CWC hangs up on UK £800m outsource deal

first_imgWould you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletters To access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week.last_img

Pension funds spend less than five hours a quarter on investments – survey

first_imgHowever, interest in fiduciary management was largely dependant on the size of a fund’s portfolio, the survey found.It also found that those managing more than £1bn in assets were more inclined to delegate responsibility for only part of their portfolio, while those with less than £500m in assets delegated the entire portfolio.Köpke added: “The last few years have seen occupational schemes in Germany as in England – both small and medium-sized ones – work with fiduciary managers.” Pension boards and trustees are opting for fiduciary management because they can often only spend five hours each quarter scrutinising investment decisions, according to Aon Hewitt.The consultancy said the increasing complexity of investment decisions was driving those in charge of pension assets into the arms of fiduciary managers, but that only one-quarter of those using such providers were employing indices to measure successful performance.Drawing on the results of a UK survey of nearly 360 investors worth £269bn (€344bn), the Aon Hewitt Germany’s head of investment consulting Thorsten Köpke said the questions facing UK investors were also relevant concerns for their German counterparts.The survey also found that 73% of pension boards and trustees were only spending five hours a quarter on investment decisions, a 10-percentage-point increase over the 2013 survey results – meaning they placed significant trust in managers to monitor investments, according to the consultancy.last_img read more

IASB rejects demand for greater role of ‘prudence’ in IFRS framework

first_imgThis group has broadly supported what the IASB has labelled asymmetric prudence.They believe this cautious approach to accounting will mean distributions and management pay are made on a prudent basis.Speaking during a 17 May board meeting, however, the IASB’s staff recommended against adopting asymmetric prudence.They warned it could lead to greater subjectivity in financial reporting.The call also noted that dividend distributions and executive remuneration were issues for local law and corporate governance, respectively.IASB project manager Jelena Voilo said: “While [the accounts] can be used as inputs for this process, it is not the [purpose] of financial reporting to determine the amounts that can be used without further analysis.”The Local Authority Pension Fund Forum, as well as Iain Richards of Threadneedle Investments and Roger Collinge of the UK Shareholders Organisation, have all demanded a return to prudent accounting.On the other hand, IASB member Stephen Cooper, a former sell-side analyst, has argued that prudence would reintroduce a conservative bias that could mean investors receive less relevant information.The IASB’s predecessor, the IASC Board, approved the IFRS conceptual framework in April 1989.The IASB subsequently adopted the framework in April 2001.In September 2010, the IASB revised the framework, in particular the objective of general-purpose financial reporting and the qualitative characteristics of useful information.The board is now in the process of updating the framework.The project was originally scheduled to end in June 2015.It is now slated to terminate around the end of the year.The decision to remove prudence was driven largely by the rush to converge IFRS with the position in the US.As part of this convergence drive, the IASB debated the detail of removing prudence from the framework in May 2005.Staff noted at the time that the concept conflicted with neutrality in financial reporting. Both staff and the board agreed that “the inclusion of neutrality [was] a non-issue”.They also noted that it clashed with the accounting traditions of prudence and conservatism.The decision to revisit the term has left the board struggling to incorporate prudence back into the framework alongside neutrality.Tim Bush, a long-standing IFRS critic and the head of financial analysis at PIRC, told IPE: “The IASB is so good at missing the obvious it’s like a pantomime where the children are screaming ‘it’s behind you’.“Prudence is booking likely liabilities and losses, and not booking unrealised profits. Any other definition is harmful to creditors, or else creditors may be funding distributions and losses.“Furthermore, given that true and fair view requires prudence, the IASB position is confirming IFRS standards are not prudent and does not have a true and fair view override.”The board’s staff agreed during the 17 May meeting that they would bring back a proposed wording to a future meeting in a bid to clarify the relationship between neutrality and prudence. The International Accounting Standards Board (IASB) has dashed the hopes of long-term UK institutional investors by rejecting calls to reintroduce ‘prudence’ defined as a bias toward conservatism back into International Financial Reporting Standards (IFRS).Instead, the IASB appears set to reintroduce a more restrictive notion of prudence – so-called cautious prudence.In an exposure draft on the project released last year, the IASB defined cautious prudence as the exercise of caution in conditions of uncertainty.Some major UK investor interests have demanded the return of prudence because they believe it offers long-term investor interests a degree of protection.last_img read more

PensionDanmark publishes audited ESG figures

first_imgPensionDanmark said it has become the first pension provider in Denmark to include figures on its own environmental, social and governance (ESG) performance in its annual independent auditor’s report – a move its leader believes others will follow.Torben Möger Pedersen, chief executive officer of the Copenhagen-based pension fund, told IPE: “You get what you measure – and if we don’t have a common standard we will not be able to compare across companies.”In its 2019 annual report, PensionDanmark has used a new standard for ESG key figures for companies’ environmental and climate impact and for their social and managerial commitment, which was proposed last June in a joint project by the CFA Society Denmark (Finansforeningen), trade organisation Danish Auditors (FSR) and Nasdaq Copenhagen.Its creators bill the new initiative as enabling companies to compare CO2 emissions, energy consumption, sick leave and other conditions across industries and sectors. When asked whether it would make a difference to climate mitigation efforts generally if more asset owners reported on ESG performance this way, Möger Pedersen said, that if they didn’t have a common standard, they would not be speaking the same language.“As investors, standardised and audited ESG key figures will enable us to evaluate on more parameters when making decisions, so yes, I do believe it will make a difference,” he said.The figures published by PensionDanmark in its 2019 annual report show a sharp decrease in its own carbon emissions as a company in 2019 compared to 2018.The details reveal an increase in its scope 1 (direct) carbon emissions for the year to 13 tonnes from nine tonnes was more than cancelled out by a sharp fall in indirect or scope 2 emissions to 82 tonnes from 448 tonnes. Torben Möger Pedersen, CEO at PensionDanmarkThe carbon footprint of the fund’s DKK271bn (€36.2bn) of investments has continued to shrink, standing at 76 tonnes/USDm of revenue in 2019 after 112 tonnes/USDm in 2018 and 4,754 tonnes/USDm the year before that.Gender diversity among management in the firm is also shown to have risen steadily over the last five years to 45.2% last year from 30.3% in 2015. On the other hand, female representation in the pension fund’s total workforce has declined over the last five years to 44% from 53.1%, the figures show.Given the sharp focus on climate action right now, Möger Pedersen said other pension funds were likely to make similar changes to their ESG reporting.“We strongly support common standards for reporting on ESG, and ideally that they are included in the independent auditor’s report,” he said.“Just as we compare key financial figures across companies we would also like to be able to compare across ESG figures,” the chief said.last_img read more

Dominican women to celebrate Women Lord’s Day on Sunday

first_img Share Share Tweet Sharing is caring! FaithLifestyleLocalNews Dominican women to celebrate Women Lord’s Day on Sunday by: – June 18, 2011center_img 92 Views   no discussions Share Photo credit: turnbacktogod.comAll female members of the Roseau, Layou, Portsmouth, Clifton, Calibishie, Wesley and Marigot Methodist Churches in the Dominica Circuit will be celebrating MCCA Women Lord’s Day on Sunday June 19, 2011.Women Lord’s Day is celebrated in June of every year around the Connexion. The MCCA Women is the umbrella organization for all women’s groups and organizations in the Methodist Church in the Caribbean and the Americas (MCCA).Its objective is to enable women in the MCCA to deepen their personal commitment to Jesus Christ, and to enrich fellowship, training and service. The event seeks to foster among Methodist Women, such relationships as are consistent with these objectives.On the day of the event, women will occupy the pulpit in all seven congregations around the island.Later in the day, all Methodist women will gather at the Layou Methodist Church for the Women’s Rally to be held at 3:30pm.The theme for the rally is “ A people available to God: Women availing themselves in God’s Vineyard.” The Guest speaker will be Sis. Doris Langlais from the Mt. Wallis (Portsmouth) Congregation.Also, women within the Circuit will be recognized for their valuable and dedicated service to women’s work, church and community. One MCCA woman and one Women’s Group will be recognized and receive the Georgina Liburd and Neva Edwards Awards as the MCCA Woman and MCCA Women’s Group of the year.The highlight of the rally is the presentation on women in the bible. Groups were encouraged to research any woman and make a presentation in either dance, song, choral speech or dramatic presentation.According to the Chairperson of the Women’s Commission, Romualda Hyacinth, the day will be an awesome one not only for Methodist Women, but for all Methodists.“We are mandated to spread scriptural holiness and I think this is a good start. I hope that we’ll just go from step to step to greater heights,” she said.“I think we are all willing and able to do anything God puts in our way to make a difference and I am really thrilled that the women will make this day a success,” she added.Dominica Vibes Newslast_img read more

Batesville Building Plan

first_imgBatesville is planning to remodel part of their high school and add to the present facility.  It is hard to believe that the high school is nearly 50 years old.  When this project gets underway next spring, most of the construction (as I understand it) will be on the East side of the present building.The areas that will be remodeled or added to include the auditorium, the dressing facilities for sports, an auxiliary gym, and improvements to some of the infrastructure.Most of this project is required because the enrollment has increased greatly over those 50 years.  Some might ask how will this improve education at Batesville High School?  Any time you make a facility better for the student population it helps education.  No, there is not a pool being added.  They are taking care of facilities that have become degraded through use and age.  They are adding accessibilites that are needed for 21st Century code.  None of the additions are frills–simply necessities.  The school population has nearly doubled in those 50 years.last_img read more

Schneider delivers fourth win of season at Oshkosh

first_imgOSHKOSH, Wis. (July 15) – Oshkosh SpeedZone Raceway presented the Christmas in July event sponsored by Hobbytown USA Friday night.  Santa attended the program and had special presents for the kids while the drivers earned their rewards on the track.Nolte’s Auto Repair and Towing IMCA Northern SportMod point leader Tom Schneider started 10th on the grid and the green flag saw him take to the far outside line and the route took him to the lead on the opening lap.A couple cautions kept Tim Sheppard, Scott Besaw, Bernie Miller, Dennis Schultz and Jason Ebert tight behind.  After a final restart on lap eight, Schneider opened a lead and despite Sheppard making a couple runs at him, was able to drive off with his fourth feature win of the season. Sheppard and Besaw were spaced out behind.After an opening lap caution, Mike Mueller grabbed the lead in the Automotive Supply Company IMCA Modified feature and opened a lead on the field until a final caution on lap eight bunched the field.  T.J. Smith, Ed Lemay, Tim Lemirande, Sean Jerovetz and Benji LaCrosse were in line for the restart.Mueller continued to set the pace with LaCrosse continuing to run the outside line and moving into the runner-up spot on lap 14, after starting the race in 23rd. A pair of laps later, LaCrosse took control and ran off to collect his second feature win of the season.Mueller completed his best run of the season taking second with Lemirande third.A field of 24 started the Jim’s Auto Repair IMCA Stock Car main event with Jerry Kope setting the pace through a couple early cautions.  Karly Stadler, Travis Van Straten, Aaron Stolp and Jerry Winkler were behind for the lap eight restart.Van Straten found his way to the lead after the restart and opened a bit of a lead as Joe White moved in the runner-up spot. For the last half of the race, Van Straten was able to hold the lead after repeated charges by White.A final lap showdown would not decide the race, however, as a spin brought out a caution just after the white flag ending the contest and preserving Van Straten’s fifth feature win of the season.  White settled for the runner-up finish with Winkler taking third.last_img read more

Red Force slump to historic defeat to give Pride their largest win in over a century

first_imgBRIDGETOWN, Barbados, Feb 16, CMC – Trinidad and Tobago Red Force suffered a shocking collapse here Sunday morning to hand Barbados Pride their largest win in over a century, in their fifth round match of the Regional Four-Day Championship at Kensington Oval.Resuming the day precariously poised on 48 for four in their second innings, Red Force survived only 86 more deliveries before folding meekly for a paltry 77, to slump to a humiliating 299-run defeat, three-quarters of an hour before lunch.Twenty-three year-old fast bowler Keon Harding once again proved the visitors’ tormentor, wrecking the innings with his second five-wicket haul of the match.Without a wicket the previous evening, the right-armer snatched all but one to fall to finish with five for 19 and match figures of 10 for 76.Fellow speedster Chemar Holder added one wicket to his tally to end with three for 29 while Test seamer Kemar Roach finished with two for 28.Opener Joshua DaSilva never added to his overnight 23 to emerge as the top-scorer while Akeal Hosein chipped in with 21, as Red Force lost their last six wickets for a mere 29 runs to crash to their fourth lowest total ever and the lowest against Pride at the historic venue.For Red Force, it was their worst ever defeat by runs – coming on the heels of their heavy 219-run loss to Guyana Jaguars in the third round – and extending their winless streak in the tournament to three matches.Harding struck with the first ball of the morning, gaining an lbw decision against DaSilva with a full length delivery which the right-hander played across.In his next over with five runs added, he removed Yannick Cariah after the left-hander had added just one to his overnight 12, caught behind trying to evade a short delivery.When Terrance Hinds (2) attempted an extravagant heave at Harding four overs later but managed only to sky a catch to wicketkeeper Shane Dowrich running around to gully, it was clear the innings would not last behind the first session at 56 for seven.The end then came swiftly with Bryan Charles brilliantly taken at leg slip by Shamarh Brooks without scoring off Harding, Hosein nicking one behind off Holder and Muhammad spectacularly losing his off-stump to Harding for three.last_img read more

Shameful Start to Nigeria Premier League as Ifeanyi Ubah FC Abandon…

first_imgKano Governor Ganduje, chairman of the League Management Company (LMC) Shehu Dikko as well as several NFF executives were all at the game played inside packed Sani Abacha Stadium in Kano.FIFA-badged referee Folashade Ajayi from Oyo State appeared to be overwhelmed by the occasion as she made several questionable calls.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram The new Nigeria league season got off to a disgraceful start after FC Ifeanyi Ubah abandoned the opening game with hosts Kano Pillars leading 1-0. Ifeanyi Ubah protested when they appeared to have drawn level from a free kick just before the end of the first half.And three minutes after the restart, the Nnewi club walked out on the game apparently on an order from a top club official.“This is a disgrace,” lamented Pillars coach Kadiri Ikhana. But we must commend the Kano fans that they did not allow hell to break loose as a result of Ifeanyi Ubah abandoning this game.”last_img read more

First-period outburst carries Orange past Penn State

first_img Related Stories Syracuse displays focus in wins over Penn State Three minutes into the game, Syracuse began its rampage.The Orange (14-11-1, 8-3-1 College Hockey America) defeated Penn State (7-16-1, 1-10-1) 4-1 on Saturday, scoring three goals within the first 12 minutes of the game at Tennity Ice Pavilion. But it wasn’t until 24 seconds remained in the third period that Syracuse found the empty net again. The struggles in between were negated by the hot start and strong finish, and SU pulled off a sweep against the Nittany Lions.After Nicole Ferrara launched the puck into the net off of assists from Holly Carrie-Mattimoe and Margot Scharfe, SU didn’t stop. Less than two minutes later, Kaillie Goodnough found the net with the assist from Brittney Krebs.Defenseman-turned-forward Jacquie Greco then joined the scoring, launching the puck into the top-left corner of the goal. SU went up 3-0. The early burst helped the Orange bury memories of its narrow, frustrating 1-0 win against PSU Friday night.“We kind of reevaluated ourselves from yesterday,” Greco said. “We played our game that we know how to play and really came out hard today.”AdvertisementThis is placeholder textBut less than three minutes into the second period, Penn State scored its first goal in four games against the Orange this season, cutting the deficit to two. But it was what happened two minutes later that caused trouble.SU forward Sadie St. Germain was skating just a few feet in front of the Nittany Lions’ goal when a puck bounced off of her elbow and into the net. As Syracuse celebrated the unlikely goal, the referees conferred and waved the goal off.“In fairness to the refs, whatever they saw they saw, or didn’t see,” head coach Paul Flanagan said. “The guy that called off the goal that hit her chest, you know which one called it off, the guy who was positioned at center ice.“The guy right here,” he said, pointing at the net, “that was looking right at it, he called it a goal.”St. Germain said she was confused as to why the goal was called off.“It was a goal,” St. Germain said. “I’m not that coordinated enough to tip that in with my elbow. So that was just frustrating because it should’ve been called a goal. But what can you do?”The potential goal was the second one called off by the referees. Earlier in the game, another goal was called off for unknown reasons.Despite being on the opposite end of the rink, goaltender Jenesica Drinkwater was disappointed when she saw the two goals waved off.“It was kind of a tough call. I feel like the one when Sadie was just skating through the crease, not even through the crease, just skating through and it bounces off her body, I feel like that never should’ve been called off,” Drinkwater said. “You can’t control the refs so you kind of just keep playing and we just kept battling.”For the rest of the second period, SU failed to score on two separate power plays. But at the beginning of the third, only eight seconds after the Nittany Lions returned to full strength, the Orange earned another.In the end, Syracuse’s struggle with power plays continued. SU was 1-of-5 on power-play opportunities, with its only goal on a man-up situation coming from Greco’s finish.But it wasn’t just on power plays where the Orange struggled. The offense as a whole had trouble scoring, despite taking 55 shots compared to Penn State’s 15.Next weekend, SU rides a four-game winning streak into Moon Township, Pa., to face Robert Morris. The Orange and the Colonials split a pair of games at Tennity on Nov. 30 and Dec. 1.SU is three points behind Mercyhurst for the top spot in the CHA. Comments Published on January 28, 2013 at 12:20 am Contact David: dlauterb@syr.educenter_img Facebook Twitter Google+last_img read more