UK government proposes ‘expert stewardship oversight group’

first_imgThe UK government has proposed establishing an “expert ‘stewardship oversight group’” to improve the quality of stewardship of UK companies by investors. The group could review significant corporate failings and scandals, make recommendations, and ensure that lessons are applied throughout the investment chain, according to proposals from the Department for Business, Energy & Industrial Strategy (BEIS).Suggested members included the Investor Forum, company chairmen, company secretaries, asset owners and the Financial Reporting Council (FRC). Launched in 2014, the Investor Forum was one of the key recommendations to come out of the 2012 Kay Review. It exists to facilitate better engagement between UK public companies and their shareholders.   Another idea suggested by BEIS was to get large listed companies to commit to “hosting periodic strategy and stewardship forum meetings focusing on the company’s long-term strategic plans”.“This is an essential counterpart to the Department for Work and Pensions’ recent defined benefit white paper”.Pensions and Lifetime Savings AssociationBEIS floated the ideas in a consultation on insolvency and corporate governance on Tuesday. It said they were options for reform alongside those suggested by the FRC earlier this year in connection with its upcoming consultation about the Stewardship Code.BEIS said the FRC’s consultation would be “a significant opportunity to help strengthen the quality of investor engagement with UK companies”.The government’s consultation was aimed at improving the UK’s corporate governance framework and ensuring “the highest standards of behaviour in those who lead and control companies in, or approaching, insolvency”.BEIS said: “The vast majority of UK companies are run fairly and responsibly, but a small number of recent corporate governance failures have raised concerns that company directors can unfairly shield themselves from the effects of insolvency and – in the worst cases – profit from business failures while workers and small suppliers lose out.”Other proposals in the consultation included disqualifying directors or holding them personally liable if they were found to have sold a struggling company recklessly or knowing it would fail, and giving the Insolvency Service new powers to investigate directors or dissolved companies.The high-profile collapse of Carillion, a UK construction company that went into liquidation in January, has been the focus of considerable political and media attention in recent weeks. It has triggered questions about the behaviour of a range of actors – company directors, auditors, investors, regulators and others – and the regulatory framework governing them. The UK pension fund association said the government’s new consultation was “an essential counterpart” to the recent defined benefit white paper from the Department for Work and Pensions (DWP).Caroline Escott, policy lead for investment and defined benefit at the Pensions and Lifetime Savings Association, said: “In light of recent events, such as the failures of BHS and Carillion, we are glad to see the government looking at the relationship between good corporate governance and good outcomes for pension scheme members.“This is evident both in today’s consultation from the BEIS and also from the DWP’s recent defined benefit white paper. It is imperative that the interests of scheme members remain at the forefront of a company’s considerations in the case of insolvency or restructuring.”Last year the government announced corporate governance reforms that focused on boardroom accountability to shareholders, employees and the public.last_img read more

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‘Complete address model’ offers street appeal in Brisbane

first_imgEmploying a “complete address model”, the Chambers Ridge project in south Brisbane will see entire streets finished at the same time, ensuring communities develop right away.“This means new residents move in together and they have a blank slate to create their own community,” says Robyn Valmadre, general manager of sales and marketing at Villa World.Entire streets will be finished at the same time at Chambers Ridge. Picture: realestate.com.au“All the homes in each street are designed to complement each other and every home is fully landscaped and ready to live in. Unlike traditional land communities, buyers can see what all the homes in the street will look like before they buy.”Each home at Chambers Ridge, in the suburb of Park Ridge, is designed for the Queensland lifestyle with open-plan living areas directly connected to outdoor entertaining areas.The designer homes range includes three and four-bedroom options, with two bathrooms, double garage, stainless steel kitchen appliances, stone benchtops and landscaping. Prices range from $399,000 to $499,000.The designer homes include three and four-bedroom homes. Picture: realestate.com.au“In many cases, Villa World build before you buy so people can inspect the new homes, make an offer and move in within a month if they choose,” Valmadre says.“Alternatively, houses are available off the plan on one contract with one deposit and one final payment at settlement. This makes it easy for our first home buyers without the hassle of progress payments and a time-consuming building process.”Designed around a large park with playground and barbecue facilities, Chambers Ridge is well-positioned as a family community, with convenient access to local amenities, as well as Brisbane CBD to the north, and the Gold Coast to the south.More from newsParks and wildlife the new lust-haves post coronavirus10 hours agoNoosa’s best beachfront penthouse is about to hit the market10 hours agoThe community has been designed around a park and playground.  Picture: realestate.com.auValmadre says Park Ridge in the City of Logan is “the fastest growing corridor in south-east Queensland”.“Logan has a strong focus on economic growth and job opportunities for residents. Home to more than 19,000 businesses and with more than 15,000 new jobs created in 2013, investor confidence is strong,” she says.“We find buyers see this as the best future potential to get into their first home.”Homes at Chambers Ridge are available now. For more information, visit their listing page.last_img read more

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MICHAEL MURPHY NAMED GAA/GPA PLAYER OF THE MONTH

first_imgDonegal captain Michael Murphy has been named the GAA/GPA player of the month for May. Michael Murphy pictured with Stephen Maher (Laois), as they picked up their player of the month awards in Football and Hurling at Croke Park today.Murphy produced a man-of-the-match display for Donegal in their Ulster SFC quarter final win over Derry.He was instrumental throughout that encounter, and scored a sensational point from a sideline kick, that drew comparisons with the famous point scored by Maurice Fitzgerald for Kerry against Dublin in 2001. GAA President Liam Ó Néill said, “The onset of our championships brings with it stellar performances and our two winners this month certainly contributed to the bright start we’ve had to both the football and hurling championships.“Michael Murphy has long been a leader for Donegal, despite his relative youth, and his latest offering against Derry was in keeping with his leadership qualities.Murphy and his Donegal team-mates are currently preparing for an Ulster semi-final clash with Antrim in Clones a week on Sunday.  MICHAEL MURPHY NAMED GAA/GPA PLAYER OF THE MONTH was last modified: June 10th, 2014 by StephenShare 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:Croke ParkdonegalGAAMichael MurphynewsPLAYER OF THE MONTHSportlast_img read more

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