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​Velliv gets tough on aggressive tax planning by asset managers

first_imgIn practice, Velliv said this meant it would run more checks on its unlisted investments and participate in schemes such as the United Nations’ (UN) Principles for Responsible Investment (PRI), which works to promote fair taxation.“We are in dialogue with the initiators of the Danish Tax Code (ATP, PFA, Pension Denmark and Industriens Pension), which we fully support. It is a strong initiative for the unlisted investments, and we would also like to help focus on the listed investments – and the international aspect,” said Kjærgaard.The four Danish pension funds he mentioned formed the agreement on tax practices by external managers this summer, after ATP, PFA and PKA moved to distance themselves in 2018 from Australia’s Macquarie when the bank was named as part of an international tax scandal last year.The funds agreed on principles to stamp out aggressive tax planning, such as a call for transparency in the field of tax and for external managers to adopt their own tax policy.Earlier this year, Danish labour market pension fund PenSam also added tax as a special area in its responsible investment policy following a number of high-profile scandals.The fund said it would investigate any companies it invested in if they paid less than 10% tax on their total earnings, or if a firm had placed all its profits in a country with a low tax rate, for example, adding it would extend this to include companies that issue equities and corporate bonds. Danish pension fund Velliv — formerly Nordea Liv & Pension Denmark — says it is cracking down on aggressive tax planning among its asset managers in listed and unlisted investments.The move follows action by four of Denmark’s largest pension funds to lay down a set of common principles on responsible tax behaviour in August.Thomas Kjærgaard, Velliv’s head of investment governance, said: “We want to ensure that our partners pay a fair tax and avoid using aggressive tax planning.”The DKK255bn (€34.1bn) pension provider said it is introducing new tax practices for its investments, under which it will actively work to avoid aggressive tax planning among the company’s managers for unlisted investments in future, increase efforts in relation to listed investments and enter into cooperation with other investors to promote responsible tax practices.last_img read more

Boys hoops Lakers go to 7-0; Ludden takes first loss to Corcoran

first_img Tags: Bishop Luddenboys basketballSkaneatles On the last Friday and Saturday of December, the Skaneateles boys basketball team kept itself undefeated and won its own holiday tournament.Having moved up to no. 10 in the state Class B rankings in the wake of its 5-0 start, the Lakers made it six in a row in Friday’s opening round, prevailing 57-44 over Cato-Meridian.Stifling defense more than made up for an uneven attack as Skaneateles gained a 37-20 lead on the Blue Devils through three quarters. Hanging on down the stretch, the Lakers saw Fouts pour in 22 points, nine of them free throws. DelFavero had 11 points, with Nick Wamp getting 10 points and Whirtley joining Fouts on the All-Tournament team.As this went on, Bishop Ludden brought a no. 21 state Class AA rankings and undefeated record into its annual Rosemary Corcoran Holiday Tournament.It all led to Saturday night’s championship game between the 6-0 Gaelic Knights and 4-2 Corcoran, a classic battle that would go in the Cougars’ favor as, by a score of 78-67, Ludden took its first defeat of the season.The quick face favored Corcoran, who built a 37-27 advantage by halftime. That margin kept growing in the third quarter with the Cougars spreading out its productio.Ludden concentrated on De’Jour Reaves, but Corcoran’s 1,000-point scorer still managed 17 to go with 12 rebounds and four assists as Arthur Williams led with 19 points, Dewayne Young had 14 points and Jae’son Gillard had 11 points.In defeat, the Gaelic Knights saw Mykell Kaigler lead with 18 points. Monte Johnson, with 15 points, was close behind, Jarin Beauford adding 13 points and Evan Habarek getting seven points.A night earlier, Ludden faced LaSalle Academy (New York City) in the first round, and used the occasion to reunite members of the 1994 state Class B championship team on the 25-year anniversary of their title run.Perhaps inspired by their presence, the Gaelic Knights beat LaSalle 56-49, doing so in a tense, close affair where it trailed 36-35 through three quarters before taking the lead in the final minutes.Kaigler, with 12 points, led a well-balanced Ludden attack. Monte Johnson and Nazier Kinsey each had 11 points, with Jarin Beauford getting 10 points and Grant Baker adding nine points.Corcoran beat Buffalo’s Cardinal O’Hara 79-72 in the other opening-round game, led by Reaves’ 33 points and 15 rebounds.Solvay took part in Chittenango’s holiday tournament and, in Sunday’s opening round, defeated Oneida 56-44, the Bearcats gradually pulling away from the Indians in the second half.Justin Scott picked up 16 points, hitting on a trio of 3-pointers. Jaimen Bliss earned 13 points, with Brock Bagozzi earning eight points as Josh Florczyk and Antonio Gonzalez had six points apiece.The final on Monday pitted Solvay against host Chittenango, and it turned into a lopsided affair, the Bearcats stifling on defense and hammering the Bears 59-27.Chittenango managed just eight field goals, and no one scored more than Jacob Dawkins’ total of six points.In addition to the way it shut down the Bears, Solvay had Bagozzi pour in 20 points to earn tournament MVP honors, with Scott adding 11 points and Bliss getting eight points.Share this:FacebookTwitterLinkedInRedditComment on this Story center_img And for quite a while, Nate Fouts carried the Lakers, his total of 26 points nearly half his team’s output. Jack Whirtley, with 11 points, helped out, as did Tyler DelFavero, who got six points.It got tougher in Saturday’s final, Skaneateles challenged by Seneca Falls’ Mynderse Academy, who had beat Onondaga 61-42. And it proved quite stressful, but again the Lakers pulled through, rallying to beat the Blue Devils 57-52.Little went right in the first half for Skaneateles, who fell behind 30-21 by intermission, only to turn it all around with a 22-10 third-quarter surge.last_img read more

Dwarfs earn first win of the season with victory over Inter Allies

first_imgDwarfs won  their first game of the season after a hard fought 3-1 victory over Inter Allies at the Robert Mensah park.Two first half goals from Nicholas Gyan and Samuel Quayson paved the way for victory as a stunning strke from Gockel Ahortor proved to to be a consolation.Bright Lukman’s second goal of the season the second half  gave Ebusua Dwarfs their first win of the season.Ebusua Dwarfs began the game on the front foot and found the net after five minutes when Nicholas Gyan nodded home beyond Kwame Baah.Samuel Quayson hammered home a beauty from the right side the pitch after Wahab Akwei was adjudged to have brought down Esso.Five minutes later, Gockel Ahortor pile driver from 25-yards reduced the scoreline but substitute, Bright Lukman lobbed the ball beyond the reach of helpless Kwame Baah to restore the two goal cushion for J.E Sarpong’s side. Both teams are now tied on five points in the league. –Follow Joy Sports on Twitter: @JoySportsGH. Our hashtag is #JoySportslast_img read more

March Madness 2019: UConn continues to make women’s tournament history with Elite Eight berth

first_imgThe Huskies were able to come back for the eventual 69-61 win to continue their historic streak. The win put UConn into the Elite Eight for the 14th consecutive tournament. No other team in history has an active Elite Eight streak longer than two seasons, according to ESPN Stats & Info.UConn was held to just nine points in the second quarter, but came out in the second half to combine for 38 points over the last two periods. The Huskies went on a 15-4 run at the start of the fourth quarter, and ended up outscoring UCLA 20-11 in the final 10 minutes.Napheesa Collier led the Huskies with 25 points and 10 rebounds.Crystal Dangerfield came alive in the fourth quarter. She had nine points during the team’s game-winning burst and finished with 15 total points. It’s literally in her name. She is DANGEROUS. #ncaaW | @UConnWBB pic.twitter.com/kdaX2pLecl— NCAA WBB (@ncaawbb) March 30, 2019Next up for UConn: No. 1 Louisville.The two teams will match up Sunday at 12 p.m. ET. The game will air on ESPN2. University of Connecticut’s first upset came when it wasn’t rewarded a No. 1 seed in the NCAA Women’s Tournament.The No. 2 Huskies were on the verge of another more costly upset Friday when the No. 6 UCLA Bruins entered the fourth quarter with a narrow 50-49 lead.last_img read more