bunch (FFB) in April 2020. As CPO expeditiously increased as mentioned above, the Company could not adjust selling price to keep up with the CPO market price; therefore cost of sales ratio increased from

-minded travelers with authentic local experiences in vibrant destinations worldwide. Each hotel will include thoughtfully-designed, compact rooms with high quality facilities and a vibrant communal space

Investor Strategies for Incorporating ESG Considerations into Corporate Interactions www.blackrock.com www.ceres.org Century21st Engagement Investor Strategies for Incorporating ESG Considerations into Corporate Interactions [ 5 ] FOREWORD The Value of Our Voice ......................................................................................................................................... 1 How ESG Megatrends Are Shaping Valuation ...........................................................

neither strong nor independent-minded enough in most cases to substantially influence deci- sion making by the board. 3 Tunnelling refers to the transfer of resources in favour of the majority owner‟s