Aside from an uninspiring governance report, AMS’ reporting suite projects a strong sense of competence in running its operations in accordance with clear procedures, strict monitoring systems, and drawing on deep institutional experience. While a modernisation strategy provides a sense of leadership direction, a poor chairman’s review and generally dry CEO review give the impression of a company highly capable, but not quite listening to, or sensing non-financial concerns that may have an impact in three to five year’s time.

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