US/UK - A cross-section of US institutional investors, state treasurers and labour unions have called on Tyco International to set a specific timetable for the company to make a decision on returning the company from Bermuda to US soil.
“The only way for shareholders to truly hold Tyco accountable is for the company to reincorporate in the US,” said American Federation of State, County and Municipal Employees president Gerald McEntee, whose union is sponsoring the Tyco shareholder resolution.
California State Treasurer Phil Angelides said the Come Home to America campaign is aimed at nearly two dozen US firms that have taken legal refuge in sham overseas addresses.
In the UK, trade unionists have been told they should use their power as shareholders to stop excessive executive pay and failings in corporate governance.
The TUC is targeting 900 members of its member trustee network.
These pension fund trustees have responsibility for invested funds amounting to around £260bn – one-third of total UK pension fund assets.
HMRC has confirmed providers operating relief at source pension schemes can continue to collect automatic tax relief at a basic rate of 20% under new Scottish Income Tax rules.
The Pensions Regulator (TPR) is seeking "improved" powers to set a schedule of contributions in defined benefit (DB) schemes in the government's upcoming white paper, it has revealed.
New regulatory rules which require providers and advisers to produce annuity illustrations will not solve the problem of consumer detriment as they are "fundamentally" flawed, according to Retirement Advantage.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.