On the corporate side, weighted average cost of capital changes and so do net present value forecasts. Marginal projects may be delayed or cancelled, leading to reduced capital expenditures. I don’t expect, though, that the latter impact will be substantial in our sector.
2. Transparency is a very high priority at BorsodChem, a Hungarian blue chip that recently increased its free float from 8% to 77%. Our stakeholders, outsiders and insiders, find our disclosure and control systems function well and currently at an acceptable cost. I hope that the relevant forthcoming EU directives are not going to sacrifice such systems and force corporations to introduce prohibitively expensive and rigid documentation processes.
3. Due to the social security regime in Hungary, our company does not have any pension schemes, therefore I have not intensively studied this issue.