Victor Moses has been in electrifying form for Barclays
English Premier League club, Stoke City in recent weeks.
Read more @ http://newsverge.com/crouch-showers-praises-on-victor-moses/
www.newsverge.com
Tuesday, 30 September 2014
Amaju Pinnick elected new president
Amaju Pinnick has been elected the president of the Nigeria
Football Federation (NFF) in a voting process in Warri on Tuesday.
Pinnick, who is the Delta State FA chairman and also
chairman of the Delta State Sports Commission, had to win through a run-off
process after he could not get the two-third of votes.
The 43-year-old got 32 of the 44 votes in the run-off after
polling 25 in the first round of voting during the NFF elective general
assembly.
Vice chairman of Lobi Stars and former Nigeria
international, Dominic Iorfa, ended up in second place with eight votes in the
run-off after he initially received six votes in the first round of voting.
Former NFF secretary-general Taiwo Ogunjobi, who finished a
distant second with nine votes in the first round of voting, came in third
position with four votes after the run-off.
Amanze Uchegbulam, a former NFF vice president, got four
votes.
However, Mike Umeh and Abba Yola ended the polling process
without anyvotes.
The seventh candidate, Shehu Dikko, was declared withdrawn
from the NFF presidential election by the football federation's electoral
committee since he was absent.
“I am so excited winning the election and I will make sure I
lift Nigerian football high when I assume office,” Pinnick told supersport.com
at the venue of the congress in Warri.
www.newsverge.com
Staco Insurance, MTN partner on insurance cover
Staco Insurance Plc and MTN have partnered to provide
personal protection insurance cover to the participants of the MTN Lagos street
soccer championship.
www.newsverge.com
Voluntary pension contributions to accrue additional income – ARM Boss
Managing Director, ARM Pension Managers (PFA), Mr. Sadiq
Mohammed said workers that participated in the voluntary pension contribution
will accrue additional income, so that at retirement, the balance in the
account would be substantial enough for the person to retire comfortably.
Read more @ http://newsverge.com/voluntary-pension-contributions-to-accrue-additional-income-arm-boss/
www.newsverge.com
Royal Exchange posts N9bn gross premium
Royal Exchange Plc said it generated a gross written premium
of N9.08 billion in 2013, as against N7.61 the company posted in 2012 financial
year end.
 |
| L-R: Company Secretary, Royal Exchange Plc, Sheila Ezeuko; Chairman, Kenneth Odogwu, and Group Managing Director, Chike Mokwunye, at the company’s 45th Annual General Meeting (AGM) in Lagos. |
Read more @ http://newsverge.com/royal-exchange-posts-n9bn-gross-premium/
www.newsverge.com
CBN releases guideline for money transfer
The Central Bank of Nigeria (CBN) has released the
guidelines for the operations of inbound and outbound international money
transfer services in the country.
Read more @ http://newsverge.com/cbn-releases-guideline-for-money-transfer/
INEC kicks against early campaigns
The Independent National Electoral Commission (INEC), on Monday,
said it will, henceforth, take necessary action against associations, corporate
bodies, individuals, political parties, media or such communication agencies,
social media, candidates/aspirants who contravene the provisions of the 1999
Constitution (as amended) and/or Electoral Act 2010 (as amended) on public
campaign/rally and procession.
Read more @ http://newsverge.com/inec-kicks-against-early-campaigns/
$9.3m jet cash: I have no knowledge of deal to buy arms - Oritsejafor
Pastor Ayo Oritsejafor, President of the Christian
Association of Nigeria (CAN) on Monday spoke on the controversial $9.3m cash
allegedly smuggled into South Africa by two Nigerians and an Israeli using his
private jet.
Finally! Nigeria places national flag designer on life salary
Exactly 55 years after, President Goodluck Jonathan on
Monday conferred a national award on Nigeria national flag designer, Pa Taiwo Akinkunmi,
the Officer of the Order of the Federal Republic (OFR) award equivalent to that
of a Special Assistant to the President. He also placed him (Pa Akinkunmi) on a
life time salary.
Read more @ http://newsverge.com/finally-nigeria-places-national-flag-designer-on-life-salary/
Fayemi shuns national award ceremony
Dr. Kayode Fayemi, the Ekiti State Governor on Monday
shunned the national award ceremony, which was held in Abuja.
Read more @ http://newsverge.com/fayemi-shuns-national-award-ceremony/
www.newsverge.com
2015: Why I want to be Nigeria President, Kwankwaso speaks
Kano State Governor, Alhaji Rabiu Musa Kwankwaso has
explained why he wants to become the next President of Nigeria in the 2015
election.
Read more @ http://newsverge.com/2015-why-i-want-to-be-nigeria-president-kwankwaso-speaks/
www.newsverge.com
Monday, 29 September 2014
More troubles as Big Brother Hotshots begins
Wale Dahunsi
It seems the prayers of many Nigerians and Africans alike calling for the ban of Africa’s biggest reality show, Big Brother Africa, was answered as the purported house to be inhabited by the contestants for the period of the show was caught up by an inferno recently.
The reality TV show, which is in its ninth edition was supposed to be aired by May this year but was postponed by the organizers due to the World Cup.
Read more @ http://newsverge.com/more-troubles-as-big-brother-hotshots-begins/
Geoffrey wins MTN Project Fame season 7
The seasonal TV reality show, MTN Project Fame season7 on Sunday produced a new musical superstar, Geoffrey Oji.
The big moment was filled with all glitz and mind-blowing as thousands of audience leaped to their feet in suspense when the exceptional winner was announced.
Read more @ http://newsverge.com/geoffrey-wins-mtn-project-fame-season-7/?utm_source=dlvr.it&utm_medium=twitter
19-year-old boy impregnates mother while testing love charm
Residents of Asaba, Delta State are yet to recover from the shock of how a 19-year-old Godwin (not real name) allegedly impregnated his mother while testing his love charm.
Read more @ http://newsverge.com/19-year-old-boy-impregnates-mother-while-testing-love-charm/
Residents of Asaba, Delta State are yet to recover from the shock of how a 19-year-old Godwin (not real name) allegedly impregnated his mother while testing his love charm.
Read more @ http://newsverge.com/19-year-old-boy-impregnates-mother-while-testing-love-charm/
Anita Oyakhilome’s name, picture removed from Rhapsody of Realities
Biodun Abimbola
Finally, the photograph and name of the wife of Pastor Chris Oyakhilpme, founder and president of Believers LoveWorld, also known as Christ Embassy, Reverend (Mrs.) Anita Oyakhilome, has been excluded from the newly released October 2014 edition of Rhapsody of Realities, Christ Embassy’s monthly devotional.
Recently, the Church also removed the name and photograph of Reverend (Mrs.) Anita Oyakhilome, on the church website (http://www.christembassy.org/2014/home/).
Read more @ http://newsverge.com/anita-oyakhilomes-name-picture-removed-from-rhapsody-of-realities/
Pastor sues Police for auctioning vehicle
Johnson Fagbamila
A Lagos High Court sitting at the Ikeja Division has fixed Thursday, October 9, 2014, for hearing in a suit (No ID 820m /13) instituted by a Lagos cleric, Pastor Omowaye Adeniyi Jacob, against the Nigeria Police over the auctioning of his vehicle.
Omowaye, a pastor of the Cherubim and seraphim Church, Ikorodu, had dragged the Divisional Police officer, Shagamu Road Police Station, Spl Ediagbonya Bernard and four others to court for auctioning his accidented vehicle, a Mitsubishi Canter Truck with Reg. No.XY 357 LSR while the case was still under investigation.
Dangote projects Africa potentials with ‘Marketplace Africa’
Press Release
The renowned business magazine, The Economist in one of its
editions in 2000, described the African continent as a hopeless continent.
Eleven years alter, 2011, the same magazine reversed itself. The cover of its
December edition of that year features an illustration of a boy flying a
rainbow-coloured kite the shape of the continent, with the title ‘Africa
rising’.
Aregbesola, Fashola mourns passage of IGI Boss, Olowude
Kayode Adelowokan
Lagos State Governor, Mr. Babatunde Fashola, has
commiserated with the wife, family and insurance professionals in Nigeria over
the passage of renowned insurance practitioner and entrepreneur, Chief Remi
Olowude.
Read more @ http://newsverge.com/aregbesola-fashola-mourns-passage-of-igi-boss-olowude/
Nigeria: FG, AMCON owes Bicourtney Aviation N132b
Kayode Adelowokan
Contrary to claims by the Asset Management Corporation of
Nigeria (AMCON) that Bicourtney Aviation Services Limited (BASL) owe it N50
billion, BASL has said it is AMCON and the federal government that is indebted
to it by N132 billion.
Read more @ http://newsverge.com/fg-amcon-owes-bicourtney-aviation-n132b/
NCRIB commiserates with IGI, NIA over Olowude’s death
The Nigerian
Council of Registered Insurance Brokers (NCRIB) has described the death of the
Executive Vice Chairman of Industrial and General Insurance Plc (IGI) as a
colossal loss to the Nigeria insurance industry and entire nation at large.
In a condolence
letter to the Chairman of IGI, General Yakubu Gowon, the President of the NCRIB,
Ayodapo Shoderu, noted that the council identified with the immediate family
members of Late Olowude, management and staff of his company at this moment of
grief.
According to the
letter, Shoderu said, ‘definitely, the exit of Mr. Olowude signals the close of
a chapter in the history of the reformation of the insurance industry in
Nigeria, considering his pivotal roles in giving the industry a new look
through founding of IGI Plc.
Shoderu opined
that Olowude’s frankness, resourcefulness and love for insurance industry were
legendary and would be sorely missed for a long time to come. ‘’Our council
identifies with Directors, Management and Staff of IGI as well as NIA and its
members at this moment of grief as we pray the good Lord to grant the
deceased’s family members and the entire membership of NIA the fortitude to
bear the painful loss’’ he noted.
Olowude was renowned for his wealth of
knowledge about the industry as well as innovativeness, demonstrated in the
operations of IGI during its founding; creating a leeway for a more pro- active
and aggressive market oriented insurance industry.
Tuesday, 20 May 2014
ADDRESSED BY EDDIE EFEKOHA
PRESS
CONFERENCE ADDRESSED BY MR. EDDIE EFEKOHA, CHAIRMAN MR. BOLA TEMOWO
PRESIDENTIAL INVESTITURE COMMITTEE & CHAIRMAN EDUCATION COMMITTEE ON
TUESDAY 20TH MAY, 2014
PROTOCOLS
I am delighted by the opportunity to address you on two
major events of the Institute which constitute the series of events commencing
from Tuesday 17th to Thursday 19th June, 2014 at the Federal Palace Hotel,
Victoria Island, Lagos.
The events are:
1. The International
Education Conference opening on Tuesday 17th, June, 2014 at 6.00pm with the
Welcome Cocktails and proceeding on Wednesday 18th June, 2014 with the
Conference business proper.
2. The Investiture
of Mr. Bola Temowo as the 46th President of the Institute on Thursday 19th
June, 2014, commencing at 1.00pm at the Federal Palace Hotel, Victoria Island,
Lagos.
Preparations for these events are in top gear. This Press
Conference is mainly to avail you of the major highlights as well as solicit
your co-operation in giving the events due coverage and the required publicity.
THE CONFERENCE
The theme of the Conference; “Redimensioning the Insurance
Industry Contributions to the National Economy” was selected following due
consideration of the Rebasing of the National Economy which catapulted Nigeria
to becoming Africa’s largest economy, a development which is bound to
havepositive effects across all sections of the economy, including Insurance.
The Conference is therefore an ample opportunity for insurance operators to
periscope the opportunities inherent in the new scheme of things.
The theme paper will be delivered by Dr. Ayo Teriba, CEO
Economic Associates Nigeria. His paper will be discussed by a panel of eminent
speakers.
The sub-theme topic: “Paradigm Shifts in Insurance Education
for Greater Relevance”, will highlight issues in continuous professional education,
bridging public education gaps, the imperatives for competency audits and
effective succession planning among others. The paper will be delivered by
Prof. Sola Fajana, Vice Chancellor, Joseph Ayo Babalola University (JABU).
The annual Education Conference has remained a veritable
platform for the exchange of views on topical issues pertinent to the growth
and development of the Insurance Industry. This year’s edition will be no
exception.
The Education committee is a committee of the Institute’s Governing
Council, with responsibilities for planning and ensuring the success of the
yearly Conference. The members are:
I. Mr. Eddie Efekoha - Chairman
II. Mr. Wale Onaolapo
III. Mrs. Yetunde Adenuga
IV. Mrs. Funmi Babington-Ashaye
V. Lady Isioma Chukwuma
VI. Mr. S.O Oyefeso
VII. Mr. Shola
Tinubu
VIII. Mr.
Gbenga Olawoyin
IX. Chief Theo Eke
X. Mr. Bayo Samagbeyi
XI. Mr. Kola Ahmed
(You will be availed copies of the flyers for more details).
THE INVESTITURE
The investiture of Mr. Bola Temowo is slated for Thursday
19th June, 2014 in the External Ballroom of the Federal Palace Hotel, Victoria
Island, Lagos.
Mr. Temowo’s Investiture is coming a year after that of Mr.
F.K Lawal, who opted for a one-year tenure and has made a huge success of it in
respect of his focus on the Promotion of Insurance Education In Nigeria.
The 2014 Investiture ceremony will be a departure from what
is now a tradition i.e. it will commence at 1.00pm as against 7.00pm as you are
familiar with. The change is part of a new reasoning guided by our appraisal of
previous editions held during the night. An Investiture Luncheon as against an
Investiture Dinner will guarantee:
Ø More quality
attendance by persons who ordinarily would not venture out at night.
Ø It would
necessitate less hurry and more finesse.
Ø And above all, fit
into the present National consciousness concerning security.
Chief Segun Osunkeye, former Chairman, Nestle Nigeria Plc
will be the Chairman of the Investiture Ceremony. His Excellency, Senator
Ibikunle Amosun, Executive Governor of Ogun State will be the Special Guest of
Honour. The occasion will be graced by chieftains and captains of the Insurance
and Financial Services industry as well as dignitaries from all walks of life.
The Investiture Committee is working relentlessly to ensure
success of the event. The members are:
I. Mr. Eddie Efekoha -
Chairman
II. Mr. Shola Tinubu
III. Mrs. Funke Adenusi
IV. Mrs. Femi Ogun
V. Sir M.O Oyegunle
VI. Mr. Peter Olusanya
VII. Mr. G.U.S
Wiggle
VIII. Mr. Kola
Ahmed
The incoming President is someone you all know so well. Mr
Bola Temowo is currently Deputy President and has worked in close partnership
with Mr. Fatai Kayode Lawal. He joined the Institute’s Governing Council in
2002 and has remained committed ever since. His penchance for excellence has
led him this far and, there is little or no doubt that he is poised for a
fulfilling tenure as the 46th President of our Great Institute. Bola Temowo is
the Managing Director of International Loss Adjusters Ltd, a leading Loss
Adjusting firm in Nigeria. Prior to joining International Loss Adjusters, he
had successful stints with Hogg Robinson Nigeria, Crusader Insurance and the
defunct ACEN Insurance.
For greater details on the incoming 46th CIIN President, the
following Profile will suffice:
PROFILE OF MR. BOLA TEMOWO
Mr. Bola Temowo hails from Ijebu-Igbo in Ogun State of
Nigeria. He was born in Lagos, present day Lagos State of Nigeria 53 years ago
to the family of Late Mr. Amos Oyewole Temowo and Mrs. Mercy Taiye Temowo both
of whom raised the young Bola Temowo under strict parental guidance. Pa Temowo
was an alumnus of Oduduwa College Ibadan and his aged mother, an alumnus of the
prestigious Queen’s College, Lagos. Both parents studied and practiced
insurance as astute professionals.
Mr. Bola Temowo began his educational sojourn at Sacred
Heart Private School Ring Road, Ibadan. He had his Secondary education at St.
Patrick’sGrammar School, Ibadan and completed his A’ levels at Igbobi College,
Yaba in Lagos in the year 1979.
Bola Temowo proceeded to the University of Lagos, having
gained admission in 1979 to study History. He bagged the Bachelor of Arts with
honours in 1982 and Masters of Public Administration (MPA) in 1984 from the
same university.
With an academic bedrock in history, Temowo’s passion was to
be like his uncle, Professor Ade Adefuye who then held a Doctor of Philosophy
(Ph.D.) in history and lectured in the Department of History at the University
of Lagos. But fate was to change the course of events when in 1982 the young Bola
had to commence his National Youths Service at Hogg Robinson Nigeria, a
frontline Insurance Broking firm. His father had asked him to see Mr. Amos
Adeyeye, helmsman at Hogg Robinson for his NYSC primary assignment and that
made a whole difference in his hitherto chosen path to be an academic. From
Hogg Robinson, he proceeded to Crusader Insurance in 1986 and then felt the
strong urge to become professionally qualified by sitting for and qualifying as
Associate of the Chartered Insurance Institute (ACII) London in 1989 and
Fellowship of the London Institute in 1996.
An Insurance professional to the core, Bola Temowo remained
resolute on making a success of his career. From Crusader Insurance, he moved
to T.A. Braithwaite Insurance Brokers as a Senior Broker in 1990 and later an
Assistant General Manager (AGM). He left T.A. Braithwaite in 1992 with a sound
footing in Insurance Broking. Temowo attributed this to the Trust and free-hand
given to him by the Doyen of Insurance, T.A. Braithwaite to whom he also owes
much of his career experience which helped in shaping his professional life.
From T.A. Braithwaite to ACEN Insurance Ltd in 1992, Bola Temowo’s career had
snowballed into an impeccable one, attaining the position of Deputy General
Manager before exiting in 1995 to join International Loss Adjusters Ltd on the
demise of his father.
Bola Temowo’s path to Presidency of the Chartered Insurance
Institute of Nigeria is paved by a consistent and committed membership of the
Institute which includes a record of meritorious service as:
Ø Member and later
Chairman of the Offices Representatives’ Committee (ORC).
Ø Member, Governing
Council of the Institute, initially as co-opted member being the then Chairman
of the ORC and later as an elected member from 2002 till date.
Ø Chairman,
Activities Committee
Ø Chairman, Education
Committee
Ø Deputy President,
CIIN
Ø Chairman, Board of
the College of Insurance and Financial Management
Mr. Bola Temowo’s watch-word has remained Professional
integrity which he says is a quality he also respects in his late father
throughout his professional life as a Loss Adjuster.
Temowo is Vice President, African Region for the
International Institute of Loss Adjusters, and a Fellow of the International
Federation of Adjusters Association.
In light of all of these, it is not surprising that Chieftains
and Captains of the Insurance industry attest to his sterling qualities and
suitability for the new task awaiting him when on the 19th of June, 2014 he is
invested as the 46th President of CIIN. He will then bring to bear, the
craftsmanship of a painstaking Underwriter, Broker and Loss Adjuster and, above
all, the mien of a selfless and unassuming achiever.
Although, a press-shy person, there will be no hiding place
for the Goldfish.
Bola Temowo will emerge distinctive as the only serving Loss
Adjuster to be invested as CIIN President come Thursday June 19, 2014.
Temowo says he would not write his life history without
giving credit to the following persons who he regards as his role models. They
are:
Ø Prof. Ade Adefuye
Ø Alhaji & Alhaja
Odunsi
Ø Mr. Amos Adeyeye
and
Ø Mr. T.A.
Braithwaite.
Each of them, at stages of his life, contributed in shaping
his development into the Bola Temowo we are celebrating today.
In all of his successes as a professional, Bola Temowo is
also a fulfilled family man. He is married to Mrs. Sola Temowo (Nee Agboola)
whom he describes as his soul mate, with a 100% support for him in all his
endeavours. They are blessed with two lovely children, Anjolaoluwa and
Oluwatooni.
His hobbies include Golf, Table Tennis and Reading.
He is a member of the following social and recreational
clubs:
Ø Lagos Country Club,
Ikeja.
Ø Ikeja Golf Club (
He is a past Secretary of the Club)
Ø Ikoyi Club 1938
Ø Abeokuta Golf
Resort
Distinguished members of the press, you will be part of the
robust publicity package as we advance in the course of time.
Please note that we welcome constructive suggestions on how
best to achieve the optimal in this regard.
Thank you for your attention and God bless.
EDDIE EFEKOHA
RSA To Sell Canadian Brokerage Unit Noraxis For $460 Million
British insurer RSA Insurance
Group Plc (RSA.L) said on Monday it had reached agreement to sell its
majority-owned Canadian brokerage business - Noraxis Capital Corp - to U.S.
insurance brokerage Arthur J. Gallagher & Co (AJG.N) for C$500 million
($460.60 million).
One of the top 100 insurers on
the FTSE said in a statement it expects to receive cash consideration of C$441
million ($406.25 million) subject to closing adjustments on completion.
The acquisition, which is subject
to regulatory approval, is expected to close in July and to result in a gain of
approximately 140 million pounds ($235 million).
Upon the completion of the
transaction, Gallagher will hold approximately 87 percent of the equity
interests in Noraxis, while 13 percent will continue to be owned by various
management employees of Noraxis.
"This disposal represents
further progress against our aim of tightening the strategic focus of the
Group, and brings to around 540 million pounds the announced sales since our
new strategy and action plan was unveiled in February," RSA chief
executive Stephen Hester said in a statement late Monday.
He added that the group
"would continue to evaluate further non-core disposals, some of which it
expect to agree during 2014."
The transaction is expected to
add approximately 225 million pounds to RSA's tangible net assets, improving
the group's capital strength, the insurer said.
Under its financial restructuring
plan, RSA announced the sale of three Baltic businesses and one Polish
operation in April.
The troubled UK insurer has been
seeking to boost its capital base by up to 1.6 billion pounds ($2.7 billion)
after it was hit by a series of weather-related claims and an accounting
scandal at its Irish unit.
"By adding Canada to our
recent expansion in Australia, New Zealand and the U.K., we are now well
positioned in those countries to replicate our successful acquisition
strategy..," J. Patrick Gallagher, chief executive of New York-listed
Gallagher's said in a presentation on its website.
Noraxis, founded by RSA Canada in
1999, provides commercial, personal and employee benefits services on a retail
basis.
(Reuters)
Japan's $1.26trn Pension Faces Overhaul As Abe Reforms Drive Riskier Bets
Prime Minister Shinzo Abe is
moving to shake up oversight of the world's largest pension fund, expanding the
board and giving it new power to steer a shift out of Japanese government bonds
and into higher-yielding assets, according to two people with direct knowledge
of the matter.
Officials are considering a
proposal to add two or three dedicated professional advisors to the committee
that oversees investment at the $1.26 trillion Government Pension Investment
Fund (GPIF). They would play a key role in reforming a fund that's bigger than
the economic output of Mexico with the power to influence markets as Abe
presses policies to spur growth.
The beefed-up GPIF committee
could be given new, broader powers that would make it the final arbiter for how
the Japanese pension fund invests its money, according to the people, who asked
not to be named because the policy measures remain under discussion.
The existing investment committee
comprises academics and economists, with a representative from Japan's trade
union federation and one from the main business lobby. Its current role is
restricted to advising the fund's president.
The proposed reforms would help
shift GPIF towards riskier investments like stocks and away from low-yielding
Japanese government bonds. Supporters of the reform say targeting higher
returns would benefit future pension recipients in Japan's ageing population
and drive economic growth.
A spokesman for GPIF said the
fund would not comment on matters under consideration as a matter of policy.
MATCHING PEERS
Earlier this month, Abe told a
dinner hosted by the City of London that reform of GPIF was under way and that
the fund was "making improvements".
Last June, GPIF lowered its
allocation target for domestic bonds and raised its target for stocks as part
of a bid to achieve higher returns. In March, the fund was given a target of
hitting a return of 1.7 percentage points over wage increases.
Taken together, GPIF has already
seen more changes in the past year under Abe than it has since its
establishment as a public fund in 2001.
As part of those changes, a
person with knowledge of the process said GPIF's investment committee has
formed a four-member working group headed by Sadayuki Horie, a senior
researcher at Nomura Research Institute, that has been tasked with a review of
its allocation targets over the next two to three months. Horie declined to
comment.
As it reforms GPIF, Abe's
government is betting that it can give up a back-pocket means of financing
Japan's government debt, now over 200 percent of GDP and the largest in the
industrialized world.
GPIF currently holds 60 percent
of its assets in Japanese government bonds, but the Bank of Japan now buys up
most new debt issued by Japan's government as part of an aggressive monetary
easing.
"Debate is already
proceeding and we've indicated a direction for GPIF in moving out of JGBs and
into risk assets like stocks, REITs and infrastructure funds," Japan Vice
Minister Yasutoshi Nishimura told Reuters.
The target for reformers has been
to make GPIF more like overseas public pensions, like those run by Norway,
Canada and the state of California. Those funds all hold more than half of
their assets in equities.
At the same time, they are
staffed by hundreds of professionals to vet fund managers and monitor
performance. The Canada Pension Plan Investment board employs over 900 staff.
Japan's GPIF, by contrast, has only about 80 staff.
Fidelity Investments, the private
U.S. mutual fund giant, has about $1.9 trillion under management as of April
and employs over 40,000 people in North America.
'VERY SIMPLE'
Masahiko Shibayama, a lawmaker in
Abe's Liberal Democratic Party who heads the group preparing proposed financial
reforms, told Reuters in a recent interview that GPIF's investment committee
needed more authority.
"We think it's necessary to
reform governance of GPIF," Shibayama said. "I think there needs to
be an official process so that the knowledge of specialists can be reflected in
decision-making. It's very simple."
Shibayama declined to comment on
the specific proposals his panel is preparing, part of a June announcement of
Abe's "third arrow" of reforms, referring to the third plank of
policies designed to revive the world's third-biggest economy. Among measures
expected to be announced are a recommendation for a cut in the corporate income
tax level.
Last month, Japan's health
ministry, which has a supervisory role for the fund, appointed eight members to
the GPIF investment committee. Three of the eight also previously served on a
separate Abe-appointed economic advisory panel that recommended increasing the
role of financial professionals at GPIF and reducing its reliance on Japanese
government bonds.
The proposed reforms add a new
note of uncertainty about the tenure of the fund's president, Takahiro Mitani,
a former Bank of Japan board member with one year remaining of a five-year
term. Mitani declined a request for an interview.
Although Mitani is credited with
helping to steer GPIF through its still-developing reform, his tenure is also
seen as symptomatic of the passive and bureaucratic approach to fund management
that the Abe government is set to change.
One obstacle to hiring full-time
fund managers, for instance, has been GPIF's salary structure, which is in line
with government ministries. Mitani, who made the equivalent of $192,000 for the
year ended March 2012, has been the highest paid fund employee.
GPIF is in the process of
selecting a consultant to review its salary and bonus scheme for new and
existing staff, a spokesman said. (Reporting by Chikafumi Hodo and Takaya
Yamaguchi; Editing by Kevin Krolicki, Edmund Klamann, Kenneth Maxwell and Miral
Fahmy).
(Reuters)
Subscribe to:
Posts (Atom)