Mandatory tendering for fiduciary contracts becomes UK law

first_imgUK-based fiduciary managers and investment consultants are now legally obliged to provide clearer information about fees and costs charged to pension funds, after last year’s Competition and Markets Authority (CMA) ruling was made law yesterday.The CMA concluded a 15-month investigation into the markets for investment consulting and fiduciary management in December, recommending that fiduciary providers should provide “more information on their fees and performance” to enable trustees to make a more informed choice.John Wotton, chair of the CMA’s investigation, said: “Our investigation found that many trustees lack the information needed to assess and compare investment consultants and fiduciary managers, meaning they may not be getting the best value for their members’ money.”In addition, the new rules require pension scheme trustees outsourcing 20% or more of assets to a fiduciary manager to conduct a competitive tender for the mandate, including at least three providers. Schemes that have already employed a fiduciary manager without a tender must do so within the next five years. Investment consultants that also provide fiduciary services must separate advice material from marketing, using wording provided by the CMA in its rules . John Wotton, CMAOn fees, the CMA’s order stated that fiduciary managers must issue fee statements to clients “in good time, on a regular basis and at least annually”, setting out cost data “in a comprehensible form” so trustees could understand and act on the information.All those affected by the new rules have six months to comply, or the CMA could take them to court.Celene Lee, senior investment consultant at pensions consultancy Buck, said: “The more rigorous selection process for appointing a fiduciary manager as outlined by the CMA today will not only help to solve this problem on competitiveness, but is likely to lead to trustees questioning what an appropriate exit strategy might look like and have full understanding of it before fully engaging with a fiduciary manager.”Patrick McCoy, head of advisory at XPS Pensions Group, added: “Some investment advisers may not be very incentivised to explain the new CMA requirements clearly to their clients and so it is the responsibility of the industry to ensure trustees are aware of the requirements for them to run a competitive tender process and look for someone who can help them, conflict free.”Richard Dowell, co-head of clients at Cardano, said the legal text was “of vital importance to help raise standards in the industry and improve the pension outcomes for thousands of trustees and scheme member beneficiaries”.last_img read more

‘Social consensus, jobs’ to cut inequality

first_img18 May 2012For the country to overcome inequality, South Africans must reach consensus on both workers’ wages and executive pay rates, and speeding up the creation of new jobs, says Economic Development Minister Ebrahim Patel.Speaking at the Next Economy National Dialogue on income inequality in Parliament, Cape Town on Thursday, Patel singled out figures in the 2010 household survey that revealed that the top 10% of earners in South Africa took home salaries that were 101 times higher than the bottom 10% of earners.“When what one person takes away is so disproportionally larger than what another takes away, the social glue that holds society together weakens,” he said, adding that income inequality also suppressed the market, as fewer people were able to buy goods and services.Effective partnerships neededWhat was needed were more effective partnerships between all sections of society.“If partnership can do what it did to the Japanese economy after the end of the Second World War, or the German economy, or to a number of other successful economies, partnership needs a sense of being in something together,” Patel said.He highlighted the progress that Brazil had made in overcoming inequality since the mid-1990s, even though, between 2000 and 2008, Brazil and South Africa had grown at nearly the same rate – Brazil at 3.5%, South Africa at 3.6%.The government was addressing inequality largely through social grants, the country’s regressive tax system, and free or subsidised basic services.New job opportunities keyHowever, this wasn’t enough, Patel said, adding that the government alone would never be able to overcome inequality in South Africa.“We have got to build, to a greater and greater extent, opportunities for employment, for jobs, for decent work, as the principle means out of poverty.”While over 300 000 new jobs had been added over the last 12 months, just over 400 000 new jobs had been added since the adoption of the New Growth Path 18 months ago – compared to the previous 18 months preceding the adoption of the new policy, when the country lost over 600 000 jobs.“But not withstanding that jobs growth, we are hardly making a dent in jobs growth, we are hardly making a dent in unemployment levels,” Patel said.CEOs must disclose pay packages: VaviAlso addressing the debate in Parliament, Congress of South African Trade Unions (Cosatu) secretary-general Zwelinzima Vavi said that at a youth wage subsidy – an idea first mooted by the National Treasury – would only address unemployment in the short term.Vavi acknowledged that unemployment was the biggest problem the country faced, but said that at the same time, one couldn’t look away from the issue of high pay, adding that the country needed a mechanism to get chief executives to disclose the level of their pay packages.He agreed with the 2011 report and findings of the UK High Pay Commission, that shareholders should be given more power to vote on the pay packages and bonuses of top executives.He said top South African executives wanted to measure their packages with those of other developed countries, while at the same time arguing that workers had to be paid on par with other developing countries.Vavi pointed out that top executives in South Africa earned 1 728 times the average worker in their respective companies, while this gap was only at 319 times in the US.Business sector ‘unfairly demonised’Bobby Godsell, chairman of Business Leadership South Africa, who backed the idea of setting up a commission to examine corporate pay as the UK had done, said the business sector was often unfairly demonised.Business owners and business leaders were not only after money when running a company, but also wanted to build good companies and make a contribution to society.Top executives had to be remunerated accordingly, he said.In response to Vavi’s assertion that inequality was increasingly dividing the country along class lines, Nazmeera Moola, head of macro-strategy at Macquarie First South, stressed that the country needed to create more jobs, no matter the scale of remuneration.“There is class warfare, and the warfare is between those who have formal sector jobs and those that don’t,” Moola said.What would relieve unemployment and narrow the gap between the rich and poor, she said, was if the country helped smaller firms to hire more workers.UK High Pay Commission chairperson joins debateJoining the debate in Cape Town on Thursday, Deborah Hargreaves, chairperson of the UK High Pay Commission, said the commission had developed a 12-point plan which had subsequently been adopted by the Labour party.Hargreaves said the plan included a call to give shareholders a binding vote on chief executives’ pay or exist bonuses.She said the UK government was currently drafting regulations around executive pay which included making allowances for more diversity on companies’ remuneration committees, and the calculation of a single figure around which executive pay could be structured.However, she said the UK government had not turned down a more controversial idea to have employee representative on remuneration committees.She said massive distortions in pay destabilised economic growth as it drew many of the brightest minds to the financial sector, away from the industrial sector. It also demoralised those in the workforce who felt that pay rates were unfair.There was also evidence that more equal societies attracted more entrepreneurship.She said the top 0.1% of income earners in the UK (earning more than £500 000 and consisting of 36 000 people) saw their pay rise by 64% between 1997 and 2008, while the income of middle-income earners rose only by seven percent over the same period.In a recent British survey that asked how much top executives should be paid, most people polled said top executives should be paid between £500 000 and £700 000 pounds – a massive contrast to the average top pay of £4.2-million, she said.Source: BuaNewslast_img read more

Dame time: Lillard’s 3 gives Trail Blazers 113-110 win over Lakers

first_imgLillard finished with 32 points, and Portland snapped a two-game skid. Jusuf Nurkic added 28 points.Lillard was 1 of 5 from 3-point range before the game-winner. The crowd roared when the shot fell, andLillard nodded and pointed to his wrist.“I felt good. The ball was coming off my hands good all night, even the ones that I didn’t make. In thosemoments, you don’t think about what happened before. It’s a chance to rise to the occasion. You’re 0 for 0 in that moment,” Lillard said. “I go back to my very first game-winner against New Orleans my rookie year. I had a terrible shooting game but I was able to block that out. All that mattered was that moment. No different tonight.”FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutoutBrook Lopez had 27 points and rookie Kyle Kuzma added a season-high 22 for the Lakers, who were short-handed after Larry Nance Jr. broke his left hand in the second half. Fellow rookie Lonzo Ball was 0 for 2 from the field with no points, four assists and three rebounds.There were a few fans in the crowd wearing Ball’s No. 2 jersey for his first appearance in Portland. But most fans booed him heartily during player introductions. Japan ex-PM Nakasone who boosted ties with US dies at 101 John Lloyd Cruz a dashing guest at Vhong Navarro’s wedding Typhoon Kammuri accelerates, gains strength en route to PH Kammuri turning to super typhoon less likely but possible — Pagasa Stronger peso trims PH debt value to P7.9 trillion SMC bloc, allies vow to lend players for Gilas amid PBA impasse View comments Read Next LATEST STORIES Don’t miss out on the latest news and information. center_img Trending Articles PLAY LIST 00:50Trending Articles00:50Trending Articles00:50Trending Articles01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games UP NEXTLakers: Host the Brooklyn Nets on Friday night.Trail Blazers: Host the Oklahoma City Thunder on Sunday night. QC cops nab robbery gang leader, cohort CPP denies ‘Ka Diego’ arrest caused ‘mass panic’ among S. Tagalog NPA Kuzma took the final shot, a missed 3-pointer from 28 feet out at the buzzer that would have tied it.Lillard had missed a 3 the night before at the end of regulation in Portland’s 112-103 overtime loss at Utah.“He made a good read last night and (Rudy) Gobert made a great play,” Blazers coach Terry Stotts said. “Tonight I think he had his mind made up to take the shot. It’s what great players do.”The Blazers were without Al-Farouq Aminu, who injured his right ankle Wednesday against the Jazz. The team posted a photo of the 6-foot-9 forward on crutches before Thursday’s game.Aminu was averaging 9.4 points and 8.1 rebounds this season. Noah Vonleh, who returned the night before following a shoulder injury in camp, started in his place.Portland led by 18 in the first half but the Lakers closed the gap to 66-62 at halftime. It was tight the rest of the way.“We have the game against Toronto, then you have a tough one last night against Utah. Maybe if we come back and have a blowout, maybe we don’t have to look at ourselves as much,” Lillard said. “We come in here tonight and we had a dogfight on our hands. We really had to look at ourselves and make it happen. We had to trust ourselves and trust each other to get it done.“So I think a game like this and having to pull out a game like this does more for our team, character-wise.”TIP-INSLakers: Los Angeles was 0 for 9 from 3-point range in the first half. … The Lakers were coming off a 113-93 victory at home against the Pistons on Tuesday night.Trail Blazers: Rookie big man Zach Collins started the second half in place of Vonleh, who had four fouls. Collins, a 7-footer out of Gonzaga, was acquired by the Blazers in a draft-day deal with Sacramento.ON BALL“I thought he was a little too passive tonight,” Walton said about his rookie point guard. “The hardest thing for young players is consistency. He’s so unselfish that sometimes we want him to be more aggressive with attacking the defenses.”Ball, for his part, recognized that.“I definitely could have been more aggressive,” he said. Brace for potentially devastating typhoon approaching PH – NDRRMC Nance was hurt late in the third quarter and went to the locker room. He did not play the rest of the way. Nance was averaging 11.1 points and 7.9 rebounds for the Lakers.Afterward, the Lakers confirmed Nance broke a bone in his hand.“Obviously, I feel terrible for him. He’s been playing so solid for us,” coach Luke Walton said. “It’s tough but that’s what team sports are about, and someone else has to step up.”Portland took a 106-105 lead on Lillard’s free throws with 1:56 left. Kuzma made a hook shot on the other end, but Lillard answered with a layup before Nurkic made free throws for a 110-107 lead. The standing crowd chanted “Beat LA! Beat LA!”But Kentavious Caldwell-Pope quieted the fans with a 3-pointer off an assist from Ball to tie it with 15.5 seconds left. Lillard hit the winner over the outstretched arm of Brandon Ingram.ADVERTISEMENT Portland Trail Blazers guard Damian Lillard reacts after hitting a shot in the final seconds of an NBA basketball game against the Los Angeles Lakers in Portland, Ore., Thursday, Nov. 2, 2017. The Blazers won 113-110. (AP Photo/Steve Dykes)PORTLAND, Ore. — Damian Lillard didn’t really need to gesture to his wrist. The crowd already knew it was Lillard Time.The star guard made a 3-pointer with 0.7 seconds left and the Portland Trail Blazers extended their winning streak over the Los Angeles Lakers to 13 games with a 113-110 victory Thursday night.ADVERTISEMENT MOST READlast_img read more

Trends of the Game DVD’s Available

first_imgThe 2008 Trends of the Game DVD is now available for purchase from the TFA Online Shop The 2008 Trends series again sees current Australian Coaches giving information about current trends in skills and tactics in the game, with this year’s theme being Back to Basics. Women’s Open Coach Kerry Norman’s investigates switching and how and when to perform a switch. Men’s Open Coach Tony Trad discusses the technique of defensive body position. Mixed Open Coach Bernie Morrison teaches the art of creating space, while Referee’s Director Lou Tompkins speaks about the two-by-two-by-two refereeing technique that is now being adopted across the country. Whether you are a player, referee, coach or spectator, do not miss the chance to obtain an insight into the coaching techniques of the current Australian Coaches.last_img read more

10 months agoKi-Jana Hoever becomes Liverpool’s youngest ever to play in FA Cup

first_imgKi-Jana Hoever becomes Liverpool’s youngest ever to play in FA Cupby Paul Vegas10 months agoSend to a friendShare the loveKi-Jana Hoever has made his debut for Liverpool in tonight’s FA Cup tie with Wolves.The 16-year-old defender becomes Liverpool’s youngest ever player in the FA Cup after Dejan Lovren went down holding his hamstring within five minutes of the first half.The Dutchman has impressed at youth level for Liverpool and was recently promoted to train with the first team at Melwood by Jurgen Klopp.Hoever joined fellow teenage debutants Curtis Jones and Rafa Camacho in the team at Wolves.Klopp sang Hoever praises in his pre-match press conference, saying the youngster is “incredible”. About the authorPaul VegasShare the loveHave your saylast_img

Mikmaq say Bay of Fundy developments could harm endangered fish

first_imgEditors Note: DFO says the amended recovery strategy plan for the critical habitat of Inner Bay of Fundy salmon ‎won’t be ready for the minister to sign off on by the fall as reported. But a draft will be ready for public input.Trina Roache APTN National NewsIn Nova Scotia, people are concerned about the impacts of big projects on endangered fish in one of the world’s most famous waterways.Two projects are being considered by the province on the Bay of Fundy.Its high and low tides are also home to a number of fish that are on the endangered species list.last_img

Wetsuweten chef turned activist in Quebec ready to take on the politicians

first_imgTom FennarioAPTN NewsOn a cold, snowy Wednesday in Montreal, Marlene Hale finds herself huddled outside with two dozen activists who are hoping to get a word in with Environment and Climate Change Minister Catherine McKenna who was in the city to make an announcement.“What is she doing to protect the environment as a minister?” said Hale when asked what she was going to put to McKenna.“I would like for her to really, really take a second look at many things, not just oil and gas but the coal that is going into Telkwa region B.C. north.”Hale wasn’t always politically active.She’s a chef by trade.But that all changed earlier this month when the RCMP raided an anti-pipeline camp on the Wet’suwet’en woman’s territory.“I was just innocently making bannock, and serving it,” said Hale of January 7 – the day 14 people were arrested at the Gidimt’en camp in British Columbia.  “and all of a sudden the world just changes on a dime.”Having spent the last seven years living in Montreal, Hale felt compelled to contribute to the anti-pipeline struggle back home even though she lives thousands of kilometres away.So she’s taken it upon herself to chase after the upper echelons of the federal government.Hale has already had success speaking to high level government officials.Hale was able to ask questions on behalf of Wet’suwet’en hereditary chiefs to Justin Trudeau at a recent town hall in Saint-Hyacinthe QC last Friday.“I was nervous,” said Hale. “I was the second to last question, I didn’t know if I was going to get picked to ask it.”When her opportunity arrived, Hale pressed Trudeau on what she called a flawed consultation process with her people.“The Wet’suwet’en have demonstrated in the Supreme Court over and over again that the hereditary chiefs are the decision makers on our land,” Hale asked Trudeau “Yet you tout the agreements with the federal band councils as a victory for this enormous project.”Trudeau’s response agreed that the consultation process needs to be improved.“We need to support you in the creation of a process that  will bring those voices together in a unified process so that we can seek  consent for energy projects,” replied Trudeau “What we’ve seen this past week is the fact that the processes we have right now are not yet the right processes.”Hale says she appreciates the way Trudeau took the time to respectfully answer her questions, although she thinks that he fails to understand that in the opinion of many Wet’suwet’en, it’s only the consent of the hereditary chiefs that matter.As for McKenna, Hale didn’t get a chance to speak with the minister personally, but one of the activists she is working with will attempt to read a statement on her behalf.“Suddenly everybody knows that I’m the only Wet’suwet’en in Quebec, but that’s okay, I’m just here to spread the message, to spread the word, spread my culture and my people and the fight we have ahead of us.”Hale isn’t sure what the next move will be, but she’s not intending to stop until the pipeline issue on her territory is over. Even if it means putting bannock baking on [email protected]@tfennariolast_img read more