INCLUDING: GLOBAL - IASC support for IASB's credit crisis response; UK - Jeannie Drake named acting chairman of PADA; US - CalPERS officially launches search for CEO
The International Accounting Standards Committee (IASC) Foundation has announced support for the International Accounting Standards Board's (IASB) proposal to accelerate its response to the credit crisis.
The IASB is seeking to eliminate any differences in how International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP) address the issue of reclassification of financial instruments by the end of next week.
The IASC agreement that the IASB can suspend its normal due process will allow any decision on reclassification made next week to take effect for the third quarter.
UK - Jeannie Drake named acting chairman of PADA
Jeannie Drake has been named as the acting chairman of the Personal Accounts Delivery Authority.
Work and pensions secretary James Purnell made the announcement at the uk'S National Association of Pension Funds' Annual Conference this morning.
She is a non-executive director of PADA and takes over the chairmanship from Paul Myners who stepped down to become city minister last week.
Drake was previously the deputy general secretary of the Communications Workers Union. Prior to this, she was deputy secretary general of the National Communication Union. She is also a director of the UK's Pension Protection Fund.
US - CalPERS officially launches search for CEO
CalPERS' Board of Administration announced this week its search for a new CEO was officially underway, with applications being accepted up to 31 October.
CalPERS recently hired Cooperative Personnel Services (CPS) to assist with the recruitment process.
The position was vacated in June 2008 with the retirement of Fred Buenrostro. The day-to-day operations of the system are currently being administered by interim CEO Kenneth Marzion.
The HSBC Bank UK Pension Scheme is to invest £250m in renewable energy infrastructure, such as solar plants and wind farms, with Greencoat Capital.
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Pension freedoms could generate as much as £1.9bn a year in tax revenue for the next 10 years, according to research by the Pensions Policy Institute (PPI).
The Pension Protection Fund (PPF) has conceded it does not have "all the data we need to calculate" the impact of last month's ruling that some benefits may be unlawful.