Through the LAPFF, funds have argued that IFRS allows companies to book fantasy profits and pay them out as executive pay and dividends – leaving shareholders such as pension funds to carry the can in the event of a corporate collapse.In 2016, the LAPFF wrote to FTSE 350 companies – including the now-bankrupt services company Carillion – and urged them to ignore the FRC’s position on dividend payments.The FRC obtained its own legal advice that contradicted the LAPFF position. However, it has refused to release the instructions it gave to its lawyers, despite a parliamentary question by Liberal Democrat peer Sharon Bowles, citing legal privilege.Elsewhere in its submission, the LAPFF accused the corporate governance watchdog of running shy of executive pay reform – most notably the highly controversial long-term incentive plans (LTIPs).LAPFF wrote: “The impact of the problems with the FRC is particularly relevant to executive pay, where the FRC has been noticeably reticent in any criticism of LTIPs. It is also of concern that egregious pay schemes are advised by big four [accounting] firms acting as remuneration consultants.”Asset managers want parliament to oversee accounting rulesMeanwhile, the Investment Association (IA) has called for full parliamentary oversight of IFRS after the UK leaves the EU.In a letter to BEIS, the IA’s director for stewardship and reporting Liz Murrall called for the UK to have its own endorsement framework for accounting standards.Murrall wrote: “Investors consider it important that the UK introduces its own independent endorsement process to adopt any new or amended IFRS standards to be applied in the consolidated financial statements of companies that list in the UK.”Tim Bush, head of governance and financial analysis at Pensions & Investment Research Consultants (PIRC) said he welcomed the position adopted by the IA.“This is a good letter and a reasonable approach.” he said. “It moves the UK closer to the model of Australia. Parliament must be involved.“There is clearly a problem with UK accounting at the moment as we have seen with Carillion, Quindell and Tesco. The core issues in accounting standard setting, prudence, and going concern must be under the control of parliamentary scrutiny.” In its consultation response, the LAPFF highlighted issues raised by several hundred pages of documents released to IPE under the UK’s Freedom of Information Act.The documents showed that over the course of more than a decade the FRC attempted to thwart efforts by the Office for National Statistics to to classify it as a public-sector body.The LAPFF submission said: “LAPFF is also surprised – given that the FRC had attempted reclassification since December 2004 – that the FRC did not once mention this, not only in various meetings with LAPFF, but to parliament itself in various appearances before committees.“All of this appears even more incongruous given that the FRC was appearing before parliament asking for more powers, whilst at the same time in private it was seeking to avoid being a public body.”In a statement, the FRC told IPE: “The FRC is a public body and has always discharged its duties to the full. Our Code of Conduct and register of interests are publicly viewable on our website.“We have received over 250 constructive responses to the consultation on a revised UK Corporate Governance Code. Our discussions with a wide range of investors indicate there is broad support for the UK retaining IFRS [International Financial Reporting Standards] after leaving the EU to enable objective decisions to be made about allocating capital.”The Department for Business, Energy and Industrial Strategy (BEIS) – to which the FRC reports – has not responded to IPE requests under the Freedom of Information Act.Local authority pension funds have been involved in a bitter spat with the FRC for a long time over whether or not accounts prepared under IFRS present a true and fair view of a company’s financial health. An influential UK pensions body has called for the country’s accounting watchdog to be wound up and replaced with a proper statutory body.The Local Authority Pension Fund Forum (LAPFF) – which represents 72 of the UK’s local government pension schemes – made the demand in its submission to a consultation on the Financial Reporting Council’s (FRC) proposed revisions to the UK Corporate Governance Code.In its submission, LAPFF said it viewed the positions of the FRC’s chair, Sir Win Bischoff, and chief executive Stephen Haddrill untenable and “considers that the FRC should be put into special measures, to be run by commissioners until a new body is set up under primary legislation”.It is the second time LAPFF has called for the FRC to be wound up and replaced with a new body. It previously demanded action following a parliamentary consultation on corporate governance in 2016.
Dutch asset manager PGGM reported an €11m operational loss for 2018, citing complications in the modernisation of its administration arm and the divestiture of Volo, its consolidation vehicle.In its annual report for 2018, the €211bn asset manager said that the modernisation of its administration had taken longer as replacing IT systems had proved more complicated than expected.It explained that it had to hire temporary IT staff and carry out additional testing.PGGM – the pensions provider for the Dutch healthcare scheme PFZW – said its new systems for financial administration, contract management and project management had become operational early in 2019. Last year, PFZW director Peter Borgdorff said PGGM’s required upgrades were likely to incur “substantial” costs.PGGM posted a turnover of €297m for 2018.Investment outperformanceThe asset manager said its investments had outperformed for its 11 pension fund clients.It cited private markets in particular, where strategies focused on “credit risk sharing transactions”, infrastructure and private real estate all beat their respective benchmarks.However, equity solutions and emerging markets credit fell short of their benchmarks.PGGM said it had now integrated environmental, social and governance aspects across its entire investment process.At 2018-end, it had invested €14.5bn in strategies related to climate, environment, water, food and health. PGGM added that it had reduced carbon emissions per million euros corporate turnover from 339 tonnes in 2014 to 239 tonnes in 2018.Last year, the asset manager started seven legal prodecures on behalf of its clients, including a case against mining firm BHP Billiton for not disclosing risks leading to the catastrophic collapse of a dam in Brazil. UK and Swedish investors have since lobbied for improved standards regarding so-called “tailings dams”. Separately, PGGM said it had developed an app enabling pension fund participants to find out the financial implications of early retirement and reducing working hours.
Chelsea’s struggling playmaker Eden Hazard will start their Champions League group stage clash with Dynamo Kiev, despite speculation to the contrary.Hazard was dropped for the win over Aston Villa at the weekend after, by his own admission, a rough start to the current season.Speculation has even linked the reigning PFA Player of the Year with a move to Real Madrid, but Jose Mourinho will give the Belgian a chance to begin a turnaround in his fortunes against Kiev. Kurt Zouma plays at right-back with John Terry and Gary Cahill the central pairing.There is no room for Ruben Loftus-Cheek in the matchday squad.Chelsea: Begovic; Zouma, Cahill, Terry (c), Azpilicueta; Ramires, Matic; Willian, Fabregas, Hazard; Diego Costa. Subs: Blackman, Baba, Mikel, Oscar, Traore, Kenedy, Falcao.Dinamo Kiev: Shovkovskiy, Danilo Silva, Khacheridi, Dragovic, Vida, Sydorchuk, Rybalka, Yarmolenko, Buyalsky, Gonzalez, Kravets. Subs: Rybja, Veloso, Antunes, Petrovic, Junior Moraes, Garmash, Gusev. The games:Zenit6:45 PMLyonBATE6:45 PMBarcelona Dynamo Kyiv6:45 PMChelseaDinamo Zagreb6:45 PM –Watch Chelsea – Dinamo live on SuperSport. –Follow Joy Sports on Twitter: @Joy997FM. Our hashtag is #JoySports
The most famous horse in America, Triple Crown winner American Pharoah, arrived at Monmouth Park racetrack on Wednesday and immediately was treated to a cool bath. Observing were a handful of fans and journalists from as far away as Australia.Excitement is in the air. Today, Monmouth Park announced it has upped the purse on the million dollar William Hill Haskell by $750,000, making the Haskell the largest invitational in the country, at $1.75 million and the largest purse in New Jersey history.American Pharoah is being lodged at Kelly John Breen’s barn, where owner Bob Baffert traditionally keeps his horses.When the horse and its entourage arrived at the Atlantic City Airport a few hours earlier, he was greeted by a handful of enthusiastic fans holding up signs.Fans wait at the fence in anticipation of Triple Crown Champion American Pharaoh at Atlantic City Airport in Egg Harbor Township, on Wednesday afternoon. Photo By Bill Denver/EQUI-PHOTO.The 3-year-old colt’s arrival at Monmouth Park was met with excitement and anticipation by fans as well as track workers.“It’s exciting. He’s a beautiful horse,” said Liz Donahue, a nurse working for a clinic available for track employees. “He’s nice he’s from New Jersey,” she said. “He’s coming home.The horse’s owner, Ahmed Zayat, owns and operates Zayat Stables, in Teaneck.With the increased purse, “This lets the state know and the racing industry know Monmouth Park is a place to showplace champions,” said Dennis Drazin, a Red Bank lawyer and advisor for the New Jersey Thoroughbred Horsemen’s Association, which operates Monmouth Park, Oceanport Avenue.Racetrack representatives expect crowds topping 60,000 to attend the Haskell invitational on Sunday.
Share Facebook Twitter Google + LinkedIn Pinterest The U.S. Department of Agriculture Agricultural Marketing Service (AMS) recently released notice that they are delaying, for the third time, implementation of the Organic Livestock and Poultry Practices (OLPP) rule.During the course of reviewing the OLPP Rule, in addition to a question about the scope of the statutory authority, a material error in the record was discovered, AMS said. USDA is delaying the rule so that important questions, such as the likely costs and benefits, can be more fully assessed through the notice and comment process prior to making a final decision on the direction of the rule.The OLPP final rule amends the organic livestock and poultry production requirements by adding new provisions for livestock handling and transport for slaughter and avian living conditions; and expands and clarifies existing requirements covering livestock care and production practices and mammalian living conditions.“The USDA’s move…should be seen for what it is: a clear attempt to let industrial agriculture interests usurp the legitimacy of the organic label,” said Amalie Lipstreu, Ohio Ecological Food and Farm Association policy program coordinator. “This rule has been in the making for more than 10 years and has been fully vetted.”The OLPP final rule would amend production requirements for livestock and poultry under the USDA organic regulations. This rule adds new provisions for how livestock are handled during transport for slaughter as well as avian living conditions. The rule also expands and clarifies existing requirements covering livestock care and production practices and mammalian living conditions. The OLPP final rule was scheduled to become effective on March 20, 2017.Instead, last spring, AMS published a notice of proposed rulemaking asking the public what direction USDA should take with respect to the rule. In the recent AMS release, the USDA noted that more than 40,000 of the 47,000 total comments received supported implementing the rule immediately. Only one commenter suggested the rule should be delayed.“The public has high expectations for food that carries the organic label. These expectations are being met or exceeded by more than 90% of organic farmers, who also overwhelmingly support the implementation of these rules without further delay. We should not be catering to the interests of those few producers that do not believe in the values of organic agriculture,” Lipstreu said.
Who It’s For: beginners who want to master color grading.Price: $69Blackmagic Resolve started out as a color grading software, so it stands to reason that if you’re already comfortable in your current NLE of choice, you could simply use Resolve after you’ve edited your final film. If you do want to approach Resolve from a color grading standpoint, then Color Grading Central is your best bet.You’ll have to sign up for the videos, but it’s worth doing. As a member, you’ll have access to dozens of Resolve tutorials (84 to be exact) and there’s a money-back guarantee if it’s not the perfect course for you. If you want to get professional color, this course is for you.Learn Color GradingWho It’s For: beginners looking to learn color grading on a budget.Price: FreeWho says you have to spend money to learn the basics of Resolve? One of the best free resources online is Learn Color Grading. If the voice sounds familiar, it’s because the lessons are created by the same guy that does Film Simplified.All of the lessons on Learn Color Grading cover a very important concept, and they’re all pretty short so you don’t have to mess with the fluff. Learn Color Grading’s tutorials are broken up into Beginner, Intermediate, and Advanced, so there’s something for every level of color grading proficiency. Know of any other great places to learn Resolve? Share in the comments below. Color Grading Central LyndaWho it’s For: beginners looking to learn from an expert.Price: $25 a MonthYou’ve probably already used Lynda.com to learn how to use After Effects, Premiere Pro, FCPX and more, but Lynda is also a great place to learn Resolve. There’s a few courses available, but the best course is taught by Patrick Inhofer, the creator of TaoOfColor.com. If you aspire to be a professional color grader, this is a great place to start.The following video tutorial isn’t from the course, but it does give you some insight into what a Lynda tutorial is like. Want to become a Resolve master? Check out these five great places to learn the ins and outs of Blackmagic Resolve.Resolve is quickly become a multipurpose video editing app that does so much more than color grading. However, for a popular program, it seems like there aren’t a ton of awesome tutorials out there. So if you’re feeling a little lost, here are a few great places to learn the basics of Resolve.Film SimplifiedWho it’s For: beginners looking to create cinematic looks.Price: $69One of the best places to learn Resolve is Film Simplified. They’ve been creating inspiring Resolve color grading video tutorials for years. With the latest release of Resolve 11 and 12, they’ve transitioned to doing video editing tutorials as well.All of the courses on Film Simplified come with a 30-day guarantee, so you can get your money back if you decide that the course isn’t right for you. One subscription to Film Simplified will give you Lifetime Access to all future Resolve tutorial updates. PremiumBeatWho It’s For: beginners to advanced editors looking to learn something newPrice: FreeAs you probably already know, PremiumBeat is much more than simply a great place to find royalty free music. With dozens of original articles posted weekly, PremiumBeat has more original post-production and filmmaking articles than any website in the world. Crazy, right?If you ever want to learn a specific concept in Resolve (or simply want to learn something new), I highly encourage you to check out the Resolve section of the blog.
New York: An Indian-origin man in the US has been charged with killing four family members, including his wife and in-laws, in their apartment in Ohio’s Hamilton City, according to a media report. Gurpreet Singh, 37, could face the death penalty if convicted, FOX19 NOW reported. He was booked into Butler County Jail Friday after his return from Connecticut and is scheduled to appear in court on Monday. A Butler County grand jury indicted Singh on four counts of aggravated murder in the fatal shootings of his wife, her parents and her aunt on April 28. With specifications of using a firearm and killing two or more persons, Singh could face the death penalty if convicted, the report said. Each family member had at least two gunshot wounds in the head.
A homegrown WAR rate of 43 percent is well below the long-term average of 63 percent for world champs, but that number is propped up by teams that won their titles before MLB’s modern era of free agency and mass player movement. Since free agency began in 1976, the average champion got about 50 percent of its WAR from homegrown players. In comparison with the highly imported nature of the 2004 Red Sox roster, the 2016 Cubs had a pretty normal mix of developed and acquired talent.Finally, the quality of the 2016 Cubs’ position players set them apart from the 2004 Red Sox, particularly on defense. Both teams received immense contributions from their respective pitching staffs; Boston ranked 14th among champions in pitching WAR,4Per 162 games. while Chicago ranked 27th. But the Cubs’ lineup also generated the 16th-most WAR by a championship team, while the Red Sox got only the 77th-most WAR of any champion from its lineup. Some of Chicago’s impressive young position-player talent flowed from a promise Epstein made at his introductory news conference in 2011. There, Epstein declared his intention to build “a foundation of sustained success” rooted in player development, echoing a similar sentiment from early in his tenure with Boston. “We’re going to turn the Red Sox into a scouting and player development machine,” he said in 2002. Although the returns didn’t come in quickly enough for the veteran Red Sox of 2004 — only 12 percent of the team’s WAR was generated by players who began their careers in Boston, the third-lowest rate for a champ ever — Epstein’s machine did eventually produce younger, more homegrown champions in 2007 and 2013. Epstein left Boston in 2011, but his fingerprints were all over the roster that brought Boston its ’13 title. And in 2016, 43 percent of the Cubs’ WAR was generated by players who made their MLB debuts in a Chicago uniform, many of whom Epstein drafted himself. When Theo Epstein left the Boston Red Sox to become president of baseball operations for the Chicago Cubs in the fall of 2011, he told reporters he was “ready for the next big challenge.” And what a challenge it was: The Cubs were coming off of a 71-win season, without much help on the way. Famously, the team’s last pennant had come 66 years prior, and it hadn’t won a World Series in 103 years.Epstein, of course, was well acquainted with the anguish of a supposedly cursed fan base. In 2004, as general manager of the Red Sox, he’d been the architect of Boston’s first world championship in 86 years. The parallels to Chicago’s plight were obvious. But the prospect of a second Epstein miracle seemed too much to realistically expect. The 2004 Red Sox had needed one of the greatest comebacks in professional sports history to end the team’s drought — surely such lightning couldn’t strike twice, could it?It could, and did. On Wednesday night, Epstein’s Cubs did what previously had been reserved for the realm of fantasy, bringing a World Series to Chicago’s North Side for the first time in 108 years. So, having pulled off the feat twice now, how do Epstein’s two curse-breaking teams stack up?First things first: The 2016 Cubs were probably better than the 2004 Red Sox. Although the Cubs had a penchant for doing things the hard way during the playoffs, they also had one of the best couple-dozen regular seasons in MLB history. By wins above replacement (WAR),1All mentions of WAR in this story will refer to an average between the competing versions offered at Baseball-Reference.com and FanGraphs.com. Chicago was the seventh-best World Series winner ever; Boston ranked 41st out of the 112 all-time winners. The Cubs also just edged out the Sox, according to FiveThirtyEight’s Elo team ratings,2Using the more complete version that’s adjusted for the quality of a team’s starting rotation. ranking 29th among World Series winners versus Boston’s 32nd-place finish. (To be fair, by another measure of Elo the 2016 Cubs ranked as the 70th-best team ever, slightly behind the 64th-ranked 2004 Red Sox.)But more interesting than straight rankings is the contrast in how each team was built. The 2004 Red Sox were a veteran team, the fourth-oldest World Series winner in history.3Using an average for the team’s regular-season roster that weights according to how much each player contributed to the team’s overall record as determined by WAR. They had old hitters — 22nd-oldest among historical champs, as weighted by each player’s regular-season plate appearances — and positively ancient pitchers — No. 1 all time, in fact, weighted by regular-season innings pitched. Epstein was handed a team full of vets when he took over as Boston’s general manager after the 2002 season, and he doubled down further by adding the likes of Curt Schilling (age 37 in 2004), Keith Foulke (31), Kevin Millar (32), Bill Mueller (33) and Mike Timlin (38) via trades or free agency.Epstein’s Cubs, on the other hand, were pretty average as far as the age of championship rosters go: They ranked 52nd-youngest out of the World Series’s 112 winners. But they also had an interesting split between the average ages of their lineup and their pitching staff. In keeping with the tradition of the 2004 Red Sox, Epstein once again assembled a pretty old group of pitchers in Chicago — eighth-oldest among all champs (though a full year-and-a-half younger than Boston’s grizzled staff in ‘04). Chicago’s position players, however, ranked 11th-youngest in championship history. The mix between fresh-faced kids such as Kris Bryant (age 24) and Anthony Rizzo (26) on the hitting side and aging pitchers such as Jon Lester (32), Jake Arrieta (30) and John Lackey (37) built the foundation for one of the most interestingly constructed rosters of any champion. Much of that difference came down to defense: Those Red Sox ranked sixth-to-last in baseball by defensive runs saved in 2004, instead typifying the classic mashing-over-fielding profile carried by many of that era’s sabermetric darlings. The defensive-minded Cubs, by contrast, illustrated the evolution of today’s data-driven teams, ranking first in baseball (by a wide margin) in DRS this season.Those kinds of distinctions particularly help put Epstein’s accomplishment in perspective. As one of the first wave of young, Ivy League-educated, statistically savvy general managers, Epstein was able to reverse Boston’s curse by building what was effectively the prototypical early-sabermetric ballclub: patience and power at the plate, and power pitching on the mound. If the ball was ever put in play, you took your chances with the most adequate defense you could cobble together while still propping up your on-base percentage and slugging average. The 2004 Red Sox were one of the first teams to win with that formula, but Epstein’s 2016 champion Cubs show how much the winning equation has changed as sabermetrics has matured. Now, the value of dynamic free-swingers like Javier Baez has been rediscovered, as has the importance of defense. The secret to breaking Chicago’s curse was very different than the one that broke Boston’s hex 12 years earlier.And if Epstein ever molds another champion elsewhere, it’s a good bet that team will look different than either the ‘04 Sox or the ‘16 Cubs. Another good bet: It will probably set another prototype for subsequent teams to follow, whether they’re trying to end a championship drought or not.
A water line break at Bill Davis Stadium during the extreme cold temperatures Jan. 6 and 7 has displaced Ohio State baseball coaches and complicated batting practice for players.Administration and Planning spokeswoman Lindsay Komlanc said in an email the Department of Athletics has been working with university contractor BELFOR Property Restoration who “assists with restoration effects involving water damage, among other things.”“This work is ongoing, so there is not a cost estimate at this time,” Komlanc said. “Our crews first response is always to immediately isolate and shut off the water and the next priority is repairing the space so it can return to normal use as quickly as possible.”The leak occurred in the ceiling of the second floor of the baseball facilities, flooding the baseball coaches’ office, Komlanc said.OSU athletics spokesman Brett Rybak said in an email the second floor holds the offices of OSU coach Greg Beals, two assistants, an office for a volunteer assistant and the director of operations and a front desk for a receptionist.“The coaches have been working out of our video room behind our home dugout the last two weeks,” Rybak said.Redshirt-freshman pitcher Joe Stoll said the water from the offices leaked through the ceiling and into the players’ batting cages on the first floor.“The whole side of the building was covered in ice,” Stoll said. “Every single paper in their office was unusable.”Rybak said there is not an estimated date for the offices to be reopened.Stoll said dehumidifiers have been set up along the players’ batting cages to help dry up the water.“We should have the dehumidifiers in the batting cages until our first trip on Feb. 14,” Stoll said.Komlanc said repairs mainly involve replacement of drywall, wood trim and carpeting.Multiple calls to BELFOR Property Restoration were not returned. Attempts to obtain photographs of the scene were denied.The OSU baseball team is scheduled to start its season in Port Charlotte, Fla., Feb. 14 against Connecticut as part of the Snowbird Classic.
Spain midfielder Saul Niguez is ready to move on from his disappointing World Cup campaign at RussiaThe Atletico Madrid star did not play a single minute under interim coach Fernando Hierro as Spain went crashing out at the last-16 stage to hosts Russia on penalties.Speaking after scoring in Spain’s 2-1 win over England at Wembley, Saul confessed that not featuring at all for La Roja had troubled him.“It is not the time to talk about the past,” said Saul, according to Marca.“I thought about it a lot in the summer, but I don’t think we need to talk about that anymore because it doesn’t matter.“I lived an unforgettable experience and I contributed what I could.“In the European Championship I was left out and I realised that if I do well in my team then things will come.”Quiz: How much do you know about David Villa? Boro Tanchev – September 14, 2019 Time to test your knowledge about Spanish legendary forward David Villa.Next up for Spain will be World Cup finalists Croatia and Saul expects a big challenge from their star midfield duo.“We all know [Ivan] Rakitic and [Luka] Modric,” he said.“They have a great midfield and they will be a difficult opponent to beat.”Saul was quick to downplay the significance of his role under new head coach Luis Enrique.“I’m not fundamental for the national team, but I feel important at Atletico.“Everything I do is for the good of the team.“The national team does not depend on me.”