Resources and transactions that do not show on the balance sheet. It involves financing other than by equity or debt. It occurs in a variety of circumstances notably: (a) where a financial institution provides an operating lease that makes a fixed asset available to the firm in return for regular rental payments. The use of the asset is acquired but no capital expenditure has taken place and so does not appear on the balance sheet; (b) where a company securitises available assets and markets them to investors through a special purpose vehicle in the form of bonds secured on the underlying assets. It transfers the assets to the SPV but retains use of them as income generators. They come off the balance sheet’ to improve the return on investment and other financial ratios. See SECURITISATION.

the price at which an insurer allocates to a policyholder the units associated with a unit-linked policy.

Companies Act 1985, s.744, gives a limited definition: ‘officer, in relation to a body corporate, includes a director, manager or secretary’. Not everyone with the title ‘manager’ is sufficiently senior to be an ‘officer’ who must have a level of authority over the affairs of the whole company in a given area of activity. The term officer includes the company secretary and auditor. See DIRECTORS’ AND OFFICERS’ LIABILITY.

The state pension offset. A member’s pensionable earnings or a member’s pension are reduced to take account of the amount of state pension a member will receive.

Branch of marine insurance covering installations and activities connected with the offshore exploration and production of oil or gas by mobile and non-mobile installations. The risks run from the construction on land, the pipelines and pumping stations up to and including the operation period.