Shareholders
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Where are SQM shares
traded?
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SQM shares are traded on the three Chilean Stock Exchanges and on the New York Stock
Exchange as American Depositary Receipts (ADRs). Series A and Series B shares ticker
symbols are, respectively, SQM-A and SQM-B in Chile and SQMA and SQM in the USA.
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What is the equivalence
between ordinary shares and ADRs? |
One Series A ADR is equal to 10 ordinary Series A shares.
One Series B ADR is equal to 10 ordinary Series B shares.
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What are the main similarities
and differences between Series A and Series B shares? |
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Both Series have the same economic rights (i.e. both Series are entitled to share
equally in any dividends declared on the outstanding stock) and on any shareholders
meeting, be it ordinary or extraordinary, one share equals one vote, with the sole
exception on the election of the Board of Directors, in which the Series A shareholders
elect seven members and the Series B shareholders elect one member..
Additionally, Series B shares cannot exceed 50% of the Company's issued and outstanding
stock, shareholders of at least 5% of this Series may call an ordinary or extraordinary
Shareholders Meeting and the Director elected by this Series may request an extraordinary
Board Session without the authorization of the Chairman of the Board. On the other
hand, the Director elected by the Series B shares cannot vote in the election of
the Chairman of the Board after a tie vote has occurred in the preceding voting
process.
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Who are the Company's
main shareholders? |
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As of July 31, 2005, the Company's main shareholders were:
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Julio Ponce / Yara International ASA |
25% of total shares
(46,0% of total shares by serie A) |
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Potash Corporation of Saskatchewan Inc. |
25% of total shares
(44,1% of total shares by serie A) |
Additionally, Chilean Pension Funds hold a 13.2% stake in the Company's total shares
and The Bank of New York (Depositary for the ADRs) holds an 12.95% stake in the
Company's total shares.
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How may an ADR holder
participate and vote in shareholders meetings? |
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Every time there is an ordinary or extraordinary Shareholders Meeting the Company,
through the Bank of New York (Depositary Bank), conducts a screening process to
determine who the ADR holders are. The Company then initiates the proxy process
by sending information regarding the issues that will be discussed during the Meeting
along with a proxy card, so that every shareholder may state his/her decision. The
proxy card must then be returned to the Bank of New York who, in turn and through
a Custodian Bank in Chile, votes at the Shareholders Meeting as instructed by each
ADR holder. |
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Is there any limit on
share concentration? |
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The Corporate By-Laws of the Company state that no shareholder will have the right
to vote for himself/herself or on behalf of other shareholders of the same Series
representing more than 37.5% of the said Series. Additionally, no person may, directly
or indirectly, concentrate more than 32% of the Company's total outstanding stock.
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Are minority shareholders
protected against a company takeover? |
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Chilean law N°18.045 establishes certain mechanisms to protect minority shareholders
during operations involving a change in control. Basically, the law requests the
new potential controller to purchase the shares owned by the remaining shareholders
either in total or at pro rata on those cases in which the controlling party would
receive a premium price for its stock.
There are three conditions that would activate these mechanisms:
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I) |
When an investor wants to take the control of a Company's stock
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II) |
When a controlling shareholder has reached two-thirds of the Company's stock, if
it buys one more share, it will be mandatory to make a tender offer to acquire the
rest of the outstanding stock within 30 days of surpassing the mentioned threshold.
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III) |
When an investor wants to take control of a corporation, which, in turn, controls
an open stock corporation that represents 75% or more of the consolidated assets
of the former corporation
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What is the percentage
needed to change the Corporate By-Laws of the Company? |
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The Corporate By-Laws can only be modified during an Extraordinary Shareholders
Meeting expressly convened to that purpose. The percentage needed to modify the
By-Laws ranges from -i- the majority of the shares represented at the Meeting, to
-ii- 75% of total issued shares, depending on the items being modified. |
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Has the Company made
new equity issuances lately? |
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The last equity issuances carried out by the Company have been in:
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1993: Local and 1st ADR offering |
83.007.413 series B shares |
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1995: Local and 2nd ADR offering
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37.369.559 series B shares |
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1998: Local and 3rd ADR offering |
22.442.580 series A shares |
With the above, the Company's total issued and outstanding stock amounts to:
Series A shares: 142.819.552
Series B shares: 120.376.972 |
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Do the Company's shareholders
have any preemptive rights to subscribe new equity issuances? |
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Yes. Chilean regulations establish a preemptive period during which existing shareholders
may choose to subscribe a new stock issuance on a pro rata basis up to the total
percentage then held by them. |
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If I am a Series B
shareholder, do I have preemptive rights to subscribe new equity issuances of Series
A shares? |
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Yes, and the same applies to Series A shareholders with respect to new equity issuances
of Series B shares. |
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What is the Dividend
Policy? |
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The Dividend Policy for the business year 2004 was approved at the Annual General
Shareholders Meeting held on April29, 2005. The shareholders approved a single dividend
equal to 65% of the net income, before amortization of goodwill for that year. Although
the dividend policy may be subject to revisions from time to time.
Chilean regulations establish that a company must distribute a cash dividend in
an amount equal to at least 30% of its consolidated net income for a year (determined
on a Chilean GAAP basis), unless it has a deficit in retained earnings.
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Is it necessary for
an ADR holder to pay dividend-related taxes in Chile? |
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Cash dividends paid by the Company with respect to its shares are subject to a 35%
Chilean withholding tax, which is withheld and paid by the Company. If the Company
has paid corporate income tax (First Category Tax) on the income from which the
dividend is paid, a credit for the First Category Tax effectively reduces the withholding
tax rate.
Upon request, the Company will provide to foreign holders appropriate documentation
evidencing the payment of Chilean withholding taxes.
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What is the dilution
threshold? Is this approved by the shareholders? |
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The Company does not compensate its senior management or board members via stock
option plans, existing thus no dilution effect. |
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What is the Company's
Financial Policy? |
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SQM maintains a conservative Financial Policy, consistent and aligned with its Business
Strategy and its Vision, focused in maintaining its investment grade status
The Company's main financial objectives are to maintain:
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I) |
a debt to total capitalization ratio below 35%.
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II) |
a current ratio in excess of 2.5 times.
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III) |
a continuing hedge covering the net difference between its assets and liabilities
in currencies other than US dollars
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IV) |
the current dividend policy of distributing 50% of net income before amortization
of goodwill.
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How can I contact the
Investor Relations team? |
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By sending us an e-mail. Please Clik Here |
Board & Management
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How many Directors conform
SQM's Board, who are they and who appointed them? |
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SQM's Board of Directors is conformed by 8 members: seven elected by the Series
A shareholders and 1 elected by the Series B shareholders. They are:
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Name
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Position
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Julio Ponce L. (1) |
Chairman |
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Wayne R. Brownlee (2) |
Vice Chairman |
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Hernán Büchi B. |
Director |
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José María Eyzaguirre B. |
Director |
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Daniel Yarur E. |
Director |
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José Antonio Silva B. |
Director |
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Kendrick T. Wallace (3) |
Director |
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Wolf von Appen |
Director |
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(1) Mr. Julio Ponce and Yara International ASA, a Norwegian corporation,as
of July 31, 2005,own 25% of SQM total shares (46% of Series A shares).
(2) Mr. Wayne Brownlee is the Senior Vice President, Treasurer
and Chief Financial Officer of Potash Corporation of Saskatchewan, Inc., a Canadian
corporation, which, as of July 31, 2005, owns 25% of SQM total shares (44.1% of
Series A shares).
(3) Mr. Kendrick Wallace is Senior Vice President and General Counsel
of Yara International ASA, a Norwegian corporation, which through an agreement with
Mr. Julio Ponce, indirectly own 25% of SQM total shares (46% of Series A shares).
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The Chairman is elected by the absolute majority of the Board and in case of a tie,
the election is carried out again with the absence of the Series B director
The current Board was elected during the Annual General Shareholders Meeting held
on April 29, 2005, and the Chairman and Vice Chairman were both elected unanimously
at the Board Session held on May 24, 2005.
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May I vote at Directors
elections? |
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Yes. Directors are elected at Annual General Shareholders Meetings and the Company
sends the relevant information along with the proxy card so that every shareholder
may participate in the election. |
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How long do Directors
last in their posts? |
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All of the members of the Board of Directors are elected at Annual General Shareholders
Meetings for a period of 3 years. If one or more vacancies occur within this period,
the Board appoints the necessary replacements, and the full Board has to be elected
at the following Annual General Shareholders Meeting. |
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What are the main responsibilities
of the Board of Directors and of the Chairman of the Board? |
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The Board of Directors has full responsibility for the administration of the Company.
Accordingly, the main duties of the Board are, among others:
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I) |
development of the Company's vision, objectives and strategy
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II) |
hiring and continuous evaluation of the Chief Executive Officer and the Senior Management
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III) |
approval of any investment in excess of US$1 million
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IV) |
approval of the annual budget
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V) |
approval of the financial policy
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VI) |
analysis and approval of different issues required by Chilean regulations
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The main duties of the Chairman of the Board include:
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I) |
to chair board meetings
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II) |
to chair shareholders meetings
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III) |
to have a casting vote to be used in the event of a tie
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Does the Company have
a code of business conduct for Directors, Officers and Employees? |
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Yes, and the most important topics contemplated in SQM's Code of Business Conduct
are:
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I) |
maintain the confidentiality of information provided by the Company or its customers;
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II) |
deal fairly with the Company's customers, suppliers, competitors and employees;
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III) |
protection and proper use of Company assets
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IV) |
encouraging the reporting of any illegal or unethical behavior;
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V) |
employees, officers and directors are prohibited for taking for themselves personally
opportunities that are discovered through the use of corporate property, information
or position
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VI) |
prohibiting conflicts of interest between an individual's private interests and
the interests of Company as a whole, and providing the means to communicate potential
conflicts to the Company
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VII) |
compliance with laws, rules and regulations.
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How is the directors
compensation determined? |
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Every year the Annual General Shareholders Meeting approves the compensation paid
to the Board of Directors |
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What are the current
directors' backgrounds? |
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Name
|
Position
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Current position held since
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Julio Ponce L.
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Chairman of the Board and Director
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Septiember 1987
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Mr. Ponce is a Forestry Engineer from the Universidad de Chile.He joined the Company
in 1981.He is also Chairman of the Board of the following corporations: Sociedad
de Inversiones Pampa Calichera S.A., Sociedad de Inversiones Oro Blanco S.A., Norte
Grande S.A. and Soquimich Comercial S.A.He is the brother of Luis Eugenio Ponce.
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Wayne R. Brownlee
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Vice Chairman of the Board and Director
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May 2002
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Mr. Brownlee is Senior Vice-President, Treasurer and Chief Financial Officer of
Potash Corporation of Saskatchewan, Inc.Mr. Brownlee earned degrees in Science and
Business Administration from the University of Saskatchewan.He is in the Board of
Great Western Brewing Company as well as PhilomBios, an agricultural biotechnology
company.He became director ofSQM on December 2001.
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Hernán Büchi B.
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Director
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April 1993
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Mr. Büchi is a Civil Engineer from the Universidad de Chile.He served as Vice
Chairman of SQM's Board from January 2000 to April 2002.He is currently a Board
member in Quiñenco S.A.,FICAP S.A., P y S S.A., Alto Palermo S.A. and S.A.C.I.
Falabella, among others.
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José María Eyzaguirre B.
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Director
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December 2001
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Mr. Eyzaguirre is a lawyer, partner of the chilean law firm Claro y Cia. He
obtained his law degree from the Universidad de Chile and was admitted to the Chilean
Bar in 1985. In 1987, he obtained a Master's Degree from New York University
School of Law.He was admitted to the New York Bar in 1988.He is also a member of
the board of directors of Gasoducto del Pacífico S.A., a transandean gas
pipeline, and Chairman of the Board of directors of Club de Golf Valle Escondido.
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Daniel Yarur E.
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Director
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April 2003
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Mr. Yarur is an Information Engineer from the Universidad de Chile and holds an
MSc in Finance at the London School of Economics and an AMP at Harvard Business
School.He is a member of the Board of Banco de Crédito e Inversiones, Antofagasta
P.L.C. (based in London), Antofagasta Minerals and Invertec Pesquera Mar de Chiloé
S.A.Mr. Yarur was Chairman of the Chilean Securities and Exchange Commission from
1994 to 2000 and of the Council Organization of the Securities Regulators of America.He
is also a Professor ofthe Faculty of Economic and Administrative Sciences, Universidad
de Chile.
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Wolf von Appen
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Director
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May 2005
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Entrepreneur, Mr. von Appen is Chairman of Ultramar Agencia Maritima Ltda.He is
currently a Board member of Sociedad de Fomento Fabril and Vice President of Centro
de Estudios Públicos.
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José Antonio Silva B.
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Director
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December 2001
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Mr. Silva is a lawyer from the Pontificia Universidad Católica de Chile and
holds a Master's Degree from Harvard Law School.
Currently, he is Senior Partner of the chilean law firm Silva, Rencoret, Schultz
& Lehuedé Abogados.
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Kendrick T. Wallace
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Director
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December 2001
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Mr. Wallace is a lawyer who graduated from Harvard Law School.He is now Senior Vice
President and General Counsellor of Yara International ASA in Oslo, Norway.Prior
to the spin-off of Yara International ASA from Norsk Hydro ASA, he was the chief
legal counsellor for Norsk Hydro ASA for North and South America in Tampa, Florida.Before
that, he was a partner in the law firm of Bryan Cave LLP in Kansas City, Missouri.
Mr. Wallace is a member of the Board of Directors of Adubos Trevo S.A. in Brasil
and of a number of subsidiaries of Yara International ASA in North and South America.He
is also on the Board of Directors of Norte Grande S.A., Sociedad de Inversiones
Oro Blanco S.A. and Sociedad de Inversiones Pampa Calichera S.A
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How often does the Board
of Directors meet? |
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There are regularly scheduled meetings of the Board of Directors once a month; additionally,
extraordinary meetings may be called as needed |
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What are the main functions
of the Directors Committee and who are its members? |
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The Company's Directors Committee is composed of 3 directors of which, in accordance
with Chilean regulations, the majority have to be independent from the controller
of the Company, if any. Messrs. Avi Milstein, José Antonio Silva and Wayne
R. Brownlee compose this Committee and its main functions are:
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I) |
analyzing and issuing its opinion regarding the external auditor's report and financial
statements prior to the final presentation for approval at the Annual General Shareholders
Meeting.
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II) |
proposing to the Board of Directors the external auditors and the rating agencies
that will be presented to the Annual General Shareholders Meeting
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III) |
examining and elaborating a report concerning the operations with related parties
(including Board members and senior management).
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IV) |
analyzing the remuneration and compensation plans of the senior management.
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May I contact the members
of the Board? |
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Yes. You may direct your inquiries to directors@sqm.cl. |
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How is the Company
organized and who are its main executives? |
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On March 2001 the Company restructured its organization, reducing layers in the
hierarchy and increasing the responsibilities of supervisors. This resulted in a
leaner, more flexible organization able to adapt to the continuous changes necessary
to maintain the efficiency that globalization demands. Currently SQM's Senior Management
is composed as follows
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Name
|
Position
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Current position held since
|
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Patricio Contesse G.
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President & Chief Executive Officer
|
March 1990
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Mr. Contesse is a Forestry Engineer from the Universidad de Chile.He joined the
Company in 1981 as CEO, a position he held until 1982, and again in 1988. In the
past, he was CEO of Celco Limitada, Schwager S.A. and Compañía de
Aceros del Pacífico S.A. He has also served as Operations Senior Executive
Vice President of Codelco Chile, President of Codelco USA and Executive President
of Codelco Chile.Mr. Contesse is also a member of the Board of Soquimich Comercial.
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Patricio de Solminihac T.
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Executive Vice President and Chief Operating Officer
|
January 2000
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Mr. De Solminihac is a Chemical Industrial Civil Engineer from the Pontificia Universidad
Católica de Chile and holds a MBA from the University of Chicago. He joined
the Company in 1988 as Development Manager.In 1989, he became General Manager and
later on he became Vice Chairman of the Board of SQM, a position he held from 1989
through January 2000.Mr. De Solminihac was Country Manager for Raychem Corporation.Currently
he is a member of the Board of Empresas Melón S.A. and CEM S.A..Mr. De Solminihac
is also a member of the Board of Soquimich Comercial
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Matías Astaburuaga S.
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General Counsel and Senior VicePresident
|
February 1989
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Mr. Astaburuaga is a lawyer from the Pontificia Universidad Católica de Chile.He
joined the Company in 1989.Before that, he was Regional Counsellor of The Coca Cola
Export Corporation, Andean Region and American Life Insurance Company, Latin American
Region.
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Ricardo Ramos R.
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Chief Financial Officer and Business Development Senior Vice President
|
November 1994
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Mr. Ramos is an Industrial Engineer from the Pontificia Universidad Católica
de Chile.He joined SQM in 1989 as an advisor in the Finance area.In 1991, he moved
to the Sales Department, where he was in charge of the coordination between operations
and sales.In 1993, he returned to the Finance Department and became deputy CFO.Mr.
Ramos is also a member of the Board of Soquimich Comercial.
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Jaime San Martín L.
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Mine Affairs Senior Vice President and Internal Audit
|
June 2005
|
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Mr. San Martín is a Transportation Engineer from the Pontificia Universidad
Católica de Chile. He joined the Company in 1995 as Project Engieneer. He
became Metallic Mining Development Manager in 1997, and Development Vice President
in 1998 and Business Development and Mining Property Vice President in 1999. Then,
he was appointed as Technical Senior Vice President in 2001 and Mine affairs
Senior Vice President and Internal Audit in 2005.
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Eugenio Ponce L.
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Senior Commercial Vice President
|
March 1999
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Mr. Ponce is a Mechanical Engineer from the Universidad Católica de Valparaíso.In
1981, he joined the Company as a Sales Manager.He became Commercial Manager in 1982,
Commercial and Operations Manager in 1988 and Chief Executive Officer of SQM Nitratos
S.A. in 1991. Since 2000 he has been Senior Commercial Vice President of SQM.In
the past, he was a member of the Board of IANSA.Mr. Ponce is also a member of the
Board of Soquimich Comercial.
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Carlos Nakousi S.
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Salar-Lithium Operations and Technology Senior Vice President
|
June 2005
|
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Mr. Nakousi is an Industrial Engineer from the Pontificia Universidad Católica
de Chile. He joined the Company in 1989 as Head of Process Development. He became
Deputy Development Manager in 1993 and Development Manager of SQM Salar in 1995.
|
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Camila Merino C.
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Human Resources and Administrative Senior Vice President
|
March 2001
|
|
|
Mrs. Merino is an Industrial Engineer from the Pontificia Universidad Católica
de Chile and holds a Master in Business Administration degree from the Sloan School
of Management at MIT.She joined the Company in 1991, and after a two-year period
at MIT, she re-joined the Company in 1998 as Nitrates Operations Manager.In the
same year she became Finance and Administration Manager of SQM Nitratos S.A. and
later on, in 1999, Corporate Services Manager.
|
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Mauricio Cabello
|
Nitrates-Iodine Operations Senior Vice President
|
June 2005
|
|
|
Mr. Cabello is a Mechanical Engineer from the Universidad de Santiago de Chile.
He joined the Company in 2000 as Maintenance Superintendent of SQM Salar. He became
Maintenance Manager of SQM Nitratos-Yodo in 2002 andProduction Manager of SQM Nitratos-Yodo
in 2004. He previously worked in various engineering-related positions in Pesquera
San José S.A., Pesquera Coloso S.A. and Cintac S.A.
|
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Pauline de Vidts S.
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Safety, Health & Environment Senior Vice President
|
June 2005
|
|
|
Mrs. De Vidts is an Industrial Engineer from the Pontificia Universidad Católica
de Chile and holds a Ph.D. in Chemical Engineering from Texas A&M University.
She joined the company in 1996 to work in process development for the Salar de Atacama
Operations, becoming Development Manager for this operations in 1998, and later
on, in 2001, she became Corporate R&D and Environmental Issues Vice President
.
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Is the position of
the CEO/Chairman held by the same person? |
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Chilean regulations explicitly declare that the CEO cannot be the same person acting
as Chairman or Director of the Company. |
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May I be included in
SQM's mailing list? |
|
Yes. You only need to fill up the form at SQM's web page or clicking
here |
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When are quarterly
reports released? |
|
Chilean regulations establish a deadline of 40 days for the filing of the first
and third quarter report, 50 days for the semi-annual report and 75 days for the
annual report. Within this timeframe, the Company tries to deliver the reports as
soon as it is possible. Effective March 31, 2005, The Company will be subject to
new deadlines: 30 days for the filing of the first and third quarter reports, 45
days for the semiannual report and 60 days for the annual report. The estimated
date for the filing of these reports and of any other relevant information is published
under financial calendar at www.sqm.com. |
|
Who are the external
auditors and what are the accounting principles used by the Company? |
The Company's external auditors for the business year of 2003 are Ernst & Young.
Auditors are appointed each year by the shareholders at Annual General Shareholders
Meetings.
SQM carries its books in US Dollars and complies with Chilean GAAP.
A US GAAP reconciliation is provided on an annual basis. |
About SQM
|
|
What is the Company's
Vision?What is the Company's Vision? |
|
We see SQM as the undisputed world leader in its three main businesses, Specialty
Fertilizers, Iodine and Lithium.
In 2010, we envision SQM as:
I) the world leader and fully integrated
in its main business areas: specialty fertilizers, iodine and lithium;
II) the lowest cost producer in all of
its products;
III) having the best natural resources
that provide an unmatchable competitive advantage;
IV) having the greatest installed capacity
and a swift ability to react to changes in market conditions;
V) a flexible company open to changes;
VI) being driven by a set of values that
reflect the SQM corporate culture:
a. Ethics
b. Fair treatment (shareholders, people within the company,
customers)
c. Accountability
d. Community and environmental awareness
|
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What is the Company's
Strategy? |
|
The Board of Directors has defined a Corporate Strategy based on and to pursue the
Vision of the Company. The main aspects are:
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- |
The company will focus on specialty fertilizers, iodine and lithium, the three business
areas in which the Company has long term and sustainable competitive advantages
to be the world leader
|
|
- |
The Company will continuously monitor the world markets to evaluate acquisitions
and joint ventures in each of its core businesses
|
|
- |
The Company will maintain a conservative and sound financial position
|
|
- |
The Company will maintain its focus on cost reductions
|
|
- |
The Company will devote important efforts to the development of new markets, products
and applications.
|
|
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What is the Company's
current Communications Policy? |
The Company endeavors to disclose, as soon as practically possible, any information
that could have an effect in SQM's businesses by sending its press releases to a
wide array of recipients, including but not limited to, regulatory agencies, stock
exchanges, traditional and electronic media and SQM's own mailing list of investors
and general public. Most recent releases are always available at
www.sqm.com under Press Releases. If you would like to be personally notified
of any new release please let us know by filling the form at our web page.
web page
|
|
Why was the name Soquimich
changed to SQM?
|
|
SQM, as world leader in its main business lines, needed to standardize not only
its processes and quality, but also its name. It also considered the fact that the
final "ch" in Soquimich is not used in every other language and was very difficult
to pronounce for many foreigners. Therefore, as a way to standardize its name and
simplify its pronunciation, it was decided to shorten it to its main acronym, which
has been historically represented in the company's logos: since then, it is known
all around the world as SQM, The Worldwide Business Formula
|
|
What does The Element
Q mean? |
|
The Element Q is SQM's unique warranty seal which looks for the development of our
clients, partners, shareholders and community.
The Element Q summarises all the expected benefits from SQM: Qloseness, Quality,
Qonfidence, Qompromoise, Qnowledge, Qreativity, Qare
|
|
Where is SQM's head
office located? |
SQM has its head office located in Chile and commercial offices in different countries
of the world.
For more information and addresses, please see the page SQM in
the world |
|
Which are the more than
20 countries where SQMhas commercial offices?
|
|
To obtain more information and know the addresses of our commercial offices, please
go to SQM in the world |
|
Is it possible to visit
SQM's facilities?
|
|
Until today, public visits have been restricted. Customers and educational establishments
from the second region have visited our productive facilities through special programs.
But now the company is developing a project that will allow it to receive private
visits in certain dates during the year. If you are interested, please contact us
through the e-mail comunicaciones@sqm.com
and we will keep you informed on the possibility to materialize your request.
|
|
What is the Company's
Environmental Policy? |
|
SQM is committed to protect the life and the environment related to its operations,
complying with the environmental law and regulations and continuously promoting
improvements in its environmental performance. The Company trains its personnel
as responsible agents on the compliance of this policy.
In line with this policy, the Company:
|
|
I) |
Has currently 22 projects approved by the Environmental Impact Assessment System.
|
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II) |
Completed the first overall internal audit to verify compliance of environmental
regulations.
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III) |
Performs research on environmental issues pertinent to its operations.
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IV) |
Started to implement progressively, during year 2003, an Environmental Management
System to support the principles of the Company, and thus to organize the administration
of all environmental related issues trough the establishment of objectives, work
schedules and use of performance indicators.
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