countries as Brazil and
Peru.
As for health, we`ve been dedicated to the issue of fighting HIV and AIDS
since the 1990s - over 80% of permanent workers in South Africa now regularly
test for HIV each year - and in 2008 we extended our policy commitment
to include the dependants of our employees. In 2009, we were delighted to have
our pioneering work recognised by the Global Business Coalition on HIV/AIDS,
Tuberculosis and Malaria. They awarded our South African coal business the
Business Excellence Award for Best Workplace Programme. It is an award of
which our colleagues in South Africa are justifiably proud.
I hope that gives you some idea of the work we have been doing across our
businesses. I`d like to close with a few thoughts about the outlook.
Outlook
Broadly, I believe we can be reasonably optimistic.
In 2009, it took a huge policy stimulus and a turn in the inventory cycle to
drive the rebound in industrial activity. In 2010, the positive effects of
these factors will fade. We feel economic headwinds in the advanced economies,
where continuing balance sheet repair will constrain demand prospects.
But the outlook for the emerging economies is brighter. Even if there are
further economic setbacks, China and India in particular are likely to grow
strongly. We expect a robust demand for commodities as the pattern of economic
growth shifts towards these fast-growing emerging economies. China will
continue to upgrade and develop its infrastructure. The longer term potential
of India and Brazil will provide further support.
These economies also have the greatest scope for strong consumer spending
growth, which leads demand for platinum group metals and diamonds.
That`s why I can say with some confidence that the medium and long term
outlook for the mining industry remains strong.
And if the outlook for the mining industry as a whole remains strong, your
company in particular is well-placed to take advantage. We have an
exceptional portfolio of assets, an enviable project list and a newly
demonstrated ability to deliver. We have an outstanding workforce, a
supportive Board of Directors - and we have a new Chairman with enormous
experience. We are so pleased - I am so pleased - to be working with him.
We`ve achieved our restructuring.
We`re managing our ongoing change towards a performance-driven culture.
In all the territories where we work, right around the world, we have a clear
strategy that directs us towards our common ambition.to be the investment of
choice, the partner of choice, the employer of choice in the mining industry.
Thank you.
Notes to Editors:
Anglo American plc is one of the world`s largest mining companies, is
headquartered in the UK and listed on the London and Johannesburg stock
exchanges. Its portfolio of mining businesses spans precious metals and
minerals - in which it is a global leader in both platinum and diamonds; base
metals - copper and nickel; and bulk commodities - iron ore, metallurgical
coal and thermal coal. Anglo American is committed to the highest standards of
safety and responsibility across all its businesses and geographies and to
making a sustainable difference in the development of the communities around
its operations. The company`s mining operations and extensive pipeline of
growth projects are located in southern Africa, South America, Australia,
North America and Asia.
www.angloamerican.co.uk
22 April 2010
Sponsor: UBS South Africa (Pty) Ltd
Date: 22/04/2010 16:00:09 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
