The total columns of this statement represent the Income Statement of the Company. Any references to page numbers or sections in the following text are references to pages and sections in that report. This is in contrast to 2016, when Asian currencies strengthened against Sterling as a result of the Brexit vote. Outlook Corporate earnings growth remains a strong support for markets and the regional earnings outlook appears healthy. The Board's diversity policy is set out in the full Annual Report. Any liability to deferred tax is provided at the average rate of tax expected to apply.
At the year end, the portfolio allocation to the four managers was: Matthews 40. Under company law, the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the net return or loss of the Company for that year. The Company has lead either to lower dividends being substantial revenue reserves which paid by the Company or to dividends can be utilised without requiring the being paid out of reserves. Exposures against companies and countries are reviewed against benchmark exposure to identify the highest risk exposures. The Directors, having regard to the currency of the Company's share capital and the predominant currency in which the Company operates, have determined the functional currency to be pounds sterling. The information on costs is collated in a single table below.
Interest rate exposure The exposure at 31 January 2018 of financial assets and financial liabilities to interest rate risk is shown by reference to floating interest rates - when the interest rate is due to be reset. The marketing programme, in combination with the buy-back policy, aims to reduce the Company's discount over time. This information is sourced from our partner Morningstar. The full report can be accessed via the Company's website at www. Further details on fee arrangements are set out in the full Annual Report.
The Content does not constitute any form of advice, recommendation or arrangement by Money Observer and is not intended to be relied upon by you in making or refraining from making any specific investment or other decisions. The Board of Directors consists of two female and three male non-executive Directors. Accordingly, there is a concentration of exposure to those countries, though it is recognised that an investment's country of domicile or of listing does not necessarily equate to its exposure to the economic conditions in that country. Information regarding the proportion of Witan Pacific's assets managed by each and of their performance during the year is set out above. Accordingly, they continue to adopt the going concern basis in preparing this Annual Report and Accounts.
In sector terms, the largest increases were in Technology +6% and Energy +3% , while decreases included Telecommunications -3% and Industrials -2%. This is subject to deferred tax assets only being recognised if it is considered more likely than not that there will be suitable profits from which the reversal of timing differences can be deducted. Actually most of the active managers are worse than the index. It currently has 16 offices worldwide and is headquartered in Rotterdam, the Netherlands. The Board reviews the investment strategies of the managers at least annually. Shares Outstanding Number of shares that are currently held by investors, including restricted shares owned by the company's officers and insiders as well as those held by the public.
Robeco Institutional Asset Management B. The benchmark total return over this relatively short period was 8. Chris is an experienced investment professional and brings many years of investment manager monitoring and selection, which is particularly useful given the Company's multi-manager structure. Dividend policy As indicated in the Chair's Statement, the Company aims to grow its dividend in real terms over the long term. With an active share of 72%, Witan Pacific's portfolio is markedly different from the benchmark and therefore has the potential to outperform the benchmark although naturally this cannot be guaranteed. Monitor and manage costs carefully, with a view to achieving an ongoing charges ratio in line with the Company's target of less than 1% per annum. Aberdeen was appointed in 2005 and manages 25.
Change in tax, regulation or requirements and is kept informed of laws could make the activities of the forthcoming regulatory changes. The geographical distribution of the portfolio and of the benchmark are set out above. Deferred taxation is provided on all timing differences that have originated but not been reversed by the year end date other than those differences regarded as permanent. The ongoing charges figure was 0. Indexes may be real-time or delayed; refer to time stamps on index quote pages for information on delay times.
This has helped propel corporate earnings growth, thereby underpinning equity valuations which could otherwise have appeared overextended. Dalton Investments is an independent investment boutique headed by James B. The Board achieves this through: -- the selection of suitable portfolio managers; -- the choice of investment benchmark; -- investment guidelines and limits; -- the appointment of providers for other services required by the Company; and -- the maintenance of an effective system of oversight, risk management and corporate governance. And in 2009, the real influence of the Financial Crisis had been shown, the negative mood full of the market, that made the economic more serious. We believe the data to be correct however you should take care in using any information. The portfolio managers are also prepared to use their votes in these areas as part of the proper management of the investments made on the Company's behalf and the Board periodically reviews their approaches with them. The Board meets regularly and at each meeting reviews investment performance.