International Corporate Governance Network to draft global code

first_imgA number of countries have developed codes governing the approach of investors toward engagement – including the code for external governance drafted by the European Fund and Asset Management Association and a guide to voting drafted by Switzerland’s Ethos FoundationHowever, only Japan and the UK have seen their codes drafted by regulators, with the Stewardship Code published by the Financial Reporting Council in 2010.In the wake of its release, the European Federation for Retirement Provision – now PensionsEurope – suggested the creation of a Europe-wide code.The Japanese equivalent, backed by the Financial Services Agency, formed part of prime minister Shinzō Abe’s reform programme, and came as part of a push to place a heavier emphasis on return on equity by Japanese listed companies.Read more about the Japanese approach to stewardship The International Corporate Governance Network (ICGN) is drafting a global stewardship code building on similar initiatives in Japan and the UK.Outlining its policy goals for 2015-16, the body representing $26trn (€23.5trn) in assets said it would focus on the promotion of long-term investment while ensuring minority shareholder rights were preserved.It also said it would look at how to make stewardship “a reality to support sustainable financial markets”.George Dallas, the organisation’s policy director, said: “The Priorities help place into context key policy initiatives we are working on, including the development of a global stewardship code and our work in challenging differential ownership rights in markets around the world.”last_img read more

London CIV to hold over one-third of assets outside pooling structure

first_imgMore than half of the £3.8bn in assets is invested in property, with £600m each in private equity and hedge funds.The CIV said a further £200m was invested in infrastructure, and £300m in unspecified other illiquid assets.However, the CIV added that a further £7.5bn invested in life policies – equivalent to nearly 26% of assets – would also now remain outside of the CIV, after the government decided to grant an exemption from the requirement to pool the asset class.“Whilst recognising that a proportion of these can continue to be held at a local level as life policies,” the CIV’s consultation response to the Department for Communities and Local Government (DCLG) said, “the CIV at a pool level will provide the management and reporting for these assets.”The consultation was submitted to DCLG in mid-July, bringing to an end months of planning by English and Welsh LGPS to set up eight asset pools as large as £35bn.The CIV’s consultation also touched on projected staffing levels, saying it was budgeting for 12 full-time equivalent staff members.“However, it is recognised that, as assets under management grow and the complexity of those assets increases, there will be additional resourcing requirements that could see staffing at least double over the next few years,” it said.It noted that, based on research by CEM Benchmarking, once it began overseeing all assets held by the 33 LGPS, it would be in line with the pensions industry to hire 10 investment staff and a further 18 staff in support and governance roles. The London CIV, the pooling vehicle for the UK capital’s 33 local government pension schemes (LGPS), expects expects that more than one-third of its assets will be held outside the pool as it pushes ahead with its collaboration.Outlining how the collective investment vehicle would manage assets for its member LGPS, the pool noted it had already begun setting up a number of dedicated sub-funds for its members, a move that has already seen more than £6bn (€8.5bn) transferred away from existing mandates.However, it noted that a significant amount of member assets – largely illiquid investments – would remain outside the pool, at least until it was able to establish fund structures able to hold them.It said that, until an Authorised Contractual Scheme – a UK tax-transparent fund structure – was established, illiquid assets amounting to 12.6% of overall AUM, or £3.8bn, would remain outside the pool “in the short to medium term”.last_img read more

How to buy a houseboat and pay it off in 10 weeks

first_imgWake up here … Top tips to maximise small space Home and business opportunity all in one?NOT only this a chance for a change of scenery — while getting a foot on the property ladder — it’s also a chance to make some serious coin.Who hasn’t ever stopped and dreamt for a moment of living on a houseboat, away from the hustle and bustle of city life? MORE NEWS Very Brady plan for The brady Bunch house Well, if you’ve got a spare $55k then you can do just that. And the bonus is that if you play your cards right you could have that money back in your wallet in less than 10 weeks.A Gumtree listing posted by gummie user Mark — titled Houseboat in the best fishing/crabbing river — presents just such an opportunity in the Norman River in the small Queensland town of Karumba. A business in the making.The boat is “already in the river with freezer, bed, fridge, shower, toilet” and Mark says it’s a perfect choice to “enjoy the most beautiful sunsets”.It’s “tranquillity and peace away from the hassle of the busy cities and rivers” we’re told.But all that aside, it’s also presented as an opportunity to make some cash — and perhaps pay off the boat.“With the possibility of setting your own very lucrative crabbing or fishing business with the flexibility and independence you long for,” Mark writes. “We averaged about 6000 dollas (sic) a week in six months when we were doing it.“No trick here just a good bargain.”Mark says he is selling because he needs to “go back to living in town”. The ‘worst thing about Australia’ Where is Karumba?More from newsParks and wildlife the new lust-haves post coronavirus15 hours agoNoosa’s best beachfront penthouse is about to hit the market15 hours agoAs a point of reference — for those who haven’t heard of Karumba — it’s in the Gulf Country region of Queensland — about 10 hours to drive from either Cairns or Townsville.Prices for land in Karumba start at about $70k and go up to about $550k for a standard family house.So $55k for a place to sleep and a boat — all in one — is definitely a bargain.“Give yourself the luxury of living on a boat in the best fishing and crabbing river with practically no competition,” Mark writes in the ad. Location, location. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:38Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:38 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenTop 6 streets in Australia00:39last_img read more

Royal Navy Divers Destroy WWII Bomb Found near North Sea Gas Pipeline

first_imgA Royal Navy minehunter HMS Cattistock and a team of divers have destroyed a 500lb wartime bomb which was dredged up and dropped next to a major North Sea gas pipeline.The bomb was found 50 miles off the coast of Norfolk after a Dutch trawlerman pulled the air-dropped WWII device onto the deck of his vessel caught in fishing nets.The trawlerman lowered the device back down to the seabed before reporting his discovery to authorities but the bomb landed dangerously close to a major North Sea gas pipe, Royal Navy informed.On arrival, the Royal Navy divers lifted the device from the seabed, towed it for one mile, and then detonated it with an explosive charge.Petty Officer (Diver) Lee Sullivan, from the Royal Navy’s Portsmouth-based Southern Diving Unit 2, said: “The proximity of the bomb to the gas pipeline clearly presented a significant risk but we were able to deal with the situation quickly.“We safely removed the bomb from the pipeline area, and then carried out a controlled demolition. Fortunately the bomb turned out to be inert, meaning it wouldn’t have posed a danger but there was no way of knowing this until we destroyed it.”HMS Cattistock located the bomb using the ship’s remotely operated vehicle. The embarked bomb disposal divers went down to assess the device and confirmed it was an air-dropped 500lb bomb, likely to have been dropped by Germans in the WWII.It was lying 60 meters from the pipeline.Constrained by the tide, the bomb disposal team attached a lifting device to the bomb to safely remove it from the seabed and tow it a safe area one mile away from the pipe.After lowering the device and removing the lifting cradle, a final dive was conducted to place an explosive charge on the bomb. After detonating the charge and destroying the bomb, it was found to be chemically inactive.last_img read more

‘Drugged out’ students likely if cannabis legalised – principal

first_imgRotorua Daily Post 26 October 2017Family First Comment: “…The prospect of teenagers knowing that cannabis may be lawful had sent “a collective shiver up the backbone of secondary school principals”. “Many of my colleagues are already fighting a rear-guard action to keep drugs out of school, particularly in communities where it is endemic. The simple fact is, like alcohol, whatever safeguards the government attempts to put in place to prevent teenagers from using it, legalising cannabis use will be equated with legitimising it. Mr Walsh said experienced principals would know the outcomes in terms of “lost educational opportunities, truancy, violence, depression and driver risks”.www.saynopetodope.nzFears legalising cannabis will lead to “drugged out students” in classrooms has a prominent Rotorua principal calling for a rethink on the impending referendum.A public referendum on legalising cannabis for personal use will be held by the 2020 election as part of the agreement between the Green and Labour parties.The Green Party says criminalising cannabis hasn’t worked and a regulated market would enable more control over the drug.But John Paul College principal Patrick Walsh said the prospect of teenagers knowing that cannabis may be lawful had sent “a collective shiver up the backbone of secondary school principals”.“Many of my colleagues are already fighting a rear-guard action to keep drugs out of school, particularly in communities where it is endemic.“The simple fact is, like alcohol, whatever safeguards the government attempts to put in place to prevent teenagers from using it, legalising cannabis use will be equated with legitimising it.“On this basis, it is highly probable more of it will find its way into schools being consumed or sold on back fields, toilet blocks and in student cars.”Mr Walsh said experienced principals would know the outcomes in terms of “lost educational opportunities, truancy, violence, depression and driver risks”.“Deans, counsellors and deputy principals can anticipate an increased workload and good students will miss out on critical teaching time while staff attend to drugged-out students.”I know from my own experience working with teenagers that there is a strong link between cannabis, criminal offending, mental illness and poor academic achievement.“We were promised many years ago that when the drinking age was reduced to 18 that regulation and education programmes for teenagers would prevent abuse – It is common knowledge that in 2017 teenage drinking remains a serious problem.READ MORE: http://www.nzherald.co.nz/rotorua-daily-post/news/article.cfm?c_id=1503438&objectid=11936507last_img read more

Family outraged at not guilty verdict in trial of Portsmouth man

first_img Sharing is caring! Share Stebin ValentineThe relatives of a Portsmouth man who was fatally shot on 30th August, 2009 while sitting outside his house are outraged as the person who was on trial for causing his death has been found not guilty.On Tuesday, a nine member jury exonerated Stebin Valentine of manslaughter of Charlesworth Christopher junior.Valentine testified last week that he found a gun outside of a party in Buck, stuck it in his pocket and later told his friend Charlesworth about it.While showing it to Charlesworth he heard “vham” which sounded like thunder and saw his friend fall back. He was shocked and didn’t know what to do so he ran.He was later found in the heights of Tan Tan and arrested.Upon hearing the verdict, Valentine thanked the court, and expressed remorse for “losing his close friend”.Stebin ValentineHowever Charlesworth mother, Laurencia Laville, walked out of court angrily while Valentine was speaking.She told Dominica Vibes News outside the court, Valentine’s claims during his testimony last Friday that he was a friend of her son is inaccurate and she will be appealing the matter.“That is nonsense, my child leave Dominica every year after school from 1986 to 2001, Stebin was not Junior friend. Where that coming in? Everybody know from Glanvillia to Zicak to Lagoon. It not passing so, I appealing that case. Charlesworth Christopher senior, father of the deceased, also expressed anger at the verdict.“You seeing all them people there, wicked them people wicked, those jury and all, wicked them people there wicked. That is biasness; I’m telling you that thing is wrong, wrong”.However, Stebin Valentine said he spoke the truth and it has set him free.“Basically, I just glad the truth was said and I came there I said the truth and as the good bible says, say the truth and it will set you free. I feel like I have my life back and prison not for dogs but it is not the best place for a young man either”.Valentine left the court on a police vehicle while Charlesworth’s mother stood outside the court quarelling. Dominica Vibes News Share 77 Views   3 commentscenter_img Tweet Share LocalNews Family outraged at not guilty verdict in trial of Portsmouth man by: – July 10, 2012last_img read more

Choices

first_imgWhat type of basketball game do you like to watch? I am going to break it down into 4 categories. The first is watching your grandkids in grade school. The second is high school basketball. Number 3 is college basketball and number 4 is pro basketball.My list would be in the same order I just listed them. I would enjoy watching my grandkids first with my second choice being a high school game. I enjoy watching college games on TV but I simply refuse to watch pro basketball.What are your choices?last_img

Premier League clubs hope to see fans back for next campaign

first_img Loading… Atletico Madrid fans, holding up an Everton flag, were allowed to travel to Liverpool despite Madrid being one of the worst hit areas.  Read Also: Video: The moment Mourinho walks out of virtual press conferencePart of the reason for that is likely to be to allow test events to show if it’s safe to have fans back at sporting events, especially with Liverpool’s Champions League tie against Atletico Madrid and Cheltenham Festival suspected to be major factors around Covid-19 being spread.The Community Shield, women’s cricket matches and the Women’s Super League could all be used as test events for fans to attend. FacebookTwitterWhatsAppEmail分享 Fans could return in time for the beginning of the next season, with Premier League clubs ‘aiming’ to have up to 50% of their capacity in the grounds.The Premier League has been rather different without fans but some could return as early as September 12th, which would likely be the start of the new season.A report in the Times claims that clubs and government officials are already in talks over the return of fans, with between 30 and 50% of capacity being allowed in each ground, although all fans would have to wear masks.Grounds would open up to three hours before kick off to get everyone inside, amidst the idea that they would have to be temperature checked before entering. Empty stadiums make football a little depressing.  As well as all Premier League grounds being open for fans it’s likely to also means crowd returning to Football League grounds, as well as rugby union, rugby league and cricket.Clubs are hoping they’ll be allowed as much as 50%, rather than the lower end of the scale, and it could make a huge difference to clubs’ finances.One source told the paper, “It’s easy to get a decision if you are happy with a small crowd that incurs all the costs but attracts a small fraction of the revenue. It’s harder if you want to at least break even.”Other issues around the return will include which fans, especially when it comes to season ticket holders, will be get the chance to go to the games and whether it’ll be decided on a rota basis or by ballot.Whilst people from the same household would currently be able to sit with each other during matches it would mean fans who pass on tickets could not sit together, under the current social distancing regulations, and could see crowds looking like the socially distanced ones in Denmark.Whilst the Premier League is yet to confirm a date for its return, clubs discussed it during Thursday’s meeting and mid September is looking likeliest.last_img read more

Neymar risks seven-game ban, Gonzalez 10

first_imgRelatedPosts Neymar bags two-match ban Neymar, four others sent off as Marseille grab rare win at PSG Neymar ‘super happy’ to return to training with PSG Neymar could reportedly face a seven-match ban for punching Alvaro Gonzalez after he accused the Spaniard of racism.The Brazilian superstar was sent off for Paris Saint-Germain after VAR found that he had thrown a punch at Gonzalez, before the Brazilian insisted that the Marseille defender was racially abusive towards him. The governing body of professional football in France, the LFP, will now review the incident before handing out its suspension for the Brazilian, with the organization’s regulations stating that the Brazilian could be banned for as many as seven matches, according to French sports outlet RMC Sport.As cited by RMC Sport: “An aggressive action committed outside of a game set and without causing injury to the opponent can lead to the suspension of seven games.”However if the reason for the dismissal is an attempted assault, he could face a ban of up to six games.They are also investigating the claims made about Gonzalez, and if he is found guilty of racism he could face up to a 10-game ban.Marseille ran out 1-0 winners in a heated derby that saw five players sent off, while 12 others were given yellow cards after a mass brawl broke out during the game at the Parc des Princes. Neymar alleged that Gonzalez called him a “monkey motherf*****,” which infuriated the £208 million star and resulted in him throwing a punch at his rival.Television footage and a pitchside microphone appear to have caught Neymar pointing at the centre back in question and shouting: “Racism, no?”“VAR catching my ‘aggression’ is easy… now I want to see the image of the racist calling me a monkey motherf*****,” he tweeted after the game.Before uncovering what Gonzalez had allegedly called him on the field, Neymar also tweeted: “My only regret is not hitting that a****** in the face.”The Spaniard responded to the allegation on social media, labelling Neymar a “bad loser” before the Brazilian responded to Gonzalez’s denial of the allegation. “There is no place for racism… Sometimes you have to learn to lose and take it on the field. Incredible 3 points today. Allez l’OM. Thanks family,” Gonzalez tweeted alongside a picture of himself with his teammates.“You are not a man to assume your mistake, losing is part of the sport. Now insulting and bringing racism into our lives no, I don’t agree,” Neymar responded on Twitter.Tags: Alvaro GonzalezNeymarParis Saint-GermainRMC Sportlast_img read more

Stripper accused in deaths of three young soccer players

first_imgOfficials in Miami are reporting that they have charged a stripper with the deaths of three young soccer players who were run over by a speeding car.The incident occurred Saturday around 5:00 am along Northeast 125th Street.Authorities say 13-year-old Gideon Desir, 15-year-old Lens Desir, and 17-year-old Richecarde Dumay were walking to a bus stop where they were expected to travel to Weston for a soccer tournament when 31-year-old Mariam Coulibaly came speeding down the road. Coulibaly then lost control of her vehicle and struck the three soccer players who were walking on the sidewalk, killing all three.Coulibaly then left the scene. She was later located at Aventura Hospital and Medical Center where she was being treated for injuries she sustained in the crash. Authorities reported that Coulibaly’s blood alcohol level was twice the legal limit when doctors tested her four hours after the crash.As of Tuesday night, she was still being treated at the hospital under police supervision. Authorities reported that Coulibaly admitted to hitting the boys on the sidewalk.They also reported that Coulibaly had been working at the strip club on the night of the incident and that she  has a long history of driving infractions.Coulibaly is facing DUI manslaughter charges. She is expected to be arrested after she is released from the hospital.last_img read more