All change for stewardship agenda as FRC reveals draft new code

first_imgAndrew Ninian, Investment Association“Asset managers have been clear that any new code should require signatories to report against actual stewardship activity, rather than just the policy that sits behind them, and should also reflect the growing range of issues that asset managers engage on, such as diversity and ESG.“The new proposed code recognises these key issues and provides a platform for them to be firmly embedded in the final version of the stewardship code.”Caroline Escott, policy lead for investment and stewardship at the Pensions and Lifetime Savings Association: Caroline Escott, PLSA“We’re pleased to see that many of these new proposals are in line with what our members have been calling for. Ensuring the code clearly explains how the principles apply to asset owners should make it easier for them to make sure their asset managers are undertaking effective stewardship.“We also welcome the specific reference to [ESG] issues as these can represent significant risks and opportunities to companies, so it’s important these are drawn out.”Fergus Moffatt, head of UK policy at ShareAction: The Financial Reporting Council (FRC) has proposed revisions to the UK’s stewardship code that would hold institutional investors to “substantially higher” standards of policy and practice.The draft 2019 code – on which it launched a consultation today – aimed “to create a market for stewardship driven by a demand from asset owners and beneficiaries for better quality information about how asset managers and service providers fulfil their responsibilities”.Win Bischoff, chair of the FRC, said the review of the code “recognises the significant changes in the investment industry and stewardship landscape since the 2012 revision”.“It sets both higher expectations for stewardship practice and introduces more rigorous public reporting with a focus on outcomes and effectiveness,” he added. “We believe the changes proposed put it at the forefront of stewardship internationally.” The changes come a month after a review of the FRC proposed scrapping the audit regulator and replacing it with an independent statutory regulatory body. The Kingman review also advocated a “fundamental shift in approach” to the stewardship code and said serious thought should be given to abolishing it if it could not focus on “outcomes and effectiveness” rather than policy statements.The consultation on the proposed changes to the stewardship code is part of a package of papers released today.center_img The entrance to the FCA’s headquarters in Stratford, LondonUK financial services regulator the Financial Conduct Authority (FCA) has launched a consultation on measures to implement the amended Shareholder Rights Directive for asset managers and life insurers, saying that its proposed new rules would set “an important baseline in a continuum of measures to drive effective stewardship.” .The revised stewardship code aimed to encourage higher standards beyond the minimum, it added.The FCA also published a joint discussion paper with the FRC, which it said aimed to “provide an appropriate platform” for a broader debate on stewardship – its importance and how it is best achieved. Fergus Moffatt, head of UK policy at campaign group ShareAction, said: “Given the FCA’s responsibility to supervise the conduct of asset management firms, carry out enforcement activities and achieve good consumer outcomes, it could feasibly play a more prominent role on stewardship.”What’s in the new code?The draft 2019 stewardship code is based on a new definition of stewardship, which identifies its primary purpose as “looking after the assets of beneficiaries that have been entrusted to the care of others”.This, according to the FRC, assigned asset owners a central role in promoting effective stewardship practice and in the selection, monitoring and evaluation of asset managers acting on their behalf.The FRC also proposed a broader scope for the code, with signatories also expected to exercise stewardship across assets outside of listed equities including fixed income and infrastructure equity.Asset owner and asset manager signatories to the code should, for example, “explain their policy on bond engagement, including the extent to which they engage pre- and post-issuance of bonds”, the FRC said.“The draft 2019 code sets higher standards for asset owners and asset managers regarding how they integrate stewardship responsibilities into their investment processes”Financial Reporting CouncilThe revised code also “sets higher standards for asset owners and asset managers regarding how they integrate stewardship responsibilities into their investment processes,” the FRC explained.One of the provisions in the draft code states that they would need to “disclose the structures and processes they have in place to ensure that information gathered through stewardship activities is factored directly into investment decision-making”.The revised code has a focus on purpose, values and culture, which is intended to align it with the new UK corporate governance code for companies. Material ESG factors The draft code makes explicit reference to environmental, social and corporate governance (ESG) factors, and signatories are expected to take into account material ESG issues when fulfilling their stewardship responsibilities. These changes align with recent changes to occupational pension regulations.For example, under the proposed code, asset owner and asset manager signatories would need to explain how their approach to investment and stewardship “is aligned with the investment time horizon of beneficiaries, including how they take material ESG factors into account”. The FRC has also heeded feedback that the code should be more clearly tailored to the different roles of different entities in the investment chain.The draft code differentiates between asset owners, asset managers, and service providers, including investment consultants and proxy advisers.Under the new code, pension funds with internally managed assets would follow principles and provisions for both asset managers and asset owners.The FRC has also proposed more rigorous requirements for reporting. Investors would be required to publish a policy and practice statement upon signing the code, and an annual activities and outcomes report. Reporting would be subject to increased oversight by the FRC.  Stakeholders welcome new codeAndrew Ninian, director of stewardship and corporate governance at the Investment Association: Fergus Moffatt, ShareAction“We support many of the changes proposed by the FRC in its consultation paper, particularly around clearer distinctions on the duties of the different types of signatory to the code…“In addition, the explicit reference to environmental and social factors throughout the document is an extremely positive step forward and the recognition by the regulator that ESG factors can be financially material – and in such instances should be considered by signatories – is good news for companies, investors, savers, and the environment.”last_img read more

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LA Lakers’ Mitch Kupchak offers more insight on trade deadline than evaluations on Byron Scott

first_imgA busy offseason awaits the Lakers that should give general manager Mitch Kupchak little sleep.Will the ping pong balls bounce the Lakers’ way so they can keep their Top 3 protected draft pick? How will the Lakers use their cap money after Kobe Bryant’s pending retirement? Will the Lakers retain coach Byron Scott after experiencing another season out of playoff contention and in the Western Conference cellar? Kupchak declined on Wednesday to address the latter issue as Scott oversees the Lakers (11-44) likely finishing with their worst season in franchise history for the second consecutive year.“Byron is under contract,” Kupchak said at the Lakers’ practice facility in El Segundo. “Until that changes, or if that changes, we’ll let you know.” Scott has two years left on a contract worth $8.5 million, including guaranteed salary for next year. But that has not stopped the Lakers from parting ways with their coaches in recent seasons. The Lakers fired Mike Brown five games into only his second season (2012). Mike D’Antoni resigned after his second season (2014). Despite Scott overseeing the Lakers going 21-61 last season, Kupchak routinely praised Scott for his work ethic, positive attitude and ensuring that his players competed. But Kupchak offered no such words when asked if he thought Scott has done a good job in his second year coaching the Lakers.“I don’t want to get into a Byron discussion right now,” Kupchak said. “I’m not going to answer any more questions about Byron. My concern is one question will lead to another. If his status changes, I’ll let you know.” Minutes later, a Lakers official interrupted a question pertaining to the criticism Scott received regarding how he has handled rookie point guard D’Angelo Russell. Kupchak then declined to answer.Ever since December, the Lakers have planned to retain Scott for the 2015-16 campaign before evaluating him in the offseason. The Lakers have expressed sympathy for Scott’s numerous challenges, including managing Bryant’s last season and developing a crop of young players. Some Lakers officials not connected to the front office have privately expressed frustration about the team’s record and Scott’s tough love toward young players. But it’s not clear to what degree the Lakers’ front office shares those same sentiments. “I haven’t been listening to it or hearing it,” said Scott about criticism before alluding to his vacation in Mexico during NBA All-Star weekend. “I was away and enjoying myself to the best of my ability and not thinking about basketball.” Kupchak became more forthcoming on other topics. He considered it “unlikely” the Lakers will make a deal before Thursday’s deadline. That’s because the Lakers will not trade Bryant and the team appears intent on keeping its young players, including Russell, Julius Randle, Jordan Clarkson, Larry Nance Jr. and Anthony Brown. The Lakers could package any combination of Roy Hibbert, Brandon Bass, Lou Williams, Nick Young, Ryan Kelly and Robert Sacre. But it appears unclear if any teams would have interest. “There’s an awful lot of interest in our young players,” Kupchak said. “I don’t think it’s likely we’ll do anything there. The other players are on one-year deals and expiring contracts. Strategically, it could affect the offseason in terms of cap room and stuff like that. There’s a lot of conversation, but it’s unlikely anything significant will happen.”That did not stop Lakers trainer Gary Vitti from jokingly telling some of those players Kupchak wanted to talk with them on Wednesday.“Sometimes quiet is good,” Scott said. “At least my week was good. It was nice and quiet.”That contrasted to the noise on Wednesday. But even if Kupchak declined to address the chatter about Scott, the Lakers’ general manager offered specifics on what he will evaluate in the Lakers’ 27 remaining games. “The big part of our team until the end of the season is to make sure our young players develop, continue to play hard and be aggressive,” said Kupchak, who reported talking to them on Wednesday morning. “You want to see them in the face of this adversity in a tough season and to show some mental toughness to push through it and show me your best. It helps us during the offseason when it comes to evaluating our needs.”To provide clarity on that, Scott said he plans to play Bryant “a tad less” than the 29.3 minutes per game he has averaged thus far. But Scott and Kupchak reiterated plans for Bryant to play in as many games as possible in his 20th and final NBA season. “Managing his minutes and keeping in mind he wants to play, we want to get him to the end of the season,” Kupchak said. “It’s somewhat of a challenge.”Russell also has experienced challenges. But Kupchak described Russell as “light years ahead of where he was in Summer League” after averaging 12.2 points on 41.5 percent shooting, 3.3 assists and 2.4 turnovers this season. Scott does not plan to start Russell for Friday’s game in San Antonio, but the Lakers’ coach insisted Russell will start soon. “It’ll be great. But I don’t really care about the starting lineup,” Russell said. “If I’m going to come off the bench, I’ll get used to it. When I get in, I’ll take advantage of that. If I’m a starter, I’ll get used to that.”Regardless, it appears Kupchak wants to get used to seeing Russell and his younger teammates play more.“As you get closer to the end of the season, it’s possibly less important to look at your veterans and more important to look at your younger players,” Kupchak said. “That would be the case with us.”center_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more

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WWE Super ShowDown results: Bill Goldberg runs through Bray Wyatt to win Universal title; Brock Lesnar retains WWE title

first_imgMORE: Join DAZN and watch more than 100 fight nights a yearThe match began with the WWE Hall of Famer and wrestling’s hottest act staring each other down. Goldberg immediately speared Wyatt, but he kicked out at one to the shock of the former WCW heavyweight champion. Wyatt proceeded to put in the mandible claw. Goldberg broke out of the hold and blasted Wyatt with three consecutive spears, but once again, Wyatt kicked out. Wyatt put in the claw one more time but to no avail when Goldberg headbutted him to escape. Goldberg secured Wyatt and barely got him up for the Jackhammer to win the gold.G O L D B E R G = C H A M P I O N.#WWESSD #UniversalTitle @Goldberg pic.twitter.com/xizKi2aLmA— WWE (@WWE) February 27, 2020Here is what happened with the rest of the WWE Super ShowDown card.WWE Super ShowDown live results, updates(All times Eastern)Bayley successfully retains the SmackDown women’s title over Naomi3:03 p.m.: A better than expected match. Bayley as a heel is really clicking for me. Naomi doesn’t get the proper credit she deserves. She’s just as good of a worker as Bayley. Too bad they didn’t have another five minutes since they were getting into a good rhythm. A creative ending where Bayley put Naomi’s feet into her shirt and slammed her head off the mat for the pin. 2:51 p.m.: Right now at WWE Super ShowDown, Bayley puts the SmackDown women’s title on the line against Naomi. This is the first-ever WWE female championship match in Saudi Arabia.Roman Reigns takes care of Baron Corbin inside the steel cage2:41 p.m.: A ho-hum WWE steel cage match. Reigns and Corbin did nothing wrong. It was fine, but there was minimal use of the cage, which defies the logic of the structure. After an exchange of near falls, Reigns grabbed the chain he brought to the ring and used it for the Superman Punch to get the victory. Reigns now moves to the Elimination Chamber on March 8 in Philadelphia. The winner is likely to meet whoever leaves Super ShowDown with the Universal title.THAT IS HOW WE BIG DOG.#WWESSD #SteelCageMatch @WWERomanReigns pic.twitter.com/HuIc3IlTgK— WWE Universe (@WWEUniverse) February 27, 20202:25 p.m.: Coming up at WWE Super ShowDown, Roman Reigns and Baron Corbin meet in a steel cage match. Reigns defeated Corbin at the Royal Rumble and in a six-man tag team match a couple of weeks ago, which saw Corbin being forced to eat dog food. The end of the feud should be with this encounter.Brock Lesnar squashes Ricochet to retain WWE title2:17 p.m.: If you expected Ricochet to garner any offense, that was squashed in the opening moments when he attempted a dropkick and Lesnar swatted him away like a bug. From there, it was a one-way beating. After a couple of suplexes, Lesnar performed the F5 for the one, two, three. I understand having Lesnar dominate someone heading into Wrestlemania 36 against Drew McIntyre. But someone else could have been picked, not a person who has tremendous potential. It’s going to be hard to rebuild Ricochet after this drubbing.It only took one [email protected] is STILL your reigning, defending, undisputed #WWEChampion!#WWESSD @HeymanHustle pic.twitter.com/GCB3ANg5cU— WWE (@WWE) February 27, 20202:06 p.m.: Up next at WWE Super ShowDown, Brock Lesnar defends the WWE heavyweight title against Ricochet. Beyond a video package that only aired on the preshow, WWE has given you no reason to get behind Ricochet, who deserves much better.Mansoor upsets Dolph Ziggler2 p.m.: Another clunker. This one was surprising because of Ziggler’s ability to keep a match together. You can see the inexperience of Mansoor. The native of Saudi Arabia hit an impressive DDT from the top rope followed by a moonsault for the win.1:47 p.m.: Up next at WWE Super ShowDown, Mansoor battles Dolph Ziggler.Seth Rollins and Murphy retain Raw tag team belts1:40 p.m.: Expectations were high. However, this match was slow, and at times, The Street Profits looked a bit lost. The finish occured when Murphy hit a V-Trigger on Angelo Dawkins and then distracted the referee, which allowed Rollins to execute The Foot Stomp to hold onto the gold. Rough go for The #StreetProfits as @WWERollins & @WWE_Murphy REJOICE. #WWESSD pic.twitter.com/FZNIB7O8lx— WWE Universe (@WWEUniverse) February 27, 20201:30 p.m.: Up next at WWE Super ShowDown, it’s Seth Rollins and Murphy vs. The Street Profits (Montez Ford and Angelo Dawkins) for the Raw tag team championships. While the match is intriguing, there’s no momentum for the challengers. Let’s see if Ford and Dawkins can deliver in their biggest bout to date.Angel Garza once against defeats Humberto Carillo1:23 p.m.: While Garza and Carillo didn’t get the time they received three days ago, both guys executed the hits. The conclusion was the same as their match on Raw, as Carillo attempted a sunset slip but Garza just sat on his shoulders for the pin. Carillo and Garza naturally have good chemistry because they’re related. Would like to see them in a 25-minute affair and let the cousins tear the house down.1:13 p.m.: Right now at WWE Super ShowDown, Angel Garza squares off with Humberto Carrillo. The cousins had one of the better matches in WWE this past Monday on Raw. Shocked to see it being run back so quickly. Let’s see if they are given enough time to put on another good bout.The Miz and John Morrison cheat to win the SmackDown tag team belts over The New Day1:05 p.m.: The New Day looked to be on the way to a successful title defense when Kingston and Miz were going to the ropes. Miz reversed position, and Morrison hit Kingston with a chair to the abdomen that allowed Miz to roll up Kingston. 🎶 🎶 MIZ AND MORRISON, HEY HEY, HO HO! 🎶 🎶 #WWESSD @mikethemiz @TheRealMorrison pic.twitter.com/suzBGIgFIx— WWE Universe (@WWEUniverse) February 27, 2020Solid back-and-forth matchup that could have been better had it gone another five minutes. The right move was made for a title switch. ​12:50 p.m.: Up next at WWE Super ShowDown, The New Day (Kofi Kingston and Big E) faces The Miz and John Morrison for the SmackDown tag team championship. Should be a good one.The Undertaker returns to win the the Tuwaiq Trophy12:45 p.m.: Rey Mysterio was supposed be the final entrant, but Styles’ running mates in The OC, Luke Gallows and Karl Anderson, beat him down backstage. The official started counting Mysterio out when the cameras panned backstage to show Gallows on the ground and Anderson tossed right next to him. The cameras looked down and showed someone walking by. That person was The Undetaker. After taking what seemed like an hour to make it to the ring, The Undertaker immediately chokeslammed Styles for the pin. Interesting finish. What’s the lure of wanting to see Styles vs. Undertaker again after Styles got squashed like a bug?JUST LIKE THAT…The #Undertaker is the WINNER of the prestigious Tuwaiq Trophy at #WWESSD! pic.twitter.com/UJzlXKKRCe— WWE (@WWE) February 27, 202012:33 p.m.: Styles ends Truth’s quest for the cup. Nothing to it. He beat up Truth the entire time until he put him in the submission for the win. 12:30 p.m.: R-Truth wins via disqualification when Rowan batters him with the steel steps. Here comes the former WWE champion A.J. Styles. Does the magical journey end for Truth?It may look like @RonKillings is done… but he’s very much ALIVE in this #GauntletMatch thanks to a disqualification! #WWESSD pic.twitter.com/abpVCoRSup— WWE (@WWE) February 27, 202012:24 p.m.: The miracle run of R-Truth continues with a surprise pin over Andrade. It was clunky, as both guys appeared to be looking for Judas Effect. They both connected, and Truth fell on the United States champion.Erick Rowan is the next contestant. R-Truth for a $1,000 anyone? 12:15 p.m.: R-Truth scores a fluke pinfall over Lashley, who proceeds to viciously attack him. Now the U.S. champion Andrade is the next participant. Should be easy pickings for the returning titleholder.An IRATE @fightbobby isn’t taking this loss lightly…@RonKillings has advanced in this #GauntletMatch! #WWESSD pic.twitter.com/KrA94HuHin— WWE (@WWE) February 27, 202012:09 p.m.: Lashley and R-Truth start things off.12:05 p.m.: Kicking off the WWE Super ShowDown main card is Andrade vs. AJ Styles vs. Bobby Lashley vs. Erick Rowan vs. R-Truth vs. Rey Mysterio in gauntlet match.11:57 a.m.: A video package airs of the Lesnar-Ricochet contest. Where was this on Raw three days ago? There was no buildup until now.The OC beats The Viking Raiders11:55 a.m.: Erik attempted a moonsault onto Anderson but missed. The OC went on to hit the Magic Killer for the win. Not a bad match. Crowd was into it, so hopefully that’s a sign of things to come.11:35 a.m.: The first match on the preshow features The Viking Raiders taking on The OC (Luke Gallows and Karl Anderson) in tag team action. The bout was a late addition to the event.11:30 a.m.: Welcome to Sporting News’ live coverage of WWE Super ShowDown. Two title matches top the bill. Brock Lesnar defends the WWE championship against Ricochet and “The Fiend” Bray Wyatt puts the Universal title on the line against Bill Goldberg.These shows from Saudi Arabia tend to be interesting, so grab the refreshments and stay locked in.WWE Super ShowDown card— Brock Lesnar vs. Ricochet for the WWE championship— The New Day vs. The Miz and John Morrison for the SmackDown tag team championship— Roman Reigns vs. King Corbin in a steel cage match— “The Fiend” Bray Wyatt vs. Goldberg for the Universal championship— Andrade vs. AJ Styles vs. Bobby Lashley vs. Erick Rowan vs. R-Truth vs. Rey Mysterio in a Gauntlet match for the Tuwaiq Trophy— Seth Rollins and Murphy vs. The Street Profits for the Raw tag team championship— Bayley vs. Naomi for the SmackDown women’s championship — Mansoor vs. Dolph Ziggler— Angel Garza vs. Humberto Carrillo— The Viking Raiders vs. The OC The road to Wrestlemania 36 continued on Thursday with Super ShowDown ​at the King Fahd International Stadium in Riyadh, Saudi Arabia. If you thought it would just be a standard pay-per-view heading into pro wrestling’s biggest event of the year, you were very wrong.In the main event of the show, 53-year-old Bill Goldberg needed four spears and his trademark Jackhammer to fend off “The Fiend” Bray Wyatt and capture the Universal championship for the second time.last_img read more

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