FRC to name pension funds, asset managers failing Stewardship Code

first_imgWinfried Bischoff, chairman of the FRC, said the code had helped raised the profile of stewardship since it was first launched in 2010, leading to improvements in the “quality and quantity” of engagement.“We wish to maintain momentum by ensuring that signing up to the Stewardship Code is a true marker of commitment,” he added.More than 80 asset owners are signatories to the Stewardship Code, a list of names largely comprising UK pension funds and charitable foundations, such as the Wellcome Trust but also including the Ontario Teachers’ Pension Plan and Sweden’s AP1.The code, which operates on a comply-or-explain basis, has been emulated in several other jurisdictions.The International Corporate Governance Network recently confirmed it was working on a global version. Pension funds and asset managers will soon be assessed and rated on their level of engagement with the UK’s Stewardship Code, in an effort by the regulator to boost commitment among signatories.The Financial Reporting Council (FRC) said it would divide signatories into two tiers – those meeting reporting expectations and those failing to do so.Under the plans for public tiering, which the FRC said would be in place from July 2016, asset managers will be asked to provide evidence on how they have complied with the code.“The FRC will look particularly at conflicts-of-interest disclosures, evidence of engagement and approach to resourcing and integration of stewardship,” the regulator said.last_img read more

Oldendorff Orders Bulker Pair at Jiangsu Hantong

first_imgGerman Oldendorff Carriers is renewing its fleet with two more bulker newbuilds, the company spokesperson confirmed to World Maritime News.The two 209,000 dwt bulk carriers have been ordered from Chinese Jiangsu Hantong Ship Heavy Industries.The Tier III compliant newbuilds are set for delivery in 2020, data from Asiasis shows.Hantong Ship Heavy is already building seven Sdari Kamsarmaxes for the German dry bulk shipping major, set for delivery between 2019 and 2020. Originally, the series comprised ten units, however, three were resold to another company.The order emerges on the back of Oldenroff’s contract for two more Kamsarmax bulkers ordered from Japanese shipbuilder Oshima Shipbuilding.Oshima Shipbuilding will deliver the two 100,000 dwt units, along with another three 62,000 dwt Ultramaxes, during the first half of 2020.The shipowner has 6 Ultramaxes under construction at NACKS and DACKS scheduled for completion in 2019 and three more Handysize bulkers at Chinese yards. In total, 23 eco bulkers are set to join the company’s fleet by the middle of 2020.World Maritime News Stafflast_img read more

AOD jack-up wins three-year extension in Middle East

first_imgAsia Offshore Drilling Limited (AOD) has secured a three-year contract extension for a jack-up drilling rig in the Middle East. AOD owns three jack-up drilling rigs, AOD I, AOD II, and AOD III.An affiliate of offshore driller Seadrill Limited owns a 66.24 percent equity in AOD and the remaining 33.76 percent equity stake is held by services company Mermaid Maritime.Mermaid informed on Monday that the contract extension was awarded to AOD I jack-up drilling rig, serving a client in the Middle East until June 2022.This extension will be in direct continuation to the current contract which is scheduled to expire by end of June 2019 and will add approximately $80 million in contract backlog to AOD. According to data on Bassoe Analytics, the rig’s dayrate under the new extension is estimated to be around $75,000.The jack-up unit has been working for Saudi Aramco since 2013. The previous three-year extension for the AOD I jack-up was agreed in July 2016.The rig is of a Keppel’s “B” Class Independent Leg Cantilever design built by Keppel FELS.last_img read more

Tipp’s priority is to win the All-Ireland

first_imgThrow-in on Sunday at O’Connor Park in Tullamore is at 3 o’clock and Tipp FM will have full live coverage in association with Una Powell’s Pub, Summerhill, Nenagh and Loughnane Concrete, Ardcroney, Nenagh. Tipp senior hurling corner back Cathal Barrett says his side will be taking it game by game as they look to progress towards the National League final for the third year in a row. The Premier County will be determined to continue on the road to national silverware when they come up against neighbours Offaly this Sunday in the Division 1 quarter-final.Last year’s Young Hurler of the Year Barrett says Tipp’s priority is to win an All-Ireland and says it is important to keep winning their games for the confidence of the squad. last_img