Wednesday 30th July 2014
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The Union Bank of the Philippines (UBP) released a 49% drop in net earnings in the first half of 2014, as it came in to just PHP3.2bn, almost half of its net earnings in the same period last year. In the April to June period alone, net income fell 36% from PHP2.18bn in the second quarter of 2013 to PHP1.6bn in the second quarter of 2014. However, it is important to note that net interest income grew by 29% year-on-year, as it came in at PHP5.2bn in the half of 2014 – Rangold chief executive Mark Bristow will present the firm’s Q2 results at noon on Thursday this week at The Forum, London Stock Exchange Around 10.00 am today some traders on Moscow Exchange’s Derivatives Market reportedly experienced difficulties entering orders via the FIX protocol, with some valid messages rejected with an error code. The FIX protocol has been functioning as usual since 11:37 am says the exchange. Moreover, the exchange stresses other protocols to access the Derivatives Market’s trading system have been functioning as usual - Société Générale Securities Services in Luxembourg has been mandated by wealth manager Bedrock, with $6bn in assets under management, to provide custody, fund administration and registrar services for its range of UCITS funds - Moody's Investors Service has assigned a first-time provisional (P)B3 corporate family rating (CFR) to Empik Media & Fashion SA Group. At the same time, Moody's has assigned a provisional (P)B2 rating to the firm’s proposed senior secured notes due 2019 to be issued at EM&F Financing AB, a wholly owned and guaranteed subsidiary of EMF, reflecting its overall ranking within the debt capital structure. The outlook on the ratings is stable. This is the first time Moody's has assigned ratings to EMF - Lithuania will adopt the euro on January 1st next year. Lithuania will become the 19th member state to adopt the euro. "Lithuania's consistent efforts have paid off: today the eurozone has opened the door for us," said Algirdas Butkevičius, prime minister of Lithuania, on the announcement. The entry of Lithuania into the euro family is of great importance for the whole euro area. "It's a demonstration of the continuing attractiveness of the single currency project and its relevance for the future of our community," added Sandro Gozi, State Secretary for European Affairs of Italy and President of the Council of the EU. The conversion rate has been set at 3.45280 Lithuanian litas to the euro – Global macro hedge fund manager Atreaus Capital is now live with SunGard’s Hedge360 Risk Reporting Service. Delivered as a managed service, the Hedge360 Risk Reporting Service provides highly customized daily risk reports, offering transparency to investors and integrated internal risk management to hedge funds. Trading a broad range of products with an emphasis on FX and commodities, in the form of both OTC derivatives and futures - AnaCap Financial Partners LLP, the specialist European financial services private equity firm, together with HIG and Deutsche Bank, have completed the acquisition of a €495m portfolio of non-performing and sub-performing loans from Volksbank Romania. Under terms of the agreement, funds advised by AnaCap will jointly acquire the entire portfolio with HIG and Deutsche Bank. The portfolio of 3,566 loans in total is backed by a mix of primarily residential, commercial real estate and development land. APS Romania will be appointed as Master Servicer. The transaction is the largest of its kind in Romania to date, and came about as a result of the ongoing pressure on financial institutions across Europe to restructure and divest assets in order to clean up balance sheets and comply with new capital requirements. After a prolonged correction following the financial crisis, the property market in Romania is now showing strong signs of improvement. GDP and unemployment have recovered on the back of labour market reforms in 2011 and an IMF financing package. House prices, which declined 38% since their peak in mid-2008, are now on the rise, with the areas surrounding central Bucharest and other main cities increasing 4% for 2013.

UK government shifts policy on executive pay

Wednesday, 20 June 2012
UK government shifts policy on executive pay Following its industry consultation, ‘Executive Pay Consultation on Enhanced Shareholder Voting Rights’, the Department for Business Innovation and Skills (BIS) has decided on a three year binding vote on future executive remuneration policy, including pay and exit pay. http://www.ftseglobalmarkets.com/

Following its industry consultation, ‘Executive Pay Consultation on Enhanced Shareholder Voting Rights’, the Department for Business Innovation and Skills (BIS) has decided on a three year binding vote on future executive remuneration policy, including pay and exit pay.

The Department for Business Innovation and Skills (BIS) has decided on a three year binding vote on future executive remuneration policy, including pay and exit pay.By making the binding vote on the remuneration policy effective for three years,  the government hopes to encourage greater dialogue on executive remunertaion between companies and shareholders. It should also encourage companies to adopt a longer term and transparent approach to their executives' pay.

This package of reforms will address failures in corporate governance by empowering shareholders to engage effectively with companies on pay. It will:

  • Give shareholders binding votes on pay policy and exit payments, so they can hold companies to account and prevent rewards for failure
  • Boost transparency so that what people are paid is easily understood and the link between pay and performance is clearly drawn
  • Ensure that reform has a lasting impact by empowering business and investors to maintain recent activism.

Business Secretary Vince Cable explains that: “At a time when the global economy remains fragile, it is neither sustainable nor justifiable to see directors’ pay rising at 10 per cent a year, while the performance of listed companies lags behind and many employees are having their pay cut or frozen.

“In January we kicked off a national debate aimed at encouraging shareholders to become more actively engaged as company owners in better aligning directors’ pay with performance. I have been greatly encouraged by the ‘shareholder spring’ and I want to see that momentum sustained. That is why I am bringing forward legislation to strengthen the powers of shareholders through a binding vote on pay,," he adds.

The government’s reforms will provide shareholders with new powers to hold companies to account, while making it easier to understand what directors are earning and how it links to company performance.

The current advisory vote gives shareholders a mechanism to register their dissatisfaction with a company’s remuneration report. “In practice, however, there has been too much reliance on investment managers to ensure consistent oversight of portfolio companies on corporate governance issues such as pay” says Aled Jones, senior consultant in Mercer’s Investments business. “Trustees need to adopt a more proactive stance by regularly monitoring their managers on how they raise strategic issues such as remuneration in their interactions with company directors. Ultimately this is about the effectiveness of board processes. Where these processes are not successful – such as when pay proposals are voted down; it is shareholders’ responsibility to understand what went wrong and take action.

The government will introduce the reforms through amendments to the Enterprise and Regulatory Reform Bill, which is currently before Parliament.

Revised, simplified regulations setting out how companies must report directors’ pay will be published at the same time. There will be a chance to comment on these regulations before they become law.

The government intends all these reforms to be enacted by October 2013.

 

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