Pay CEOs in decade-locked shares, says Norway SWF

first_imgThey should provide transparency on total remuneration to “avoid unacceptable outcomes”, and ensure all benefits had a clear business rationale, it said.“We will invite peer investors to consider shared principles for effective remuneration, and we will discuss with boards how this general position could be applied, taking into consideration the company’s specific circumstances,” NBIM said.Pensionable income should, the manager said, constitute a minor part of a chief executive’s total remuneration.“The board should commit to not offering any end-of-employment arrangements that effectively shorten or dilute the lock-in of shares,” it added in the paper.NBIM said that requiring the chief executive of a company to be a long-term shareholder seemed to be an under-utilised strategy for aligning the interests of the CEO with those of shareholders.It argued that requiring the chief executive to invest a “meaningful” part of their remuneration in company shares was a simple and transparent way of aligning that individual’s interests with those of shareholders and the wider society.However, it acknowledged the counter-argument that locked-in shares could drive up total pay levels, if chief executives demanded compensation for the increase in perceived remuneration risk.“Increased equity exposure and deferral is a cost to the CEO, but removing performance conditions will at the same time reduce uncertainty for the CEO,” NBIM said. The manager of Norway’s NOK7.9trn (€861bn) sovereign wealth fund has taken a stand on the contentious issue of top executive pay at listed companies, saying it should be driven by long-term value creation.In a position paper on CEO remuneration, Norges Bank Investment Management said: “A substantial proportion of total annual remuneration should be provided as shares that are locked in for at least five and preferably 10 years, regardless of resignation or retirement.”Releasing the report, the manager of the Government Pension Fund Global (GPFG), said that as a global investor its main concern was that CEO remuneration should be value-creating for the company and shareholders.Apart from making sure remuneration was driven by long-term value creation and aligned chief executive and shareholder interests, boards should also develop pay practices that were simple and did not put undue strain on corporate governance, it said.last_img read more

TENNIS : Tan’s relationship with stepfather as coach helps her become leader

first_img Facebook Twitter Google+ Published on April 26, 2011 at 12:00 pm Commentscenter_img Christina Tan grew up with the advantage of having a coach in her own home. She played both soccer and softball throughout middle school, but by the eighth grade she knew tennis was the sport she wanted to pursue.Rob Horsch is partially to thank for her transition to tennis. Horsch, Tan’s stepfather, was an assistant coach for the Nevada, Las Vegas women’s tennis team for the 1992-93 season and now works as an instructor on his own.Tan said her stepfather taught her not to worry about winning or losing. And to stay mentally tough by keeping her focus despite surrounding distractions.‘One thing I have always emphasized is before you go into your match, have a specific game plan,’ Horsch said in an email. ‘It requires some preparation regarding the strengths and weaknesses of your opponent, and getting your ‘head’ right for the match.’Her decision to pursue tennis led her to Syracuse, where Tan has flourished. SU head coach Luke Jensen said Tan, now a senior, was the only freshman captain of a team in SU athletics history. This year, Tan has played mainly in the No. 4 spot in SU’s rotation. She has 96 wins in her four-year career.AdvertisementThis is placeholder textJensen said it is rare for a team to have a freshman captain. The head coach said it is difficult for a first-year player to take on that leadership role and earn the respect of the older players.But Tan could handle that responsibility.‘Honestly, I never ever had to worry about her,’ Jensen said. ‘It makes life so much easier when you have someone you can count on.’Jensen said Tan is a ‘tough out.’ She forces her opponents to beat her because she doesn’t make a lot of mistakes, he said. She stays aggressive on the court while still maintaining her steady style of play.Jensen attributes part of her success to her stepfather. He said living with Horsch was an advantage because she was always around the game. Jensen said Horsch taught her an all-around game and how to think like a pro.‘She has benefited from that environment,’ Jensen said. ‘It shows when she’s competing.’Alessondra Parra, Tan’s roommate and teammate, said even when Tan is off the court, she is working to get better.‘You can always count on her,’ Parra said. ‘She’s just that kind of person.’Tan said one of the biggest lessons she has learned from her stepfather is to appreciate the opportunities as a Division I tennis player because many people never get the chance. She said she probably would not be a tennis player if her stepfather had not introduced her to the game.She also emulated his style of play.‘His consistency and his fitness … are two things that have bled into my game as I was growing up,’ Tan said.Horsch said Tan’s strong level of fitness has been key to her success. Her mother, a physical trainer, helped her in terms of conditioning. And he credits Jensen and associate head coach Shelley George with helping her mature.But Horsch’s influence on Tan’s development cannot be understated either.‘I believe coaching Christina has helped her game develop to the collegiate level,’ Horsch said. ‘During her sophomore year in high school she set the goal to play Division I tennis at a top university. Her mother and I merely helped her stay the course and encouraged her to keep on going.’sbhastin@syr.edulast_img read more

Berekum Chelsea defeats RTU to go top

first_imgBerekum Chelsea resisted a stubborn Real Tamale United side to emerge 3-2 winners in the Ghana Premier League at the Baba Yara Stadium on Saturday.Emmanuel Kwamena (12) handed Alhassan Dawuo’s side the lead but Latif Salifu pecked the scoring for the Blues six minutes from the break.Jordan Opoku steered Chelsea into the lead ten minutes after the break but Abdul Aziz Yussif restored parity for Northerners.Nigerien international Musa Mohammed scooped home from close range to send Chelsea temporarily top with 21 points.Real Tamale United are still without a win.last_img

Women’s World Cup 2019: Megan Rapinoe tells FIFA president she wants action on equal pay

first_img“To have a full stadium in a foreign country, the movement is just swelling before our very eyes.”Obviously you have the president of France there [Emmanuel Macron], the president of FIFA, you have our [USFF] president, delegates from all over the world.”This is what the people want, give the people what they want, always.” Megan Rapinoe wants action on the issue of equal pay after helping the United States to a fourth Women’s World Cup final triumph.The USWNT beat the Netherlands 2-0 in France on Sunday to retain their title, with Rapinoe scoring a second-half penalty before Rose Lavelle found the net as well. At the next World Cup in 2023, FIFA president Gianni Infantino wishes to double the prize money to $60 million, yet at the men’s competition in 2022, teams in Qatar will have a pot of $440 million.Rapinoe, who spoke at length on the issue prior to Sunday’s final, revisited the matter again having collected her Golden Boot and Golden Ball awards for the tournament’s top scorer and best player.She also called for action from the US Soccer Federation (USFF), with the players in Jill Ellis’ team having taken legal action against the governing body earlier this year over pay disparity and working conditions.”Everyone’s asking what’s next and what we want to come all of this – it’s to stop having the conversation about equal pay and are we worth it,” Rapinoe said.”What are we going to do about it? Gianni, what are we going to do about it? Carlos [Cordeiro, USFF president], what are we going to do about it? Everyone. It’s time to sit down with everyone and really get to work.”This game has done so much for all of us, we’ve put so much into it. I think it’s a testament to the quality on the field.WW.Your #FIFAWWC Golden Ball and Golden Boot recipient, @mPinoe. @roselavelle earns the Bronze Ball, and @alexmorgan13 earns the Silver Boot. pic.twitter.com/vS8ErCKJxb— U.S. Soccer WNT (@USWNT) July 7, 2019″I don’t think everything else is matching that. How we do get everything to match up and push this forward because I think at this point the argument that we have been having is totally null and void.”She added in the post-match press conference: “It’s time to move that conversation forward to the next step. A little public shame never hurt anybody, right?”Rapinoe, who scored six times in France, was presented with both of her individual prizes by Infantino on the pitch after the game.Asked what they spoke about, she replied: “Just pleasantries. There was a wry smile in there, for sure. He knows that I know.”I think he did say, ‘Let’s have a conversation.’ I said, ‘I’d love to.'”Infantino would also have heard fans in the stadium chanting ‘equal pay’ while he was on the pitch.Rapinoe and her USA team-mates will share a pot of $4 million for winning the tournament, with France’s men’s squad earning $38 million for triumphing in Russia last year.”Love it,” Rapinoe said of the chants.last_img read more