Dividends on depositary receipts
Payment to the holder of a depositary receipt: the money passes through the depositary bank and is converted at its rate.
How to read the number
The amount credited differs from the payment on a local share by the depositary's fee, the conversion rate and the tax withheld in both jurisdictions.
When the metric lies
Crediting takes longer on receipts, and a break anywhere in the custody chain delays the money or loses it entirely — with the issuer's own decision perfectly intact.
Also known as: dividends on receipts