Church of England to divest from companies fighting Paris climate accord FacebookTwitterLinkedInEmailPrint分享Bloomberg:The Church of England took another step in prodding companies to adopt a green strategy, saying its 12 billion pounds ($16 billion) in funds will divest those that aren’t aligning themselves with the Paris Agreement on climate change.The church’s governing General Synod passed a motion proposed by Canon Giles Goddard of its environmental working group committing the organization to sell shares in companies that haven’t lined up with the Paris goals by 2023, according to a statement.The Church of England has been a loud advocate for action on environmental issues in recent years. It has challenged Exxon Mobil Corp. and Glencore Plc on how they should disclose data relevant to their strategies on climate change. In 2015, it vowed to sell some of its holdings in the most polluting fossil fuels including coal producers and oil sands.Last year, the church voted to approve a non-binding resolution that would force Exxon to publish detailed analysis on how limits on carbon emissions could affect the value of its assets. In 2016, the church filed a resolution seeking disclosure of climate data at Glencore’s shareholder meeting, winning the support of 98 percent of shareholders.The religious body invests through several vehicles, including the Church of England Pensions Board, the Church Commissioners and the CBF Church of England Funds. The commissioners, the body’s endowment fund, manage 8.3 billion pounds.More: Church of England to divest companies not backing Paris climate deal
Investor dissatisfaction with International Financial Reporting Standards and the UK Financial Reporting Council shows no sign of abating following the release of a report from the Local Authority Pension Fund Forum (LAPFF) into impairment accounting by major banks.In an analysis document, entitled ’Banks Post Mortem – Follow Up’, the LAPFF claims that the UK’s accounting framework for listed companies has allowed major British banks to keep substantial losses out of net income.Elsewhere in the document, the LAPFF renews its long-standing charge that the IFRS accounting framework runs counter to UK public law as well as investor interests.Finally, it delivers a line-by-line rebuttal of the FRC’s legal response to LAPFF’s barrister, George Bompas QC, on the legal status of the IFRS accounting framework in the UK. The release of the analysis comes in the wake of the publication in December 2011 by LAPFF of its report into banking losses in the UK and Ireland, ’UK and Irish Banks Capital Losses – Post Mortem’.The 2011 inquiry by LAPFF into the accounting for financial instruments by major banks focused on the collapse of the capital adequacy regime of banks in the UK and the Republic of Ireland.The latest LAPFF findings show that unbooked losses at the failing Co-operative Bank now total £1.5bn — 88% of the bank’s capital resources (Core Equity Tier 1).And the LAPFF highlights unreported losses totalling £12.1bn (€14.5bn) for the Lloyds Banking Group, 43% of the bank’s capital resources.In a foreword to the finding, LAPFF chairman, Keiran Quinn, writes: “LAPFF is still of the view that until there is an independent enquiry into the failures of the IFRS standard setting and adoption process, matters will not be settled within an appropriate timescale.“The consequences of faulty accounts not discharging solvency duties under the Companies Act create too many conflicts for the various parties involved, particularly when the companies involved are as large as banks.”Quinn concludes with the warning that LAPFF “continues to consult legal advice with regard to these matters.”The roots of investor dissatisfaction with IFRS lie in part with the loan-loss impairment model found in International Accounting Standard 39, Financial Instruments: Recognition and Measurement.Critics of the standard, which sets out an accounting framework for the reporting impairment losses, argue that its incurred-loss model allows banks to delay the recognition of losses on loans that have turned bad.In response to these and other criticisms, the International Accounting Standards Board has been working since 2008 on an IAS 39 replacement.Just like IAS 39, the new standard, International Financial Reporting Standard 9: Financial Instruments, deals with classification and measurement, impairment, and hedge accounting.Crucially, although the board has finalised the hedge accounting module of IFRS 9, and has almost finalised work on classification and measurement under the new standard, it has struggled to round off work on a more forward-looking impairment model.“IFRS 9 is practically finished and will soon be ready to be endorsed,” IASB chairman Hans Hoogervorst said recently.Nonetheless, investor discontent with accounting standards has mounted in recent months.The Universities Superannuation Scheme, Threadneedle Asset Management and the UK Shareholders Association recently joined LAPFF in seeking advice from George Bompas QC on the legality of the IFRS framework within the UK.The FRC countered, however, with its own legal advice: “On the specific issue of its legality, the Department for Business has today confirmed that the concerns expressed by some are misconceived.”But earlier this week, in response to questions from IPE.com, the FRC confirmed that it is “undertaking a review of our paper on the ‘true and fair view’”.And in a letter leaked to IPE.com earlier this week, major UK institutional investors told the FRC that the inclusion of prudence in the IFRS conceptual framework, the true and fair view override, as well as capital maintenance, were areas of major concern for them.Another group of investors, the CFA Institute, also questioned the quality of financial-instruments accounting by banks earlier this year.In a 1 May 2013 blog post, the CFA Institute’s Vincent Papa hit out at the quality of the big banks’ accounting for reclassified financial assets.The concern dates back to the IASB’s decision in 2008 to amend IAS 39 in order to permit banks to move distressed financial assets – excluding derivatives – out of the standard’s fair-value-through-profit-or-loss category to more benign amortised-cost treatments.Papa wrote that for “some” systemically important UK, French and German banks, “there were significant amounts not recognised on income statements due to reclassification, when compared to overall net income or loss.”On the topic of Greek debt holdings, the CFA Institute representative argued: “In 2011, the European Securities Market Authority (ESMA) voiced concerns regarding the inconsistency in how several banks holding Greek sovereign bonds were applying IFRS requirements including reclassification and impairment rules to avoid loss recognition.”
Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close WordPress.com Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. There are no comments posted yet. Be the first one! Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new comments Submitted to Sumner Newscow â€” Todayâ€™s Wellington High School bulletin for Monday, Nov. 23, 2015:Mondayâ€¢Football dinner, 7 p.m.Tuesdayâ€¢Junior class to Kansas City.Wednesday-Fridayâ€¢No school, Happy Thanksgiving.Todayâ€™s Lunch â€” Chili, Tortilla Chips, Fresh Veggies, Cinnamon Roll, Pears, Baby Carrots and Milk.Mondayâ€™s Lunch â€” Baked Ham, Potatoes with Brown Gravy, Green Beans, Hot Roll, Pineapple Chunks and Milk.Todayâ€™s News: * Volleyball Girls: You need to turn in your uniforms by tomorrow! You can give them to Ms. Hickman.*Crusaders to DC will have a meeting right after school today in room 206.*Football players- Don’t forget about the football banquet TODAY at 7:00 in the commons. Please bring a dessert.*November 30thÂ during lunches a representative from Barbizon Modeling Agency will be here. Scholarships are available through this agency to assist students with college tuition.*Attention Wellington High students!Â Do you enjoy photography?Â Are you a great photographer?Â A photography contest is takingÂ place now!Â The subject of your photographs can be anything thatÂ screams Wellington. Photos must be taken by you this semester.Â File size must be at least 16 x 20 inches and cannot be taken with a camera phone. Only 3 entries per person.Â Winners photosÂ will be printed and used to decorate USD 353 central offices.Â Deadline isÂ Dec 20!Â There will be cash prizes! Please submit digital files to Mrs. Groom.*NHS is hosting the winter formal dance on December 4th- 8:30 pm to 11pm. Admission is $5 , or you can bring 5 non perishable items.Fun Fact of the Day:The American Automobile Association estimates that 47 million Americans will travel 50 miles or more from home over the Thanksgiving holiday weekend.Follow us on Twitter.
QUEPOS, Puntarenas – A fleet of 64 international teams from 24 countries paraded out of Marina Pez Vela and into the sailfish-rich Costa Rican waters this week for the start of the 15th annual Offshore World Championship sport fishing tournament. By the end of the first day, anglers had released an impressive 761 sailfish, three blue marlin and 27 dorado by the time the “lines in” call was made.The historic bite was on all day, with many teams scoring multiple releases. Team Royal Pahang Billfish International Challenge, which represents Malaysia, caught-and-released 27 sailfish and two dorado to take the lead on day one, with 5459.20 points. The Championship Anglers are mainly targeting sailfish worth 200 points per release, but should they encounter and best a blue, black or striped marlin, they will earn 500 points per release. Game fish, which include tuna, wahoo and dorado, also score points and count for individual prizes.Following each day of fishing, the anglers enjoy themselves at the daily Dockside Socials at Marina Pez Vela with complimentary Flor de Caña rum, local Costa Rican beer, food provided by Runaway Bay Restaurant and live entertainment while the competitors check-in their release videos.The tournament’s primary sponsors are the Costa Rican Tourism Board (ICT) and Marina Pez Vela. The Parador Resort and Spa, the host hotel for the championship anglers, sits high on the Pacific coastline within minutes from Manuel Antonio National Park. The tournament has grown within itself, but also within the local Quepos community.“The main impact is not only for the hotel, but also the local community,” says Jorge Rodriguez, resident manager of Parador Resort and Spa. “The tournament drives business to restaurants, attractions and transportation services. The community is 100 percent focused on this tournament.”The tournament fishing will continue throughout the week, ending on Thursday. The Awards Gala at Marina Pez Vela will honor the top teams, boats and anglers this Friday.Follow all the action live on the official online scorekeeper site: www.owc14.catchstat.com.https://www.youtube.com/watch?feature=player_detailpage&v=JIdQCEJFLNU Facebook Comments Related posts:Here are photos of a rare white marlin caught off Costa Rica’s Pacific coast Future uncertain for shrimp trawling in Costa Rica Tuna company, fishermen and environmental groups squabble over unpublished fishing decree The Foxi Lady is on fire! 5 US boaters rescued at sea after onboard fire sinks ship