Former deputy mayor Randy Mastro, lawyer in Lucerne controversy, lists UES home

first_imgShare on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Message* Brian J. Manning and Christopher E. Franklin of Brown Harris Stevens are marketing the property; they could not immediately be reached for comment.UPDATE: This story was updated to add a statement from Randy Mastro. Contact Orion Jones Email Address* “We love everything about the townhouse and the neighborhood, but we have been living outside the city for most of the past year and intend to continue to do so,” Mastro told The Real Deal via email. “Hence, at this point in our lives, we simply don’t need such a large place in the city.” Randy Mastro and 21 East 83rd Street (Photos via Getty; Google Maps)UPDATE, Jan. 22, 6:05 p.m.: A lawyer who defended relocating homeless men on the Upper West Side is himself relocating.Attorney Randy Mastro, who once served as chief of staff and deputy mayor to Rudy Giuliani and is now a partner at Gibson Dunn, is selling his townhouse at 21 East 83rd Street for $18 million.Mastro was tapped last year to represent a group of Upper West Side residents who opposed the placement of approximately 200 homeless men at the Lucerne, located on West 79th Street near Amsterdam Avenue. The group filed a lawsuit seeking to relocate the men to a Lower Manhattan hotel, a move that generated pushback from advocates for the homeless. (It remains tied up in court.)His Upper East Side home became a target after the Lucerne battle became public. In October, a group splashed the townhouse’s door with red paint, and spray-painted messages like “Randy Mastro you can’t replace us” on the facade and the sidewalk.After the attack, Mastro said in a statement, “if they thought they were going to intimidate me, they picked the wrong guy.”Mastro purchased the 5,500-square-foot home in 2016 for $14 million. The circa-1925 building, which is located less than a block from Museum Mile, has six bedrooms, three and a half bathrooms, five wood-burning fireplaces, a full-floor master bedroom suite and a large back garden. Share via Shortlink Full Name* TagsLuxury ListingsResidential Real Estateupper east sidelast_img read more

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RSL, Utah Royals owner faces backlash for comments

first_img Associated Press August 27, 2020 /Sports News – Local RSL, Utah Royals owner faces backlash for comments Written by Tags: Dell Loy Hansen/Racial Injustice/Real Salt Lake/Utah Royals FC FacebookTwitterLinkedInEmailReal Salt Lake and Utah Royals owner Dell Loy Hansen has come under criticism for comments he made on a radio show after RSL players decided not to take the field for a match to protest racial injustice.Hansen said he felt personally disrespected and suggested the matter might discourage his investment in the teams.Hansen addressed his own comments later in the day, saying he had since looked more closely at the issue and apologized if fans thought his statement meant he did not care about the movement to end social injustice.last_img read more

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Five-alarm fire tears through North Bergen building, displaces 12 families

first_imgOfficials safely evacuated everyone in 1200 and two buildings next door, Knitzer said. However, one firefighter was treated for a minor burn, he said. The 1200 building sustained structural damage, Knitzer said.“We have no idea how it started,” Lorenz said around 3 p.m., when the fire had already been fully extinguished,“Right now, we have one building with serious damage,” he said. “We have a minor extension into the building next door. There was some damage there.”First responders from Jersey City, Hoboken, Union City, West New York, the Hudson County Sheriff’s Office and even Kearny offered help at the scene.“The Township of North Bergen is working closely with the American Red Cross and NB CARES to get any families affected into hotels and get them the supplies needed as soon as possible,” said North Bergen Mayor Nicholas Sacco, in a statement.“All students whose homes were affected by the fire will be brought to the downtown library for reunification and parent pick up.” The town also ordered lunch for the residents while the North Bergen Police Department secured the area and North Hudson Regional Fire & Rescue battled the fire, Sacco said.Local community assistance program NB CARES. is also offering assistance to the affected families, according to NB CARES coordinator Aimee Focaraccio.“I just saw a lot of smoke coming from the next building,” said Alex Garcia, who resides in the 1210 26h St. building next door, after his safe evacuation. He said he left the building at 12:30 p.m., but was not sure whether or not his apartment was safe. “Not to my knowledge,” he said. NORTH BERGEN — A five alarm fire displaced 12 families after tearing through a multi-unit residence on 26th Street Friday, according to North Hudson Regional Fire and Rescue (NHRFR) Battalion Chief Mark Lorenz, speaking at the scene.According to NHRFR spokesman Dan Knitzer,, the fire broke out at 1200 26th Street just before 11:45 a.m. Frigid wind and rain conditions contributed to it becoming a five-alarm blaze, Knitzer said. ×last_img read more

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Tedeschi Trucks Band Welcomes Kingfish For Allman Brothers Cover In Southaven [Watch]

first_img[Videos: Zarkmoon]In addition to the impressive encore, Tedeschi Trucks Band delivered yet-another stand out evening of music on Wednesday night. Weaving together their soulful originals with blues standard covers, the band also debuted a cover of Derek Trucks Band‘s “Sahib Teri Bandi”, originally composed by Nusrat Fateh Ali Khan. Trucks’ version of the Palestinian song originally appeared on his sixth studio album, 2006’s Songlines and frequently appeared in the band’s live setlists, even making it on DTB’s 2004 Live at Georgia Theatre.Check out this side-stage view of the band’s performance of “Shelter” below:The Wheels of Soul tour heads to Red Rocks Amphitheatre this weekend with performances on Saturday and Sunday. For a full list of upcoming dates, head to Tedeschi Trucks Band’s official website.Setlist: Tedeschi Trucks Band | BankPlus Amphitheater at Snowden Grove | Southaven, MS | 7/25/2018Set: I Got A Made Up Mind, All That I Need, Chevrolet, Shelter, Sahib Teri Bandi, I Want More, Don’t Let Me Slide, Down in the Flood, Loving You Is Sweeter Than Ever, I Pity The Fool, Idle WindEncore: Statesboro Blues, Show Me The Wheels of Soul tour continued through Southaven, Mississippi, on Wednesday night at the BankPlus Amphitheater at Snowden Grove.As always, tour collaborators The Marcus King Band and Drive-By Truckers opened the evening with sets of their own followed by a headlining set from hosts Tedeschi Trucks Band. However, during the encore, Derek Trucks and Susan Tedeschi welcomed out 19-year-old blues guitarist Christone “Kingfish” Ingram to jam out on an over eight-minute cover of the Allman Brothers Band‘s “Statesboro Blues”.Young Kingfish came through from Clarksdale, Mississippi, and has received huge praise from the blues community over the last several years for his live collaborations and online YouTube videos. To collaborate with Derek Trucks and his band, indeed, is a milestone in Kingfish’s career. Check out fan-shot video of the collaboration below:last_img read more

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Council elections take place

first_imgThe Judicial Council approved 10 tickets to run for Class Council. Six tickets are running for Sophomore Class Council, while two tickets are running for Junior and Senior Class Councils each. Elections will take place online today from 8 a.m. to 8 p.m. SOPHOMORE CLASS COUNCIL Juan Rangel, Alison Leddy, Christina Gutierrez, Paul Luczak Juan Rangel, Alison Leddy, Christina Gutierrez and Paul Luczak hope to unite their class through communication and programming. “We will ensure that we communicate with the entire class on a regular basis, as well as allow plenty of opportunities for the class to communicate with us,” Rangel said. “We also will ensure that we offer something for everyone when it comes to providing programs and events for the class.” Rangel, Leddy and Gutierrez are currently members of Freshman Class Council. Luczak is a member of the First Undergraduate Experience in Leadership program. Rangel said he and his running mates are enthusiastic about enacting a number of initiatives. “We are excited to begin working on allowing Domer Dollars to be used on Eddy Street, apparel like sunglasses and rugby shirts, short and concise weekly newsletters, service opportunities with Habitat for Humanity and teaming up with other student organizations to plan great events,” Rangel said. Kevin McMannis, Cristin Pacifico, Ryan Newell, Kai Gayoso The main focus of Kevin McMannis’ ticket is to establish a tight-knit class by catering to students’ ideas, he said. McMannis said his ticket’s ideas include organizing a “farewell picnic” after final exams, creating neon class apparel and holding a class Mass and monthly town hall-style meetings. “We’d like to host a festival on Irish Green near the end of fall and enjoy the last of the ‘warm’ season together,” he said. “We want to bring in a band, rides and food to celebrate the fall and get ready for a white winter.” McMannis is running with Cristin Pacifico, Ryan Newell and Kai Gayoso. The four ticket members serve on Freshman Class Council. McMannis is the freshman class vice president and Pacifico is also a member of the Student Union Board. “We understand what is expected of us and we have crucial programming experience,” McMannis said. “At the same time, we have fresh ideas and a fresh start, which we think is also very important.” Timothy Scanlan, Nathan Foje, Andrea Palm, Emily Voorde Tim Scanlan, Nathan Foje, Andrea Palm and Emily Voorde want to use class events and apparel to generate pride in the class of 2015. “To do this, we plan on throwing an off-campus Winter Ball and hosting a year-long Class Cup that will pit dorms against each other in various competitions,” Scanlan said. The campaign also calls for increased communication between students and the Class Council. “We will have a ‘Class of 2015 Stimulus Package’ that will allow anyone to submit an idea to Sophomore Class Council and we will help fund and run their event,” he said. The ticket also emphasizes designing class bro tanks and snapbacks as a priority. Kevin Walsh, Martin Walsh, Jeanette Kim, Shannon Hogan The platform presented by Kevin Walsh, Martin Walsh, Jeanette Kim and Shannon Hogan aims to foster class unity. “Our main focus is giving the class of 2015 their most enjoyable experience at Notre Dame to date,” Kevin Walsh said. Many of their ideas include an outdoor ice rink, class trips to the Indiana dunes, a capture the flag tournament, themed school days, a class barbecue and multiple fundraisers for charity. “To us, our duty as leaders of the Sophomore Class Council is to provide the most opportunities for students to enjoy themselves during their sophomore year here,” he said. The ticket also plans to streamline communication between the council and students. Jack McKenna, Andrew Pemberton, Caroline Chang, Therese Germain The time is now to change the Class of 2015’s Notre Dame experience for the better, Class Council candidate Jack McKenna said. McKenna, who is running with Andrew Pemberton, Caroline Chang and Therese Germain, said his team hopes to bring vision and passion back into student government after an “unsatisfying year” on Freshman Class Council. “We believe this deficit of excitement is a detour and not a destiny,” McKenna said. “We deserve better than what we’ve been offered and we intend to challenge the status quo in a way no one else can.” In order to get the sophomore class back on track, the ticket proposes a variety of initiatives that would give voice and power to the sophomore class. These items include converting Class Council meetings to a town hall format, pushing for acceptance of Flex Points and Domer Dollars at Eddy Street Commons and giving students choice in the Class of 2015 spirit gear. McKenna also said class fundraising should focus on improving dorm amenities and giving back to the greater South Bend community. Billy Christy, John Mueller, Maggie Wilmouth, Kelsey Hutchinson Billy Christy, John Mueller, Maggie Wilmouth and Kelsey Hutchinson aim to unify their class through constituent outreach, spirit promotion and council-to-council communication in event planning. To improve council efficiency and “personalize the interactions between student body and government,” Christy said his team will focus on reaching out to their peers through individual interaction and a four-member outreach committee. “We’re the only campaign that has promised to go door-to-door to meet with every member of the class of 2015 at least four different times during our term,” Christy said. Christy said his team plans to work with other class councils to create both bigger and better events for the sophomore class and the general campus community. The ticket’s platform also proposes organizing class-sanctioned trips to Notre Dame varsity athletic events to unify the sophomore class in both class and school pride. Christy said these specific proposals all converge in the goal of outreach on multiple levels: Dorm to dorm, section to section, door to door, person to person. “We’ll be the ticket who knows if we’re successful because of our vast outreach,” Christy said. JUNIOR CLASS COUNCIL Elizabeth Helpling, Neal Ravindra, Jessica Puricelli, Greg Yungtum Increasing class unity while making student government available to students’ needs is a priority for Elizabeth Helpling’s ticket, she said. To do this, Helpling, Neal Ravindra, Jessica Puricelli and Greg Yungtum will circulate a class council newsletter, amongst other things. “We want to make student government activities catered to (the students’) expectations and more accessible, while accommodating their busy schedules,” she said. Class unity is a huge focus of the ticket’s platform, Helpling said, which includes involving students who are studying abroad in campus life. “We especially want to make sure that our classmates who are studying abroad are still connected with the students here on campus,” she said. “We plan to organize care packages and outreach efforts to students abroad.” The ticket also looks to continue successful activities the class of 2014 enjoyed in the past, Helpling said. “We also want to bring back some of the more popular events that our Class Councils have put on in the past, such as the Class Mass and expanding the 2014 class merchandise,” Helpling said. Nicholas Desmone, Kerry Hunt, Jacob Kaminski, Matthew Schmit Nicholas Desmone said the members of his ticket are focused on delivering a number of exciting experiences to the members of the class of 2014 next year. “Simply put, our ticket wants to create events for the class of 2014 that are worthwhile,” he said. “Instead of focusing on an array of smaller events, we want to pursue large goals.” Desmone said potential event ideas include having a new concert on campus in the fall semester and planning multi-day service trips coupled with recreational activities such as a trip to Cedar Point. The ticket, which also includes Kerry Hunt, Jacob Kaminski and Matthew Schmit, also wants to plan a charity dinner as one of their signature events. “We’d like to host and sell tickets to an on-the-quad dinner for sophomores with delicious food (such as) steak, seafood, amazing deserts and music,” he said. “The money collected would go to a charitable cause.” Desmone said what sets his ticket apart from other potential candidates is the group’s spirit of innovation. “I believe what separates us from our opponents is our specific ideas and originality,” he said. “We are beyond driven and excited for this.” SENIOR CLASS COUNCIL Tricia Corbran, Claire George, Daniel Klodor, Chris Champlin Tricia Corbran, Claire George, Daniel Klodor and Chris Champlin hope to make senior year about “the class as a whole,” Corbran said. “The focus of our senior year should be on making an unforgettable experience filled with events that everyone feels included in and that people actually want to go to,” she said. Some of those events would include a “Senior Bar Throwback Night” at Legends, as well as tours of the Stadium, tunnel and 14th floor of the Hesburgh Library. Another area of focus, Corbran said, is helping students transition from Notre Dame to the real world. “We hope to hold a series comprised of several workshops … with speakers on managing personal finance … how to cook more than Easy Mac but stay on budget, and getting students into contact with alumni clubs and other students in the locations where they will be working following graduation,” Corbran said. She said a main strength of her ticket is the experience each candidate has. “We feel that our ticket is a good representation of the senior class,” Corbran said. “We have a large range of experience from a president that has been involved with Class Council since freshman year to a secretary whose involvement has been outside of student government.” Megan Rodts, Caitlyn Koscielski, Kevin Mitchell, Louis Medina The goal of Megan Rodts’ ticket is to be “student-centered” and stay in active communication with the Class of 2013, Rodts said. Rodts runs with Caitlyn Koscielski, Kevin Mitchell and Louis Medina. Their platform, titled “Enriching Our Futures,” aims to help prepare students for post-college life by offering cooking classes and a monthly lecture series. “We’re really excited about this lecture series because it will involve current faculty or Notre Dame alumni who have excelled in their professions, and will be focused on what they did during their senior years and immediately after college that they found successful and vital to their career path,” she said. The ticket also hopes to hold social events including a “Fall Senior Week” in addition to the senior week before graduation, as well as a senior tailgate at the last home football game, Rodts said. She said her ticket has a great combination of “super experience” and “fresh perspective.” “We find that this is really important because the current structure of the Class Council system is very effective for younger classes; yet as we grow, the system also needs to grow and change,” she said. “We acknowledge that and look forward to restructuring the Council in order to provide for these more mature needs and program successfully for our class.”last_img read more

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Bolivia, Paraguay End Border Dispute With Accord

first_imgBy Dialogo April 30, 2009 Bolivian President Evo Morales and Paraguayan President Fernando Lugo signed an historic accord in the Argentine capital of Buenos Aires, ending a boundary dispute that led to a catastrophic war in the last century. In a solemn ceremony chaired by Argentine leader Cristina Kirchner, both presidents agreed that the dispute over the Chaco region — where a war between 1932 and 1935 left more than 100,000 people dead — was brought on by foreign interests. The armed conflict “came from outside, driven by transnational corporations competing for our natural resources,” said Morales after signing the agreement, which agreed to the terms of the Bolivian-Paraguayan Boundary Demarcation Commission. “These are new times of peace, friendship and fraternity between the peoples of South America,” he added. The Western companies seeking energy riches in the vast region at the continent’s heart were US Standard Oil, backed by Bolivia, and the Anglo-Dutch Shell Oil company, supported by Paraguay. Lugo expressed hope that the two nation’s bountiful natural resources could in the future “be developed and used by both countries without any foreign intervention.” He said that “never again” should the two countries let outside influences promote distrust and suspicion that would “poison our relations.” At the end of the ceremony, held at the palacial Casa Rosada in Buenos Aires, Kirchner also alluded to the interests of powerful oil companies that had shaped the region. The war between Bolivia and Paraguay “smelt of oil, as did many wars in those days and now,” she said.last_img read more

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Management guidance from…NCUA

first_imgby: Anthony Demangone So often, we look to leadership “gurus” to ensure we are on the right path. Perhaps it is the newest book or an article from the Harvard Business Review.But if you lead a credit union, it is worth giving some thought as to what NCUA expects from you.I’ll take some time today to give you a fly-over of where NCUA and management intersect in three areas.The NCUA Examiner’s Guide.This is a 32-chapter manual that helps NCUA examiners do their job. As such, it can help you do yours. For example, there are chapters on: management, internal controls, the supervisory committee, and more. It may be worth having someone on your team scan a chapter to make sure you’re hitting all the marks. Now, this hasn’t been updated by NCUA in a while, but it is still a good place to start.The NCUA Supervisory Committee GuideIf your credit union has a supervisory committee (it does), make sure the committee has this document and has gone through it. It is large. Detailed. And answers just about every question you could have. NCUA hasn’t updated this in a while, but it is still the best guidance of its type. continue reading »center_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

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Governor Wolf Discusses Education Funding, Budget Priorities on “Schools That Teach” Tour Stops in Bellefonte and Pittsburgh

first_img Press Release,  Schools That Teach Harrisburg, PA – Governor Tom Wolf today continued the “Schools That Teach” Tour in the North Hills and Bellefonte school districts, where he stood with district administrators and teachers to speak about the importance of including significant increases in state education funding in the 2015-16 budget.Earlier this month, Governor Wolf vetoed the Republican budget that failed to address the core issues facing Pennsylvania, including a structural budget deficit, a drastically underfunded school system, and rising property taxes for seniors and middle-class families. Governor Wolf has remained committed to passing a 2015-16 budget that contains fair and adequate education funding in part by implementing a commonsense severance tax, provides property tax relief to Pennsylvania families and seniors, fixes the structural deficit, and provides a sound plan to create jobs across this commonwealth.“The people of Pennsylvania want funding for education, and they support a commonsense severance tax to pay for it,” Governor Wolf said. “While my budget proposes a historic $1 billion investment in education at all levels, including $500 million for K-12 education, the Republican budget continues the handouts for oil and gas companies and the underfunding of our schools. Their budget includes only $8 million for education — that’s less than 3 cents, per child, per day.”In the North Hills school district, Gov. Wolf’s proposes an increase of $328,971 dollars to the district which would be used for personalized interventions for struggling students and restoration of programs and personnel that districts were forced to make as a result of prior state budget cuts. The Republican budget includes over $191,800 less than Governor Wolf’s proposal.In Bellefonte Area school district, Gov. Wolf’s proposes an increase of $499,517 dollars to the would be used for high-quality early childhood programs, summer learning programs, professional development, and enrichment programs among other improvements. The Republican budget includes over $369,900 less than Governor Wolf’s proposal.Governor Wolf will continue to work with legislators in Harrisburg to enact a 2015-16 budget that not only provides fair and adequate funding for Pennsylvania’s schools, but also provides significant property tax relief and closes the structural budget deficit. July 13, 2015 SHARE Email Facebook Twittercenter_img Governor Wolf Discusses Education Funding, Budget Priorities on “Schools That Teach” Tour Stops in Bellefonte and Pittsburghlast_img read more

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The property clock strikes big for hot spot areas

first_img9 Lion St, Ipswich. Picture: realestate.com.auWhile property values remained fairly stagnant during February, property analyst Michael Matusik has revealed where the housing market is on the upswing.Mr Matusik’s latest property clock for houses, has Brisbane, Gold Coast, Logan, Redlands, Sunshine Coast and Gympie all in upswing.He said a market’s position on the property clock was based on the strength and direction of key indicators including sales numbers, price and rent, demand and how much new supply there was.His latest Matusik Missive also listed Ipswich, the Fraser Coast and Noosa markets as heading into upswing territory.Ipswich has many beautiful homes, often at prices well below what something similar would cost in Brisbane’s suburbs. A four-bedroom home at 9 Lion St, Ipswich is listed for $879,000.The land the home sits on was bought in 1904 from the family of the then Ipswich Mayor Mr Pettigrew. A home was built on it in 1907.The period home has 3.5m high ceilings, VJ walls, period window, and timber floorboards which have all been restored. 196 Easthill Drive, Robina. Picture: realestate.com.auIt is listed through Ian and Linda Mills of McGrath – Palm Beach.On the Sunshine Coast at Noosaville a home at 15 Bluebell Court is listed for offers of more than $740,000.The three-bedroom home is in a cul-de-sac in a residential pocket bordered by the Lake Doonella Reserve.The single-level home has open plan living and dining areas. An outdoor area overlooks the pool and reserve at the rear of the property. REAL ESTATE: 9 Lion St, Ipswich. Picture: realestate.com.auMore from newsNew apartments released at idyllic retirement community Samford Grove Presented by Parks and wildlife the new lust-haves post coronavirus20 hours agoThe home has two new bathrooms, a large separate dining area and study. It is listed through Steve Athanates of NGU Real Estate Ipswich.On the Gold Coast at Robina, 196 Easthill Drive is listed for more than $850,000.The three-bedroom home is within the Glades Golf Community.It has formal and informal living and dining areas, and an outdoor entertainment area with a swimming pool nearby.center_img 15 Bluebell Court, Noosaville. Picture: realestate.com.auThe property has a double lockup garage, plus on-site side parking for a boat or caravan, on the 975sq m block.It is listed through Tansy Grant and Justin Sykes of Ray White – Noosa.last_img read more

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Australia: Onus on trustee duties as Royal Commission reports findings

first_imgHowever, Hayne, a retired judge, did not recommend prescriptive rules on board composition – rebuffing the incumbent Liberal-National coalition government, which had wanted more independent directors appointed to industry super fund boards. The Royal Commission’s report on misconduct in the banking, superannuation and financial services industry also rejected calls from some quarters to recommend the creation a new regulatory body to oversee Australia’s AUD2.7trn (€1.7trn) superannuation industry.The report’s nine recommendations for the superannuation sector included a need to tighten regulations on supervision of the industry. A major inquiry into Australia’s financial services industry has called for civil penalties to be imposed on trustees who fail in their duty to protect superannuation fund members.In a 496-page final report released after a year-long inquiry, Kenneth Hayne, head of the Royal Commission inquiry, said any breach of covenant by trustees currently did not attract either civil or criminal penalties under Australia’s Superannuation Industry Supervision (SIS) Act.Hayne recommended civil penalties for breaches of covenants and similar obligations to be set out in the SIS Act.“The larger superannuation funds are now large enterprises dealing with very large sums of money,” Hayne wrote in his report. “Superannuation trustees are responsible for both the compulsory and voluntary retirement savings of millions of working Australians… Proper governance of a fund is critical to the fund’s performance.” “It shouldn’t take a Royal Commission for workers to see whether their retirement savings are in safe hands or not”Matthew Linden, Industry Super Australia“Money is spent on entertainment and sporting events at which the relevant relationships can be made and enhanced,” Hayne wrote, in a pointed reference to HostPlus Super’s corporate hospitality arrangements at the Australian Open Tennis Championships.Matt Linden, deputy chief executive of the Industry Super Australia, the trade body for superannuation funds, said: “That not-for-profit industry superannuation funds have emerged from the process relatively unscathed is vindication of our governance structure and member-first ethos.“As a whole, the system must be more transparent and more accountable – it shouldn’t take a Royal Commission for workers to see whether their retirement savings are in safe hands or not.“The onus is now on the parliament and industry to ensure that superannuation works in the best interest of fund members – not that of shareholders or bank executives.” Commonwealth Bank of Australia was among those providers criticised during the inquiryHayne also ruled out prohibiting for-profit superannuation providers, explaining: “It would be a very large step to say that the only persons or groups of persons who can conduct a superannuation fund are those who will not seek any return on their investment in the venture.” Such a ban would “insulate” existing not-for-profit fund members from the benefits of competition provided by large for-profit providers.Bank-owned superannuation funds have been scandalised during the inquiry by extensive evidence of fee-gouging, including charging fees to dead participants and taking fees for no service.Further readingAustralia: Changing fortunes A new landscape for Australia’s fast-growing super sector will evolve over the next five years, writes Florence Chong‘More than private bargains’The only way in which conflicts could be resolved, Hayne concluded, was by pension trustees fulfilling their duties. “Superannuation can no longer be seen only as a compact between employees and one or more employers, or only as a compact between organised labour and capital,” he said.“Superannuation is important to the whole nation. Superannuation arrangements are more than private bargains.“The central principles governing superannuation arrangements are, and must remain, the best interests of members and the sole purpose test.”The “sole purpose” test refers to entities providing benefits for one objective, for example retirement income or death benefits.Sponsorship deals criticisedThe only slap on the wrist for not-for-profit industry superannuation sector related to “some large funds [that] spend not insignificant amounts to maintain or establish good relationships with those who will be responsible for nominating the default fund for their employees”.  “The creation of a new and separate regulatory authority is likely to create more problems than it would solve”Kenneth Hayne, Royal CommissionerHayne said that the size, complexity and importance of the superannuation industry could point towards the need for a separate regulator, but added that this would not necessarily improve the situation.“The superannuation industry has so many intersections with other parts of the financial services industry that the creation of a new and separate regulatory authority is likely to create more problems than it would solve,” he said.Currently, both the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) are responsible for supervision and regulation of the pension industry. Instead of introducing a new supervisor, Hayne called for “adjustments” to existing regulations, which would result in APRA and ASIC having common areas of interest. “But each agency will have to look at those areas for different purposes and with a different perspective,” Hayne added.Super separation rejectedHayne’s report focused almost entirely on misconduct by Australia’s four biggest banks – Commonwealth Bank of Australia, Westpac, ANZ Banking Group and National Australia Bank – and leading financial institutions, including AMP.He made a total of 76 recommendations, but only nine applied directly to the superannuation industry, including three relating to the obligations of trustees, and one on the “hawking”, or unsolicited sales, of pension products.Despite an expectation that Hayne would call on banks and other large financial institutions to sell their superannuation businesses to eradicate perceived conflicts of interest, he ruled out such separation. Structural separation of superannuation funds from banks would be “a large step to take, as it would affect every person who is currently a member of any one of a significant number of funds”, he wrote. last_img read more

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