The Irish pensions regulator risks imposing “group think” on trustee boards if it pushes ahead with new trustee qualifications and should instead bring its proposals in line with the current draft of the new IORP Directive.The Pensions Authority has been warned that the proposal risks driving away lay trustees who, according to the Irish Association of Pension Funds (IAPF), bring a sense of balance to trustee boards.Instead, the trade body suggested limiting the requirements only to those trustees who are paid for their time, rather than those acting on a voluntary basis.The comments come in reaction to a September consultation on trustee qualifications, in which the Authority set out how the revised IORP Directive would impact domestic regulation and asked how to structure a potential curriculum for trustees. “We suggest,” the IAPF said, “that any mandatory qualification requirements should apply to the trustee group as a whole rather than to each individual trustee.”It noted amendments made to the IORP Directive, after pressure from the UK and Ireland, that would only require a trustee board’s knowledge to be “collectively adequate”.Jerry Moriarty, chief executive of the IAPF, noted that the changes risked a “mass exodus” of lay trustees.“We do feel very strongly the lay trustees do have a lot to add,” he told IPE. “If everyone who is involved in running the pension scheme is paid to be there, then it does change the dynamics a bit.”He questioned whether having purely professional trustees on boards led to better outcomes, echoing the IAPF’s assertion that there was no “body of evidence” pointing to an improvement.Moriarty suggested the regulator “tread slowly” and said the industry was in favour of having trustees better equipped to deal with the challenges facing boards.“But requiring them to all complete the same degree in trusteeship is going a bit too far at this point in time,” he said.“If you are looking at any board – whether it’s for a company or a pension scheme – then one of the important things is to have diverse views and people who can ask tough questions and challenge.“If everybody who has come through the same school, then you are just going to have a major group think, rather than people questioning and delving into things, looking at it from a different point of view.”James Kavanagh, managing director of Trustee Decisions, agreed that lay trustees played an important role within schemes, calling their work “selfless”.But he also argued strongly in favour of improving their level of knowledge.“We need to ensure we have trustees who are knowledgeable, do not over-rely on advisers, operate with strategic clarity, have effective real-time decision-making procedures, are capable of adapting to change and manage conflict-of-interest issues,” he said.“All of this requires courage by trustees, especially in the area of challenging their advisers.”
Photo courtesy of Sports InformationGo green · Sophomore Justin Suh and the men’s golf team defeated Georgia Tech in the final round of the Cypress Point Classic on Tuesday to take first place. The final score was 19.5 – 4.5 in favor of the Trojans.While the No. 12 men’s golf team found itself competing under different circumstances this week, Trojan golfers managed to salvage a triumphant finish in their most recent competition. The invitational was played on the world-famous Cypress Point Club course, and the teams competing participated in a match-play scoring system — not the traditional stroke-play scoring system. The Trojans dominated No. 29 Georgia Tech — by a score of 19.5 – 4.5 — in the final round of the Cypress Point Classic, held in Pebble Beach on Tuesday to pick up their first team victory of the season. The two-day tournament included three rounds of golf — 54 holes in total — all of which were scored in different fashion. The first and second rounds were played Monday, and had teams divide their rosters into duets to play Four Ball (best ball) and Foursome (alternate shooting) rounds of golf. The final round, which was played on Tuesday, had golfers compete in singles matches. Teams could score a total of four points on each 18-hole match played throughout the invitational — two points were awarded for winning a match, and an additional point would be awarded to the best scorer from the front-nine, and the back-nine holes, respectively.In the championship round against the Yellow Jackets, USC excelled in its singles matchups. Five of the six individual golfers for USC on Tuesday won their singles matches against opposing Georgia Tech golfers. “Match play is a lot different than stroke play … As coaches, we try not to change too much of the way that we are playing normally because of the different format, sometimes you can read too much into it, and suddenly all the experience you have goes away because you are trying to reinvent the wheel,” head coach Chris Zambri said. “By looking at the way the matches went and asking [the golfers] about their scores, it felt like everybody was performing well.” Redshirt senior Andrew Levitt and freshman Cheng Jin both swept their respective singles matches Tuesday 4-0 as a part of USC’s championship-clinching victory over Georgia Tech. “To see us take 19.5 of a possible 24-points in [Tuesday’s] match means that we were obviously all playing pretty well as a team,” Levitt said. “We didn’t start the season off so hot, but everyone’s been playing better and better as of late, and it feels great for us to go out there and pick up our first win.”Juniors Sean Crocker and Jonah Texeira played significant roles in USC’s winning performance at Cypress Point. As a tandem, Crocker and Texeira nearly swept Alabama (taking three-and-a-half of a possible four points) in the first round. In the second round against UCLA, Crocker and Texeira swept the Bruins’ opposing tandem, 4-0. As individuals in the final round of play on Tuesday, both Crocker and Texeira came away with victories in their singles matches.To advance to Tuesday’s final round, USC defeated both Alabama (9.5 – 2.5) and UCLA (6-6, took the tiebreaker) in the first and second rounds, respectively, on Monday. “We did win, which is great, but to see us do it in stroke-play will really help us see where we are as a team,” Levitt said. “I think that individually, everyone is now starting to really play better.”The team will return to competition on Nov. 7-9 in Napa for the Gifford Collegiate.
Betgenius expands virtual sports range with Kiron August 20, 2020 Related Articles Betgenius: Spare change… how will the increase to five subs affect football trading? June 4, 2020 StumbleUpon Submit Matt Stephenson, a confirmed speaker at this month’s Betting on Sports conference (12-15 September), has secured a promotion to Managing Director at Betgenius.Formerly Business Development Director, Stephenson has replaced Jack Davison, who has become Chief Commercial Officer for Betgenius’ parent company, Genius Sports Group. Davison joined in 2012 and will now oversee commercial strategy across the Group.Having spent three years with Sporting Index before joining Betgenius in 2005, Stephenson now has 15 years’ experience within the sports betting industry. His new role includes full responsibility for the commercialisation of Betgenius’ suite of sportsbook products and outsourced trading tools.Mark Locke, CEO of Genius Sports Group, said: “Matt’s knowledge of the sports betting sector is second to none. As Betgenius undergoes a period of unprecedented growth, reflected in record numbers of clients and an expanding team, his experience will be invaluable as we continue our innovative track record and grow our presence globally.”Matt Stephenson added: “With one of the strongest teams in the sector across sales and technology, Betgenius is primed for even greater success in the coming years, and I am proud to be given the opportunity to lead the business at this time.”Stephenson will be joined in a #boscon2017 ‘Betting on Data’ track session by Enetpulse Managing Director Simon Skarsholm and Andrew Ashenden, EVP Betting at Perform Group. ‘How live data is pushing back the boundaries for in-play betting’ will assess live betting’s dependence on live data, and whether the industry has fully exploited an explosion in the data available. Stats Perform becomes sole live streaming supplier for Norsk Tipping July 9, 2020 Share Share