Faith Ward, chief responsible investment officer at Brunel Pension PartnershipHe said that as investors, the group has a moral duty to ensure that “we are not profiting from modern slavery in any shape or form”.Faith Ward, chief responsible investment officer at Brunel Pension Partnership, added: “Whilst investors are increasingly interested in the impact of environmental, social and governance factors on the financial performance of companies we have to make sure that we are also delivering real world, positive, change. I hope that this letter encourages companies to investigate their labour supply chain and provide strong safeguards for migrant workers”Looking for IPE’s latest magazine? Read the digital edition here. GTR said in a statement the standard “establishes clear expectations around global transparency and disclosure requirements, helping to improve understanding by interested stakeholders”.The co-conveners have each endorsed it and call for its broad and effective implementation across the industry:UNEP will support governments that wish to incorporate and build upon this Standard into their national or state legislation and policies.PRI, representing $103.4trn (€86.7trn) in assets under management, will develop investor expectations to support all mining companies in implementing the standard.ICMM member companies will implement the standard as a commitment of membership.Bruno Oberle, chair of the GTR, said: “It is my hope that the standard will be supported by an independent body that can maintain the quality and further refine and strengthen the standard over time.”Scottish Widows invests £2bn in BlackRock’s new climate transition fundInsurance and pensions provider Scottish Widows has become the first investor in BlackRock’s newly launched Authorised Contractual Scheme (ACS) Climate Transition World Equity Fund.The investor is initially allocating £2bn (€2.2bn) of its pension portfolios into the fund, which it also helped to design.Climate transition is a new data-driven investment approach developed by BlackRock that measures a company’s exposure and management to transition risks and opportunities.It seeks to provide investors with a broad market approach to invest in the transition to a low carbon economy, the asset manager stated.Philipp Hildebrand, vice chair of BlackRock, said: “The world is undergoing a rapid transition to a low-carbon economy. This transition — driven by climate change, technological innovation, consumer preference and regulatory and policy development — is going to create winners and losers, and investors need to be prepared.”The fund offers portfolio diversification by providing exposure to companies across sectors, regions, and business maturities. “The transition to a low carbon economy won’t just affect oil and gas companies, but rather all sectors – including hospitality, transportation, and healthcare,” BlackRock said.Scottish Widows recently launched a Responsible Investment and Stewardship Framework that outlines how it will make decisions on asset allocation, fund manager selection, fund research, and engagement activity.Its commitment to responsible investment is fully supported by its parent company, Lloyds Banking Group, which in January 2020 set an ambitious goal to accelerate working with customers, government and the market to help reduce the carbon emissions they finance by more than 50% by 2030.Companies operating in Gulf nations urged to protect workers from debt, slaveryA group of institutional investors with more than $3trn (€2.5trn) in assets under management – led by CCLA and supported by investors including Aviva Investors, Schroders and M&G – has written to 54 companies, including those with business operations in Gulf nations, to request details about their approach to safeguarding migrant workers.This follows concerns about workers’ welfare, particularly relating to recruitment practices which may result in debt bondage, as well as the retention of their passports, it said.The investors are responding to recent reports that have identified how migrant workers in Gulf nations, recruited and employed through labour outsourcing agencies, are coerced into paying large fees to agents and third parties as part of the recruitment processes for roles in major international companies.The payment of recruitment fees, often only made possible by taking out excessive loans at high interest rates or by signing over assets and property, can mean that workers are left in a position of ‘debt bondage’, and thus are at high risk of forced labour and modern-day slavery, the group said.“The global Covid-19 pandemic has resulted in many migrant workers’ roles being revoked or in workers losing their jobs. This has left many facing substantial debts that they will likely find impossible to repay and the prospect of rising rates of suicide and other social harms,” the group said in a statement.Focused on high-risk sectors such as hospitality, construction, and oil and gas, the investor letter noted that, due to the complicated nature of migrant worker recruitment supply chains and layers of labour outsourcing, many end-user companies may be unaware of these risks that impact upon the migrant workers who work in their operations.Therefore, the letter asked companies that use any labour outsourcing companies or migrant workers within their operations in the Gulf states for information on how they work with these agencies.The letter also asked for details about the policies and processes in place to identify, reimburse and provide other forms of remedy to migrant workers who have been impacted by recruitment fees and/or passport retention.Peter Hugh Smith, CCLA’s chief executive officer, said: “The International Labour Organisation regards the payment of recruitment fees and costs as a significant indicator of forced labour with debt bondage estimated to be a factor in over half of the 25 million cases of forced labour worldwide.” The Global Industry Standard on Tailings Management was launched today to establish the first global standard on tailings management to ensure improved safety in the mining industry.The standard was developed through an independent process – the Global Tailings Review (GTR) –which was co-convened in March 2019 by the United Nations Environment Programme (UNEP), Principles for Responsible Investment (PRI) and International Council on Mining and Metals (ICMM) following the tragic tailings facility collapse at Brumadinho in Brazil, on 25 January 2019.GTR announced at the end of June its intention to launch the standard, confirming that it would establish “much needed robust requirements for the safer management of both existing and new tailings facilities globally”.Strengthening current practices in the mining industry by integrating social, environmental, local economic and technical considerations, the tailings management standard covers the entire tailings facility lifecycle – from site selection, design and construction, through management and monitoring, to closure and post-closure.
FRSs used in the UK will become known as UK-adopted International Accounting StandardsEffectively, all of the powers currently exercised by EU institutions to endorse accounting standards for use in the bloc will be repatriated back to the UK.Those powers will then be exercised by a new endorsement board which will be hosted by the Financial Reporting Council.Documents obtained recently by IPE using the Freedom of Information Act reveal that the UK business department has held talks with representatives of the IFRS Foundation to licence those standards for use in the UK.IAS 1 is arguably more important than any other international standard because it is effectively the gateway through which entities pass when they first adopt IFRSs.Among the elements of the IFRS accounting model that it regulates are the minimum format and content of financial statements and important concepts such as accruals accounting and the going concern.The issue of whether the concept of going concern and the way it is audited is sufficiently robust has caught the attention of politicians in the UK following recent high-profile corporate collapses such as Carillion and Thomas Cook.The LAPFF complained that the IAS 1 going concern assessment is flawed because it “confuses management intent with the de facto position of the company”.This, the forum goes on to argue, creates a situation where, for example, auditors could, contrary to UK law, avoid liability for fraud leaving shareholders with inadequate redress.Concerns about fraud and the role of auditors in relation to capital maintenance have arisen in at least one recent high-profile UK corporate collapse, the 2019 AssetCo High Court ruling, as well as during ongoing UK parliamentary hearings.Sources familiar with the issues have told IPE they believe it is this collision of Brexit, increased political scrutiny of accounting matters and the repatriation of laws from Brussels that LAPFF has sought to tap into.The IASB has extended the comment period on the exposure draft from 30 June 2020 to 30 September 2020.To read the digital edition of IPE’s latest magazine click here. The LAPFF also said is it necessary for proposals to satisfy UK political and parliamentary scrutiny.Sparking this latest row over the compatibility of IFRSs with UK law is the board’s Primary Financial Statements project.The board launched the effort in 2017 with the broad ambition of improving how information is communicated through an entity’s financial statements.The board’s proposals center on the income statement, although they also make limited changes to the balance sheet and the cashflow statement.They will eventually require the board to replace IAS 1 with a new standard that sets out:new requirements for presentation and disclosure; andlimited conforming amendments to IAS 1.Once the UK has formally left all of the EU’s structures, it will continue to apply international standards. However, IFRSs used in the UK will become known as UK-adopted International Accounting Standards. The Local Authority Pension Fund Forum (LAPFF) has warned that proposals from the International Accounting Standards Board (IASB) to amend its lynchpin accounting standard could fail to satisfy the UK’s endorsement criteria following the country’s departure from European Union institutions on 31 December.In a sharply worded comment letter on proposals to amend International Accounting Standard 1, Presentation of Financial Statements, the forum warned that without “further substantial changes” the new IFRS “as it stands is un-endorseable”.LAPFF chair Doug McMurdo told IPE: “The IFRS system doesn’t stand up to legislative scrutiny. The model has been engineered to avoid dealing with going concern, capital and profits.“Each depends on the other, but the IFRS system doesn’t deal with any of them properly and/or effectively.”
While the property market has come back on the Sunshine Coast, there are still some bargains to be had. Picture: Lachie MillardLAST week with the family in tow, we ventured up the Bruce Highway to the Sunshine Coast.I was calling auctions at Maroochydore for a number of offices on the coast, so we decided to mix business and pleasure and make a holiday out of it.It was no small auction event either. The offices had amassed 66 properties from entry level units, canal front homes and even beach front penthouses!I was calling the auctions with my regular coastal auctioneering partner Dan Sowden, principal at Ray White Maroochydore and the day was decorated with highlights.But the value on the Sunshine Coast, and again the Queensland market, for me was an absolute stand out.Bidding on one apartment in particular, 119/223 Weyba Rd, Noosaville, paused at $85,000. It’s a studio apartment and while it wasn’t sitting next to, Sails, on Hastings Street, it’s not in the middle of nowhere either.I couldn’t believe the numbers I was calling out. When no one pushed beyond $85,000 we made the recommendation to pass the property in and I see it’s now listed at $102,000. Unbelievable!More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours ago 119/223 Weyba Rd, Noosaville is now listed for $102,000. Picture: realestate.com.auWe also sold the million dollar plus penthouses and the glamour properties too. It took us about six hours and the event was filled with excitement and drama.But it’s the value story that I think will surprise many people, it certainly surprised me.The Sunshine Coast has a relaxed holiday lifestyle, it has amazing beaches and world class restaurants. So with all that on offer there will always be multimillion-dollar homes on the Sunshine Coast, but sub $100,000 properties, even sub $300,000 properties are a genuine reality for the discerning buyerEvery school holiday, and as we step closer to Christmas, many Aussie’s will do what we did this week and head to the beach. They will likely have had to pay a peak season rate for their accommodation and quite often that can spark the idea of buying a holiday house.The Sunshine Coast was one of the hardest hit markets in the GFC, this impact is still showing value today. If the dinner table conversation involves a coastal retreat, before you squash it on account of affordability, I’d head to realestate.com.au or grab a copy of the Sunshine Coast Daily, you too might be surprised by the value, there appears to be property for all budgets.
A new kitchen gives the house a modern take on things.Inside the house are classic Queensland features from polished timber floorboards, VJ walls and picture rails. There are three bedrooms, two with built-in wardrobes, and a shared bathroom.There is a carport, and two sheds also on the 405sq m block.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:51Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:51 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p432p432p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenStarting your hunt for a dream home00:51 The front of the cottage has been given a facelift.“The windows, believe it or not, were what I fell in love with,” Ms Henwood said.More from newsFor under $10m you can buy a luxurious home with a two-lane bowling alley5 Apr 2017Military and railway history come together on bush block24 Apr 2019“They’re traditional Queenslander windows … completely different from what I have at home.” Chill out in here this Australia Day — chuck some tunes on the TV and snags on the barbie.IT IS the little things we take for granted that draw interstate buyers to character homes.Hailing from Melbourne, the character of the quaint Queenslander cottage at 24 Albury St, Deagon, was what attracted Melissa Henwood. Indoors are aspects of a traditional Queenslander.Ms Henwood and her partner spent time putting a modern flavour on the house, while maintaining character features and adding a giant entertainment deck on the back — which has an outdoor kitchen and a wall-mount for a television.“We increased the size, created a bigger outdoor living area, new front veranda and renovated inside completely,” Ms Henwood said.
Almost 40,000 tenants on the Gold Coast are facing rental stress. Rental stress is plaguing Gold Coast tenants with more than 37,000 households across five electorates under financial pressure, new data released today reveals. The University of NSW analysis for national housing campaign Everybody’s Home found South Eastern Queensland is one of the worst areas for rental stress across Australia. This is defined as households spending more than 30 per cent of their income on housing costs. Five of the state’s top 10 areas were on the Gold Coast, with Moncrieff leading the Coast for rental stress. Five of Queensland’s top 10 electorates for housing stress were located on the Gold Coast with renters in Moncrieff finding it the hardest. In the electorate, 40 per cent of tenants are under rental stress — that’s more than 10,600 households. It was ranked ninth nationally. McPherson was fifth on the state’s list with 7181 households, or 39 per cent of renters, struggling with rental costs. Fadden, Forde and Wright seats also featured in the top 10, each with more than 35 per cent of tenants under financial strain. MORE NEWS: Hoteliers sell luxury waterfront mansion MORE NEWS: Property taxes hit record levels Everybody’s Home national spokeswoman Kate Colvin said housing affordability wasn’t just an inner Melbourne and Sydney issue and called on the government to stop neglecting Queensland. “The narrow focus on real estate prices for young homebuyers means that almost 190,000 Queensland households in rental stress are being forgotten by governments at all levels,” Ms Colvin said.“Under investment in social housing, increasing rents and low wage growth mean that low income earners and middle income earners are struggling right across the country.”The new data comes after it was revealed financial stress had dramatically worsened for owner-occupiers in 2018-2019, with households under financial pressure growing by more than 2500 in under 12 months, according to Digital Finance Analytics in January.It showed 15,375 of the Coast’s 87,640 homeowners with mortgages were also deemed officially stressed. Cost of living pressure is a hot topic in the Federal Election campaign. Q Shelter spokeswoman Fiona Caniglia said Queensland had eight of the 20 electorates in the country with the highest number of renters under housing stress. “Throughout this Federal Election campaign, candidates have talked a lot about tackling cost of living pressures,” she said. “If candidates are serious about addressing costs of living, then they have to answer what they are going to do to address chronic rental stress including regional Queensland. “We’re calling on all candidates to commit to real measures that will boost the supply of social and affordable housing and reduce the unacceptably high level of rental stress across the state.” email@example.com More from news02:37International architect Desmond Brooks selling luxury beach villa11 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 2:09Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -2:09 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p360p360p216p216pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenWhy rental affordability is a problem02:09
Subsea World News has put together a recap of the most interesting articles from the previous week (October 23 – October 29). Shell UK has submitted an environmental statement to the Department for Business, Energy and Industrial Strategy (BEIS) in support of the field development plan for FRAM gas and condensate field in the Central North Sea.Shell UK proposes to develop Fram gas and gas condensate field located in Blocks 29/3a, 29/4c, 29/8a, 29/9c in the Central North Sea, approximately 221 kilometers east of Aberdeen. Heerema Marine Contractors (HMC) has announced intention to implement a restructuring of the company with approximately 250 jobs lost.The restructuring is related to the continuing low oil price and historic low investments in the oil and gas industry resulting in an increasingly competitive market. Aker BP has awarded a contract to DeepOcean for subsea inspection, maintenance and repair (IMR) activities.The contract has a total market value of minimum NOK 300 million during the initial three years, with an option to continue the activities for an additional six years (2+2+2). TechnipFMC has reported second-quarter 2017 net income of $121 million and diluted earnings per share of $0.26.Excluding charges and credits, adjusted diluted earnings per share were 39 cents. Profit for the prior-year comparable period was $327 million on pro forma basis. The principal owner of Frode Bjørn AS, Torpevikvegen 4-6 Eiendom AS, said it will sell 100% of Frode Bjørn AS to In Nord Vest after a restructuring has been completed.In Nord Vest AS is an investment company specialising in investments in OSV vessels controlled by Åge Remøy, Magnus Roth and Torsteinn Mar Baldvinsson, owning one third each.
Canadian provider of marine transportation services Algoma Central Corporation informed that its first Equinox Class self-unloader, the seaway-max size Algoma Niagara, arrived at the Port of Sept Iles, Quebec, on November 1.The Algoma Niagara is the fifth Equinox Class vessel in Canada and it joined four gearless sister ships in the company’s fleet. The vessel was scheduled to undergo inspections and re-flagging as a Canadian vessel before beginning commercial operations.The 225.6-meter-long bulker loaded its first cargo of iron ore from Port Cartier past weekend and departed for Hamilton shortly thereafter.Delivered in September this year, Algoma Niagara is the first of three Equinox Class self-unloaders currently under construction at the Yangzijiang shipyard in Jiangsu China. The ship is a traditional boom-aft twin belt self-unloader with a deadweight capacity of approximately 39,000 tons at design draught.The Algoma Sault is nearing completion at the Yangzijiang shipyard, and the Algoma Conveyor, which the company acquired at auction from the failed Nantong Mingde shipyard earlier this year, is undergoing refurbishment and final construction. The Algoma Sault is expected to arrive in Canada in time to start the 2018 navigation season and the Algoma Conveyor is expected to be completed and delivered in early 2019, according to the company.The Equinox Class represents the new generation of Great Lakes – St. Lawrence Waterway bulk cargo vessels. The ships have been designed to optimize fuel efficiency and operating performance thus minimizing environmental impact, the company said.Separately, Algoma released its financial results for the third quarter of 2017 which show that the company saw a drop of almost 15 percent in its net earnings. During the quarter, Algoma’s net earnings dropped to CAD 32.8 million (USD 25.7 million) from CAD 38.5 million posted in Q3 2016.The company experienced a 23.5% increase in net earnings from continuing operations for the third quarter over the same period in 2016 – excluding the net gain on the cancellation of the shipbuilding contracts recognized in 2016. Inclusive of this net gain, net earnings from continuing operation were CAD 22.5 million in the third quarter of 2016, against CAD 24.4 million reported in the corresponding period of 2016.Revenues for the period rose to CAD 136.6 million from CAD 118.2 million recorded in Q3 2016.Algoma Central Corporation operates the largest Canadian flag fleet of dry and liquid bulk carriers on the Great Lakes – St. Lawrence Waterway and also owns ocean self-unloading dry-bulk vessels operating in international markets. The company has begun an expansion into international short-sea markets through its 50% interest in NovaAlgoma Cement Carriers and NovaAlgoma Short-Sea Carriers.
Damen Shipyards Hardinxveld last week delivered a shallow draught ASD 2310 SD vessel, named Papillon, to De Boer Remorquage SARL, a subsidiary company of Dutch Dredging (Baggerbedrijf De Boer) and Iskes Towage & Salvage. Damen has customised the ASD for a 12-year contract with Grand Port Maritime de Guyane in the ports of Cayenne and Kourou in French Guiana.The ASD has been designed to meet the requirements of the end client – Grand Port Maritime de Guyane – which contributed to the design with its own consultant, Hydro GC. The ASD Tug is Damen’s first delivery to Dutch Dredging, though Iskes Towage & Salvage has a number of Damen vessels in its fleet, Damen said in its release.Managing Director of Damen Shipyards Hardinxveld, Jos van Woerkum, said: “The collaboration with all parties during the design and construction of this vessel has been excellent.”“Working together closely, we have been quickly able to identify the full scope of requirements and turn the versatile Damen ASD 2310 SD design into something that exactly meets the needs of the end user. We wish De Boer Remorquage SARL and Grand Port Maritime de Guyane every success with Papillon.”Joining Papillon in French Guiana later this year, will be a WID 2915 Hybrid Tug. Damen is configuring the vessel with dredging capabilities using the air and water injection dredging method (AIRSET).Following delivery, both vessels will undergo an official naming ceremony in French Guiana.
Scottish offshore support vessel provider Sentinel Marine has taken delivery of a new multi-role emergency response and rescue vessel (ERRV).Sentinel said on Thursday that the vessel, named Biscay Sentinel, was the seventh such vessel in the company’s fleet with a further two under construction and due to enter service later this year.Biscay Sentinel was delivered at the Cosco Guangzhou shipyard in China this month and is expected to arrive in Aberdeen in early May.The company added that the vessel would immediately join Sentinel’s fleet of ERRVs operating in the North Sea providing services to the oil and gas industry.“Rather than retrofitting existing vessels, we have invested significantly in creating a unique fleet of custom-built ERRVs, ensuring they are kitted out with the latest onboard technologies and crew facilities,” Sentinel said.According to the company, the multi-role ERRVs in its fleet can take on multiple roles while at sea. Apart from its primary role of protecting and saving lives, the vessels can be used for a range of secondary tasks, ranging from cargo storage to oil recovery.Rory Deans, CEO of Sentinel, said: “The offshore environment can be unpredictable, and so safety is of the utmost importance to operators working at sea. We are delighted to be adding Biscay Sentinel to our fleet to ensure that we continue to offer our clients an unparalleled service, backed up by the latest technology available.“Many ERRVs in operation are repurposed fishing or supply vessels, however by designing our fleet from the ground up, we have been able to ensure that it is fully equipped with everything our crews require to keep our clients safe offshore.“Multi-role vessels like Biscay Sentinel provide a greater flexibility for our clients […] they can also be used across a range of other tasks, including rescue towing and dynamic positioning.”The Biscay Sentinel is 62 meters in length, 15.5 meters wide, can accommodate 26 people, and has a 26-bed recovery area along with a 75-seat recovery area.
Gardline Group said it has made a strategic decision to close its Metocean department. The company said it has informed its long-term clients and added that it won’t accept new assignments within the Metocean department going forward.“The Metocean department has always delivered work of the highest quality and remains proud of the company-wide achievements to date. “We would like to thank all of our clients, partners and collaborators with whom we have worked over the years for all of your continued support,” Gardline said in a media release on Wednesday.To remind, in August 2017, Boskalis acquired all shares of the Great Yarmouth-based Gardline for a consideration of approximately GBP 40 million.