Court of Audit blasts French scheme CIPAV, calls for board changes

first_imgThe French Court of Audit will today single out the multi-occupation public insurance pension fund for poor governance in its annual update to the country.The Court of Audit, a quasi-judicial body known locally as Cours des comptes is responsible for auditing central government, public and private institutions and other bodies.In a speech tonight, the Court will provide its annual update, singling out the near 500,000 member pension fund Caisse Interprofessionnelle de Prevoyance et d’Assurance Vieillesse (CIPAV) for poor governance.President of the Court, Didier Migaud, is set to provide a detailed list of failures at the fund that have affected governance, investments and member services. The pension fund manages the retirement savings for architects, professional consultants, engineers and the self-employed.Migaud is to recommend that a provisional administrator, who will oversee future transitions, replace the board of the pension fund.The Court’s report suggested assets held by the fund had been poorly managed – stemming from a lack of proper financial management – until 2010.It rebuked the fund for failing to use appropriate procurement procedures in line with requirements for public bodies, and for shirking legal duties.The report also suggested the fund had “significantly” failed its members, providing pensioners with poor service.On the fund’s assets, the Court pointed out that the annual return rate of 6% between 1989 and 2012 was significantly below benchmark bond rates over the same time period, highlighting poor investment management.The Court’s report said the cause of the poor performance was a lack of financial management, and the fact investments were managed by a committee that did not employ a code of ethics, even though this has been required by law since 2004.Prior to 2010, the scheme also placed 75% of its investments with a single investment manager. Even after CIPAV hired a CFO, the single investment manager still oversaw more than one-third of investments at the end of 2012.In line with its requirements for a provisional administrator replacing the board, the Court highlighted that 80% of procurement was acquired outside of the framework public bodies are required to follow.More than half of retirees within the scheme face severe delays in receiving their pension, the report added.CIPAV’s call centre can only process 25% of received phone calls, resulting in at least three months of delays for pensioners.last_img read more

Team Vitality announces Razer sponsorship

first_imgRazer announced it will be the exclusive gaming peripheral provider for Team Vitality. The two enter a 12 month partnership as Razer will provide all members of Team Vitality products for its PC and console teams. Nicolas Maurer, Team VitalityOriginally started as a Call of Duty team, Team Vitality has now expanded to teams across ten games including Rocket League, FIFA and League of Legends. They took 4th place in the EU LCS in the Spring Split after forming right before the 2018 season.We’re thrilled to announce the partnership of @Team_Vitality and Team Razer.Welcome to the #TeamRazer family! ? ?— Team RΛZΞR (@TeamRazer) May 8, 2018“As a premium esports organization, Vitality is particularly ecstatic to partner with Razer,” said Team Vitality CEO, Nicolas Maurer. “We are both aiming at excellence and will equip all of our more than 50 Vitality players with the latest generation Razer gear.”Along with their most recent large investment from Korelya Capital, Kima Ventures, and H26, Team Vitality holds other strong sponsorship’s from the likes of Omen by HP and Adidas as well. In addition to being adorned in everything Razer, Vitality will also be producing social media content featuring Razer products.“Esports continues to grow and our deal with Team Vitality is a sign of how truly global esports has become.” said Yann Salsedo, Senior Lead Esport & Social Media at Razer. “Team Razer is always looking to work with ambitious, talented teams, and we found that ambition and drive with Team Vitality.”As a well known company not just among esports, but gaming as a whole, Razer’s sponsorship list extends to fellow League of Legends team, 100Thieves and SK Telecom T1, along with Seoul Dynasty and SK Gaming, just to name a few.Esports Insider says: It’s great to see a team like Vitality earn this huge endemic sponsorship. As a strong contender in the EU LCS this partnership will certainly help prove their worth as the LCS format will soon be moving to franchising and organisations will be required to apply for their positions in the newly formatted league.last_img read more

Aussie netballer to visit PNG

first_imgWatson, from the Melbourne Vixens,  will be here from the 7th-11th of this month and will be travelling with representatives from WaterAid and Netball Victoria.Watson will meet with the PNG Pepes team plus the patron of Netball PNG and wife of PNG Prime Minister, Lynda Babao and firstly visit a WaterAid project at a school in Port Moresby.Here Watson will play netball with the girls and discuss issues of water, sanitation and hygiene.She will later visit communities in the East Sepik Province and maternal health facilities in Western Highlands.Watson, who is studying to be a teacher on top of her netball commitments, said she is excited about her trip to PNG.“I’m excited to be visiting PNG with WaterAid because the health and wellbeing of young women around the world is something I am extremely passionate about.“Sport is a vehicle that encourages self-esteem and leadership, while water, sanitation and hygiene are vital to improving health, reducing poverty and ensuring girls stay in school,” said Watson.WaterAid PNG country director Eileen Tugum said that WaterAid is using sport as a way to engage with communities in PNG about the benefits of water, sanitation and hygiene and to enable communities to demand better access to these services from their governmentslast_img read more