Advisers join forces in bid to oust Tesla chairwoman June 18, 2020 Proxy adviser Glass Lewis has joined ISS in recommending that investors vote against the re-election of Robyn Denholm as chairwoman of Tesla’s board. Glass Lewis said it was concern was related to corporate governance, due to an insurance arrangement with chief executive Elon Musk after Tesla’s decision to not renew its directors and officers’ liability [...]
Crypto AM turns two years old today – One week, four anniversaries! June 18, 2020 Two years ago on the 18th June the first edition of Crypto AM was published in London’s City AM newspaper as a double page spread. With Crypto AM as a weekly feature, City AM became the only mainstream publisher to do this, thus providing an educational voice for the industry to share knowledge with the [...]
Pensions watchdog gives go-ahead to superfund deals June 18, 2020 The UK’s pension watchdog has given the green light to the launch of superfunds, leading to billions of pounds of retirement funds to be pooled together. The Pensions Regulator (TPR) has set out an interim framework for supervising the pension consolidation vehicles called superfunds. Sky News first reported the development yesterday afternoon, before TPR confirmed. [...]
Lloyd’s of London and Greene King apologise for slavery links June 18, 2020 Lloyd’s of London insurance market has issued an apology for its role in the 18th and 19th century transatlantic slave trade, calling it “an appalling and shameful” era. The insurer will fund charities and organisations created to promote opportunities for black and ethnic minority groups. Pub chain Greene King also formally apologised, and committed to [...]
A new ‘superfund’ scheme for pensions June 18, 2020 Pensions minister Guy Opperman announces a significant step towards transforming retirement saving The consolidation of defined benefit pension schemes into “superfunds” has the potential to deliver more secure retirement incomes for workers, while allowing employers to concentrate on what they do best: running their businesses. That’s why I welcome the Pensions Regulator’s interim regime for [...]
Half of businesses set to lay off staff once furlough ends June 17, 2020 More than half of all UK businesses will be forced to lay off staff within three months once the government’s furlough scheme ends, a new poll has revealed. According to YouGov data, 31 per cent of business leaders said a fifth or more of their staff could go, while 21 per cent said almost a [...]
Businesses are cautiously optimistic as downturn in activity eases June 17, 2020 Signs of a turnaround in business activity has prompted UK firms to feel more optimistic about the outlook for the next few months. Natwest’s small business activity index shows small steps towards recovery. The index monitors output at private sector firms with between one and 49 employees in the services, construction and manufacturing industries. It [...]
Former Credit Suisse boss Tidjane Thiam and Emma Watson to join Kering board June 16, 2020 The former chief executive of Credit Suisse is to join the board of Gucci owner Kering, alongside actress Emma Watson and the president of ride-hailing giant Didi Chuxing. Tidjane Thiam, who left Credit Suisse in February amid a major spying scandal, will chair Kering’s audit committee. Thiam, who previously ran insurer Prudential, had said he [...]
Taxation post COVID19 June 15, 2020 Following global lockdown the UK went into defensive and offensive mode with the furlough scheme, loans and other government support for almost every business and sole trader. But that has seen a reasonably strong economic outlook disappear almost entirely for some businesses in the short space of 3 months. In turn this has resulted in [...]
FTSE 100 inches into green despite record plunge in UK GDP June 12, 2020 The FTSE 100 closed 0.23 per cent up on Friday, having spent most of the session inching higher despite data showing the British economy suffered the largest contraction on record in April. While the blue-chip managed to shake a four-session decline, it remained on track for its worst weekly drop in around three months. Cyclical [...]