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UK signs off further reporting requirements for pension funds

first_imgTrustees can also comply with these rules by explaining why they do not have a policy on certain specified matters. They will have to comply with the rules from 1 October 2020.The regulations come shortly after the UK’s asset management regulator, the Financial Conduct Authority, adopted stewardship rules for asset managers that also implemented the SRD II. It is the second change to UK pension scheme investment regulations in less than a year. Stuart O’Brien, partner at Sackers, said the new regulations would be a big change for most trustees, although perhaps more so for those of defined benefit (DB) schemes.“Not a lot of schemes are currently doing what the new regulations will require them to disclose a policy on,” he said. “It will be interesting to see whether this prompts a complete sea change in how trustees review and incentivise their managers, or whether this will just provide a list of things that trustees just disclose that they don’t do.”Duncan Watson, senior associate at Mayer Brown, said: “At a time when trustees are already burdened with numerous compliance and regulatory requirements including in relation to the SIP, these regulations may well be a substantial challenge for some trustees.“While the matters to be included in the SIP will have to be examined closely, it appears from a practical perspective that trustees will need to assess how best to address these areas – in conjunction with their investment consultants and other professional advisers – and these requirements seem to represent a major change of mindset on the part of trustees and managers.” In contrast to 2018 changes to pension scheme investment regulations, the new SRD II-implementing rules impose public disclosure requirements on all pension schemes, not just defined contribution (DC) schemes.O’Brien said: “Many DB trustees may have breathed a sigh of relief with the [2018] investment regulation changes that they don’t have to report annually against their policy and make it public, but with these changes they’re going to have to do exactly that. This is going to apply across the board, DB and DC schemes.”Under the 2018 changes, schemes will be required to set out their policy on stewardship and on “financially material considerations,” which the rules state can relate to climate change, other environmental matters, and/or social and corporate governance matters. Additional requirements apply for DC schemes, which from October 2020 must annually publicly report how they implemented their SIP.A partner at a law firm recently told IPE that pressure groups were writing to trustees following the updated investment regulations to ask them how they were going to deal with the new requirements.“This can be quite unhelpful for trustees,” the lawyer said. “They can feel under undue pressure.” Fresh changes to UK investment regulations will likely be a big challenge for UK pension funds, according to lawyers. Laid before parliament yesterday, the new regulations implement the revised EU Shareholder Rights Directive (SRD II). The deadline for member states to transpose the legislation is 10 June.The regulations require trustees to set out in their statement of investment principles (SIP) “their policy in relation to trustees’ arrangement with any asset manager”, setting out – or explaining why they don’t – matters such as:how the arrangement with the asset manager “incentivises” it to align its investment strategy and decisions with the various policies set out in the trustee’s SIP;how that arrangement incentivises the asset manager “to make decisions based on assessments about medium to long-term financial and non-financial performance of an issuer of debt or equity and to engage with issuers of debt or equity in order to improve their performance in the medium to long-term”; and“how the method (and time horizon) of the evaluation of the asset manager’s performance and the remuneration for asset management services are in line with the [other policies stated in their SIP]”.last_img read more

OOCL: No Plan to Order New Ships at the Moment

first_imgHong Kong-based container shipping and logistics service company Orient Overseas Container Line Limited (OOCL) doesn’t plan to order any new ships at the moment.Stephen Ng, Director of Trades at OOCL, said this in a statement to World Maritime News when asked about the rumored 23,000 TEU sextet order.Namely, various maritime media reports said earlier this week that OOCL was readying to order six LNG-ready 23,000 TEU containerships, following the completion of the sale of the Long Beach Container Terminal.“Our company is constantly reviewing capacity requirement. There is no plan to order new ship at this moment,” Stephen Ng said.The terminal divestment is being pursued by COSCO Shipping Holdings’ as part of its USD 6.3 billion takeover of Orient Overseas International Limited (OOIL), a concession required by the U.S. regulators in order to clear the merger.OOIL’s shipping arm OOCL holds a 40-year concession to operate the facility at the Port of Long Beach, which is one of the biggest gateways for imports into the US.COSCO and Shanghai International Port (Group) concluded the acquisition of OOIL’s shares on July 13, 2018. The merger will provide for a combined fleet of 400 vessels, with capacity exceeding 2.9 million TEUs including orderbook, Drewry’s data shows.The two companies will keep separate listing, branding, management and staff of COSCO and OOIL.OOCL took delivery of the sixth and the last in a series of the company’s 21,000+ TEU class ultra large container vessels (ULCVs) in January 2018. The 21,413 TEU boxships, OOCL Japan, OOCL Indonesia, OOCL Scandinavia, OOCL United Kingdom, OOCL Hong Kong and OOCL Germany, have been deployed on OOCL’s Asia-North Europe Loop 1 (LL1) trade lane.The company has no newbuids on order, according to the data from VesselsValue.World Maritime News Stafflast_img read more

Football: Pittsburgh Steelers select T.J. Watt with No. 30 overall pick

first_imgThe Pittsburgh Steelers selected former Wisconsin linebacker T.J. Watt with the No. 30 overall pick in the 2017 NFL Draft.In surprising fashion, T.J. Watt, younger brother of current NFL players Derek and J.J. Watt, came off the board before Badger teammate and offensive tackle Ryan Ramczyk.Milwaukee Journal-Sentinel Wisconsin football beat writer reported the eventual news before the selection was even made via Twitter. Football: Ramczyk, Watt headline Badgers 2017 NFL Draft classWith the 2017 NFL Draft fast approaching April 28, ESPN’s foremost NFL draft analyst, Mel Kiper Jr., chimed in on Read…Wisconsin OT Ryan Ramczyk, a Divison III transfer from University of Wisconsin-Stevens Point and one-year starter for the Badgers, still waits to hear his name called. But based on many expert projections, he shouldn’t be waiting for much longer.In his final mock draft, ESPN NFL Draft Analyst Mel Kiper Jr. projected the Denver Broncos to take Ramczyk with the No. 20 overall pick. Watch Ramczyk’s highlight real here.Including Watt, Wisconsin has seen six Badgers taken in the first round since 2011.Football: Ramczyk, Cichy, Watt named to Sports Illustrated’s Midseason All-America TeamThe University of Wisconsin football team’s Ryan Ramczyk, Jack Cichy and T.J. Watt earn national recognition Tuesday after being named Read…last_img read more

Waris delighted with first goal

first_imgAbdul Majeed Waris has described his first international goal as a ‘great feeling’ after starring in Ghana’s 4-0 win over Sudan in a 2014 World Cup qualifier.The Black Stars striker, who scored in the 79th minute to make it 3-0 and bring up his first international goal, expressed his delight at the result and his own personal performance.“It [first goal for country] is a great feeling and the victory is good success for the nation,” Waris said after the game at the Baba Yara Stadium on Sunday.The win helped the Black Stars close the gap at the top in Group D, where they are now one point behind with three more matches to go in the second round stage of qualifying.“Everybody knows how important it is for Ghana to qualify for the World Cup. We will keep on working hard and do our best for the nation.”Waris played alongside Asamoah Gyan, who opened the scoring in the first half and the Spartak Moscow player has hailed his partnership with the Ghana captain. “He [Gyan] is a great partner and we talk to each other. Everybody will like to play with him and take part in that,” he said.last_img read more