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Largest Dutch pension managers walk away from bonuses

first_imgThe three largest asset managers in the Netherlands – APG, PGGM and MN – have drastically amended their variable pay arrangements following ongoing criticism and public debate about executive pay.Performance-related pay for directors and managers has been largely abolished and replaced by a salary increase, the Dutch financial daily Het Financieele Dagblad (FD) has reported, while most of the variable pay for asset management staff has been reduced.The €424bn APG, the asset manager for the civil service scheme ABP, changed its remuneration arrangements at the start of 2015. PGGM and MN decreased their performamce-related payments last year.The reduction of variable pay was triggered by new legislation that limited the bonus for decision makers in the financial sector to 20% of the salary. Although the restrictions did not apply to asset managers, the organisations went a step further, with PGGM stopping performance-based payments for 460 the 630 staff that were entitled to variable remuneration, the research found.To compensate for the reduction in performance-based pay, salaries were increased by 50% of bonus levels, while variable pay for asset management staff was capped at 20% of the salary.“We have cut bonus levels because of the discussion [occurring] in society,” the FD quoted a spokesman for PGGM as saying.The fact that that asset manager regularly addressed companies for their high remuneration also played a role, he said. “We feel obliged to set the right example.”However, PGGM still allowed for performance-related pay of up to 80% of salary for a “limited number of its own asset managers with specific investment expertise, who didn’t accept less”.It also paid considerable performance-related fees to external investors, although it is trying to reduce these expenses, the spokesman said.FD said that APG had compensated for the end of performance-related pay – until 2015 a maximum of 10% of the salary – by increasing the fixed salary by 5%.However, some “key staff” were still entitled to a variable pay of no more than 20%, FD said citing an APG spokesman, who added that approximately 20 employees received variable pay of up to 60%.The €110bn MN, the asset manager for the two large metal schemes PMT and PME, indicated that, when offered the choice, the full board of directors and all management staff had favoured a salary rise of 50% over the continued use of bonus payments.Since then, no more than 57 of asset management staff were entitled to variable remuneration, which had resulted in a bonus of 12% on average last year, according to the FD.It cited an MN spokesman who pointed out that MN had not stopped performance-related pay altogether, as it would be difficult to attract the right staff otherwise.According to the FD, the board members of the pension providers had refrained from receiving bonuses earlier.In other news, PGGM presented its new remuneration guidelines for portfolio companies “as a guidance for corporate pay practices and outcomes”.Its central recommendation was that fixed salaries were a fair exchange for executing a job in a reasonable and responsible matter, according to Catherine Jackson, senior adviser on responsible investment.Under the new guidelines, variable pay was only granted if employees and management at least met PGGM’s expectations for financial returns, and if companies´ decisions did not result in a negative impact on society and the environment.The guidelines are to be implemented gradually over the coming years.“We will also increasingly raise the issue with peers and colleagues, in order to continue to evolve our collective thinking on the important topic,” said Jackson.last_img read more

Woman crashes stolen ambulance into Fort Pierce police car

first_imgFort Pierce Police say a woman was arrested after stealing an ambulance and crashing into a police cruiser, Wednesday morning.Paramedics were on a call around 9:30 a.m., when 29-year-old Amber Lynn Sills jumped into the ambulance and took off with a patient inside, according to St Lucie Fire officials.Sills crashed into a patrol SUV while being chased by authorities.The officer identified as Todd Warner was exiting the SUV at the time of the crash. No injuries were reported, and a second vehicle came to the scene to take the patient.Sills faces charges of aggravated fleeing and eluding, and grand theft.This story is developing.last_img read more

Teacher arrested after reportedly having a sexual relationship with a student

first_imgA female teacher from Forest Hill High School in West Palm Beach has been arrested after an investigation found that she had a sexual relationship with a 17-year-old student.27-year-old Kimberly Charles was arrested earlier this month after the nearly year-long investigation found some truths to the allegations.According to the report, authorities began investigating Charles in May of 2019  after a school board employee saw Charles with her head in the student’s lap as the 17-year-old caressed Charles’ head in a classroom.A sibling of the victim also told investigators that they witnessed Charles kissing the victim on the lips while they were in a car on Christmas of 2018 and another incident where Charles was in the victim’s bed with her breast exposed while the victim was next to her.Authorities say the victim eventually admitted to the sexual relationship with Charles and to sending explicit videos through Snapchat.The teen told authorities that she met Charles in her junior year but says they did not start dating until her senior year. The victim described their relationship with the teacher as a “normal relationship.”Charles is due in court on Friday morning on charges of sexual activity by a person over 24 on a victim 16 or 17 years of age, and lewd offenses against students by an authority figure.last_img read more

Shropshire boys win English Junior Champion Club title

first_img The team of three boys from Horsehay Village Golf Club in Shropshire have won the title of English Junior Champion Club.Captain Euan Muttitt-Jones, Luke Kelsey and Curtis Ritchie romped to a six-point win in the final, which was played as part of England Golf Week at Frilford Heath Golf Club, Oxfordshire.Liz Tolster, the club’s junior organiser, commented: “We are over the moon. They are really good lads and they have worked really hard to be here and to put in the performance they have.“It was a hard-fought campaign to get here – we had to win the county junior league – but we have an excellent coach, Matt Lea, who produces a stream of really good golfers.”After the first round, when they scored 76 points, the team was lying in joint second place. Their plan was simple: “They were going to smash it – and they did!” said Liz.They added 83 points to finish on 159 and easily outstripped their opposition. Kelsey contributed scores of 39, 42 and Ritchie provided 37, 41.The runners up on 153 points were Sunbury Golf Club, Surrey, pipping St Mellion, Cornwall, on countback. Three teams tied for fourth place on 150 including the all-girl trio from Lymm, Cheshire. They were joined by Longcliffe in Leicestershire, and Bourn in Cambridgeshire.Horsehay Village has a strong junior section with players, including Muttitt-Jones, winning county titles. He also played for the club the last time they reached the final of the Junior Champion Club, back in 2015. Now, he’s almost 16 while Kelsey and Ritchie are both 14.The individual winner was Oliver Toyer from Bourn, who had scores of 40, 43, finishing two clear of Kelsey.England Golf Week is a five-day festival of handicap golf and features the final of a host of team and individual events for club players.For full scores click hereCaption: The winning Horsehay Village team, from left, Luke Kelsey, Euan Muttitt-Jones and Curtis Ritchie. (Image © Leaderboard Photography) 17 Aug 2018 Shropshire boys win English Junior Champion Club title Tags: Horsehay Village Golf Club, Junior Champion Clublast_img read more

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