Dearth of cross-border funds a ‘heritage nightmare’, says IORP rapporteur

first_imgHe advocated revisions in IORP II to encourage the take-up of cross-border operations and asked why European multi-national corporations, unlike their US counterparts, performed so poorly.During a later panel, a senior official from the European Commission was questioned over the current stipulation that cross-border funds should be fully funded at all times.Jung-Duk Lichtenberger of the Directorate General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) explained that, if there could be no harmonisation of solvency rules, absence of the full funding rules would result in a “race to the bottom”, likely due to a drive to re-locate to jurisdictions with more relaxed regulation.Lichtenberger questioned whether a minimum harmonisation of the 28 EU member states’ pension regulation was “too much of an administrative burden”. Hayes said the matter of solvency inevitably required not only his attention but the attention of questioners from the floor.He echoed a comment from a recent parliamentary hearing, noting: “Remember, we are dealing with other people’s money – money they are putting aside.”Answering a question later on, Hayes added: “We have to take the responsibility for getting more people to take up pensions, and I don’t see EIOPA’s [the European Insurance and Occupational Pensions Authority’s] involvement as some kind of negative issue.”Separately, he said EIOPA was “an important player, but, at the end of the day, it is the European Parliament and the Council [of the EU] that decides on legislation”.At another stage, he described the Directive as a “minimum act”.“We do not need to strangle member states on the matter of [excessive legislation].”More generally, he said that, “broadly speaking, we are working on a consensus position in the European Parliament”.Hayes also touched on the matter of professional qualifications, a contentious issue in the UK and other member states that allow lay trustees to oversee schemes, and said he was aware of the concerns.He said he expected to have completed his own report to ECON by the end of July, to be followed, by late November or early December, by a final report from the committee. The dearth of cross-border pension funds must be addressed by the revised IORP Directive, according to the MEP in charge of the legislation. Brian Hayes, rapporteur for the European Parliament’s Economic and Monetary Affairs committee (ECON), returned repeatedly to the issue of cross-border during a speech at the PensionsEurope conference in Brussels.The Irish MEP reasoned that the growing number of cross-border workers would warrant the growth of cross-border provision, but also that funds raised to back effective cross-border schemes could benefit the economy as a whole.Hayes said the current cross-border framework was “a heritage nightmare” and “a case of a regulatory framework that is bizarre”, arguing it was a “key issue” that needed to be resolved.last_img read more

​BTPS keen for big voice in ESG/fixed income debate, says CEO

first_img“We are engaging with all our external managers as well as with our peers, industry groups and others, and in the deals we manage in house, and we are engaging more and more in that transition towards a greener economy,” he said.BTPS was a pioneer in ESG investment, and active ownership firm Hermes – now Federated Hermes – grew out of the former UK national phone company’s pensions management operation.Overall, although the green transition was a very big risk for the scheme, Nilsson said, being part of that change was also a massive opportunity.“So we are also very keen to use our muscle and use our capabilities there,” he said.Within the sovereign debt market, Nilsson said there were now more social bonds, and green bonds being issued, and that there was investor appetite for these new types of government paper.“From a credit management point of view, we would like to see more from credit rating agencies to step up the game, so I think there will be a lot of activity there and it will be an interesting space,” he said.Credit rating agencies should step up their game on ESG, Nilsson said.Looking for IPE’s latest magazine? Read the digital edition here. The BT Pension Scheme (BTPS) is aiming to play an influential role in developing environmental, social and governance (ESG) accountability around fixed income assets, as the shuttered defined benefit (DB) scheme ups its reliance on bonds.Morten Nilsson, chief executive officer of BT Pension Scheme Management Limited (BTPSM), told the IPE Summer Pensions Congress 2020: “It’s an area we think will become increasingly important.”While BTPS – which has some £50bn (€55bn) of assets and largely closed to new accrual two years ago – still has around £10bn in equities, Nilsson said this allocation would decrease in time.“The ESG focus in fixed income is not as well developed as the equity area, and we are very keen to have a significant voice here,” he said in a discussion at the virtual event.last_img read more

$1,000 awaits Sprint Series of Oklahoma winner Saturday in Enid

first_imgBy David Smith Jr.OKLAHOMA CITY, Okla. – The Sprint Series of Oklahoma IMCA RaceSaver Sprint Car Series presented by Smiley’s Racing Products rolls on Saturday night, Aug. 12 as the tour will make its first and only scheduled appearance at Enid Speedway.Courtesy of co-promoter Kip and Heidi Hughes, this event will pay $1000 to win, up from the stand­ard $750 to win.This event will be the fifth weekend in-a-row the IMCA RaceSaver Sprint Car series, presented by Smi­ley’s Racing Products, will be in action. After the conclusion of this event at the Garfield County Fairgrounds, three more dates are scheduled before the end of August.Jake Martens comes in as series point leader but is looking over his shoulder as inaugural series champion Danny Shouse, winner of a tour-best four features thus far this season, is closing the gap. Coming into last Saturday night’s event in Ada, Oklahoma (won by Shouse), Martens had a slim 18-point-lead. With Shouse’s win and Martens sixth place finish, unofficially the lead is now down to 13.Official point standings will be released by IMCA on Friday.Touring regulars also expected include Chris Kelly, Cody Whitworth, Loyd Clevenger, Justin Fisk, Josh Toho, Justin Mowry, Dillon Laden, Blake Scott, Blake Daccus, Jerry Jumper, Blake Robert­son, Tristan Oakes and Cody Jarvis.With the United Rebel Sprint Series having no races scheduled, several Kansas drivers are ex­pected to make the tow and obtain both national and SSO points as well as contend for the $1,000 paycheck.The Backhand Band will perform during pre-race festivities from 2:30-4:30 p.m. Gates open at 3 p.m. with hot laps set for 5 p.m. Heat race action is slated for 6 p.m.Grandstand admission is $15 for adults and $12 for seniors, military and students ages 12-15. All pit passes are $30.There will be an open practice session Friday, Aug. 11 from 7-10 p.m.last_img read more

SAP enters esports, sponsors Team Liquid

first_imgVictor Goosens, Team LiquidSAP has today announced its entrance into esports via a sponsorship deal with European organisation Team Liquid.This sponsorship of Team Liquid marks the first collaboration of SAP with a professional esports organisation, and notably a three year agreement has been signed. As official innovation partner, SAP will work with Team Liquid on ‘co-developing software based on in-game data’, which is intended to help Team Liquid better analyse performance and ‘achieve greater precision in areas like team and player performance and scouting new talent’.SAP has been around since 1972. The German company boasts customers in over 180 countries and had a reported revenue of €22bn (£15.5bn) in 2016. They are already well versed in sporting partnerships, and maintain them with the likes of the City Group, Bayern Munich, the NBA, McLaren, the NHL, the New York Yankees and many more. SAP, unsurprisingly, has a multitude of services and tools but it’s the SAP HANA® platform which will serve as the core technology for co-development for the Liquid partnership. Additional components such as SAP®Cloud Platform, the SAP Leonardo digital innovation system as well as the Internet of Things (IoT), predictive and machine learning functionalities will be evaluated as part of the co-innovation process. Performance tracking is of course as key in esports as any other competitive pursuit, and SAP is looking to participate as a global and sustainable player in the esports ecosystem.Stefan Ries, Chief Human Resources Officer, SAP commented: “After deciding to become a sponsor in the field of esports, SAP took time to observe and analyze the market and its ecosystem before finally deciding to partner with Team Liquid – one of the most successful teams in the business.“For SAP, esports opens us up to a tech-savvy and highly skilled young audience and potential new talent for SAP. As a global, innovative and forward-looking technology company, SAP provides a high brand fit to the esports ecosystem.”“There is a strong demand for meaningful data and analytics software in esports,” said Victor Goossens, co-CEO, Team Liquid. “For Team Liquid, competitive performance is key – and smart technology and data give us the best possible tools to analyze and improve. As a technology company at the cutting edge of innovation and with sponsorship experience across sports and entertainment, SAP is the perfect partner to collaborate with Team Liquid to create tools and solutions to fuel our competitive journey.”Lars Lamadé, Head of Sponsorships, Europe & Asia, SAP added: “Esports is a highly interesting field for SAP. With a team sponsorship, SAP will be able to activate its full potential by working closely together with Team Liquid to understand their needs and apply innovative technology solutions to address them.“SAP as an innovation-driven company is interested in esports as a 100% digital sport with a high speed of development. The partnership with Team Liquid, with a true and authentic co-innovation mind-set at its core, will become a great use case for SAP technology.”Esports Insider says: This is the biggest entrance in esports in some time. SAP is a huge company and this is a massive boost to both Team Liquid, and the industry at large. SAP’s tools and services are well regarded and used by some of the top sporting organisations in the world (the NBA, Bayern Munich, the NHL, McLaren etc.) and so Liquid are sure to reap some rewards from this arrangement.last_img read more


first_imgKenny: Must intervene, says MEPPat the Cope Gallagher MEP has called on the Taoiseach, Enda Kenny, to intervene on the issue of the introduction of the HGV Road User Levy.This will see the introduction of a discriminatory tax by the British government on Irish hauliers using Northern Irish roads from the 1st of April.Mr. Gallagher specifically has urged the Taoiseach “to convene an emergency meeting of the North South Ministerial Council in order for Northern Ireland to be exempted from the HGV Road User Levy”. Pat the Cope stated “The North South Ministerial Council was established following the Good Friday Agreement, to develop cooperation within the island of Ireland on economic matters including transport. It is vitally important that the Government uses this body which was established to resolve issues such as this. Furthermore, I believe that the UK authorities must take into consideration the funding being provided by the Irish taxpayer for road developments in Northern Ireland, as part of the Good Friday Peace agreement.”Pat the Cope concluded that “an emergency meeting is required as this discriminatory and penal tax will be in place in ten days time. The proposed tax could cost hauliers travelling from Donegal to Dublin as much as €30/40 per trip. The charge of €10 per crossing is based on a 24 hour rate commencing at midnight, therefore, the cost is double if a vehicle leaves Donegal on one evening and returns after midnight on the next day. I am extremely fearful that companies right along the border may relocate to Northern Ireland with serious implications for jobs.” TAOISEACH MUST STOP BRITISH FROM CHARGING DONEGAL HGV DRIVERS – MEP was last modified: March 21st, 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:donegalHGV chargeIrish GovernmentPat The Cope GallagherUKlast_img read more