Tag: 夜上海论坛NH

  • Court forces APG to pay former board member golden handshake

    first_imgA court has forced the €424bn asset manager APG to pay former board member Adri van der Wurff an initially agreed severance payment of €1.1m. The court ruling came after APG’s supervisory board (RvC) back-tracked on an agreement from early 2014, in order to moderate the severance payment in Van der Wurff’s employment contract, according to APG spokesman Hans ten Brinke.He said the RvC unilaterally changed its initial decision after the passage of new legislation on remuneration policy at financial companies (Wbfo) in the Netherlands.The Wbfo came into force on 1 January, limiting golden handshakes to a single year’s salary. “Given current circumstances, with, for example, hardly any perspective for indexation following the stricter rules of the new financial assessment framework, the RvC deemed the agreed severance payment no longer reasonable,” APG’s spokesman said. “Therefore, it limited the amount to €506,000, including a compensation for pension rights Van der Wurff would have missed.”In its annual report, APG’s board said the severance payment consisted of more than €250,000 for redundancy and more than €256,000 for pension loss, adding that the sum of these amounts equated to a year’s salary.According to the Wbfo, the cap on a golden handshake applies to all financial enterprises but not to pension funds.APG is the asset manager and provider for the €373bn civil service scheme ABP.Van der Wurff could not be contacted by IPE for comment.However, Dutch broadcaster RTLNieuws, which broke the news, said he had confirmed the facts of the story.Van der Wurff served as executive chairman at Cordares – the provider for BpfBOUW, the industry-wide scheme for the Dutch building sector.Cordares joined APG and was fully integrated into it in 2012.From then, Van der Wurff subsequently served as chief operational officer, chief client officer and board adviser at APG.Both parties agreed his departure was the result of “differing opinions about policy”, as well as personal reasons.In 2007, the severance payment of Joep Schouten, Van der Wurff’s predecessor at Cordares, also raised eyebrows.Schouten, who was 59 at the time, decided to hold on to the financial package – agreed in 1994, at the start of his chairmanship – of a full salary until his official retirement at 65, as well as early retirement benefits, despite having been asked by the RvC to “considerably limit” the financial arrangements.As a result, delegates of the Dutch pensions sector, including union representatives, boycotted Schouten’s departure reception.last_img read more

  • UK DB liability hedging surges 23% year-on-year

    first_imgUK defined benefit pension schemes are choosing to hedge more liabilities in spite of rock-bottom bond yields, with the volume of liabilities being hedged increasing by 23% in 2016 to £908bn (€1,024bn), according to a new study by KPMG.Its June 2017 UK Liability Driven Investment (LDI) Market Survey, which uses 2016 data, also showed that the number of pension schemes using LDI as a risk management tool climbed to 1,808 from 1,423 a year before.Barry Jones, head of LDI at KPMG, said: “This year‘s KPMG LDI survey confirms that LDI remains the most important de-risking tool for UK defined benefit pension schemes, with growth continuing to be relentless despite record low yields.”Established providers still dominated the market for LDI products, he said. The survey showed that LGIM was still the largest provider, with the firm hedging 42% of Total UK DB liabilities.LGIM, Insight and BlackRock continued to be the largest managers within segregated LDI, the study revealed.Within pooled LDI, these three managers along with BMO and Schroders were the biggest providers, the data showed.“Unless the insurance industry creates a lot more capacity for pension schemes, there will be an increased need for well-funded schemes to create their own risk controlled annuity payment streams over the long-term,” Jones said.KMPG expected LDI to become increasingly important in the current environment and predicted further LDI growth in the years to come, he said.“Furthermore, LDI managers appear to be on the front foot in developing cash-flow delivery solutions to operate alongside their existing LDI ranges and build on their credentials in cash-flow modelling and hedge design,” he said.According to the study, providers are continuing to develop new types of product in the LDI market segment, with new LDI funds being launched last year which combine LDI with growth assets such as equities or diversified growth funds.In the survey, 82% of LDI managers said regulation was the most important issue facing the LDI industry in 2017.Some 44% of managers said the central clearing of derivatives was the most important issue facing the sector, and 38% cited other regulatory or legislative changes.Commenting on the survey results, Shaj Alam, head of solutions research, UK LDI at AXA IM, said that even though some £900bn of liabilities were now hedged, there was around £1trn that remains to be hedged, which meant there was still plenty of room for growth. “The survey confirms that a quiet revolution is afoot – pensions schemes are maturing and increasingly need to meet pension payments from their assets,” he said.This had translated to demand for LDI managers to respond with solutions that generate cash, leading to innovation in the industry, Alam said.last_img read more

  • Telstra backs out of supporting gay marriage (Aust)

    first_imgTelstra backs out of supporting gay marriage after ‘pressure from Catholic Church’MailOnline 13 April 2016Family First Comment: Well said Telstra – the way every company should go – respecting the people. ‘The Government has committed to putting same-sex marriage before the Australian people in a plebiscite and, ultimately, it will be Parliament who determines any changes to the institution of marriage. In view of this Telstra has no further plans to figure prominently in the wider public debate.’ #respectAn Australian telecommunications company has withdrawn their support for marriage equality after pressure from the Catholic Church.Telstra, who was involved in a public campaign for same-sex marriage in 2015, has ‘no further plans to figure prominently in the wider public debate’, according to a spokesman.Their withdrawal of support came after Archdiocese of Sydney business manager Michael Digges threatened to boycott a number of companies that supported same-sex marriage, The Australian reported.‘You may be aware that the Catholic archdiocese of Sydney is a significant user of goods and services from many corpor­ations, both local and inter­national,’ Mr Digges wrote in a letter to a number of corporations.‘Undoubtedly, many of the Catholic population of Sydney would be your employees, customers, partners and suppliers.‘It is therefore with grave concern that I write to you about the Marriage Equality for Australians campaign.’A Telstra spokesperson told Daily Mail Australia said while the company places ‘great importance on diversity’, it would no longer engage in the debate publicly.‘Telstra has demonstrated it places great importance on diversity and standing against discrimination, in all its forms.‘Our workforce reflects this diversity, including people of same-sex in a broad range of relationships.‘The Government has committed to putting same-sex marriage before the Australian people in a plebiscite and, ultimately, it will be Parliament who determines any changes to the institution of marriage.‘In view of this Telstra has no further plans to figure prominently in the wider public debate,’ the spokesperson said.READ MORE: http://www.dailymail.co.uk/news/article-3536867/Telstra-backs-supporting-gay-marriage-pressure-Catholic-Church.html?login#readerCommentsCommand-message-fieldKeep up with family issues in NZ. Receive our weekly emails direct to your Inbox.last_img read more

  • Aurand leads Laurel Highlands Sprints to Hesston checkers

    first_imgHESSTON, Pa. (May 20) – Ron Aurand was the Saturday night winner when the Laurel High­lands Sprint Series ventured to Hesston Speedway.Runner-up in the 20-lapper for IMCA RaceSaver Sprint Cars was Nathan Gramley and Drew Ritchey was third.Aurand and Reed Thompson drew front row starts and Aurand set the fast pace with Thompson close behind. Within a few laps, Scott Lutz moved into second with Gramley, Ritchey and Steve Kenawell Jr. settling in behind him.Gramley had taken over second before the only caution of the race came on lap 16. When the green came out again, Aurand took off and took the win with Gramley, Ritchey, Lutz and Ke­nawell in tow.The next race for Laurel Highlands and round three of the Summer Showdown will be Sunday, May 28 at Bedford Speedway.Feature results – 1. Ron Aurand; 2. Nathan Gramley; 3. Drew Ritchey; 4. Scott Lutz; 5. Steve Kenawell Jr.; 6. Reed Thompson; 7. Ryan Lynn; 8. Rob Felix; 9. Jonathon Jones; 10. Brad Mel­lott; 11. Joe Zap; 12. Judi Bates; 13. Rob Bartchy; 14. Mike Alleman; 15. Jim Kennedy; 16. Coltt Lepley; 17. Mike Wenrick.last_img read more

  • Stave shows youth, Groy experience in victory

    first_imgRedshirt freshman Joel Stave struggled at times in Saturday’s game, going 7-of-15 for 106 yards while missing several open targets.[/media-credit]In a game that saw the Badgers earn their ninth consecutive victory against Minnesota in the annual border battle for Paul Bunyan’s Axe, the offense continued its ascension back to its 2011 form despite shaky play at times from redshirt freshman quarterback Joel Stave.While the running game maintained its resurgence to the form of years past – both Montee Ball and James White finished with over 150 yards each and scored a combined five touchdowns – Stave and the passing game continued to leave questions for the coaches to solve as they head into a key home matchup with Michigan State Saturday.Since his insertion into the lineup at halftime against Utah State, Stave has adjusted to his new starting role nicely. Coming into Saturday’s game, he led the Big Ten in passing efficiency with a 149.6 rating, which also ranked fourth among freshman quarterbacks nationally. Stave averaged 9.4 yards per pass attempt, also tops in the Big Ten.Despite completing seven of his 15 passing attempts against Minnesota, Stave only threw for a total of 106 yards and did not throw a single touchdown pass. A sign of his youth and inexperience, Stave underthrew a number of passes, which against a better defense might have cost UW more than just an incomplete pass on the box score.Still, head coach Bret Bielema said the redshirt freshman will continue to grow and develop his skills as he gets more comfortable running the Badgers’ offense.“Joel is just learning how to be a quarterback,” Bielema said. “Some of those things, he has got to get rid of the football, but you coach well on Sundays for a guy like that.“We will point those things out for him. We don’t want him to mishandle the game … the good news is he’s a freshman.”Early in the second quarter, after Stave orchestrated a 38-yard drive down to the Minnesota 26-yard line, the Gophers sacked Stave twice in three plays for a loss of 20 yards, moving UW back to the Minnesota 43-yard line. Out of field goal range, Wisconsin was forced to punt the ball away.“One of them, I saw him coming and my foot slipped out on me there, but [I] can’t let that happen,” Stave said. “Especially in the red zone, I can’t get sacked and keep pushing the ball back and back like that. So I’ve just got to be smarter with it, throw it away.”While ultimately the drive would have no repercussions in the eventual outcome of the game, it would have given Wisconsin a vital cushion at a critical point in the game as the Badgers clung to a razor-thin 7-6 lead at the time.Groy fills in at left tackle for injured WagnerDespite Stave’s personal struggles Saturday, the offense as a whole appears to have hit its stride in recent weeks.After averaging only 16.3 points per game in its first two games, UW has posted 34.2 points per game since and scored at least 27 points in each of its last five games.Most recently with Ball, White and Melvin Gordon at the helm of a surging running game, an injury to senior left tackle Ricky Wagner during Wisconsin’s Oct. 13 matchup with Purdue meant switching junior Ryan Groy from left guard to left tackle to fill in for the injured Wagner.With the exception of right tackle, Groy has now played every position on the offensive line. It’s a fact Groy says made the transition to left tackle an easy one heading into Saturday’s game.“Left tackle was fun, it was something I was prepared for going into the week,” Groy said. “Ricky helped me out with a lot of things during film, and we executed well.”Arguably the most important player on Wisconsin’s offensive line, Wagner’s absence in the lineup posed questions as to whether the running game would be able to continue its recent trend of dominating performances.Overall, the offensive line limited costly mistakes – helping earn Wisconsin 337 rushing yards and five rushing touchdowns – one of the only imperfections being the two sacks it allowed on Stave in the second quarter.“To have Ricky Wagner, probably our best offensive lineman, out of there and to be able to do those things … we knew it wasn’t going to be easy,” Bielema said. “But we wore them down.”Bielema said he does not know yet whether Wagner will be healthy to play against Michigan State, but for now Bielema and the Badgers are pleased with a big win in college football’s oldest rivalry.“I think we take a lot of pride in that,” Bielema said. “I learned that when I first came here … it’s a representation of a victory for an entire year.”Follow Nick on Twitterlast_img read more

  • Liverpool star set for sensational comeback, Madrid want Ozil, City £22m deal, Spurs want striker and more stories

    first_img Transfer rumours Here’s a selection of stories and rumours from Sunday’s newspapers…Mamadou Sakho could return to action for Liverpool next weekend after resuming full training following five weeks out. (Liverpool Echo)Arsenal will compete with Tottenham for the signature of Marseille’s 22-year-old Belgian striker Michy Batshuayi. (Sunday Telegraph)  Real Madrid will try to re-sign Arsenal’s Mesut Ozil if they sell 24-year-old James Rodriguez. (Don Balon) Everton boss Roberto Martinez believes Arsenal defender Calum Chambers could be a replacement for John Stones, should the 21-year-old leave Goodison. (Sunday People) Manchester City’s Yaya Toure will be offered a £24m deal to sign for Chinese side Shanghai SIPG. (Sun on Sunday) City have scouted PSV Eindhoven’s 20-year-old Uruguayan midfielder Gaston Pereiro. (Manchester Evening News) Brazilian star Alexandre Pato says he would be happy to play in the Premier League. (Mail on Sunday) Liverpool’s £29m attacker Roberto Firmino has been told by Anfield hero John Aldridge that he needs toughen up if he wants to win over Reds fans. (Sunday Express) Pep Guardiola is under pressure from his wife to stay in Germany rather than switch to Manchester City or Manchester United. (Sunday Mirror) Carlo Ancelotti is being lined up by Bayern in case Guardiola leaves. (Sunday Express) 1last_img read more