Carillion disclosures used as ‘good practice’ 12 months before bankruptcy

first_imgFailed engineering firm Carillion’s dividend disclosures were used as an example of good practice in a report published by the UK’s audit watchdog less than 18 months before the company collapsed.A December 2016 report from the Financial Reporting Council’s (FRC) Financial Reporting Lab singled out Carillion’s 2015 annual report as an example of good practice in dividend disclosure.The Lab noted that Carillion’s disclosure addressed “the factors and risks the board considers in setting the policy”.It highlighted the firm’s discussion of “distributable reserves and cash resources available to support the dividend”. UK politicians have since accused Carillion’s bosses of putting dividends ahead of its pension scheme. Carillion’s annual report for 2016 detailed that it had paid £393.7m (€450.7m) to shareholders since 2012, while making deficit contributions to its defined benefit (DB) schemes of £209.4m in total. Since last year, the UK’s Pensions Regulator has increased its emphasis on companies striking a balance between dividend payments and pension scheme deficit reduction payments.Tim Bush from Pensions & Investment Research Consultants told IPE: “The FRC’s Lab made the fatal error of trying to patch up with disclosure, rather than deal with the core of the problem, which is the numbers being unreliable and wrong.“It has managed to pick losers in a way that would make short sellers envious, but which makes the FRC as regulator an endorser – something it is unwise to do.”The FRC told IPE the Lab Report contained the views of investors, not those of the FRC.FRC criticised by MPs’ committeesMeanwhile, a report into Carillion’s collapse accused the FRC of a “timid” approach to the case. The joint report by the UK parliament’s Work and Pensions and Business select committees found that FRC’s “limited intervention” had failed to deter Carillion from an overly optimistic view of its financial health.It also claimed that the FRC was “happy to walk away after securing box-ticking disclosures of information.”The committees’ report said: “It was timid in challenging Carillion on the inadequate and questionable nature of the financial information it provided and wholly ineffective in taking to task the auditors who had responsibility for ensuring their veracity.”The FRC argued in response that it was “a strong, transparent regulator which makes use of its statutory powers and innovates, for example, by first introducing audit retendering and most recently an extended audit firm monitoring and supervisory approach”. Carillion was involved in the construction of a high-speed rail link between London and ManchesterA review of the FRC’s operations – and potentially its future – is currently underway. The business secretary Greg Clark has appointed former top civil servant Sir John Kingman to head the probe. He is currently taking evidence from stakeholders.At its peak, Carillion employed 43,000 people around the world, with roughly half of them in the UK. Last year it issued three profits warnings before going bust in January – dumping a pension liability estimated at £800m on the Pension Protection Fund, the UK’s defined benefit lifeboat scheme.Watchdog’s culture reviewAhead of the committees report, the FRC released its own Audit Culture Thematic Review last week.It described the study as a “snapshot” of the steps being taken by audit firms “to establish, promote and embed a culture that is committed to delivering consistently high quality audits.”“The FRC’s reports continue to highlight shortcomings of audits and then scandals highlight even more problems”Prem Sikka, University of SheffieldPrem Sikka, a professor of accounting at the University of Sheffield and long-standing critic of international accounting standards, queried why the FRC had published the thematic review ahead of the select committee report.The review said “nothing about the FRC’s own role” in failing to open up audits to public scrutiny, he added.“Which bit of their culture is changing and how?” Sikka said. “The FRC’s annual audit inspection reports continue to highlight shortcomings of audits and then scandals highlight even more problems.”Separately, the report also hit out at the UK government for failing to take decisive action to tackle corporate complacency and wrongdoing.The politicians said: “The government has recognised the regulatory weaknesses exposed by this and other corporate failures, but its responses have been cautious, largely technical, and characterised by seemingly endless consultation.“It has lacked the decisiveness or bravery to pursue bold measures recommended by our select committees that could make a significant difference. That must change.”In response to feedback on a 2016 green paper on corporate governance, the government pledged to bring in legislation requiring companies to explain how their directors comply with section 172 of the Companies Act 2006. This requires directors to have regard to the interests of wider stakeholders such as pension scheme members, employees, and the environment when running their business.last_img read more

ExxonMobil spuds Canadian well

first_imgWest Aquarius rig; Source: EquinorOil major ExxonMobil has started drilling operations on a well located offshore Newfoundland and Labrador, Canada. According to information from the Canadian offshore regulator, C-NLOPB, the Seadrill-owned West Aquarius drilling rig started drilling operations at Harp L-42 well on October 11, 2019.The well is located in license EL 1135, which is operated by ExxonMobil with a 40% interest. Partners are Suncor and Equinor with a 30% interest each.It is worth reminding that ExxonMobil awarded a one-firm well contract to the West Aquarius rig back in 2018 and it was scheduled to start between May and July this year. The contract also included options for further extension.Offshore Energy Today StaffSpotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.last_img read more

Gay couple ready to become parents

first_imgBay of Plenty Times 16 July 2012 A homosexual couple considering adoption say sexuality should not be a consideration when choosing a good home for a child.  Kevin and Ben Haraki-Beckett, from Te Puke, say the decision on who should be allowed to adopt should be based purely on those concerned and the environment they could provide.  “Any child that is within the system that needs a good loving family and stable foundation should get that family. Kevin and I could provide that family,” said Ben, a 26-year-old who works in invoice processing.  “I have always wanted a big family. Growing up I always told my mother I would give her three granddaughters and I still want that,” he said.  The couple were reacting to a recent poll which stated adoption by homosexual couples is now accepted by most New Zealanders.  According to the Roy Morgan Research State of the Nation Report, a countrywide survey of 11,500 people, the number who believe homosexual couples should be allowed to adopt has risen from 38 per cent to 56 per cent in the past eight years. The report’s authors said the survey showed New Zealanders have become more open-minded in their attitudes to some key moral and social issues and are now more accepting of homosexuals than ever before. a good home takes priorityBay of Plenty Times July 16 2012 A generation ago the prospect of allowing a homosexual male couple to adopt a child would have been met with anger and derision. The Aids epidemic of the 1980s only made more life difficult for those brave enough to declare their sexuality to a wary public. How times have changed.In 1989 Denmark legally recognised same-sex unions and in 2001, the Netherlands became the first country to legalise same-sex marriage. New Zealand hasn’t quite got to the place where same-sex marriage is legal but it is being talked about. Along with Labour MP Louisa Wall, Green Party list MP Kevin Hague has submitted a private member’s bill to legalise same-sex marriage. Questioned on the issue, Prime Minister John Key says he would support a bill to legalise same-sex marriage at its initial stage, but would not guarantee his support would continue through to the final reading that would see it become law. But is adding adoption to the same-sex marriage debate going a step too far? read more

Police offices cited for ‘community relations’

first_imgThe Aklan Police Provincial Office bagged the same accolade in the provincial police office category. “Our regional director (Police Brigadier General Rene Pamuspusan) acknowledges the performance of every police office and the performance of our personnel,” said Police Colonel Gilbert Gorero, spokesperson of the Police Regional Office 6. Police Captain Peter John Pisuena of the Jamindan Municipal Police Station was feted as Outstanding Junior Police Commissioned Officer of the Year. On the other hand, Police Executive Master Sergeant Donna Asmod of the Capiz Police Provincial Office was recognized as Outstanding PCR Junior Police Non-Commissioned Officer of the Year while Rennie Baticos was the Outstanding Non-Uniformed Personnel. Various police offices conducted bloodletting, gift-giving and poster-making, among many other activities and programs to improve their relations with the communities they serve./PN ILOILO City – The Iloilo City Police Office (ICPO) was adjudged “City Police Office of the Year for Police Community Relations” (PCR) during the 25th PCR Month celebration held at the Madia-as Hall of Camp Delgado here. In the municipal police office category, the San Jose Municipal Police Station in Antique earned the citation. Several police officers were also given recognition. Police Lieutenant Eduardo Corpuz of the Victorias City Police Station was hailed as Outstanding PCR Senior Police Commissioned Officer of the Year.last_img read more

Johnny DeYoung Jr. wins at Crystal

first_imgCRYSTAL, Mich. (June 13) – Johnny DeYoung Jr. pulled off the win over A.J. Ward in Saturday’s All-Star Performance IMCA Modified feature at Crystal Motor Speedway.The win was dedicated in remembrance of John DeYoung Sr., the patriarch of the DeYoung racing family, who passed away last week.Chance Hoppes was second, followed by Joe Fowler.One hundred and forty-five cars were entered on CMS Internet Night at Crystal.last_img

Familiar faces in winner’s circle at RPM Speedway

first_imgBy Mike HughesHAYS, Kan. (Aug. 27) – It was all familiar faces in the winner’s circle at RPM Speedway Saturday evening.In the Gib’s Auto Supply IMCA Modified feature, Jimmy Reeves jumped out to the early lead in the 20-lap event but gave way to Jesse Richter on lap three. Richter and Reeves were back and forth up front as Corey Lagroon made up ground at the top of the track and took the lead on lap 14.Clay Money dove under Lagroon in turn four coming to the white flag and held on for his second RPM Speedway win this year in the caution-free race. Kyle Rohleder finished third behind Lagroon.The 20-lap Advantage Glass Plus IMCA Stock Car feature got off to a rough start as there was an eight car tangle on the opening lap, eliminating four cars.  On the restart, Kevin Wagoner took the lead but was passed by Kyle Pfeifer on lap four.After a lap 10 restart, Jason Rogers took the lead from Pfeifer and would not look back the remaining distance and drove on to his third win of the year at Hays. Jason Schoenberger and Aaron Gray were second and third, respectively.Adam Weber took the lead at the drop of the green in the Golden B Hydra Drilling IMCA Northern SportMod main event but was passed by Daniel Gottschalk after a lap four restart. Gottschalk drove on to his 30th feature win of the season and his fourth at RPM Speedway.  Trenton Kleweno finished second with Blaine Walt third.The 20-lap Golden Plains Trucking IMCA Hobby Stock feature saw Cody Graham take the early lead. After a lap 12 caution, Eric Cross drove past Graham and made his way to victory lane for the second time this season.  Graham held on to the runner-up spot, followed by Robert Leonard.Richard Crow made it two in a row in the Cutting Edge Collision IMCA Sport Compact feature.  Crow took the lead on lap five of the 12-lap race from Kirk Pfannenstiel.  Billy Turner raced his way to second, followed by Art Herzog.Nex-Tech was the evening’s race sponsor. Racing action returns to RPM Speedway on Saturday, Sept. 17 for championship night.  Race time is 7 p.m.last_img read more

ESM, J-D boys soccer pick up early-season league wins

first_imgOf course, ESM’s main neighborhood rival in the SCAC Empire division is Jamesville-DeWitt, whom the Spartans face this Thursday night, and who opened its season last Thursday by going to Cortland and battling past the Purple Tigers 1-0.The Red Rams got all it needed when Zach McBennett scored off a feed from Aiden Scott. Then J-D’s defense did the rest, protecting the net and seeing Matt Gera stop all seven Cortland shots he faced.It wasn’t until Friday night that CBA saw its first action of 2019, taking on New Hartford in the Cicero-North Syracuse Optimist Tournament and pulling out a 2-1 decision over the Spartans thanks to goals by Jack Harrigan and Andrew Kohlbrenner. Ben Vlassis got credit for an assist.Yet that success did not carry over into Saturday’s game against Marcellus, who had defeated C-NS the day before and now blanked the Brothers 2-0. None of CBA’s 10 shots got past Marcellus goalkeeper Chris Gangemi.Manlius-Pebble Hill, still under the guidance of coaching legend Don Ridall, began its season with a strong all-around effort last Tuesday against Jordan-Elbridge as it blanked the Eagles 3-0.Taking 20 shots overall, the Trojans saw Simon Houck convert twice and Gopal Neopaney add a goal, with Brendan O’Malley and Jack Hogan earning assists. Ezra Hanlin stopped all seven J-E shots he faced.Bishop Grimes opened its season against that same PSLA-Fowler side and lost, 6-1, to the Falcons, with Byam Mugushu’s goal allowing the Cobras to break up a possible shutout.It was much closer last Tuesday night, but Grimes still lost, 3-2, to Bishop Ludden, with Mugushu scoring twice, only to get topped by the three-goal hat trick by the Gaelic Knights’ Michael Gaughan . In defeat, Matt Tarby made eight saves. Sean Belcher, one of Section III’s top returning scorers, converted along with Zach Shufelt in the first half, powering the Spartans to a 2-0 advantage. Ridwan Sirit scored in the second half to inch PSLA-Fowler within one, but ESM held on, helped by seven saves from goalkeeper Almedin Smajic.Resting until September, ESM began a new month by going to Auburn and flattening the Maroons 9-0, displaying the sort of scoring balance often missing when Belcher took over at times last fall.Only Todd Durantini scored twice, with Belcher and Casey Hinton each earning one goal and one assist. Ryan Ladd, Aiden Tedesco, Jim Ferns, Max Neuman and Christian Moon each chimed in with goals as Jake Longo, Matt Kenney, Jordan Sanson and Spencer Caramanna got one assist apiece. Share this:FacebookTwitterLinkedInRedditComment on this Story Tags: Bishop Grimesboys soccerCBAESMJ-DMPH Scattered throughout the last days of August and first days of September, area high school boys soccer teams began their 2019 seasons, each of them sporting plenty of ambition.East Syracuse Minoa spent the entire offseason burning to start again after a 2018 season where it gained the top seed  in the Section III Class A playoffs, only to fall to Christian Brothers Academy in the semifinals.A big test came right away on Aug. 28 when the Spartans hosted PSLA-Fowler, and with a quick early scoring burst, ESM did enough to defeat the Falcons 2-1.last_img read more

Seniors will be honored for last time

first_imgWhen the final whistle blows Sunday afternoon at McAlister Field, five USC women’s soccer players will jog across the field, applaud the fans and sign autographs one last time.No. 9 USC (11-4, 3-1 Pac-10) hosts Oregon State on Friday at 3 p.m. and Oregon on Sunday at 1 p.m. in what is the last homestand for the Women of Troy this season.Road’s end · Redshirt senior defender Meagan Holmes, who has played at USC for five years, will play her final games at McAlister Field. – Young Kim | Daily Trojan“It hasn’t really [sunk in yet]. The season’s gone by quicker than I could even imagine,” redshirt senior Meagan Holmes said.Holmes is more accurate in her statement than she might think. This is the earliest last home game for the Women of Troy in more than 12 years.“It’s crazy that the end is almost here. We only have three weeks of guaranteed play left,” redshirt senior Marihelen Tomer said. “It’s crazy how the last five years, never mind four years, goes by.”But the season isn’t over yet. After suffering a humbling 4-0 defeat to No. 1 Stanford last week that snapped the Women of Troy’s nine-game winning streak, USC bounced back to defeat Cal in overtime 3-2.The victory at Cal helped USC get back on track, especially since the Women of Troy had a two-goal lead in the second half. But the combined six goals that USC allowed in the second halves of both games last weekend concerned coach Ali Khosroshahin, and the Women of Troy know they have to improve in this area if they want to sweep their last homestand.“We need to be more consistent and trust each other. We really haven’t put together a solid two halves,” Tomer said. “I think we’ve put in some strong halves here and there, but putting together the full 90 and working hard and together is what we’re going to try to come out and do this weekend.”The Women of Troy also learned in the games last weekend that the team breaks down when verbal signals can’t be heard. While the football team has speakers to emulate crowd noise, the soccer team doesn’t have that luxury. So, the Women of Troy had silent scrimmages this weekend, where the only communication came from non-verbal signals.“We’ve noticed when we do give up goals it’s when we’re unable to hear each other,” Holmes said. “So we’ve been working on finding each other’s eyes and communicating without verbal language.”Holmes has had to work harder this year than most because of the youth of the team. Six starters are sophomores or freshman, including two on the backline. But three of the starters are graduating seniors who will be playing their last game on McAlister Field.Senior goalkeeper Kristen Olsen broke the USC all-time shutouts record two weeks ago by notching her 26th shutout of her career. She’s started all but one game for the Women of Troy this year and became just the third player in conference history to notch back-to-back Pac-10 Player of the Week Honors.Tomer has started every game in the midfield for USC and is fourth on the team in points. And lastly, the former All-American Holmes missed the first part of the season with a knee injury, but she returned a few weeks ago to anchor a young backline that was in need of some veteran leadership.“She has so much experience, so much composure. She’s had a real calming effect on the team,” Khosroshahin said. “She does her job whether she’s hurt, healthy, sick. You know what she’s going to do, and you can say that for the entire group.”The other two seniors that will be honored on Senior Day will be midfielder Jamie Petrossi and backup goalkeeper Brittany Massro. Those two, combined with the three starters, have made a lasting impression of the entire team.“They’ve set an unbelievable precedent for behavior in and out of the classroom and on the training grounds,” Khosroshahin said. “They’ve done an enormous job ensuring discipline is the cornerstone of everything we do and they’ve made some very difficult decisions over the past year to make certain the program’s going to be moving in the right direction after they’re gone.“It’s up to the rest of us to make certain we send them off on a high note this weekend,” Khosroshahin said.last_img read more

Syracuse center Paschal Chukwu out indefinitely following surgery to repair torn retina

first_imgUPDATED: Dec. 17, 2016 at 3:29 p.m.Paschal Chukwu missed Syracuse’s game against Georgetown after undergoing surgery to repair a torn retina in his right eye. After Syracuse’s 78-71 loss to Georgetown, Jim Boeheim said Chukwu will be sidelined for “definitely a long time.”Against Holy Cross on Nov. 15, an errant pass from Syracuse point guard John Gillon hit Chukwu in the eye and the center wore sport goggles against Monmouth three days later as a preventative measure.The 7-foot-2 Chukwu has played in seven games this season, averaging 1.7 points and 4.1 rebounds per game. Jim Boeheim has repeatedly stressed that the Providence transfer is a work in progress, especially on offense, but his ability to alter shots is what has earned him playing time in his first year eligible for the Orange.After a scoreless seven minutes against Wisconsin on Nov. 29, Chukwu didn’t play against North Florida or Connecticut. He returned to the rotation against Boston University last Saturday, scoring four points, grabbing three rebounds and blocking three shots in SU’s 99-77 win.AdvertisementThis is placeholder textSU will honor the late Syracuse great Pearl Washington during Saturday’s game against the Hoyas, with Washington’s fiancée, mother and a handful of former teammates in attendance. Comments Facebook Twitter Google+ Published on December 17, 2016 at 10:50 am Contact Matt: | @matt_schneidmanlast_img read more

All-around effort propels Syracuse 7-0 against North Carolina State

first_img Facebook Twitter Google+ Published on April 22, 2018 at 4:37 pm Contact David: When Syracuse plays left-handed hitters with a tendency to hit to the opposite field, it rotates its outfielders to account for Bryce Holmgren’s lack of speed. The switch puts Alicia Hansen in left field, who is quicker and better suited to run down balls down the line or in the gap, head coach Mike Bosch said last week.In the top of the sixth inning on Sunday, Holmgren proved the swap may not be necessary. When North Carolina State’s Jade Caraway lined the ball down the left field line in foul territory, it looked as if Holmgren had no chance to reach it. Rather, the junior sprinted from her spot and past the foul line before laying out, her body parallel to the ground, to make an unbelievable diving catch. Hansen, who was in center, ran over to Holmgren as she got up to congratulate her.“I was smiling when the ball was hit,” Hansen said. “I knew it was foul, and no harm could come from it. I was like ‘lay out! lay out!’ And she did.”Holmgren’s diving effort topped off an all-around day for the Orange, led by another dominant performance from Alexa Romero in the circle. Romero’s one-hit, 11-strikeout day helped Syracuse (26-18, 8-11 Atlantic Coast) complete the three-game sweep over North Carolina State (22-25, 5-15 ACC), 7-0, on Sunday afternoon at Skytop Softball Stadium. The win marks six-straight for SU, which officially clinched its spot in the ACC Tournament in Atlanta, Georgia, starting May 9.After scoring five runs combined in Saturday’s doubleheader against the Wolfpack, SU’s offense came out scorching hot. Hansen led off the bottom of the first with a solo home run to right center field. With two outs and runners on first and second, Rachel Burkhardt singled to drive in Holmgren, and, after a throwing error by right fielder Angie Rizzi, Gabby Teran came home. A batter later, Michala Maciolek drove in Burkhardt to give the Orange a four-run lead.AdvertisementThis is placeholder text“We looked at a little bit of film last night, things we could do a little better, some counts we could be more aggressive in,” Bosch said about SU’s big day at the plate. “When you see a pitching staff a second or third day, you’re going to have some better swings. That’s what you saw.”The Orange’s strong hitting performance was equaled by Romero’s pitching. Coming off a career-high 16 strikeouts in the first game of Saturday’s doubleheader, Romero struck out five of her first six batters. The only hit the sophomore allowed came in the top of the third, when N.C. State’s Cheyenne Balzer drilled the ball into Romero’s thigh before it traveled into the outfield. After a brief stoppage, Romero continued. Her thigh “didn’t hurt at all,” she said after the game.Immediately after the incident, Romero threw two wild pitches, allowing Balzer to advance to third with two outs. A batter later, she returned to her usual self with an inning-ending strikeout. From innings four to six, Romero retired nine straight, including four strikeouts. She narrowly missed her third consecutive complete game, as Miranda Hearn relieved Romero in the seventh inning.“I struggled a little bit in the Notre Dame series, I had to turn myself around,” Romero said about her recent stretch of dominance. “This past week and weekend was a good turnaround for me. I feel better about everything mentally, emotionally and physically.”Sunday marked Romero’s third consecutive and 11th overall game with double-digit strikeouts, as well as her fifth start with no walks this season. Romero’s 246 strikeouts on the year are 63 more than any other ACC pitcher, while she sits a thousandth of a point behind Florida State’s Kylee Hanson for the conference’s lowest opponent batting average (.142).In the fifth, Andrea Bombace came off the bench and cranked a solo home run, Syracuse’s third of the game, to give the home team its seventh and final run of the game. After hitting just two home runs in its first 30 games this season, SU has exploded for 10 in its last 14 games. Much of the team’s recent power surge comes from playing at home, Bosch said.“Whether it was the catch in left field, Alexa striking people out or pinch-hit home runs, everybody did what they could,” Bosch said. “When you put those things together, you get team victories.” Commentslast_img read more