IPE Views: Lessons learned on the UK Invensys Pension Scheme

first_imgRobin Claessens, former chief executive and CIO of the UK’s Invensys Pension Scheme, talks about the lessons he learned overhauling its management structuresI joined Invensys Pension Scheme (IPS) at the end of 2008 and accepted the mandate as their chief executive and CIO (CIO for two years only).As part of a 10-year transformational plan initiated in 2000, the board of IPS changed the business management model of the scheme in 2008.The initial mandate was to set up an executive office, mirroring a corporate management model, to run what effectively is a large enterprise through a small executive team, as the scheme had £4bn (€5bn) of assets and 90,000 members. The scheme was not just supposed to become a performing business, it was supposed to embody a joint strategy between all stakeholders, integrating funding, investment strategy and corporate sponsor covenant risks.During that journey, we experienced a number of events – some professional and technical, some more subjective and others personal. I have endeavoured to translate these events into a number of concise lessons, which I think apt to share with you.1) A UK DB pension scheme is a proper and independent business – it should be managed as suchI used to hear, and sadly still hear, that UK corporate DB pension schemes are considered as a weight, a cost centre, a liability – that the only way to ‘fix’ them is by paying contributions and minimising costs rather than managing them as a proper business. Pension schemes are long-term investors and therefore have the time to be successful businesses.A first step to implement a successful business management model is to focus on the pillars of the scheme – its governance. But how do you ensure you are focussing on the right aspects of the scheme’s governance? One suggestion is to answer the following question: “what is there to stay?”The decision-makers: Hire experienced and expert scheme-, industry- and role-specific trustee directors. That is crucial because they are the ultimate decision-maker, unlike in the corporate world (more on that later)Risk management: Build your governance and executive structure adopting a holistic and integrated pension fund risk approach – be open and seek input from all stakeholders, your team members, your advisers and your portfolio managers when doing soHigh-impact/high value-add activities: Hire in-house expertise/experience in the high-impact/high value-add activities of the schemeComplementary advice: Complement your in-house skills by investing in strategic, tactical and execution advice of quality, especially when you have a small executive team2) Doing it in-house and cheaper doesn’t always create valueBecause you can do it more cheaply in-house doesn’t mean you are better at it and certainly doesn’t mean you are able to create more value. A scheme’s absolute cost is still too often viewed as a key metric when considering pension strategy. Weigh the impact of growing your in-house capabilities on the executive team’s job.I have seen, and still see, too many chief executives and CIOs who spend more time on HR and organisational matters than strategic asset allocation, for example. Too great a size and complexity of the organisation can kill competitive advantages and flexibility.Short-termism creeps in despite being a (very) long-term investor by natureHerd mentality – for example, the asset manager performance-review process is simplified to the extreme by blindly following simple benchmarks because the decision-making process within the organisation is too complex3) Portfolio managers should become your trusted advisersRemember, they manage significant sums of money on your behalf. Should you, therefore, only call them from time to time? Creating an ongoing and trusted relationship with asset managers proved to be extremely valuable to IPS’s ALM activities, investment and risk management, and trustee and executive education.The continuous and trusted aspects of the relationship were achieved through very regular communication – at least every other week, and, at times, every other day with the key managers (the LDI manager in IPS’s case). That frequency, depth and intensity of communication had the effect of keeping them on their toes. This continuous dialogue (not nagging!) creates constructive pressure.4) Raise your hand when the going gets toughFinally, leadership is premised on the exercise of good judgement. Good judgement is best achieved when balanced between professional, personal and emotional circumstances is achieved. When the balance breaks, and you feel your good judgement capability might be impaired, raise your hand, inform the chairman, the board and your mentor of what you are going through. Forewarning allows for planning. The chairman and board will ensure you and the team are backed up. Robin Claessens is managing director of investment consulting at Redington. This piece is an excerpt from ‘Pensions, management and leadership: 14 Lessons from Invensys pension scheme’s former CEO/CIO’last_img read more

UK’s NEST to back shareholder climate resolution at Total

first_img“But there’s always more a company can be doing,” she said. “This shareholder resolution calls for what we believe are vital next steps for Total – a more ambitious Scope 3 target that goes beyond regions where governments have already committed to net zero emissions, and providing more information on how it’ll help customers achieve these reductions.”NEST is a member of Climate Action 100+, the investor engagement collaboration that worked with Total on its net-zero ambition. According to a spokesman, as at 22 May the master trust had £10.5bn (€11.5bn) in assets under managment, of which around £12m was invested in Total.Total’s AGM is next Friday, 29 May.Looking for IPE’s latest magazine? Read the digital edition here. UK defined contribution provider NEST will be voting for the climate shareholder resolution on the agenda at oil and gas major Total’s annual general meeting next week, it emerged today.The company recently became the latest European oil and gas major to announce a net-zero emissions “ambition”, but those behind the shareholder resolution want it to go further, a perspective echoed by NEST.In a statement first provided to Bloomberg, Katharina Lindmeier, responsible investment manager at NEST, said: “It’s crucial that organisations like Total are taking serious and tangible steps towards delivering on the Paris Agreement goals.”She said Total’s recently stated net-zero ambition “shows progress and as a long-term investor in the company, we’re committed to working with them on this key topic”.last_img read more

Palm Beach property ready to move in and enjoy

first_img10 Swordfish Court, Palm Beach.THIS Palm Beach property is ready to move into and enjoy.It should come as no surprise that vendor Frances Bardetta’s favourite feature of her home is its spectacular waterfront vista and freshwater pool. Mrs Bardetta and her husband Anthony bought the property in December and say the wildlife often seen in the canal made the home truly special. Style at every turn.Other features include a solar system, new ducted airconditioning system, floating timber floorboards and a built-in sound system. “Of all of the homes we’ve had I really couldn’t fault this home,” Mrs Bardetta said.“Everything is free flowing, it really is a beautiful home.”Agent Daniel Alexander said the home offered a luxurious lifestyle.“This rare five-star prestige waterfront property oozes style and will provide the perfect Palm Beach lifestyle,” he said.The property is within walking distance to shops, cafes, restaurants, public transport and schools. Relax by the pool.“The view across the water and up to Tallebudgera Valley mountains is just gorgeous,” she said.“It’s beautiful sitting out there and watching the fish and the black swans that come by. We even see dolphins.”The property offers a luxurious freshwater pool overlooking the canal, which Mrs Bardetta said was also a highlight.“There are no chemicals so you feel like you have had a skin treatment when you get out of the pool,” she said. What a bathroom. Stylish and functional- what more could you want?It has a lovely big kitchen and a beautiful butler’s pantry — you can make a mess in there and close the door when your guests arrive.” The outdoor terrace features polished concrete floors with glass balustrade to maximise the water views.Back inside and there are three bedrooms to the front of the house while the main bedroom is to the east of the house.The main bathroom was designed with an art-deco style and includes a freestanding bath with floor to ceiling subway tiles. DETAILS Agent: Daniel Alexander and Aleisha Rees, LJ Hooker Palm Beach Features: Freshwater pool, butler’s pantry, freestanding bath, video intercom system Price: Offers over $1.399 million Area: 607sq m Skin treatment anyone? The freshwater pool is a highlight of this property.The four-bedroom house features of high-end finishes and plenty of style throughout.As soon as you step inside the waterfront vista sparks your attention.The open-plan design means the living, dining and kitchen flow out to the outdoor terrace and pool.The kitchen stands out with modern appliances, Caesarstone bench tops, bespoke cabinetry with soft-close draws, a built-in wine fridge and huge butler’s pantry. More from news02:37International architect Desmond Brooks selling luxury beach villa17 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago“It’s a tremendous entertainer’s home,” Mrs Bardetta said.last_img read more

Development designed to suit buyers at every stage of their life

first_img Park House at Yeerongpilly Green. Photo: SuppliedMore from newsParks and wildlife the new lust-haves post coronavirus10 hours agoNoosa’s best beachfront penthouse is about to hit the market10 hours agoMr Scriven said Park House was the precinct’s most luxurious and spacious apartment offering, with direct and uninterrupted views across the parkland.He said a drawcard for buyers was the village lifestyle.“In addition to owning a luxurious riverside home, buyers have access to 1.2ha of surrounding parklands and nearby amenity such as the Brisbane Golf Club, the Queensland Tennis Centre, the Brisbane River loop and doorstop rail connections to the CBD and beyond,” Mr Scriven said.“The village will also be home to a dining and leisure precinct, Woolworths supermarket, boutique cinema, fitness centre and medical hub – all of these ingredients together make for a home that’s completely one of a kind in Brisbane. There’s quite literally nothing else like it available”.The two-bedroom, two-bathroom, two-car apartments start from $660,000. Three-bedroom, two-bathroom, two-car apartments are priced from $835,000. Park House at Yeerongpilly Green. A six-storey tower with 35 apartments fronting the lush parklands of Yeerongpilly Green has been architecturally designed to embrace the outdoor lifestyle.Park House is part of the new riverside precinct at Yeerongpilly and features three luxurious penthouses, perfect for owner-occupiers.Colliers International director of residential Andrew Scriven said the penthouses had three bedrooms, two bathrooms and a two-car garage priced from $975,000.Featuring large balconies, cross ventilation, premium finishes and European appliances, the development has been designed to suit buyers at every stage of their life.Mr Scriven said stage one of Yeerongpilly Green was targeted at local downsizers.“Park House has seen the highest amount of interest across all product for sale as part of stage one,” he said.“To date, we’ve sold a dozen apartments including a penthouse and a selection of two and three-bedroom homes – not surprisingly, all have been purchased by owner occupiers with half of the group indicating they were downsizing.“We’re very much aligned with the intended target market with all purchasers having come from the local Brisbane area, except for one who came from the Sunshine Coast. “This has also been very clear through the high level of inquiry we’ve seen, with the majority matching the same demographic as well.”last_img read more

Lavallette Beach Replenishment Complete

first_imgBeach replenishment operations in Lavallette (NJ) are now complete, according to the Borough latest announcement.Weeks Marine dredgers RN Weeks and Magdalen have completed the Lavallette beach replenishment project, the officials said.They also added that additional work on dune crossovers and sand fencing will take place over the course of the next weeks weeks.The Lavallette scheme is part of the 14 mile beachfill and dune construction project along the Barnegat Peninsula also known as “Northern Ocean County” project.The project is a partnership between USACE and the state of New Jersey. The contractor has so far completed works in the Mantoloking; Brick Township; Toms River Township; Lavallette; Seaside Heights; Seaside Park; and Berkeley Township.Also, Weeks Marine is putting finishing touches to the Pt. Pleasant Beach replenishment project and the Bay Head operations are set to begin in May.Once the construction is completed, the project will reduce damages to physical infrastructure from the future coastal storms that will impact Northern Ocean County.last_img read more

Mata urges footballers to do more to tackle coronavirus

first_img Mata, who was an original member of Common Goal, a charity set up to encourage footballers to donate 1 per cent of their salary to support initiatives, has urged fellow professionals to do more to help tackle the crisis. While many footballers and former professionals around the world, including Liverpool manager Jurgen Klopp, United legend Eric Cantona and United Women’s manager Casey Stoney, have signed up since the charity launched in 2017 no United first-team player has committed aside from Mata. And the Spaniard has called on his team-mates and players across the world to do what they can in the current Covid-19 pandemic. “It’s been heartening to see many positive responses from players and other football leaders to the current crisis, but it can be also hard to know what to do to help effectively those who need it most,” said Mata.Advertisement “We are suffering a stark reminder of how interdependent we all are. To overcome coronavirus, and the other challenges facing humanity, we need to coordinate individual efforts and work together as a team. “I’m urging not only my Common Goal team-mates, but also all other players and football leaders from around the world to unite and help tackle this crisis, and at the same time use this as a catalyst to play a key role in tackling the other challenges humanity faces. Together we can beat this.” Common Goal announced they have set up the Covid-19 Response Fund to help tackle the immediate effects of the pandemic, and ensure support continues beyond the initial response, with a focus on young people in deprived communities. Mata will also be taking part in a Live Match on Instagram where players are being asked to commit the 90 minutes they are no longer spending playing football to interact with fans to encourage others to donate and share experiences of what they have been doing through the crisis. read also:Mata mocks Matic over training regime during lockdown While no members of the United first team have signed up to Common Goal, a number of them have donated to charities in their own way during the pandemic. Marcus Rashford has helped to raise hundreds of thousands of pounds to ensure children still get free school meals while David de Gea made a sizeable donation to the coronavirus fund in Spain. FacebookTwitterWhatsAppEmail分享 Manchester United midfielder, Juan Mata, has urged footballers across the world to do more to try and help with the fight against coronavirus.center_img Loading…last_img read more

Guardiola appoints former boss Lillo as assistant

first_imgRelatedPosts Pirlo not out to copy anyone after Juventus’ comfortable opening win Aguero could be out of action until November, Guardiola says David Silva recovers from COVID-19 Pep Guardiola’s former manager Juanma Lillo has been reunited with the Catalan as Manchester City’s new assistant boss, the club confirmed on Tuesday.Lillo, 54, left his post as coach of Qingdao Huanghai last week with the Chinese side claiming he was returning to Spain to look after his “seriously ill” mother. However, it quickly emerged that Lillo was in line to replace Mikel Arteta, who took charge of Arsenal in December, as Guardiola’s number two.“I am delighted to have joined Manchester City’s coaching staff,” Lillo said in a City statement.“My relationship with Pep goes back many years and I am thrilled to be joining him as part of this exciting team.“Manchester City has enjoyed much success over recent seasons and played a brand of beautiful football we have come to expect from this club and its manager.”Lillo and Guardiola first teamed up at Mexican side Dorados at the end of Guardiola’s playing career in 2006. In a nomadic coaching career, Lillo has also managed sides in Colombia and Japan, but spent most of his time with a series of clubs in Spain.According to The New York Times in 2016, Lillo described the City manager as “one of the most important people in my life, like a son to me”.City’s director of football Txiki Begiristain added: “We are delighted to welcome Juanma to Manchester City.“His vast experience working across three continents and with some of the most famous names in world football will be an invaluable asset to Pep and his team.“We look forward to him playing a vital role as we return to football.” Tags: Juanma LilloManchester CityPep GuardiolaQingdao HuanghaiSpainlast_img read more

Super-sub Cisse eyes starting berth

first_imgNewcastle match-winner Papiss Cisse knows his heroics against Barclays Premier League leaders Chelsea will not necessarily guarantee him a place in Alan Pardew’s starting line-up. Press Association Cisse, who scored the Magpies’ equaliser at Burnley in midweek, came off the bench to fire them to a 2-1 victory over the previously unbeaten Blues with a second-half double at St James’ Park on Saturday. Having started the game at Turf Moor, the Senegal international found himself back among the substitutes as he continues his recovery from surgery to repair his fractured kneecap with Pardew carefully managing him. The home side looked to have sealed the win 12 minutes from time when, seconds after Eden Hazard’s shot had come back off the post with substitute keeper Jak Alnwick beaten, Moussa Sissoko powered his way deep into enemy territory before sliding the ball into Cisse’s path, and he nervelessly steered home a second. There was, however, to be a late twist sparked by the 81st-minute exit of defender Steven Taylor following a second yellow card as substitute Didier Drogba headed home the resulting Cesc Fabregas free-kick to give the visitors hope. However, despite their numerical disadvantage, Pardew’s men held out for seven minutes of normal time and an agonising further six of added time to claim their third successive home league victory over Chelsea. Cisse said: “I’m happy. It’s been a good week, especially because it’s been against Chelsea. If you come on in the second half and score two goals, you need to be happy. “I say thank you to my team as well. It was a very important win for the team – nobody had won against Chelsea yet, but today Newcastle did it. It was not an easy game, so this gives us lots of confidence going forward. “I’m very very happy. I say it all the time, but I am just doing my job. All the players are happy, the gaffer as well. The team is just happy because if all the fans are happy, the team is happy, so we are all just happy.” Victory, however, came at a cost with Rob Elliot, who was deputising for the injured Tim Krul, having aggravated a thigh problem which could sideline him for several weeks, skipper Fabricio Coloccini also struggling and Sissoko facing a one-match ban alongside Taylor after collecting a fifth booking of the season. Cisse understandably wants to play every game, but he is not going to fall out with his boss as he attempts to force his way back into the XI for next weekend’s trip to Arsenal. He said: “I feel fit. I’m good. I just need to keep going in the gym all the time. I can’t stop doing that because otherwise it will not help with my comeback. “I try to go all the time, but I am feeling very, very good. The injury is not difficult to manage, I just need to do my gym work and I do it all the time. I am okay. “The gaffer just made the decision to put me on the bench. I don’t know why, but I’m okay. I’m confident I will fully recover. “I’m not young now, I’m 29. I’m not angry, I just wait for my time and even if it’s just five minutes, I will try to do well for those five minutes. “I will wait to see if I play against Arsenal. I’ll work hard in training this week and see if the gaffer will play me.” Whatever happens at the Emirates Stadium, Cisse fulfilled the role of super-sub to the letter on Tyneside on Saturday as Newcastle weathered a battering at times before putting Jose Mourinho’s men to the sword in an enthralling second half. He had only been on the pitch for four minutes when his first opening arrived as defender Gary Cahill failed to cut out Sammy Ameobi’s 57th-minute cross to provide him with a simple finish. last_img read more

Caribbean Senior Squash Championships

first_imgSeth, Khalil, Fung-a-Fat make it into semi-finalsGUYANA’S Sunil Seth made it into the men’s singles semi-finals where he was set to come up against the tournament’s top seed Chris Binnie while Ashley Khalil and Mary Fung-a-Fat made into the semi-finals of the women’s singles, when competition in the Caribbean Senior Squash Championships continued yesterday in Trinidad and Tobago. Seth had an easy time getting past Jules Snagg in his quarterfinals match, prevailing 11-9, 11-7, 11-8 to schedule a match against Jamaica’s Binnie. This will no doubt be a tough match for Seth, who first lost to Binnie in the men’s singles final at the Championships in 2013.Most recently, Seth went under again when he came up against Binnie last year at the Las Vegas Open. Binnie ranked at 77 is far superior to Seth who is ranked at 177, but it would be interesting to see how Seth fights his way through.In another difficult semifinals set-up Fung-a-Fat found herself pitted against the reigning women’s champion Karen Meakins in her battle last night.Following her 3-0 (11-5, 11-6, 11-7) win over Barbados Amanda Haywood earlier in the day, Fung-a-Fat was scheduled to face Meakins late last night as matches continued.Meakins, on her way to the semi-finals, had earlier taken out Guyana’s Akeila Wiltshire. Wiltshire made it all the way to the quarter-finals before she went under 7-11, 4-11, 4-11 against the three-time women’s singles champion.Guyana’s only other semi-finalist, Ashley Khalil, in a quarterfinals match defeated compatriot Taylor Fernandes 11-7, 11-7, 11-9. The two-time junior Caribbean champion was set to play Barbados’ Meagan Best to see if she could make her way into her first Championships final.Complete results for matches completed are as follows:MEN’SBenjamin Mekdeci defeated Jamaica’s Jonathan Walker 11-4, 8-11, 12-10, 11-8.Sunil Seth defeated Eastern Caribbean’s Jules Snagg 11-9, 11-7, 11-8.Nyron Joseph lost to Eastern Caribbean’s Othneil Bailey 6-11, 5-11, 6-11,Jason Ray Khalil w/o Barbados Shawn Simpson.Benjamin Mekdeci lost to Bermuda’s Anthony Fellowes 10-12, 4-11, 3-11.WOMEN’SAkeila Wiltshire lost to Karen Meakins 11-7, 11-4, 11-4.Mary Fung-a-Fat defeated Amanda Haywood 11-5, 11-6, 11-7.Ashley Khalil defeated Taylor Fernandes 11-7, 11-7, 11-9.Larissa Wiltshire lost to Meagan Best 6-11, 5-11, 4-11Victoria Arjoon defeated Alexandria Yearwood 11-8, 12-10, 12-10.last_img read more

NPFL: Ikorodu Utd End 11-Match Winless Streak

first_imgNigeria Professional Football League (NPFL) new boys Ikorodu United halted their 11-game run without a win by defeating Heartland 3-1 at the Agege Stadium in Lagos on Saturday.Playing in the first game of the NPFL doubleheader for Week 14, the Oga Boys, still without influential player Harrison Egbune, were tipped to continue their winless streak considering Heartland’s pedigree.Heartland head coach Alphonsus Dike could afford to leave Emeka Ogbugh on the bench and even play three at the back with Emeka Atuloma drafted in the three alongside Chinedu Efugh and Zoumana Doumbia.The opening 10 minutes confirmed the reason Ikorodu United are bottom of the standings and without a win since February 28 when they defeated Lobi Stars 1-0.On 10 minutes, Benin Republic striker Anthony Oussou nodded Heartland into the lead following a well-worked ball with Atuloma delivering the cross. Howeve, in added time of first half, Ikorodu fought back and Junior Merenini side-footed in Ebiye’s pass to level the score at 1-1 and end the first 45 minutes even.Twenty minutes into the restart, Ikorodu United were 2-1 up. It was the first time they would score twice in an NPFL game this season. Efugh and Doumbia in the Heartland defence hesitated in clearing their lines, and Ebiye, Ikorodu United’s best player on the day, stole in to score.Dike sent on Ogbugh but it was Ikorodu United who pulled clear by scoring a third goal. Ebiye earned his side a spot kick after referee Musa Shehu adjudged Doumbia to have fouled the Ikorodu United man in the box on 83 minutes. The Heartland defender was sent off and Ojukwu Ifegwu scored from the spot to make it 3-1.Despite the win, Ikorodu United remain bottom but now have nine points from 14 matches.RESULTS & FIXTURESPREMIERSHIPEverton 2 – 1 BournemouthNewcastle 1 – 0 Crystal PalaceStoke 1 – 1 SunderlandWatford 3 – 2 Aston VillaWest Brom 0 – 3 West HamArsenal 1 – 0 NorwichSwansea vs Liverpool 12pmMan United vs Leicester 2:05pmSouthampton vs Man City 4:30pmLA LIGAReal Sociedad 0-1 Real MadridAtl Madrid 1-0 Rayo VallecanoReal Betis 0-2 BarcelonaShare this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

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