For example, an investment advisor's composite portfolio of its equity accounts is generally understood to include all of the investment advisor's accounts falling within the equity category.
Operating income is defined as earnings before corporate expenses, net finance cost, goodwill impairment loss, earnings in equity accounted investments, restructuring and other items, and taxes.
Corporate and marketing costs are estimated to be between $75m and $90m and expensed exploration and study costs including equity accounted investments at $130m to $150m.
The argument that a reasonable director could have formed the view that equity accounting for the guarantees meant that they did not have to be disclosed was also dismissed.
