Terms of Use

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These Terms of Use were last updated on October 5th, 2011.

By accessing and using gsgovernance.com (the Site), you agree to be legally bound by these Terms of Use. The terms "you" and "User" refer to anyone who accesses the Site.
As you browse through the Site you may access other web sites that are subject to different terms of use;  you may be legally bound by the specific terms of use posted on such sites. If there is a conflict between these Terms of Use and those other terms of use, the other terms of use will govern with respect to use of such pages.

GLOBAL STRATEGY AND GOVERNANCE (GSG) may change these Terms of Use at any time without notice. Changes will be posted at www. gsgovernance.com under "Terms of Use". Your use of the Site after any changes have been posted will constitute your agreement to the modified Terms of Use and all of the changes. Therefore, you should read these Terms of Use for changes.

1. Use of the Site
GSG grants you a non-exclusive, non-transferable, limited license to access and use the Site for the fees, if applicable, and under the terms set forth below.

The content of the Site made accessible by GSG on the Site includes, but is not limited to, the GSG s governance ratings and other opinions, text, data, reports, images, photos, graphics, graphs, charts, animations and video (collectively, the "Content").
The Content may be used only for non-commercial use. The Content includes:  annual reviews, governance ratings, and other published materials.

Governance Ratings made available on the website
Except as expressly permitted under these Terms of Use, you agree not to copy, reproduce, modify, create derivative works from, or store any GSG Governance Ratings, in whole or in part, from the Site or to display, perform, publish, distribute, transmit, broadcast or circulate any of these Ratings to anyone, or for any commercial purpose, without the express prior written consent of GSG.
You may, on an ad hoc basis, use individual Ratings in the ordinary course of disclosure activities and the drafting of transaction documents internally within your organization or publish, on a non-commercial basis, selected individual Ratings. Notwithstanding a) Ratings may not be compiled into a database; b) Ratings may not be systematically distributed or shared.

Narrative Content made available on gsgovernance.com
You may also, on an occasional, ad hoc basis, reproduce, distribute, display or transmit an insubstantial portion of other narrative Content ("Narrative Content"), for a non-commercial purpose and without charge, to a limited number of individuals, provided you include all copyright and other proprietary rights notices and the GSG disclaimer with such portion of the Narrative Content in the same form in which the notices and disclaimer appear on the Site, the original source attribution, and the phrase "Used with permission from gsgovernance.com, a Web Site of GLOBAL STRATEGY & GOVERNANCE". However, you may not post Narrative Content from the Web Site to forums, newsgroups, list serves, mailing lists, electronic bulletin boards, or other Web Sites, without the prior written consent of GSG. To request consent for uses such as linking to GSG Narrative Content or posting Narrative Content on your Web site, please contact GSG at “info@gsgovernance.com”.

User Content made available on gsgovernance.com
Material that appears on the Site that is entered by you or other Users, or that is otherwise made accessible by other than GSG, is referred to as "User Content" or "Other Content"). Use of Other Content is governed by Section 7 below.
Intellectual Property Rights and Unlawful Use

The Content is the property of GSG or its providers, and is protected by copyright and other intellectual property laws. All trade names, trademarks, service marks and other product and service names and logos on the Site and within the Content are proprietary to their respective owners and are protected by applicable trademark and copyright laws. Any of the trademarks, service marks or logos (collectively, the "Marks") displayed on the Site may be registered or unregistered marks of GSG or others. Nothing contained on this Site should be construed as granting any license or right to use any of the Marks displayed on the Site without the express written permission of GSG or a third party owner of such Marks. You shall honor all reasonable requests by GSG to protect GSG interests in the GSG Web Site and the Content.

Illegal and unauthorized uses of the Marks or any other Content are strictly prohibited.

NOTE: Use of Content on this Web Site may be periodically monitored to assure compliance with these Terms of Use. GSG reserves the right to discontinue access to this Web Site either with or without notice if GSG has a reasonable basis to believe that a User is accessing or using Content in violation of these Terms of Use.

2. Anti-Hacking Provision

You expressly agree not to:

  • use or attempt to use any "deep-link," "scraper," "robot," "bot," "spider," "data-mining," "computer code" or any other automated device, program, tool, algorithm, process, or methodology or manual process having similar processes or functionality, to access, acquire, copy, or monitor any portion of the Site, any data or Content found on or accessed through the Site or any Other Content without the prior express written consent of GSG;
  • obtain or attempt to obtain through any means any materials or information on the Site that have not been intentionally made publicly available either by their public display on the Site or through their accessibility by a visible link on the Web Site;
  • violate the restrictions in any robot inclusion headers on this Web Site or in any way bypass or circumvent any other measure employed to limit or prevent access to the Site or its Content;
  • violate the security of the Site or attempt to gain unauthorized access to the Site, data, materials, information, computer systems or networks connected to any GSG server, through hacking, password mining or any other means;
  • interfere or attempt to interfere with the proper working of the Site or any activities conducted on or through the Site, including accessing any data, content or other information prior to the time that it is intended to be available to the public on the Site;
  • take or attempt any action that, in the sole discretion of GSG, imposes or may impose an unreasonable or disproportionately large load or burden on the Site or GSG infrastructure.

3. Registration
As part of the registration process, you must select a member name and password and provide GSG with other accurate, complete, and updated information. If you are accessing this Web Site within the scope of your employment, you are required to register using your employer’s domain name. Failure to provide this information constitutes a breach of this Agreement, which may result in immediate termination of your access. Please see our Privacy Notice and the Registration and Logon screens for information regarding how this information will be used and maintained.

4. Limitation on Warranties and Liability
You are entirely liable for activities conducted by you or anyone else in connection with your browsing and use of the Site. If you are dissatisfied with the Site or with these Terms of Use, your sole and exclusive remedy is to stop using the Site. Neither GSG nor any third party provider will pay you any damages in connection with your browsing or use of the Site.

Neither GSG nor its third party providers guarantee the accuracy, completeness, timeliness or availability of any information provided through this Site. GSG or its third party providers and their directors, officers, shareholders, employees or agents are not responsible for any errors or omissions, regardless of the cause, or for the results obtained from the use of such information. GSG AND ITS THIRD PARTY PROVIDERS DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall GSG and its third party providers and their directors, officers, shareholders, employees or agents be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of such information even if advised of the possibility of such damages.

The governance ratings, articles, reports and other published materials of GSG as well as the observations and analyses contained within the published materials on this Site are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or make any investment decisions or take any other actions. GSG assumes no obligation to update any information following publication. Users of the information provided through this Site should not rely on any of it in making any investment decision or take any other actions. GSG's opinions and analyses do not address the suitability of any security or entity. GSG does not act as a fiduciary or an investment advisor. While GSG has obtained information from sources it believes to be reliable, GSG does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. GSG has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

Each user of this website acknowledges that a GSG ratings and analyses are statements of opinion. This opinion is based on established criteria and methodologies of GSG.

Therefore, ratings and analyses are the collective work products of GSG and no individual, or group of individuals, is solely responsible for ratings and analyses. A report providing a GSG rating and analysis is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason at the sole discretion of GSG.
GSG may receive compensation for its ratings and governance related analyses, normally from corporations themselves or from other obligors. GSG reserves the right to disseminate its opinions and analyses. GSG public governance ratings and of its analyses are made available on its Site, www.gsgovernance.com, and may be distributed through other means, including via GSG publications and third party redistributors.

5. Links to Other Web Sites from This Site
You may, through hypertext or other computer links, gain access to Web sites operated by persons other than GSG. Such hyperlinks are provided for your reference and convenience only, and are the exclusive responsibility of such Web sites' owners. You agree that GSG is not responsible for the content or operation of such Web sites, and that GSG shall have no liability to you or any other person or entity for the use of third party Web sites. Except as described below, a hyperlink from this Site to another Web site does not imply or mean that GSG endorses the content on that Web site or the operator or operations of that site. You are solely responsible for determining the extent to which you may use any content at any other Web sites to which you link from this Site.


6. Timeliness of Content
The Content displayed on the Site, including, but not limited to, reports and other opinions, is current as of the date appearing on the report and is subject to change without notice.  However, GSG does not guarantee or warrant the accuracy, timeliness, or completeness of any analyses you access using the Site, and assumes no obligation to update any information following publication.

7. The User's Content
The User grants to GSG the non-exclusive right to use all material entered into the Site by the User (other than third-party material transmitted through private electronic mail) in any of GSG's publications.

Users entering material into the Site are responsible for the content of that material. GSG has no responsibility for Other Content, including the content of any messages or information posted by Users or others, or for the content of information accessible via direct or indirect hyperlinks from the GSG Site. However, GSG retains the right, which it may or may not exercise in its sole discretion, to review, edit, or delete Other Content that GSG deems to be illegal, offensive, or otherwise inappropriate.

You may not input or distribute any material through the Site that is promotional in nature, including solicitations for funds or business, without the prior written authorization of GSG.
The User agrees to indemnify GSG and any third party data providers, from all damages, liabilities, costs, charges and expenses, including reasonable attorneys' fees, that GSG, employees, and authorized representatives may incur as a result of either the User's breach of this Agreement; or material entered into the Site with the use of the User's screen name or password.

8. Additional Legal Terms
Subject to applicable laws and regulations, GSG may discontinue or change the Site, or its availability to you, at any time. The terms of this Agreement will survive any such discontinuation.

This Agreement constitutes the entire agreement between the parties relating to the Site and supersedes any and all other agreements, oral or in writing, with respect to the Site. The failure of GSG to insist upon strict compliance with any term of this Agreement shall not be construed as a waiver with regard to any subsequent failure to comply with such term or provision. This Agreement is personal to you, and you may not assign your rights or obligations to anyone. If any provision in this Agreement is invalid or unenforceable under applicable law, the remaining provisions will continue in full force and effect. This Agreement, your rights and obligations, and all actions contemplated by this Agreement shall be governed by the laws of the Swiss Confederation. The parties agree that the courts of Swiss Confederation shall be the exclusive forum for any dispute arising out of this Agreement and the parties hereby consent to the personal jurisdiction of such courts.