“Groupthink” is prevalent on the trustee boards of UK defined benefit pension schemes, which throws into relief the limitations of the traditional scheme governance and investment consulting model, a study sponsored by fiduciary manager SEI has found.The findings also support the line of inquiry pursued by the UK Financial Conduct Authority (FCA) in its recently announced review of asset management, according to SEI.Patrick Disney, managing director of SEI’s institutional group for the EMEA region said: “The Terms of Reference for the forthcoming Financial Conduct Authority review of asset management have highlighted the potential issues with the traditional investment consulting model and identified that it may be difficult for pension schemes to adequately monitor the services their consultants provide.“Our research clearly underlines this point, revealing that more than half of trustees – 59% – do not frequently consider alternatives to the advice proposed by their investment consultant.” The overlap between SEI’s study and the FCA review is coincidental, however, stressed Caroline Deutsch, UK corporate marketing director at SEI.She noted that SEI’s research was commissioned and carried out in the autumn last year.“The premise for our study was that we didn’t think the academic theory of groupthink had ever been applied to pension scheme trustee boards before,” Deutsch told IPE. “We thought it would be interesting to see if groupthink exists and, if so, what the implications would be for how the governance model works and decisions are made.”The term groupthink was coined by research psychologist Irving Janis in the 1970s, and, according to the SEI report, describes the faulty decisions made by groups when “pressures lead to a deterioration of mental efficiency, reality testing and moral judgement”.The research was conducted by IFF Research under the supervision of Iain Clacher, associate professor in accounting and finance and co-director of the Centre for Advanced Studies in Finance (CASIF).IFF interviewed 100 trustees of UK defined benefit schemes, 46% of which were classed as small (£15m-99m in assets under management), 33% as medium (£100m-499m) and 21% large (£500m+).Disney said that while the existence of groupthink on trustee boards was not necessarily surprising, not least given trustees’ typical lack of investment expertise, the research threw up some stark statistics about how it manifests itself on trustee boards.“What was interesting was being able to put a number on it, and to see that this is pretty significant,” he told IPE.He highlighted a few statistics as particularly noteworthy:Only one of the 100 trustees surveyed said they “reach their own decisions”Nearly 60% do not frequently consider alternatives to an investment consultant’s recommendationsNearly 80% of boards do not appoint a devil’s advocate to argue the alternative perspective to the boardThe survey also reveals the consequences of groupthink, according to SEI, namely an “over-reliance on unaccountable investment consultants” and potentially a higher burden on scheme sponsors in the form of additional contributions.SEI said trustees were not to blame for the existence of groupthink but that the problem was with the traditional investment consulting model – a “broken” model.SEI described this as a model where advisers work in separate silos and are not directly accountable for the advice they provide, with pension schemes charged on the basis of hours worked rather than results.“It seems clear that a more accountable advisory model is needed, where fees are based on results and the trustee board is able to clearly track the funding level against the scheme’s goals,” said Disney.
The International Financial Reporting Standards Interpretations Committee (IFRS IC) has rejected a proposal that could have limited the number of defined benefit (DB) schemes affected by a planned change to International Accounting Standard 19, Employee Benefits (IAS 19). The change to IAS 19, exposed for public comment back in June 2015, requires plan sponsors to use updated assumptions to measure current service cost and net interest cost after a plan settlement or curtailment.Staff had proposed restricting the scope of the amendment to capture just those plan events that affect “a significant proportion of employees covered by the plan.” Responding to the staff proposal, committee member Tony Debell said: “This is adding a layer of complexity that would let people deal [through] a materiality judgement.” Staff must now rethink the drafting to capture the committee’s preference for leaving the assessment of whether to measure an assessment of materiality.The reliance on materiality and the staff’s proposed quantitative assessment were intended to restrict the numbers of times sponsors would be required to remeasure.Staff wrote: “Because the [IASB] did not intend that an entity would apply the proposed amendments to [non-material] plan events … we recommend amending the scope of the proposals to exclude minor plan events.”The project to amend IAS 19 addresses how a sponsor accounts for a plan amendment, curtailment or settlement that occurs during a reporting period.The proposed amendments require sponsors to use updated assumptions going forward – even within the current accounting period.This would mean an entity would have to calculate the net interest cost for the remainder of the current year on the basis of a remeasured net DB liability or asset.Respondents to the June 2015 exposure draft raised a number of concerns about the proposals.In particular, they were worried about the cost of applying the new requirements and the opportunity to game the standard to produce a particular accounting outcome.It is possible the new requirements will force sponsors to make and account for re-measurements more frequently.Respondents also voiced concerns about how the concept of materiality would apply, and the lack of comparability among companies.Also during the meeting, the IFRS IC approved a further amendment to IAS 19 to clarify that an entity must recognise that a gain or loss on past service cost on settlement is a separate step from assessing the asset ceiling.The committee opted against addressing the concern among some constituents that there is an inconsistency between IAS 19 and the requirements for interim reporting in IAS 34.The inconsistency arises out of the requirement in IAS 34 to take account of “significant market fluctuations”.Subject to the IASB’s signing off on the amendments, DB sponsors will have to apply them to annual reporting periods beginning on or after 1 January 2019, with earlier application permitted.
Sherwood makes no apologies about his commitment to playing attacking football and there were times on Boxing Day, and more so at Southampton last weekend, when watching Tottenham play was an enjoyable experience. Sherwood is conscious that he is now managing a club whose icons include Glenn Hoddle, Ossie Ardiles and Paul Gascoigne. That does not mean he is all for kamikaze football, however. If Spurs retain the ball better, then they will not be as vulnerable to attack as they were against the Baggies, Sherwood argues. “I expect the fans want (attacking football) as they have been brought up on that,” Sherwood said. “It’s the way I see the game being played. I want to see bodies being thrown forward. “At the moment it’s not exactly how I want it. I think we need to win the ball higher up the field. The West Brom game turned into a little bit of a basketball match at times. “We want to win that ball up high as we possibly can so we can give the supporters wave after wave of attack.” Etienne Capoue – a France international in the mould of the famed Claude Makelele – has been kicking his heels ever since Sherwood took over. The Englishman has preferred to use the likes of Mousa Dembele, Lewis Holtby and Eriksen in the centre, and Sherwood’s response to those who say a team needs a holding midfielder is simple. He said: “We have enough defensive-minded players on the field. “When you are at home, if you pass the ball well enough, your passing is good and your decision making is good then you win the game.” Stoke’s weaknesses were exposed against Newcastle on Boxing Day when they were crushed 5-1 after having two men sent off. Sherwood is unsure how the Potters will respond when they come to White Hart Lane on Sunday though. “It could be a dent in confidence but on the other hand it could spur them on,” Sherwood said. “But I can’t see them coming here and being open to get beat like that again. “We expect them to play pretty much the same (as West Brom did) so hopefully we can show a little bit more quality in and around the final third and open them up.” Tottenham dropped to eighth in the Barclays Premier League on Boxing Day as Tim Sherwood’s first game as permanent head coach ended in a disappointing 1-1 draw against West Brom. A smattering of boos rang out at the final whistle, and having not witnessed a home win in the league since October 27, it is easy to understand why a number of Tottenham fans were unhappy. Christian Eriksen has warned that Tottenham’s poor home form will continue unless they become more clinical in front of goal. Press Association By this time last season Tottenham had scored 14 goals in five home victories. This year they have managed three wins and have found the net just eight times. Two of those goals came from free-kicks while another two came from the penalty spot. Spurs used to build their season around their home form, but the north Londoners have not been at their best at White Hart Lane this season and Eriksen knows it. “The home games are tough and we make them tougher for ourselves as well because we don’t score,” the Tottenham midfielder told Spurs TV. “But we just have to keep working and we will get our chances, I think. “We just have to open the game up and make our goals. Against West Brom we had the chances to score goals. If we score it will be a much easier game to win.” Eriksen accepts that away teams do not go all-out attack at White Hart Lane, but Spurs will have to find a way of getting around that problem if they are to become a permanent member of the Barclays Premier League’s elite. The fact that Manchester United, Chelsea and Arsenal have all been able to do that over the last decade shows why they have spent so long at the top. Still, with Sherwood in charge, the chances of Spurs breaking down defensive-minded opposition may improve.
THE Golden State Warriors took control of the NBA Finals after seeing off reigning champions the Cleveland Cavaliers in game two last night.Steph Curry and Kevin Durant upstaged LeBron James again in Sunday’s 132-113 victory at Oracle Arena as the Warriors claimed a 2-0 series lead.Reminiscent of last season’s Finals – after James’ men fell 3-1 behind before rallying to clinch their first championship – the Cavs head back to Cleveland for game three on Wednesday.With head coach Steve Kerr on the sidelines for the first time since the opening round of the playoffs after overcoming back problems, Curry and Durant gave the boss plenty to smile about as the Warriors improved their flawless record in the postseason to 14-0.Reigning MVP Curry posted the first triple-double of his playoff career with 32 points, 11 assists and 10 rebounds, while Durant had 33 points and 13 rebounds in a double-double display.Klay Thompson contributed 22 points for the Warriors, who used their explosive offence to suffocate Cleveland’s usually stingy defence.James huffed and puffed for the Cavaliers, but he was unable to prevent consecutive defeats in Oakland in front of Barcelona star Neymar, Formula One driver Lewis Hamilton and New York Giants wide receiver Odell Beckham Jr.The three-time champion put up 29 points, 14 assists and 13 rebounds as he tied Magic Johnson for the most triple-doubles in NBA Finals history.Kevin Love scored 27 points and Cavs team-mate recorded 19 of his own. (Omnisport)
IT was a night of goals galore as 29 were scored on the second night of the Petra-organised, Corona-sponsored Invitational football tournament at the GFC ground Bourda on Wednesday.In the first of the triple-header, Western Tigers railroaded their Black Pearl FC opponents 13-0 in a goal-scoring frenzy with Andrew Murray leading the line with four goals in the 15th, 55th, 80th and 83rd minutes.Hubert Pedro (3rd, 37th), Devon Millington (10th, 29th) and Dwayne McLennon (33rd, 59th) each contributed while Linden Pickett, Mark Gritten and Darren Benjamin each scored one in the 22nd, 56th and 79th respectively.Game two was a more competitive fixture with Camptown needling GFC 1-0 thanks to Oziel Small in the 41st minute.The hosts had more than enough chances to take the lead and even equalise but failed to do so, giving them their first loss of the tournament.Meanwhile, the night’s goal-scoring trend continued with Police mauling Beacons FC 14-1.Quincy Holder (7th, 37th, 39th, 45th) and Anthio Wallace (21st, 47th, 70th, 78th) were both on fire, scoring four each as the Police side arrested the Beacons unit, whose only goal came from Christopher Galloway in the 43rd minutePolice also had a hat-trick from Stephan Ramsey (34th, 84th, 42nd) as well as a brace from Dwain Jacobs (72nd, 81st) and a lone strike from Jermaine Granderson (13th)Matches continue in the tournament today when Pele play East Veldt in game one at the same venue while Santos oppose Flamingo in game two and Riddim Squad FC play Northern Rangers in game three.
More than 2,500 miles east of Los Angeles, Mohamed Morsi is preparing to begin his term as the first Egyptian president since the 2011 revolution. But 30 years ago, Morsi was studying in Los Angeles, preparing to receive a Ph.D. from USC.Before becoming a member of the Muslim Brotherhood, a member of parliament in the People’s Assembly of Egypt and the president-elect, Morsi attended Cairo University, receiving his bachelor’s and master’s degree in engineering. He completed his Ph.D. program in materials science at USC in 1982 and went on to become an assistant professor at California State University, Northridge, before heading the engineering department at Egypt’s Zagazig University in 1985.[Correction: A previous version of this story stated that Mohamed Morsi received his Ph.D. in electrical engineering. It was materials science.]Dean of the Viterbi School of Engineering Yannis Yortsos said Morsi’s election is a “notable achievement.”Yortsos did not know Morsi and said his adviser died several years ago. To his knowledge, there are currently no Viterbi faculty members who knew Morsi personally.Morsi was announced the winner of the election Sunday with 51.7 percent, beating military-supported runner-up Ahmed Shafik. He will be the first president since Hosni Mubarak formally resigned in February 2011 following the protests, which began January 25. Morsi was one of the initial candidates running for the Freedom and Justice Party, a group founded by the Muslim Brotherhood.“That part of the world is very full of history and full of tension and turmoil,” Yortsos said. “So one hopes that [because] he was educated here in the United States … the American values and ideals will help him promote stability and peace and prosperity for his country.”Though it is unclear what powers Morsi will have in Egypt’s reforming government, he is calling for unity in Egypt and has been publicly congratulated by the American, Turkish and Palestinian governments, according to Al Jazeera.“Of the two possible outcomes, I’m glad that it was [Morsi] and not [Shafik],” said Laurie Brand, a professor of international relations specializing in the politics and culture of the Middle East. “But I know there are a lot of Egyptians of good faith who are very worried with the outcome.”Samer Rashad, a junior majoring in neuroscience, traveled to Egypt in May and June to study the political process and to compare the election to those of America and other countries in the Middle East.“In Egypt, not many people like Morsi,” he said. “They don’t want Egypt to turn into an Islamic state. They want it to be more like America, in a way, with separation of church and state.”Rashad stayed with his uncle, Hamdeen Sabahi, a former parliament member and third-place candidate in the election. Rashad said Sabahi was the most moderate of the top three contenders in both religious and political views.“I was not a fan of either Morsi or Shafik,” Rashad said. “I guess me and my family are not too happy Morsi won.”Cat Shieh, a junior majoring in political science, spent two weeks in Egypt through Problems without Passports in May and June of 2011, a few months after the Egyptian government fell. Shieh said her experiences and continued interest in Egypt have helped her understand the culture.“You have to realize the complexities of the Muslim Brotherhood,” Shieh said. “They’re not all extremists.”Shieh said she cannot predict how the government might evolve but sees potential for democracy and Sharia law to coexist if the complex factors are understood.“I’m not optimistic, but I’m not pessimistic either,” Shieh said. “I don’t think we’ll be able to see a lot of change now, but he was better educated so who knows. I’m waiting for the next generation.”
AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisALPENA, Mich — A 40-year-old-woman was arrested for her involvement in a hit and run crash Tuesday afternoon in Alpena.The accident happened at the corner of M-32 and Ripley, outside of Alpena Car Care around 12:30 p.m. The driver of a black Dodge Ram was approaching the intersection heading south, before losing control. Lt. Eric Hamp of the Alpena Police Department said on the scene,“We determined that the driver of the full sized pick up truck ran off the road on Ninth Ave,, then crossed the street here and struck a vehicle that was parked in the parking lot of the Alpena Car Care Center, which was unoccupied.”Before police arrived, the driver of the Dodge had already left the scene. Lt. Hamp says the driver of that pick up was the only person involved in the crash.Alpena police Sgt. William Gohl later confirmed the suspect was found on foot, near the intersection of M-32 and Bagley St. around 2:30 p.m.No injuries were reported as a result of the crash.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThis Tags: 40 year old, Accident, alpena, arrested, crash, hit and run, PoliceContinue ReadingPrevious Alpena Police Department is reminding drivers to use caution during the homecoming paradeNext Alpena man with outstanding warrants found by police
Calhoun’s talents on the offensive side allowed him to hit .277 with an .832 OPS in the minors, including a 27-home run, 88-RBI season at Double-A Tulsa last year.Defensively, however, Calhoun is a work in progress — with a lot of that work going on this spring.“Yeah, I’m a little tired of hearing about my defense,” Calhoun said only after being prompted. “I’ve been hearing about it since I came into pro ball. But I’m working at it. I’m investing the time.”Under the supervision of McDaniel and Dodgers coach Chris Woodward, Calhoun goes through daily drills to improve his footwork, quickness and range. In one drill, Calhoun attaches a weighted belt to his waist with rubber bands that McDaniel holds, offering resistance as Calhoun moves to field ground balls.“It’s a good drill for me,” Calhoun said. “It makes me feel lighter (when the belt is not on). I’m trying to improve my range so I get to more balls.” GLENDALE, Ariz. >> You have to get up pretty early in the morning to make a second baseman.One of the Dodgers’ top hitting prospects, Willie Calhoun has been arriving at the Dodgers’ spring training complex around 6 a.m. most days for weeks now, even before his first big-league camp officially began, to work with strength and conditioning coach Brandon McDaniel. Calhoun has been a professional for less than two years — he was a fourth-round draft pick in 2015 — and he is getting what Dodgers manager Dave Roberts calls “essentially a crash course in a lot of things.”The course material for Calhoun — optimistically listed at 5-foot-8 and quintessentially stocky — includes dropping weight (with the help of McDaniel’s wife, a nutritionist, who has worked with other Dodgers players), developing a workout routine and improving defensively — the No. 1 criticism of Calhoun’s game.“He wasn’t signed that long ago,” said Roberts who has yet to play Calhoun in a Cactus League game. “He has just ascended through talent. To be a complete baseball player is really important and learning to take care of his body is important. We’re hitting him from all angles and he’s really working hard.” An outfielder at Yavapai College before he was drafted, Calhoun willingly admits he has a lot to learn about infield play. Roberts gives him credit for reporting to Arizona to begin the work with McDaniel and Woodward and praised the work ethic Calhoun has demonstrated.“(Woodward) says he likes his actions and there are some things mechanically he can clean up,” Roberts said. “The aptitude is there. The willingness is there. Woody had him before camp started and said even now there has been drastic improvement in Willie’s defense.”Pitching changeThe Dodgers’ minor-league pitching coordinator the past two years, Rick Knapp, left the organization for a job with Major League Baseball following the 2016 season. In his wake, the Dodgers have restructured the way pitchers are treated in player development, forming a ‘pitching department’ with former Tampa Bay Rays reliever Brandon Gomes and Chris Fetter hired to join a group approach that divides up the duties handled by a single pitching coordinator in many organizations.“Particularly with pitching, there’s so much more information out there, so many more tools at our disposal that the traditional developmental pitching model of having one pitching coordinator who is in charge of everything didn’t make sense for bandwidth usage and really getting the most out of our players,” Dodgers GM Farhan Zaidi said. “I mean, if every organization was scrapped and started from scratch in building it up, I think you’d see bigger pitching departments than exist today.“Just think about all the pitchers a pitching department is in charge of in the organization, all the factors that they’re in charge of — their development, what’s their arsenal, how many pitches are they throwing, what pitches are they throwing well, what is their pitching mechanics – it’s just hard to imagine it’s a job for one guy. Having different people of different skill sets contribute, that seems the best way to go about that.” Newsroom GuidelinesNews TipsContact UsReport an Error
Photos: Lakers defeat Trail Blazers in Game 4 of first-round playoff series Newsroom GuidelinesNews TipsContact UsReport an Error Angels’ poor pitching spoils an Albert Pujols milestone On Mamba Night, the Lakers make short work of Blazers to take 3-1 series lead The widespread street protests for change in the wake of George Floyd’s death have largely come to an end, but the push to drive investment in communities of color and to make an ongoing impact for social justice continued Tuesday.Eleven professional sports franchises in greater Los Angeles have joined forces to launch The ALLIANCE: Los Angeles, making a five-year commitment to “address racial injustice, develop educational opportunities and support other important issues” in communities of color.The teams also will support the Play Equity Fund’s social justice movement in Los Angeles and Orange counties as well as the work of Accelerate Change Together (ACT) Anaheim. The aim is also to inspire additional movements for change throughout the nation.The Angels, Chargers, Clippers, Dodgers, Ducks, Kings, Galaxy, Lakers, Los Angeles Football Club, Rams and Sparks have joined forces to form The ALLIANCE: Los Angeles and to continue their individual charitable efforts across the region. Chris Paul, Russell Westbrook and other NBA stars pay tribute to Kobe Bryant Horse dies after injury during workout at Del Mar “The ALLIANCE: Los Angeles is an unprecedented collaboration by sports organizations recognizing the impact they can have by working together, and they should be commended for seeking to make significant changes in communities of color,” Renata Simril, president of the Play Equity Fund, said in a statement. “The Los Angeles region is one of the most competitive markets, and sports is one of the world’s most competitive industries. But these organizations are putting their competitive instincts aside to work collaboratively for social justice.”The ALLIANCE: Los Angeles will join with the Play Equity Fund to hold a Sports for Social Justice Symposium on July 22, with leaders from the franchises as well as social justice leaders and sports commentators. The webinar will coincide with National Youth Sports Week (July 20-24).Related Articles
by Tracy McCue, Sumner Newscow â€” You know when the high school football season really starts? When summer baseball is over.The two last remaining Wellington youth baseball teams were eliminated this weekend. The Wellington 15-year-old Babe Ruth All-Star baseball team was eliminated in the Kansas State Babe Ruth Tournament in Garden City this weekend – going 1-2.Wellington opened the tournament losing to Lakin 12-2 in the first round. That threw the locals in the losers bracket where it would be Lyons 9-0 before losing to the host Garden City 10-5. Fate would have it that the two teams Wellington lost to are playing for the state championship on Monday.Winners of the WOW award and MVPs are as follows:Â Vs. Laken – WOW – Therin Frame. MVP – Dylan Ferguson.Vs. Lyons – WOW – Noah Rinehart. MVP – Therin Frame.Vs. Garden City – WOW – Connor Burnett. MVP – Adam Hilt.â€¢â€¢â€¢â€¢â€¢In the American Legion Zone Tournament the Wellington Post 90 team fell just one place short of going to the state tournament.Wellington opened the tournament with a 9-6 victory over El Dorado with Adam Condit pitching the complete game.In game two, Wellington lost to Fort Scott 6-2. Post 90 gave up five runs in the first inning and could not recover.In the third game, Wellington played El Dorado again and won 15-6 with Dylan Jones as the winning pitcher.That set up a rematch with Fort Scott today. Wellington needed to win twice to advance to the state tournament but lost the first game 7-3. Jayden Hines pitched for five innings and Colin Reichenberger pitched for two innings.Next up: football practice.Follow us on Twitter. Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close WordPress.com Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. There are no comments posted yet. Be the first one! Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new comments