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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

Update on the latest sports

first_img July 12, 2020 INDYCAR-ROAD AMERICAO’Ward earns pole for 2nd race of Road America doubleheaderELKHART LAKE, Wis. (AP) — Pato O’Ward has won the pole for the second half of a weekend IndyCar doubleheader at Road America.O’Ward, a Chevy driver for Arrow McLaren SP, had a time of 1 minute, 44.8971 seconds on a course that stretches slightly over 4 miles and includes 14 turns. It’s the first career pole for the 21-year-old from Mexico, who is seeking his first IndyCar victory.With O’Ward on the pole and the 20-year-old Colton Herta qualifying second, Sunday’s race will have the youngest front row in IndyCar history. Share This StoryFacebookTwitteremailPrintLinkedinRedditVIRUS OUTBREAK-SPORTSMLS postpones Toronto-DC United match amid virus concernsUNDATED (AP) — Major League Soccer postponed a match between Toronto FC and D.C. United shortly before it was scheduled to begin Sunday morning because of one unconfirmed positive test and one inconclusive test for the coronavirus. The unconfirmed positive test was for a D.C. United player, while a Toronto player returned the inconclusive test. Scott Dixon qualified sixth as he chases his fourth straight victory and 50th of his career. Dixon has been the only driver to win an IndyCar race this season. Three races into the season, Dixon already owns a commanding 62-point lead in the points standings. Second-place Simon Pagenaud (see-MOHN’ PA’-zheh-noh) is closer to 20th place than first.Dixon, of Chip Ganassi Racing, is the first driver to win three straight IndyCar events since Pagenaud did it in 2006.This weekend’s doubleheader marks the first time spectators have been allowed during this pandemic-delayed season. F1-STYRIAN GPHamilton wins Styrian GP ahead of Mercedes teammate Bottas Players and staff are tested the day before each game during the MLS is Back tournament. Both teams had already announced their starting lineups for the match when it was called off shortly before its scheduled 9 a.m. EDT kickoff. The league did not announce when the match would be rescheduled.The postponement is the latest hiccup for the tournament in Florida, which has already had two teams drop out because of a spate of COVID-19 cases. FC Dallas and Nashville were both withdrawn earlier this week, reducing the tournament to 24 teams. FC Dallas had 10 players and one coach test positive for the virus. Nashville had nine players test positive.In other developments related to the COVID-19 pandemic:— An exhibition soccer match in France Sunday night will be the first encounter in front of fans to feature one of Europe’s elite clubs since the coronavirus outbreak erupted. Only 5,000 people will be allowed inside the 25,000-seat stadium to watch French League 2 team Le Havre host the star-studded Paris Saint-Germain squad. Spectators will have to wear face masks to get into the arena and they’ll be kept apart in the stands and at the entrances. Among Europe’s top five leagues, only France is letting spectators back into soccer stadiums. France stopped its league because of the pandemic and never resumed it. The return of fans comes as France’s death toll this week surpassed 30,000 and amid growing concerns of a possible second wave of infections.center_img Associated Press SPIELBERG, Austria (AP) — Lewis Hamilton won the Styrian Grand Prix from the pole position on Sunday to clinch an 85th career win and move within six of Michael Schumacher’s Formula One record.Hamilton’s record-extending 89th career pole on a rain-drenched track was one of his best in extreme conditions, but during the race he was hardly challenged as he finished a sizeable 13.7 seconds ahead of Mercedes teammate Valtteri Bottas and 33.7 ahead of Red Bull’s Max Verstappen.Like last Sunday, drivers again wore black T-shirts with “End Racism” and most took the knee a few moments before the national anthem. When Hamilton stood on the podium he raised a clenched right fist. Update on the latest sportslast_img read more

Mohammed opts out of strong Windies side for England series

first_imgST JOHN’S, Antigua, (CMC) – Vice-captain Anisa Mohammed has opted out of an otherwise full strength 18-member squad announced Wednesday for the bio-secure five-match Twenty20 International tour of England starting next month.Regular captain Stafanie Taylor will lead the side which includes the likes of Hayley Matthews, Deandra Dottin and Shemaine Campbelle, and will fly out of the Caribbean by private charter on Sunday after being tested for COVID-19.A Cricket West Indies (CWI) statement said Mohammed, an off-spinner who has played 100 matches in both limited overs formats, had “declined the invitation to travel to England.”“All players were given the option to decline selection for any COVID-19 related concern. CWI fully respects her decision to choose to do so,” CWI said.The tour marks the first international women’s series since the COVID-19 pandemic forced the halt of all cricket globally last March, and follows on the heels of the West Indies men’s three-Test rubber in England last month.Like that series, the women’s one will be played against the backdrop of the pandemic, which has been particularly devastating in the United Kingdom with 329 000 confirmed cases and already over 41 000 deaths.CWI’s director of cricket, Jimmy Adams, said the tour represented a great opportunity for the regional side, especially following a long period of inactivity.“CWI is pleased to be restarting its international women’s program with a tour to England, where the standard of women’s cricket has grown tremendously” Adams said.“We thank the ECB for their invitation and the added opportunity to travel with a larger squad affords us the chance to introduce a few younger players to this level of the game, and fast track their development.“With so much uncertainty surrounding cricket scheduling currently, this is a timely opportunity for our women to resume competitive cricket at the highest level.”The squad includes two uncapped players in Kaysia Schultz, a 23-year-old left-arm spinner who bats right-handed, along with 21-year-old Guyanese counterpart Cherry-Ann Fraser who was part of the squad for this year’s T20 World Cup in Australia but failed to play a game.Chief selector Ann Browne-John said the expanded squad allowed for greater development of players.“The larger 18-member squad also gives an opportunity to have young developing players involved, like the two players from Guyana – left-arm bowler Kaysia Shultz and all-rounder Shabika Gajnabi,” said Browne-John.“It also gives the opportunity to the young Trinidadian off spinner Karishma Ramharack to get some international experience.”Gajnabi has played 10 matches since making her debut last year while Ramharack has featured in eight, following her debut also last year.West Indies Women will be placed in a bio-secure bubble on arrival and will play all five matches at the Incora County Ground in Derby from September 21-30.SQUAD – Stafanie Taylor, Afy Fletcher, Hayley Matthews, Aaliyah Alleyne, Cherry Ann Fraser, Natasha Mclean, Shemaine Campbelle, Shabika Gajnabi, Chedean Nation, Britney Cooper, Sheneta Grimmond, Karishma Ramharack, Shamilia Connell, Chinelle Henry, Kaysia Schultz, Deandra Dottin, Lee Ann Kirby, Shakera Selman.last_img read more

Governor Whitmer signs executive order protecting tenants

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisALPENA, Mich.— Renters can feel at ease for the rest of this month and on into June after Governor Whitmer signed an executive order protecting tenants from eviction. The order freezes evictions during the COVID–19 pandemic for renters and mobile home owners until June 11th.The executive order also relieves courts from eviction related proceedings for those who are unable to pay. In a press release from Governor Whitmer, she said, “This executive order gives renters and mobile home owners some peace of mind as we continue to flatten the curve.”AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisContinue ReadingPrevious Michigan state parks to reopen next monthNext Salute the seniors: Tawaslast_img read more


first_imgA leading campaigner for a clerical abuse inquiry in the North has repeated his call for the Stormont government to initiate an investigation after claims made by Ian Elliott saying that the hierarchy of the Catholic Church are using “covert means to limit internal investigations”.Donegal man Michael Connolly says the victims of abuse can have no faith or confidence in any reports prepared and produced by the Catholic Church child watchdog organisation.“The only inquiry that victims of abuse can have confidence in is one based on a statutory footing which would have the legal ability to obtain information and produce a transparent outcome,” said Mr Connolly. “These types of revelations made by Mr Elliott create more hurt to the hundreds of survivors who have been subjected to horrendous physical, mental and sexual abuse in parishes and schools across Northern Ireland for decades who are not getting any younger.”The Donegal man says victims of clerical abuse feel they are been ignored by political leaders in the North.Said Michael: “Survivors over the age of eighteen abused in Magdalena laundries and victims of clerical abuse met with junior ministers Jonathan Bell and Jennifer McCann at the beginning of June 2013. Since then we have written on a number of occasions to the joint committee in the hope of a positive response but despite our best efforts we have only received a number of letters in response from the correspondence secretary which reads “your correspondence is currently under consideration”“One must only look to the reports released by the Catholic Church child watchdog committee for a small indication of the amount of victims throughout Northern Ireland, one must also take note of the recommendations made by the European Committee on Torture and also the outcome of the European convention of human rights Vatican public Inquiry last month of a much-needed Northern Ireland state Inquiry. “We urge the Northern Ireland assembly to respond positively to our call and begin the process of initiating a state Inquiry without further delay and give the abuse victims the justice they deserve.” DONEGAL ABUSE VICTIM DEMANDS NEW INQUIRY IN THE NORTH was last modified: February 22nd, 2014 by John2Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:DONEGAL ABUSE VICTIM DEMANDS NEW INQUIRY IN THE NORTHMichael Connollylast_img read more