Upcoming Events

Oct
8
Tue
2019
9:00 am The Effective Non-Executive Dire... @ Institute of Directors
The Effective Non-Executive Dire... @ Institute of Directors
Oct 8 @ 9:00 am – 4:30 pm
The effective Non-Executive Director course helps you to be an effective non-executive director. It instils a real sense of what is expected of NEDs, and how you can meet the challenge. <img data-attachment-id='113603' data-permalink='https://nedworks.net/10-things-non-executive-directors-can-do-to-satisfy-their-legal-responsibilities/ned3-2/' data-orig-file='https://i1.wp.com/nedworks.net/wp-content/uploads/2015/04/NED31.png?fit=1500%2C883&ssl=1' data-orig-size='1500,883' data-comments-opened='0'[...]
Oct
22
Tue
2019
9:00 am How to become a Non-Executive Di... @ Institute of Directors
How to become a Non-Executive Di... @ Institute of Directors
Oct 22 @ 9:00 am – 4:30 pm
How to become a Non-Executive Director – London 22 October 2019 @ Institute of Directors
Find out how you can obtain a Non-Executive Director position by booking a place on this interactive 1-day course. <img data-attachment-id='113603' data-permalink='https://nedworks.net/10-things-non-executive-directors-can-do-to-satisfy-their-legal-responsibilities/ned3-2/' data-orig-file='https://i1.wp.com/nedworks.net/wp-content/uploads/2015/04/NED31.png?fit=1500%2C883&ssl=1' data-orig-size='1500,883' data-comments-opened='0' data-image-meta='{'aperture':'0','credit':'','camera':'','caption':'','created_timestamp':'0','copyright':'','focal_length':'0','iso':'0','shutter_speed':'0','title':'','orientation':'0'}' data-image-title='NED3' data-image-description=' ‘ data-medium-file=’https://i1.wp.com/nedworks.net/wp-content/uploads/2015/04/NED31.png?fit=300%2C177&ssl=1′ data-large-file=’https://i1.wp.com/nedworks.net/wp-content/uploads/2015/04/NED31.png?fit=695%2C409&ssl=1′ class=’alignright size-medium wp-image-113603′ src=’https://i0.wp.com/www.nedworks.net/wp-content/uploads/2015/04/NED31-300×177.png?resize=300%2C177&ssl=1′[...]
Nov
6
Wed
2019
9:00 am The Effective Non-Executive Dire... @ Institute of Directors
The Effective Non-Executive Dire... @ Institute of Directors
Nov 6 @ 9:00 am – 4:30 pm
The effective Non-Executive Director course helps you to be an effective non-executive director. It instils a real sense of what is expected of NEDs, and how you can meet the challenge. <img data-attachment-id='113603' data-permalink='https://nedworks.net/10-things-non-executive-directors-can-do-to-satisfy-their-legal-responsibilities/ned3-2/' data-orig-file='https://i1.wp.com/nedworks.net/wp-content/uploads/2015/04/NED31.png?fit=1500%2C883&ssl=1' data-orig-size='1500,883' data-comments-opened='0'[...]

Luton & Dunstable Hospital NHS Foundation Trust – Non-Executive Director (3-year term)

Non-Executive Director (3-year term) – Luton & Dunstable Hospital NHS Foundation Trust The Luton & Dunstable Hospital NHS Foundation Trust is a successful district general hospital with some specialist services and a national reputation for delivering high quality care. We are a Foundation Trust serving a multi-cultural population of over 350,000 across Bedfordshire and North […]

The post Luton & Dunstable Hospital NHS Foundation Trust – Non-Executive Director (3-year term) appeared first on NEDworks.

[…]

Sussex Association for Spina Bifida and Hydrocephalus – Trustee

Trustee – Sussex Association for Spina Bifida and Hydrocephalus Organisation: Sussex Association for Spina Bifida and Hydrocephalus Reference: Vacancy Type: Trustee Deadline: 28th February 2019 Region: South East Vacancy Details SASBAH (Sussex Association For Spina Bifida and Hydrocephalus) is looking for dynamic people to join our Board of Trustees as we move forward with a […]

The post Sussex Association for Spina Bifida and Hydrocephalus – Trustee appeared first on NEDworks.

[…]

Worcestershire Health and Care NHS Trust – Non-executive Director

Non-executive Director – Worcestershire Health and Care NHS Trust We are recruiting a Non-executive Director (NED) for Worcestershire Health and Care NHS Trust (WHC). This is an exceptional opportunity to share your talents and expertise to make a positive difference to your community. The successful candidate will strengthen the clinical challenge on the board. M1771 […]

The post Worcestershire Health and Care NHS Trust – Non-executive Director appeared first on NEDworks.

[…]

CAPE – Treasurer

Treasurer – CAPE Organisation: CAPE Reference: Vacancy Type: Treasurer Deadline: 20th February 2019 Region: London Vacancy Details Appointment Brief For the position of Trustee January 2019 Welcome to CAPE Stephen Hammett Chair of the Trustees Dear Candidate On Behalf of the Board of Trustees, I am delighted to introduce you to CAPE and thank you for your interest […]

The post CAPE – Treasurer appeared first on NEDworks.

[…]

New stewardship code shifts emphasis to disclosures and ‘outcomes’

investors, stock markets, stewardship

If you thought only companies were required to be clear about their “purpose”, think again. This morning the UK’s governance regulator has given fair warning to asset managers that they too will need to define what their “purpose” is when they make their investment decisions.

The news comes as part of the Financial Reporting Council’s (FRC) consultation on a new stewardship code for investors, a code that was recently described as failing.

“We believe the the changes proposed put [the new code] at the forefront of stewardship internationally.”

–Sir Win Bischoff, FRC

As well as purpose, the new code also asks investors to focus on environmental, social and governance topics. As a press notice says: “Signatories are expected to take material ESG issues into account when fulfilling their stewardship responsibilities.”

Sir Win Bischoff, chairman of the FRC, says the new stewardship guidance is in line with the UK’s governance code, renewed last year, and demands better quality disclosures, a measure designed to address recent criticism.

“It recognises the significant changes in the investment industry and stewardship landscape since the 2012 revision,” says Sir Win.

“It sets both higher expectation for stewardship practice and introduces more rigorous public reporting with a focus on outcomes and effectiveness. We believe the the changes proposed put it at the forefront of stewardship internationally.”

Criticism

It was a review published in December last year by Sir John Kingman that levelled criticism at the stewardship code and called for a new regulator to replace the FRC.

The Kingman review set a bar on what a new stewardship code should achieve after concluding the existing code was “not effective in practice” and that a “fundamental shift” was needed so that it focused on “outcomes and effectiveness”, not dry policy statements. If “boilerplate” reporting continued coming from asset managers, the authorities should consider abolishing the code, he said.

“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…”

–Andrew Ninian, Investment Association

The new code asks asset managers to “regularly” report to clients on how they have “discharged’ their duties. Institutional investors should set out the reasons for active intervention at an investee company, and “regularly assess the outcomes of doing so.”

According to some, the new code should meet the needs of critics. The Investment Association (IA), a professional body representing asset managers, says the new code delivers on a need to deal with outcomes. Investors should also disclose publicly their voting records.

Andrew Ninian, stewardship director at IA, says: “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.”

Praise

Elsewhere there was praise for the new code’s focus on accountability, in addition to disclosure. According to Fergus Moffatt, head of policy at ShareAction, a campaign group, the revised code has the potential to “boost effective stewardship.”

ShareAction is also happy that the new code makes explicit mention of ESG issues. But it wants investors to “consider how investments materially impact savers’ lives as workers, consumers and citizens.”

ShareAction says stewardship may therefore be a role for the FRC.

There are also concerns about the body proposed to replace the FRC—the Audit, Reporting and Governance Authority (ARGA)—and that it may be too close to investors given its role in policing audit and corporate reporting. ShareAction says stewardship may therefore be a role for the FRC.

That all adds up to a warm welcome. There may be more news to come on how the code will be enforced and by whom. For now however, stewardship appears set for a step change.

Consultation is open until 29 March.

The post New stewardship code shifts emphasis to disclosures and ‘outcomes’ appeared first on Board Agenda.

[…]

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Press release: Cardiff bankrupt sentenced for hiding assets from Official Receiver

Bankrupt tiler from Cardiff receives suspended prison sentence after he tried to hide a property which should have been used to pay his debts. […]

New stewardship code shifts emplasis to disclosures and ‘outcomes’

investors, stock markets, stewardship

If you thought only companies were required to be clear about their “purpose”, think again. This morning the UK’s governance regulator has given fair warning to asset managers that they too will need to define what their “purpose” is when they make their investment decisions.

The news comes as part of the Financial Reporting Council’s (FRC) consultation on a new stewardship code for investors, a code that was recently described as failing.

As well as purpose the new code also asks investors to focuson environmental, social and governance topics. As a press notice says: “Signatories are expected to take material ESG issues into account when fulfilling their stewardship responsibilities.”

Sir Win Bischoff, chairman of the FRC, says the new stewardship guidance is in line with the UK’s governance code, renewed last year, and demands better quality disclosures, a measure designed to address recent criticism.

“It recognises the significant changes in the investment industry and stewardship landscape since the 2012 revision,” says Sir Win.

“It sets both higher expectation for stewardship practice and introduces more rigorous public reporting with a focus on outcomes and effectiveness. We believe the the changes proposed put it at the forefront of stewardship internationally.”

It was a review published in December last year by Sir John Kingman that levelled criticism at the stewardship code and called for a new regulator to replace the FRC.

The Kingman review set a bar on what a new stewardship code should achieve after concluding the existing code was “not effective in practice” and that a “fundamental shift” was needed so that it focused on “outcomes and effectiveness”, not dry policy statements. If “boilerplate” reporting continued coming from asset managers, the authorities should consider abolishing the code, he said.

The new code asks asset managers to “regularly” report to clients on how they have “discharged’ their duties. Institutional investors should set out the reasons for active intervention at an investee company and “regularly assess the outcomes of doing so.”

According to some the new code should meet the needs of critics. The Investment Association (IA), a professional body representing asset managers, says the new code delivers on a need to deal with outcomes. Investors should also disclose publicly their voting records.

Andrew Ninian, stewardship director at IA, says: “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.”

Elsewhere there was praise for the new code’s focus on accountability, in addition to disclosure. According to Fergus Moffatt, head of policy at ShareAction, a campaign group, the revised code has the potential to “boost effective stewardship.”

ShareAction is also happy that the new code makes explicit mention of ESG issues. But it wants investors to “consider how investments materially impact savers’ lives as workers consumers and citizens.”

There are also concerns about the body proposed to replace the FRC—The Audit, Reporting and Governance Authority (ARGA)—and that it may be too close to investors given its role in policing audit and corporate reporting. ShareAction says stewardship may therefore be a role for the FRC.

That all adds up to a warm welcome. There may be more news to come on how the code will be enforced and by whom. For now however, stewardship appears set for a step change.

Consultation is open until 29 March.

The post New stewardship code shifts emplasis to disclosures and ‘outcomes’ appeared first on Board Agenda.

[…]

Official Statistics: Ad-hoc statistics on total new company bulk insolvencies by industry (SIC 2007) for England and Wales 2018 Q4

Total new company bulk insolvencies by industry(SIC 2007) for England and Wales, 2016-2018 […]

News story: Goodbye GSi: Insolvency Service email addresses are changing

The Government Secure Intranet (GSi) network is being phased out across government. The Insolvency Service will remove ‘.gsi’ from email addresses before the deadline of 31 March 2019. […]