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

TEN to Raise USD 35 Mn through Private Placement

first_imgTanker operator Tsakos Energy Navigation (TEN) has revealed its plans to collect USD 35 million through a private placement of preferred shares.Namely, the company entered into a share and purchase agreement with a maritime institutional investor for a private placement of 3.5 million zero coupon Series G Preferred Shares, at a price of USD 10 per share.The shares will participate on an as-converted basis in any dividends declared and paid on TEN’s common shares and will be convertible at any time on a three and one-third forone basis into TEN common shares, the company explained.Within the first quarter of 2021, any outstanding Series G Preferred Shares will, subject to certain limitations, be mandatorily exchanged for non-convertible perpetual preferred shares with a 7.50% coupon to be issued by a vessel-owning subsidiary of TEN.After deducting estimated fees and expenses, the net proceeds are expected to be around USD 34.1 million. The company would use the funds for general corporate purposes.The transaction is subject to customary closing conditions and is expected to close in September 2019.last_img read more

14 Reasons You Should Start Eating Cucumber

first_imgHealthLifestyle 14 Reasons You Should Start Eating Cucumber by: – September 13, 2013 Sharing is caring! Share Share Tweetcenter_img Cucumbers are number four most cultivated vegetable in the world and known to be one of the best foods for your overall health, often referred to as a super food. Pick a handful of firm, dark green cucumbers and drop them into your shopping cart. Congratulations! You have just bought yourself stuff full of good health.Cucumber rehydrates bodyIf you are too busy to drink enough water, eat the cool cucumber, which is 90 percent water. It will cheerfully compensate your water lost.Cucumber fights heat inside and outEating cucumber will get your body relief from heartburn. Apply cucumber on your skin and you will get relief from sunburn.Cucumber eliminates toxinsAll that water in cucumber acts as a virtual broom, sweeping waste products out of your body. With regular eating, cucumber is known to dissolve kidney stones.Cucumber replenishes daily vitaminsCucumbers have most of the vitamins the body needs in a single day. A B and C, which boost your immune system keep you radiant and give you energy. Make it more powerful by juicing cucumber with spinach and carrot. Don’t forget to leave the skin on because it contains a good amount of vitamin C, about 12 percent of the daily recommended allowance.Cucumber supplies skin friendly mineralsCucumber is high in potassium, magnesium and silicon. That is why spas abound cucumber based treatments.Cucumber aids in digestion and weight lossDue to its high water and low calorie content, cucumber is an ideal source for people who are looking for weight loss. Use cucumbers in your soups and salads. If it is not your favorite snack you can crunchy cucumber sticks with creamy low fat yogurt dip. Chewing cucumber gives your jaws a good workout and the fiber in it is great for digestion. Daily consumption of cucumbers can be regarded as an aid for chronic constipation.Cucumber revives the eyesPlacing a chilled slice of cucumber over puffy eyes is a clichéd beauty visual but it really can help reduce under-eye bags and puffiness due to its anti inflammatory properties.Cucumber fights cancersCucumber is known to contain secoisolariciresinol, lariciresinol and pinoresinol. The three lignans have a strong connection with reduced risk of several cancer types, including ovarian, breast, prostate and uterine cancer.Cucumber cures diabetes, reduces cholesterol and controls blood pressureCucumber juice contains a hormone which is needed by the cells of the pancreas for producing insulin which is widely spread to be beneficial to diabetic patients. Researchers have found that a compound called sterols in cucumbers can help decrease levels of cholesterol. Cucumbers contain a lot of fiber, potassium and magnesium. These nutrients work effectively for regulating blood pressure. That is why cucumber is good for treating both high blood pressure and low blood pressure.Cucumber refreshes the mouthCucumber juice heals and refreshes diseased gums. Get a slice of cucumber and press it to the roof of your mouth with your tongue for a half minute, the phytochemcials will kill the bacteria in your mouth responsible for causing unpleasant breath.Cucumber smoothes hair and nailsThe wonder mineral Silica in cucumber makes your hair and nails shinier and stronger. The sulfur and silica in cucumbers help to stimulate your hair growth.Cucumber promotes joint health, relieves arthritis and gout painAs cucumber is an excellent source of silica it promotes joint health by strengthening the connective tissues. When mixed with carrot juice, cucumber can relieve gout and arthritis pain by lowering levels of the uric acid.Cucumber cures hangoverTo avoid a morning headache or hangover you can eat a few cucumber slices before going to sleep. Cucumbers contain enough B vitamins, sugar and electrolytes to replenish many essential nutrients and reducing the severity of both hangover and headache.Cucumber keeps kidneys in shapeCucumber lowers uric acid levels in your body and though keeping the kidneys healthy.By: Fitnae 57 Views   no discussions Sharelast_img read more

Kanu: EPL clubs dread Pepe

first_imgRelatedPosts Runarsson joins Arsenal on four-year deal Arsenal, Wolves want Michael Olise Akpom pens Middlesbrough loan deal Arsenal hero Nwankwo Kanu believes Premier League clubs are afraid of new signing Nicolas Pepe. Pepe, 24, has made two starts for Arsenal since his £72 million arrival from Lille this summer. “If you watch him you can see he is a really good footballer and his feet are very quick. He is going to score goals and he is going to play well,” Kanu told Goal. “He will get much better and he will score goals for us. He brings us something different to the other two strikers. “I believe that teams are already afraid of him after a few games. They are scared of what he can do and what he can offer. He’s a very good addition.”Tags: ArsenalEPLNicolas PepeNwankwo Kanulast_img

Ex-FIFA secretary general, BeIN sports chairman go on trial over TV rights

first_imgRelatedPosts Ighalo idolises Andy Cole, Dwight Yorke Wenger: I am desperate to sit on bench again PSG consider selling Neymar as club chairman sends warning to players Former FIFA secretary general Jerome Valcke and the chairman of Qatar-based media group, BeIN Sports, Nasser Al-Khelaifi, went on trial in Switzerland on Monday.Both men were docked over the award of television rights for the World Cup and Confederations Cup. The 59-year-old Valcke, already banned by FIFA’s ethics committee for 10 years for ethics violations, has been charged with accepting bribes, aggravated criminal mismanagement and falsification of documents.Al-Khelaifi, who is also president of French champions Paris St-Germain (PSG) and a former Davis Cup tennis player for Qatar, has been charged with inciting Valcke to commit aggravated criminal mismanagement.The 46-year-old Al-Khelaifi, who also sits on the executive committee of European football body UEFA, is regarded as one of the most powerful men in European football.Both men, who were present in court, denied wrongdoing and Al-Khelaifi’s lawyers have said that the majority of the case did not apply to their client.The trial in Switzerland, which is where FIFA is based, is expected to last until Sept. 25. The three federal judges are expected to deliver a verdict by the end of October.The Swiss attorney general’s office has alleged that between 2013 and 2015, Valcke exploited his FIFA role to influence some deals “to favour media partners that he preferred.”This is the award of media rights for various World Cup and Confederations Cup tournaments.Valcke also received exclusive use of a villa belonging to Al-Khelaifi in Sardinia for 18 months, it said.He made use of the property without having to pay a rent estimated at between 900,000 euros (1.07 million dollars) and 1.8 million euros (2.13 million dollars). Valcke, 59, was secretary general of world football’s ruling body for eight years until 2015, overseeing the organisation of the World Cup in South Africa in 2010 and Brazil in 2014.Swiss prosecutors have been investigating corruption surrounding FIFA since 2015, when the global football body became embroiled in the worst corruption scandal in its history.The scandal led to its President Sepp Blatter and UEFA President Michel Platini being banned from the sport, while several dozen officials were indicted in the U.S. on corruption-related charges.(Reuters/NAN)Tags: beIN SportsJerome ValckeNasser Al-Khelaifilast_img read more

Racing broadcaster Colm Murray dies

first_img The RTE presenter passed away on Monday evening after a three-year battle against motor neurone disease, having been diagnosed with the fatal neurological disorder in April 2010. Last year he was recognised with a People of the Year Award for his work in highlighting the debilitating disease, while in the course of his sports broadcasting career, he covered a large number of national and international events, including the Cheltenham Festival since 1990. Press Association Although able to cross all sporting codes, Murray will forever be associated with racing and was given an industry award by Horse Racing Ireland in 2010. Murray is survived by his wife, Anne, daughters Kate and Patricia and his sister, Mary. Leading National Hunt jockeys Davy Russell and Barry Geraghty paid their respects to Murray on Twitter. Russell said: “Very sad to hear of the passing of Colm Murray. A true sports fan and gentleman who adored his racing. Thoughts are with his family.” Geraghty said: “Very sad news to hear of RTE sports correspondent Colm Murray’s passing. He was such a nice man and a great supporter of racing and all sports.” Taoiseach Enda Kenny said Murray was the voice of Irish racing for many years and he lit up the coverage of racing with his passion and enthusiasm. ”I had the pleasure of being in Colm’s company recently and could see he was a proud Westmeath man who brought out the best in those around him with his affability and gift for storytelling,” he said. ”I would like to extend my deepest sympathies to his wife, Ann, and daughters, Patricia and Kate, and sister, Mary. ”He is also a huge loss to all in RTE and my thoughts are with all who had the pleasure of knowing Colm during his lifetime.” center_img Colm Murray, one of Ireland’s best-known racing broadcasters, has died at the age of 61.last_img read more

Boca cool interest in Scocco

first_img The 29-year-old has failed to make an impact on Wearside since his £3.2million January arrival from Brazilian club Internacional, and has been linked with a return to his homeland Argentina. Scocco, known as “Nacho”, has been in the thoughts of Boca boss Carlos Bianchi in recent weeks. Sunderland striker Ignacio Scocco could have talked himself out of a move to Boca Juniors. However, club president Daniel Angelici was less than impressed to read comments from the player suggesting a return to former club Newell’s Old Boys was his preferred option. He told Radio Cooperativa: “Scocco was in Bianchi’s thoughts, but we did not like to read in the media stating that he prefers to play for Newell’s.” River Plate have also been credited with an interest in Argentina international Scocco, although it remains to be seen if any of his potential suitors can come up with the finances to broker a deal. Earlier this month, the player, who has two years left on his contract, made his position clear when he said: “If you ask me, I’ll obviously tell you that I want to play for Newell’s.” Scocco was drafted in by the Black Cats as manager Gus Poyet looked to reinforce his misfiring striking department amid a desperate fight for Barclays Premier League survival. However, he managed only eight senior appearances and did not start a single league game, and he is yet to open his goalscoring account. Ultimately, it was England Under-21 international Connor Wickham who provided the impetus after being recalled from his loan spell at Leeds as Sunderland dug themselves out of trouble with a remarkable late run. center_img Press Associationlast_img read more

Russia banned from Rio Paralympics

first_img.. to appeal decision to Court of Arbitration for SportBy Jack StubbsRIO DE JANEIRO, (Reuters)-Russia was barred from taking part in next month’s Rio Paralympics yesterday, with organisers blasting a “medals over morals mentality” as they announced the blanket ban over state-backed doping that Olympics bosses avoided.International Paralympic Committee (IPC) President Philip Craven said Russia’s Paralympians were part of a broken system overseen by the Russian government and suspended the Russian Paralympic Committee ahead of the Sept. 7-18 Games.Russia immediately said it would appeal and condemned the move as violating the human rights of its athletes.“Tragically this situation is not about athletes cheating a system, but about a state-run system that is cheating the athletes,” Craven told reporters.“I believe the Russian government has catastrophically failed its para-athletes. Their medals over morals mentality disgusts me.”The IPC decision follows revelations of widespread cheating in Russian sport which ignited a doping scandal that has threatened to split the Olympic movement and costs dozens of Russian sportspeople their place at the Rio Games.The International Olympic Committee (IOC) stopped short of banning all Russian sportspeople from Rio and said on Sunday 278 of the original 387-strong Russian team would be able to compete after being cleared by their individual sports federations.IOC President Thomas Bach had described a blanket ban as a “nuclear option” in which innocent athletes would be “collateral damage”.But the IPC had no such qualms and its hardline move drew praise from anti-doping authorities.“The IPC showed strong leadership today in holding Russia’s state-organised doping program accountable. Their unanimous decision goes a long way towards inspiring us all,” said Travis Tygart, head of the U.S. Anti-Doping Agency.RUSSIA TO APPEALRussia announced within minutes of the announcement it would be appealing against the ban at the Court of Arbitration for Sport (CAS) in Switzerland.“It is prejudice and politicisation … There will be a legal appeal to CAS,” Russian Sports Minister Vitaly Mutko was quoted as saying by the Interfax news agency.Mutko told Interfax the decision had been made unilaterally by Craven because he was nearing the end of his career, a view echoed by Russia’s Paralympic chief.“This decision is absurd. It is all the ravings of a piebald mare,” R-Sport news agency quoted Vladimir Lukin, president of the Russian Paralympic Committee, as saying.Russian Foreign Ministry spokeswoman Maria Zakharova said the ruling violated the human rights of Russia’s Paralympians.“The decision to bar the entire Russian team from the Paralympics is astoundingly mean and inhuman,” she wrote on Facebook. “It is a betrayal of the very highest human rights standards which are the foundation of the modern world.”Although not widely followed or celebrated in Russia, where rights campaigners say many disabled people are marginalised by regressive social attitudes and inadequate state support, Russian para-athletes are some of the best at the world.Russia’s Paralympians topped the medal table at Sochi 2014 after taking second place behind China at London 2012 and their exclusion from the Rio Games will hit hard in a country which has long drawn pride and prestige from its history of sporting success.The move also further tarnishes the legacy of the Sochi Olympics, an event held up by President Vladimir Putin to promote his image of Russia as a resurgent world power.Addressing Russia’s Olympic team before they traveled to Rio last week, Putin said Russian sport had fallen foul of a politically motivated plot and the principal of collective responsibility flew in the face of common sense and legality.Craven said he had “deep sympathy” for Russian competitors who will miss the Rio Games but that the decision was taken in the best interests of the Paralympic movement.“We sincerely hope that the changes that need to happen, do happen,” he said. “They are part of a broken system.”last_img read more

Woods says will miss Masters, no timetable for return

first_imgBy Frank Pingue(REUTERS)-Tiger Woods will miss next week’s U.S. Masters due to his troublesome back and has no timetable for his return to competitive golf, the former world number one said on Friday.It will be only the third time Woods has missed the year’s first major since he first competed at Augusta National in 1995. The four-times champion did not play at the Masters in 2014 or 2016 and tied for 17th in 2015.“I did about everything I could to play, but my back rehabilitation didn’t allow me the time to get tournament ready,” Woods said in a statement on his website.“I have no timetable for my return, but I will continue my diligent effort to recover, and want to get back out there as soon as possible.”The 14-times major winner said he would still be at Augusta National’s clubhouse on Tuesday for the annual Champions Dinner ahead of the April 6-9 Masters.Woods returned to the PGA Tour in January after a 17-month absence following back surgery but has not played a tournament since he pulled out of a European Tour event in Dubai because of a back spasm in early February.He missed the cut at the Farmers Insurance Open after shooting rounds of 76 and 72 and shot an opening-round 77 a week later in Dubai.Now 41, Woods has not won a major title since he clinched the 14th of his career at the 2008 U.S. Open and his form has slumped dramatically as he has battled injury in recent years.This year’s Masters marks the 20th anniversary of Woods winning the first of his four Green Jackets at Augusta National. He also won the title in 2001, 2002 and 2005.last_img read more

Mental toughness key for Gayle ahead of World Cup

first_img(CMC) – VETERAN West Indies opener Chris Gayle believes mental toughness, rest and proper management of his body will be key to his success in his fifth ICC 50-overs World Cup which bowls off in England at month end.At 39 years old, the left-hander will be one of the oldest players on show and with 289 One-Day Internationals under his belt, will be the second most experienced player at the showpiece – only behind India’s MS Dhoni.“Age catches up as you ain’t getting any younger but the most important thing for me is the mental part of the game. It is not so much for the physical side of the game anymore. I have not done much fitness in the last couple of months,” Gayle told the Press Trust of India.“I use my experience and mental aspect. I have not done gym for some time. Like I said I am just taking a lot of rest, getting a lot of massage, lots of stretching, just trying to stay fresh for games. I know what is required to keep me going on the field.”There were some doubts about Gayle when he returned against England earlier this year but he quickly silenced his detractors with a Man-of-the-Series 424 runs which helped West Indies draw the five-match rubber 2-2.He has since been named in the Windies’ 15-man World Cup squad where he will serve as Jason Holder’s vice-captain.Gayle, who has amassed 10 151 ODI runs along with 25 hundreds, said his experience would also be critical during the upcoming May 30 to July 14 World Cup campaign.“It is a funny game you know. When the World Cup comes, hopefully, the runs would flow. I have a lot of experience so I know what it is like. I am just happy with the way I am batting right now and hope to carry on,” Gayle noted.“I could never dream of playing so many World Cups but it has happened. It shows consistency in the career. That keeps you going and earn a lot of praise.“Hard work in the last couple of years paid off. People want to see you more and you are trying to deliver as much as possible.”In the twilight of what has been a stellar career in all formats – he has played 103 Tests and scored two triple centuries. Gayle said his major motivation now was keeping fans happy.“Honestly (I do it for) the fans, I am not going to lie. Maybe couple of years ago the thought did cross my mind of retirement.. Then the fans came out and said ‘don’t go’. They actually drive me to go on,” the Jamaican said.“I know nothing lasts forever and hopefully I can give them a few more games and it also pushes you to win the World Cup.”Gayle announced earlier this year he would retire from ODIs following the World Cup.last_img read more