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Tag: Diversity
CNBC Report: More activist investors to focus on corporate governance and executive pay
This week CGLytics CEO discussed the increase in activist investor activity with CNBC Street Signs. New research from CGLytics reveals that activist investors are broadening their focus.
CGLytics CEO, Aniel Mahabier, discusses the increase in activist investor activity with CNBC Street Signs. New research from CGLytics reveals the growth in the number of activist campaigns and how activist investors are broadening their focus.
Increase in activism
The CGLytics report Activist Investors Broaden their Focus analyzes the number of activist campaigns carried out over the previous four years and deep dives into the increasing areas that are attracting activism.
During the interview with CNBC, Aniel notes that shareholders are beginning to focus on areas such as diversity and performance. And, even though there has been an overall increase in the number of activist campaigns this year, not all of them have been successful.
The changes we are seeing during the pandemic, are that activists are focused on improving corporate performance. Having the right board composition and board diversity are the areas activists have been focusing on. Culture is another area where we have seen activists putting more focus on to improve corporate performance. – Aniel Mahabier, CEO of CGLytics
Regional shift in activism
The research report notes that now activist investors are finding a lot of opportunity in APAC, but not so much in continental Europe. The question is, do we expect this trend to change, and if so, when?
Social, cultural, and economic factors play a big role, along with the European market being highly regulated. This doesn't provide a lot of opportunity for activists to play a role. I expect to see a marginal change taking place over time. – Aniel Mahabier, CEO of CGLytics
On this topic of executive pay, CNBC recalls that there has been a lot of focus from activists. Shareholder have objected to senior salaries in the past, even so companies have continued to pay out. During the pandemic, these senior salaries have been cut, and in some cases, granted in stock options. What are activists going to do with compensation?
A focus area of activists is to make sure executive pay is in line with the company performance. The median of CEO pay has risen, regardless of companies' CEOs and Directors taking a pay cut. This is on both the S&P 500 and FTSE 100. We expect to see more focus on CEO pay in the upcoming proxy season. When it comes time for the AGMs in 2021, reflecting the 2020 performance year. – Aniel Mahabier, CEO of CGLytics
Source: CNBC Street Signs Europe
Board diversity
CNBC mentions about the motivation to change the makeup of boards, and that the representation of women on boards on the FTSE, is abysmal (still remaining below 30%). Will boards be motivated to improve diversity, due to the pandemic and the Black Lives Matter campaign?
The activist landscape is changing. We used to have the traditional activists playing a big role. Now you have passive institutional investment managers changing their style and becoming more active.
If you look at the BlackRocks and the Vanguards of the world, they are focusing on boards being composed with the right mix. Diversity plays a big role. Not only from a gender perspective, or a race perspective, but making sure you have the right skill set in place, the right tenure, and the right age diversity. It's a number of things that make a board very effective, and I expect diversity to continue to be a focus going forward. – Aniel Mahabier, CEO of CGLytics
Companies need to be prepared for activist investors and engage with shareholders on a more timely basis. Proactive engagement between investors and companies will prevent activist campaigns going forward. Companies need the right information and tools to ensure their corporate governance risks are reduced and any deficiencies are quickly resolved.
Contact CGLytics and learn about the governance tools available and currently used by institutional investors, activist investors and leading proxy advisor Glass Lewis for recommendations in their proxy papers.
CGLytics provides access to 5,900 globally listed company profiles and their governance practices, including their CEO Pay for Performance, board composition, diversity, expertise, and skills.
Author Leonie MayPosted on July 17, 2020 July 21, 2020 Categories BlogTags Activism, Board Effectiveness, Corporate Governance, Diversity, Executive Pay, Governance Risk, Investor Activism, ShareholdersLeave a comment on CNBC Report: More activist investors to focus on corporate governance and executive pay
Diversity on the Board? Metrics Used by Fortune 100 Companies
Examining the diversity of Fortune 100 boards and questioning the metrics currently used to disclose diversity. Are Fortune 100 companies providing the complete picture?
This article examines the diversity of Fortune 100 companies' boards, and questions the current metrics used to disclose diversity of board members. Due to the lack of uniformity of diversity disclosures, is the picture painted by some companies comprehensive enough to truly show diversity on their board?
The topic of diversity has grown in importance over the past decade. Large companies are spending time and resources discovering how having a diverse board of directors is affecting their company's image, perception, and profits. Many companies focus on appointing employees with different education, experience, race, and backgrounds. This is illustrated through companies' diversity statements. For example, Amazon.com, Inc. in their 2019 Proxy states,
"We take seriously our commitment to diversity and respect for people from all backgrounds, including gender, race, ethnicity, religion, sexual orientation, disability, and other dimensions of diversity, which are enduring values for us as reflected in a number of Company policies, including the Amazon Global Human Rights Principles."[1]
Even with inclusive diversity statements, such as Amazon.com, Inc.'s, when calculating how diverse companies' boards are, two main diversity metrics are used: gender and race. While acknowledging the positive effects of having a diverse board and showing how diversity is being valued in a company is important, examining how transparent companies are with their diversity metrics shines light on a company's commitment to diversity.
Why is Board Diversity Beneficial for Companies?
The decisions that the board of directors make for corporations are critical for their success. The board impacts how the company is run by making crucial decisions on executive pay, dividend policies, setting yearly goals, and conducting any other business that concerns shareholders. Having a board composed of people with different backgrounds and experience will enrich conversations and allow the board to approach problems with new perspectives and ideas.[2]
Companies should actively try to understand and represent their clients and customers. In doing so, better marketing decisions and tactics can be set. For example, "Having a diverse board can help you better understand purchasing and usage decisions, particularly as studies have found that women drive 70-80 percent of purchasing in the United States."[2]
CGLytics data of board diversity reveals the percentage of gender diversity and nationality dispersion on boards of Fortune 100 companies.
As depicted in the following graphs, Fortune 100 company boards are composed of mostly American men. Unfortunately, we can not determine percentages of race within these companies because very few companies disclose information on race/ethnicity. The missing data and the lack of transparency from these companies questions their commitment to diversity.
Source: CGLytics Data and Analytics
Reporting Diversity
Based on the Fortune 100 companies' 2018 and 2019 proxy statements, 23% of the Fortune 100 companies do not report information on diversity and the other 77% report the information using different metrics.
The reporting companies focus on gender alone, combine gender and race/ethnicity, or on nationality. There is no uniformity between companies or industries. While most companies have statements in their proxies outlining the value of diversity and how they define it, the statements are not always represented in the graphs or numbers that break down their board diversity.
This is clearly shown in Caterpillar Inc.'s 2019 Proxy statement. The company lists one of their key characteristics of their board as being diverse of "race, ethnicity, gender, cultural background or professional experience."[3] This diversity statement implies that the board would be diverse. But it is unclear if it is as they combine gender and race in their data. In their governance highlights, Caterpillar Inc. lists their board as 45% diverse (gender and race combined).[3] By combining the percentage of gender and race, and not providing a breakdown of the directors' backgrounds, it is difficult to determine if the board is diverse in race, ethnicity and gender.
Lack of uniformity when reporting diversity
When examining Fortune 100 companies for diversity, we find that it is difficult to compare companies' information due to the lack of uniformity of how they are reporting data on board diversity.
For example, Delta Air Lines, Inc. and American Airlines Group Inc., both in the same industry, report their diversity metrics differently. At first glance, both companies report roughly equal percentages of diversity (38.5% and 40% respectively). However, American Airlines Group Inc. displays their information by separating gender and race/ethnicity.
Source: Company disclosures found in the CGLytics software platform
Why would a company combine race/ethnicity and gender in their diversity graphs? One reason could be to increase the appearance of a diverse board.
Hypothetically, if Delta Airlines, Inc.'s board consisted of four white women and one non-white male and mirrored the American Airlines Group, Inc.'s diversity chart, it would show 38.5% diversity with 7% racially/ethnically diverse and 30.7% gender diverse. While the 30.7% gender diversity would be high for their industry (as shown in the follow graph), the racial/ethnically diversity would be low. This example could be switched with gender diversity being low and would highlight a similar problem. However, without clear diversity metrics, consumers and shareholders are left questioning Delta Airline's commitment to diversity, which could result in a loss of business.
By combining the percentages of gender and racial diversity, Delta Air Lines is hiding who is represented on their board of directors. American Airlines Group, Inc. clearly shows their shareholders, investors, and the public that they value diversity and are prepared to make well informed decisions. What does clear diversity metrics look like?
Fortune 100: Women on boards by sector
Transparent diversity metrics should give the consumers and shareholders a comprehensive background of the members on the board. This should include race/ethnicity, gender, age, and industry experience. These metrics broaden the knowledge of the board, giving the board members the tools to make successful decisions.
This is illustrated in PepsiCo Inc.'s 2019 proxy statement. Their diversity statement is clear and backed by their diversity percentages. It states, "Diversity including understanding the importance of diversity to a global enterprise with a diverse consumer base, informed by experience of gender, race, ethnicity and/or nationality"[4]. This is clearly shown in multiple graphs that break down backgrounds of each director.
PepsiCo Inc.'s 2019 proxy statement
It is recommended for more companies to design their diversity statements and data like PepsiCo Inc. They shared a comprehensive view of their board and proved their board was encompassed with directors of various backgrounds. This provides consumers and shareholders with confidence that the board is well equipped to make the best decisions for the success of the company.
To gain access to Governance Intelligence and Oversight of 5,900+ globally listed companies, contact CGLytics. Within the CGLytics software platform, access 125,000+ professional executives and their skills, expertise and backgrounds for recruiting board members and building a robust, diverse board.
[1] https://www.sec.gov/Archives/edgar/data/1018724/000119312520108422/d897711ddef14a.htm
[2] https://www.hsph.harvard.edu/ecpe/why-diversity-matters-women-on-boards-of-directors/
[3] https://www.sec.gov/Archives/edgar/data/18230/000130817920000236/lcat2020_def14a.htm
[4] https://www.sec.gov/Archives/edgar/data/77476/000120677420000855/pep3615311-def14a.htm
Author Leonie MayPosted on June 29, 2020 June 29, 2020 Categories BlogTags Board Effectiveness, Corporate Governance, Diversity, Governance AnalyticsLeave a comment on Diversity on the Board? Metrics Used by Fortune 100 Companies
A diverse supervisory board: This is how to unlock a wealth of talent
Aniel Mahabier, CEO of governance data specialist CGLytics, welcomes the fact that selection committees are using corporate governance analytics to assess the diversity of their own supervisory board. Technology is bridging the gap between the available talent and the knowledge and experience that committees already have in-house.
"Selection committees are looking for the right candidates outside their traditional networks", says Aniel Mahabier, founder and CEO of governance data specialist CGLytics. Such an alternative approach, for example through the use of data analysis, has major advantages: people with unique experience and unique talent are put on the radar.
In many organizations – listed and unlisted – supervision is far from diverse. A supervisory board with only people of the same generation, background and education cannot properly monitor the continuity of the company in the changing society. Such a homogeneous council cannot sufficiently monitor the interests of the various stakeholders.
An important task therefore lies with the selection committees that are responsible for a balanced composition of the supervisory board. We see that selection committees use our corporate governance analytics to assess and benchmark the diversity of their own supervisory board. For example, to be able to answer questions from international shareholders and when planning succession. For example, they test the current composition against the various international corporate governance codes and sustainability regulations. This contributes to effective management and good risk management.
Click here to continue reading the full article.
Author Leonie MayPosted on April 9, 2020 April 9, 2020 Categories BlogTags Board Effectiveness, Corporate Governance, Diversity, Governance Analytics, Succession PlanningLeave a comment on A diverse supervisory board: This is how to unlock a wealth of talent
Gender diversity in Spanish boardrooms
In Spain, the Comision Nacional de Mercado de Valores (CNMV), has put a series of changes to the corporate governance code of public companies under consultation. This is widely regarded as one of the most relevant proposed amendments relating to gender diversity in boardrooms.
The new proposal is moving from a "mere" recommendation to a "direct" recommendation of a minimum of a 40% presence of females in boardrooms, significantly up from the current 30%. Besides, the CNMV also acknowledges that the current recommendation hasn't been given enough attention by Spanish corporates. To address the issue, the new proposal recommends to include executive selection policies and processes in order to promote diversity of knowledge, experience and gender.
Considering these substantial and at the same time exciting changes, I decided to take a look at the current state of gender diversity in Spanish boardrooms, selecting both the IBEX35 and the remainder constituents of the IGBM. The result of the analysis is as follows:
Within the IBEX35, only 3 constituents already meet the new recommendation of the CNMV. Much worse is that only 43% meet the current threshold that has been introduced in 2015, and 20% have less than 20% of females on their board.
Within the rest of constituents of the IGBM (82 corporates), the situation is mixed:
• 2 corporates have already achieved real gender parity
• 3 corporates meet or exceed the new threshold of 40%
• 18 corporates are already above or meet the current recommendation
• 59 corporates are below or significantly below the current recommended 30%. Within this group, there are 11 companies which have no females at all in their boardrooms. Following Larry Fink's latest letter, it is likely that these companies will be facing tougher environments and questioning from investors and stakeholders in the future, as well as higher financing costs.
Considering that the current recommendation was set by the CNMV in 2015, it is clear to see that companies will have a challenging future ahead if they want to meet the new recommendation for gender diversity, either via succession planning or boardroom expansions.
In view of the above, how can CGLytics support public corporates' growing demand for board diversity and effective succession planning, at the required pace?
Whilst at the same time guarantee they achieve a well-balanced board, paramount to maintaining good corporate governance for long-term success?
CGLytics' Nominations & Governance solution is the answer. Basically, Nominations is a strategic tool through which nomination committees and HR teams are empowered to maintain a pulse on how the board composition of their organisations measures up against peers, investors' requirements and market standards.
Using Nominations & Governance, nomination committees and HR teams can benchmark the skillset of their boards versus peers and competitors, prepare for investors' pressure related to board composition, identify the right skills needed now and in the future to best serve the board's ability to make the right decisions and build a talent pipeline, getting instant access to 125.000+ (including over 20.000 females) global executive profiles of key decision-makers from listed companies, including comprehensive biographies containing employment, compensation, education and extracurricular activities, to search, find, engage and network with the best-quality prospects for boardroom recruitment and succession planning.
Please get in touch should you want to know more.
Would you like to gain instant insights into more than 5,500 globally listed companies' board composition, diversity, expertise and skills?
Or access the same CEO pay for performance insights used by Glass Lewis in their proxy papers?
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Francisco Lopez, Regional Sales Director
Francisco Lopez is a senior sales professional with two decades of successful experience in delivering growth to organizations and building long-lasting, profitable and sustainable relationships with clients and stakeholders worldwide. Francisco has developed his career in the market intelligence, information services and technologies industries, having fulfilled senior business development positions at blue-chip organizations such as Nielsen and GfK. Prior to joining CGLytics, Francisco was the global head of the Industrials sector at a global supplier of SaaS solutions for third-party risk & performance management. Francisco holds a Master's degree in Business Administration from the Complutense University of Madrid.
Edna Frimpong: Lead EU Research Analyst
Edna holds a degree in LLM Finance and Law Programme from the Duisenberg School of Finance. In addition she completed her Bachelor's Degree in Administration in Accra, Ghana. She gained work experience during her internships as a research analyst at Sustainalytics and as a finance and business development intern at Carnomise SAS.
Author Nicole PetersPosted on February 21, 2020 February 25, 2020 Categories BlogTags DiversityLeave a comment on Gender diversity in Spanish boardrooms
Good corporate governance begins with good data
Effective corporate governance starts with having the right information. In an ever-changing corporate governance landscape of continually increasing, publicly available information, shareholder involvement, activism, ongoing media campaigns and continual changes to governance regulations, having the right information from the start can be the difference between success and ongoing shareholder revolt.
Effective corporate governance starts with having the right information. In an ever-changing corporate governance landscape of continually increasing, publicly available information, shareholder involvement, activism, ongoing media campaigns and continual changes to governance regulations, having the right information on a timely basis from the start can be the difference between success and ongoing shareholder revolt.
This article first appeard in Ethical Boardroom, the premier subscription based magazine and website that is trusted for its in-depth coverage and analysis of global governance issues. Click here to access the original article.
Boardroom diversity, fair executive compensation, compliance to regulatory requirements, how companies compare against their peers and competitors and how they are perceived by investors and proxy advisors, needs to be thoroughly understood by boards of companies to stay ahead.
With heightened scrutiny of governance practices in the post-financial crisis era, it is now more important than ever for companies' boards and their executives to be fully prepared, with the same data and information as investors and proxy advisors, before beginning engagement to avoid reputational and governance risk.
CGLytics, the leading provider for global corporate governance data analytics, provides real time data and a suite of powerful benchmarking tools to help companies and their boards with data- driven insights for sustainable practices and effective oversight. These tools support boards in making smarter, more timely and better-informed decisions.
The great debate of executive compensation
Investors over the past 12 months have continued to pay attention to, and even asked more questions about, the pay practices of companies and rewards offered to their CEOs and directors. Add to this the requirements set out in the revised European Shareholder Rights Directive (SRD II) to increase transparency of the company's pay practices, including CEO to average employee pay ratios, CEO pay relative to company's performance and extended say on pay rights of shareholders, companies should be sitting up and paying close attention.
During the last proxy season, executive pay was heavily and effectively challenged. Shareholders repeatedly voted down advisory remuneration reports and questioned short-term remuneration plans, urging companies to bring pay into line with performance. Many remuneration-related resolutions were voted down on the grounds of misalignment.
The UK, in particular, was at the forefront of shareholders concerns over excessive pay. To address these concerns, the Financial Reporting Council (FRC) issued a Revised Corporate Governance Code in July 2018, which encouraged directors to exercise independent judgement and discretion when authorising remuneration outcomes, by taking into account company and individual performance along with other circumstances.
Executive compensation data available in the CGLytics application
CGLytics carried out a proxy review with data from its extensive, global governance database of FTSE 100 companies and their pay practices. The study revealed that in 2018, 33 companies in the index sought a binding shareholder approval for their remuneration policies. Generally, investors questioned the earning potentials in short-term incentive plans, for example Rentokil Initial plc's decision to increase the annual bonus from 100 per cent to 150 per cent cost the board a dissent of around 25 per cent on their remuneration policy. In addition, shareholder revolts were seen regarding remuneration reports where there was not enough clarity about contractual entitlements, as seen in the case of Royal Mail's retiring CEO Moya Greene and new CEO Rico Back.
In other markets, shareholders became increasingly involved in company strategy, as seen in the Dutch AEX study carried out by CGLytics. Of the past years' proposals to amend executive and supervisory directors' remuneration, the majority encountered criticism and some were withdrawn prior to the AGM, or resulted in a large number of votes against.
"WITH HEIGHTENED SCRUTINY OF GOVERNANCE PRACTICES IN THE POST-FINANCIAL CRISIS ERA, IT IS NOW MORE IMPORTANT THAN EVER FOR COMPANIES' BOARDS AND THEIR EXECUTIVES TO BE FULLY PREPARED"- Aniel Mahabier, CEO of CGLytics
To increase transparency and truly understand how stakeholders, including proxy advisors, are viewing executive compensation and predicting how they are going to vote, companies and their boards need access to, not only information, but also data and tools that allow them to instantly compare their company to their industry peers'.
CGLytics' extensive database hosts more than 10 years of global compensation data and is driving good corporate governance practices by increasing CEO pay transparency and helping companies to be more prepared than ever before.
Using the same solution as leading proxy advisors and institutional investors, companies can replicate the peer groups of proxy advisors and investors with CGLytics' customisable peer group modeler and easily perform a pay-for-performance alignment review. This empowers boards to know exactly what investors are looking at and scrutinising prior to engagement, be proactive with their reporting and make sure there are no hidden surprises come AGM time.
Diversity in the boardroom: where are all the women?
With companies, their boards, investors and governmental stakeholders all agreeing that goals that promote long-term value creation are imperative to corporate governance health, the issue of diversity comes into play. Why? Because having a diverse board is linked to long-term value creation.
A diverse board of directors with different ages, genders, nationalities, cultures, skills, experiences, tenure and backgrounds certainly creates new and interesting dialogue around best practices for long-term value creation and brings fresh ideas to the table.
With the speed of change happening today, driven by technology innovations, a variety of ideas, perspectives and knowledge is mandatory to keep up and make the best decisions by taking into account worldly happenings. And government and regulatory bodies are taking note. In particular, during the past year, the US has seen strict regulation changes in some states to even out the gender imbalance in corporate boardrooms.
California was the first state to legally require female representation on boards with the California Senate Bill 826 being passed. The law requires the appointment of at least one female to a company's board of directors by 2019 and between one and three by 2021, depending on the size of the company. A fine of $100,000 can be expected for not complying. This was shortly followed by New Jersey , which mimicked California's approach of at least one female director by 2019.
Earlier this year, using CGLytics' software solution that provides extensive boardroom composition data and analytics, a review was carried out to evaluate the progress made in the US market and likelihood of achieving greater diversity in the coming years. By taking a deep dive into the board composition of S&P 500 companies, it was revealed that even though there is a push from investors for more diverse boards in order to maximise returns, change is not happening as fast as desired.
In CGLytic's S&P 500 Diversity report it shows that from 2017 to 2018 total female representation on boards grew marginally, reaching 24 per cent, up just one per cent from 2017. In response to engagement with the investor community, as well as the new regulatory requirements, the number of women on boards rose from two in 2017 to three in 2018, showing only a slight increase in efforts being made. However, despite the slow growth in overall female representation, six of the seven companies that lacked at least one female director in 2017 corrected this in 2018.
The report also revealed that bringing younger directors into the boardroom does not only add value in terms of unique perspectives and improved innovation, but also impacts company performance. The findings show that there is a clear and positive correlation between the number of younger board members and the total shareholder return (TSR).
As many investors continue to encourage and push for boardroom diversity for long-term value creation, it is now crucial for companies to, firstly, see how their boardroom composition, including skills, expertise, age and gender diversity is seen by the outside world. And, secondly, see how their company stacks up against their peers and competitors (see graph below).
Companies using the CGLytics software-as-a-service platform now have access to boardroom intelligence and can see exactly what their investors and proxy advisors see. Using this intelligence, which includes a skills and expertise matrix of more than 5,500 listed companies across the globe, boards are better preparing for AGMs, implementing effective succession plans and, at the same time, reducing their risk to reputational damage and activist investors.
In addition, having access to 125,000-plus global executive biographies in the CGLytics solution, including more than 20,000 female profiles (both existing as well as upcoming directors), with detailed information of skills, experience, compensation, interlocks and connections, nomination committees can lever new ways of scanning the market for talent, understanding corporate networks and work smarter with their search and HR firms when it comes to succession planning and recruitment. It really is helping companies to look beyond the standard practices and information available by leveraging technology to drive and implement good corporate governance practices and sustain a competitive advantage.
Why data, tools and smart technology are mandatory in the challenging times ahead
As we continue to see regulatory requirements to increase transparency of governance practices, such as CEO pay (through implementation of SRD II) and improve diversity (through legislation not only in the US but worldwide), a trend is emerging of investors becoming increasingly knowledgeable and sophisticated.
Not only are leading proxy advisors and institutional investors choosing to use data and analytics delivered to them from CGLytics, but some are building their own systems to stay informed and take advantage of investment opportunities. Companies need to have access to the same information as proxy advisors and investors, with the same sophisticated tools, in order to assess risks, better prepare for shareholder engagement and avoid potential activism. With knowledge being power, and transparency becoming a mandatory requirement, in the near future companies will have no choice but to use systems, such as those offered –by CGLytics, to keep up with investors and improve their reporting practices.
Board insights available in the CGLytics application
The need to keep up with intel on governance risk exposure was evident during the 2018 proxy season. The season saw record levels of shareholder activism, with some high-level campaigns – notably those of Elliott Management and Icahn Partners – hitting the headlines. Changes to board composition and M&A were the primary aims of these campaigns. A recent study performed by Lazard, shows that activists won 161 board seats in 2018, up 56 per cent from 2017 and continue to name accomplished candidates, with 27 per cent of activist appointees having public company CEO/CFO experience. The message is clear: boards must regularly review their governance vulnerabilities to minimise their exposure to activists, and to review vulnerabilities they must have access to the analytics and tools in platforms such as CGLytics'.
And themes that were established in the 2018 season are likely to continue. Shareholder activism will increase with institutional investors playing a more active role and driving change. It also seems likely that US activists will launch campaigns focussed on European companies. Forcing European companies to have access to global data for instant comparison of not just their country peers, but their industry peers and competitors globally.
To prepare effectively for shareholder engagement and anticipate response, companies and their boards must also be looking at past voting habits and patterns, and resolutions from other AGMs during the season. By looking at the trends of past shareholder voting and keeping abreast of happenings during the current proxy season, boards can spot patterns and predict the outcomes of shareholder voting resolutions.
CGLytics' platform hosts an extensive database of N-PX filings with voting proposals and resolutions from 2004 onwards, covering 4,000-plus investors with more than eight million data points. With this information on hand, plus the benefit of receiving up-to-date alerts of shareholder voting outcomes, boards remain on top of voting trends and can easily identify investors for a proactive engagement.
The next era in corporate governance intelligence
The pressure on companies and their boards to increase transparency of executive compensation and pay practices, improve age and gender diversity, and constantly assess their board quality and effectiveness will not go away.
As investors and their proxy advisors gain greater insights and intelligence by use of data and smart solutions, companies will need to do the same. Boards need to ensure they are on top of their exposure to governance risks in order to avoid activism at all costs and any possibility of reputational risk – and they need to do this efficiently.
Would you like to learn more about how, you too, can have instant insights into more than 5,500 globally listed companies' board composition, diversity, expertise and skills? As well as access the same executive compensation data used by Glass Lewis in their Proxy Papers? Click here to learn more.
Author Leonie MayPosted on November 8, 2019 November 11, 2019 Categories Industry ReportTags Board Effectiveness, Corporate Governance, Diversity, Executive Pay, Governance Analytics, SRD IILeave a comment on Good corporate governance begins with good data
The increasing popularity of linking equity compensation to socially responsible practices
Social responsibility is an increasing priority for corporates, reflecting changing pressures from stakeholders and society. In this article CGLytics looks at the trend of linking executive equity compensation to responsible social practices.
Historically, the primary concern of shareholders and company executives has been to deliver returns on investments and ensure that the company meets or exceeds their quarterly earnings expectations. Inevitably this led to a more short-term view with any projects that didn't contribute to the present quarter / yearly results being at risk of cuts.
However, as some of the leading shareholders continue to embrace their roles in ensuring that companies are held accountable for their impact on both the environment and society, a growing trend has emerged of remuneration committees coming under pressure to link equity and compensation awards to sustainable environmental and socially responsible business practices (E.g. Alphabet 2019 Proxy Statement – Proposal 13).
A number of studies [Project ROI] have been carried out that link social and environmental impact to attracting and retaining customers, increasing revenue and building a vibrant corporate culture, whilst also having significant brand impact in a landscape where simply achieving results may become secondary to the "how" they were achieved.
Linking social impact to executive compensation
One of the most significant hurdles of linking the social impact of a company to the equity based compensation of senior executives and directors has been the attempt to identify quantifiable measures for what can be a very subjective definition of success.
As the topic has come under more scrutiny there has been a visible appetite for businesses to provide more reporting and demonstrate measures that have been taken to ensure they partake in socially responsible practices. This can include:
Auditing suppliers to ensure that they and their subcontractors adhere to the values that they wish to demonstrate,
Allocating employee time and resources to positively impact society, or
Specific metrics regarding health and safety at work.
An example of this trend is Alcoa. In their 2019 proxy statement Alcoa links 30% of incentive goals to non-financial measures such as safety at work and diversity in the workforce, up from 20% in 2018.
In addition to the individual metrics defined by organizations, there has also been a growing trend of executive compensation being linked to the performance of a company on a corporate responsibility index (e.g. Dow Jones Sustainability Index). By linking elements of incentive multipliers to performance against a wider set of peers and the index, companies are able to not only create quantifiable targets to base awards on but are also focused on ensuring that they take a long term view in order to outperform competitors.
Gathering momentum
By defining these criteria and linking to long term incentives, businesses are more able to demonstrate their roles in a socially responsible business world. The positive financial impact of a socially responsible business is only a relatively recent trend. However, with a growing number of large investors taking an active role in the stewardship and engagement of their assets (Blackrock letter to CEOs), it is a trend that is likely to continue to gain traction.
Conversely, organizations that are perceived to be failing to meet their obligations to society will increasingly impact the brand, reputation, and ultimately the bottom line. Hence companies that traditionally have been focused on their financial results are exploring how they can adapt to the new criteria.
The Glass Lewis Equity Compensation Model
Glass Lewis' Equity Compensation Model (ECM) is now available exclusively via CGLytics. Providing unprecedented transparency to the U.S. market in one powerful online application, both companies and investors can use the same 11 key criteria as the leading proxy advisor to assess equity incentive plans.
Click here to experience Glass Lewis' new application.
Author Rob AlportPosted on September 19, 2019 January 28, 2020 Categories BlogTags Board Effectiveness, Diversity, Investment, Investor Activism, ShareholdersLeave a comment on The increasing popularity of linking equity compensation to socially responsible practices
Uber: Culture Clash
CGLytics takes a look at the recent IPO of Uber and how negative stories and scandals led to lower than expected interest
Uber launched its IPO on May 10th, with an initial share price of USD 45.00 per share. Despite a potential undervaluation of the business of at least USD 25 billion, Uber failed to attract the attention of investors and only managed to raise USD 8.1 billion. An array of scandals and controversies that the company had to contend with over the past several years may have led to the company's uninspiring launch. Examples hereof include Kalanick referring to his desirability as "Boob-er", proven allegations that the company booked fake rides on Lyft's app, spying on the movements of celebrities such as Beyoncé, and even launching a self-driving program without having obtained the necessary permits. These events eventually culminated in a series of revelations in 2017 that ended with Travis Kalanick stepping down as CEO.
Kalanick and Company Culture
In February a former employee released a blog post in which she detailed her experience working for the company which involved sexual harassment and gender bias. Shortly thereafter the New York Times released an article which described Uber employees indulging in illicit substances, in addition to a manger being fired for sexual misconduct. The article would appear to be the tip of the iceberg and by June that same year over 20 employees were fired due to inappropriate behavior. Founder and CEO Travis Kalanick was also forced to step down amid pressure from investors.
Determined to regain control, Kalanick promised to return to the helm of his company. Kalanick's super-voting shares, which gave him 10 votes per share, had previously allowed him to drastically influence corporate decisions. This was evidenced when Kalanick spontaneously appointed two new directors without informing the board. These appointments came amidst a lawsuit against Kalanick by venture capital firm, and major Uber shareholder, Benchmark. The VC firm sued for fraud, breach of contract and breach of fiduciary duty. The firm further pledged to reject a critical USD 9 billion investment proposal from multinational conglomerate SoftBank.
Ultimately, Uber's Board approved a series of changes in order to counter Kalanick's influence, appease Benchmark, and lock in the Softbank investment. These changes included a reform of the company's by-laws which implemented a "one-share one-vote" rule and led to an increase in size of Uber's board from an original 11 members to 17. Two of these seats are reserved for representatives of SoftBank, and three are to be filled by independent directors. Of the 17 board positions available, five remain unfilled. This is in part due to the deal still being in review by the Committee on Foreign Investment in the United States (CIFUS), although the deal is expected to eventually be approved.
Board Size: Bigger Does Not Always Equal Better
Although these reforms were implemented in the hopes of instigating better governance practices, studies have repeatedly shown that companies with a smaller board size (9.5 directors) outperform companies with a large board (14+) by as much as 8.5% in terms of return. Utilising CGLytics' governance data and analytics, an examination of the two industries in which Uber operates (Information Technology and Consumer Discretionary) appears to corroborate the correlation between a smaller board size and higher shareholder returns.
As the legal frameworks for companies leveraging the concept of a "sharing economy" are still developing, much of Uber's future lies in the hands of market regulators. Many European countries such as Greece, Belgium, and Romania have outlawed Uber from operating in their countries. Moreover, if Uber drivers were to be classed as employees rather than independent contractors, as is currently under debate in the United States, then Uber's bottom line would be significantly impacted.
Although the company has come a long way since its "Bro-Culture" days, the company's inability to enforce a professional corporate culture have led to the installation of what may appear to be inconsistent governance measures. Primarily, it has increased the size of the board (which could potentially affect the company's ability to provide returns to shareholders) in an attempt to counterbalance the influence of the company's former CEO. The clashes between Softbank, Benchmark, and Kalanick have left an enduring impact on Uber's reputation, valuation, and governance dynamics, with the company's share price currently feeling the most pressure.
THE INDEPENDENT, ENGADGET, BBC NEWS, Uber Blog, CNBC, ENGADGET, THE VERGE, TECH CRUNCH,
VOX, BUSINESS INSIDER, CNBC, DILIGENT, BLOOMBERG, FORBES.
Get access to the same insights as investors and proxy advisors with CGLytics' boardroom intelligence capabilities. With easy to use comparison tools and standardised data, instantly perform a governance health check against regulatory norms and market standards.
Jaco Fourie: U.S. Research Analyst
Jaco holds a Bachelor of Science degree in Accounting and Finance from the University of Reading. He has gained experience as a research analyst from his enrollment at the Henley Business School and the International Capital Market Association Centre.
Author Rob AlportPosted on May 20, 2019 October 29, 2019 Categories BlogTags DiversityLeave a comment on Uber: Culture Clash
2017-2018 S&P 500 Review: Increasing Boardroom Diversity
The CGLytics report, Increasing Boardroom Diversity – 2017-2018 S&P 500 Review, describes the current boardroom composition of S&P 500 companies through comparative data captured between 2017 and 2018, evaluating the progress made and the likelihood of achieving greater diversity in the coming years.
Pressure is continuing to build for S&P 500 companies to step up the pace in their board refreshment initiatives in order to catch up with their global peers.
The CGLytics report, Increasing Boardroom Diversity – 2017-2018 S&P 500 Review, describes the current boardroom composition of S&P 500 companies through comparative data captured between 2017 and 2018, evaluating the progress made and the likelihood of achieving greater diversity in the coming years. The report addresses diversity by gender and age – comparing the degree of diversity seen in accordance to sector. The report also reflects on current problems with "overboarding" and how to ensure directors have the availability to serve responsibly.
5 Key Takeaways:
Boards got bigger, with average number of members rising to 11 (from 10 in 2017)
One-third of new appointments were women
All but one company absent a female director in 2017 corrected this in 2018
The average age of all boards increased to 63.5 years old
Data reveals certain companies benefited from adding younger directors to their board
Download the report to learn more.
Author adminPosted on May 4, 2019 May 27, 2019 Categories Industry ReportTags DiversityLeave a comment on 2017-2018 S&P 500 Review: Increasing Boardroom Diversity
The Gender Barometer in the Dutch Boardroom
This article describes the current state of play of gender diversity in boardrooms of Dutch listed companies (AEX, AMX and AScX) and the prospect to achieve the 30% quota in the Netherlands in 2016.
Author adminPosted on May 4, 2019 May 27, 2019 Categories Industry ReportTags DiversityLeave a comment on The Gender Barometer in the Dutch Boardroom
Waivers Of Mandatory Retirement Ages And Company Performance
CGLytics examines the costs and benefits of waiving the mandatory retirement age for directors, elaborating upon aspects of the S&P 500: Increasing Boardroom Diversity Report.
In today's competitive corporate landscape, a company's board refreshment policy should aim to ensure that board agendas are robustly debated with a variety of perspectives present. This multitude of perspectives as an integral part of the organisation's decision-making bodies has often been termed "cognitive diversity".
This article seeks to further elaborate upon certain aspects of CGLytics' S&P 500: Increasing Boardroom Diversity Report, with a particular focus on age diversity within the boardroom, and examines the costs and benefits of waiving the mandatory retirement age for directors. The data included in this report is based on the same data set used in the publication, incorporating board composition data as of year end 2018.
Download Now: Mandatory Retirement Age – A Brief Overview
Author adminPosted on April 18, 2019 October 29, 2019 Categories BlogTags DiversityLeave a comment on Waivers Of Mandatory Retirement Ages And Company Performance


text:
Indian coast guard ship sachet, interceptor boats C-450 and C-451 commissioned: Rajnath Singh
On May 15, 2020 Union Defence minister Rajnath Singh has commissioned the indigenously-built Indian Coast Guard Ship(ICGS) Sachet, the 1st in the series of five offshore patrol vessels (OPVs), and Interceptor Boats(IB's) C-450 and C-451 in Goa by video conference from New Delhi.
For the 1st time in Indian maritime history that a ship was commissioned through digital medium by maintaining strict protocol of social distancing due to COVID-19 pandemic.
Indian Coast Guard Ship (ICGS) Sachet
Sachet' means alert is projection of will and commitment of ICG 'to be ever vigilant for serving and protecting' the maritime interest of the Nation
i.The 105 metre ship is designed and built indigenously by Goa Shipyard Ltd (GSL) and is fitted with state-of-the-art navigation and communication equipment, sensors and machinery.
ii.It displaces approximately 2,350 tonnes and is propelled by two 9,100 KW diesel engines designed to attain a maximum speed of 26 knots, with an endurance of 6,000 nautical miles(nm).
iii.The sustenance, reach, the latest equipment and system, provides the capability to perform the role of a command platform and undertake tasks to fulfil the Coast Guard charter.
iv.The ship is designed to carry a twin-engine helicopter, four high speed boats and one inflatable boat for swift boarding and search and rescue operations. It is capable of carrying limited pollution response equipment to undertake oil spill pollution response at sea.
v.Deputy Inspector General Rajesh Mittal commands ICGS Sachet and is manned by 11 officers and 110 men.
IB's C-450 and C- 451
i.The two 30 metre boats are designed and built by Larsen & Toubro(L&T) Shipyard, Hazira (Gujarat) and are fitted with the latest navigation and Communication equipment.
ii.They are capable of achieving speeds in excess of 45 knots and are designed for high-speed interception, close coast patrol and low-intensity maritime operations.
iii.The IB's are commanded by Assistant Commandant Gaurav Kumar Gola and Assistant Commandant Akin Zutshi.
i.The ICG has been a pioneer in inducting indigenous assets which has enabled it to remain operationally available throughout the year.
ii.The Indian shipbuilding industry has about 70% indigenous content. The ship and boats, on joining the ICG fleet, will be deployed extensively for EEZ (exclusive economic zone) surveillance, coastal security and other duties.
iii.With the latest commissioning the ICG has reached a landmark of 150 ships and boats and 62 aircraft. In addition 40 ships are at various stages of construction at different Indian shipyards
iv.16 Advanced Light Helicopters are under production at Hindustan Aeronautics Limited(HAL), Bengaluru, which will provide additional strength to the surveillance capabilities of the ICG to deal with the ever-dynamic maritime challenges
Members present at the occasion- Ajay Kumar, defence secretary; D.G. Krishnaswamy Natarajan; Secretary (Defence Finance), Gargi Kaul, and other senior officials of the Ministry of Defence were present in Delhi. Minister of State for Defence Shripad Yesso Naik and Chairman & Managing Director(CMD) of Goa Shipyard, Cmde Bharat Bhushan Nagpal were present in the Vasco facility of Goa Shipyard Ltd at the time of commissioning.
Other Induction:
Separately, the Navy formally inducted Landing Craft Utility (LCU) L57 into service at Port Blair. This is the seventh LCU in the series of the MK-IV class that has been indigenously designed and built by the Garden Reach Shipbuilders and Engineers (GRSE), Kolkata.
About ICG:
Headquarters- New Delhi, India
Director General– Krishnaswamy Natarajan
About GSL:
Headquarters– Vasco da Gama, Goa
Chairman & Managing Director– Cmde Bharat Bhushan Nagpal
Rajnath Singh- Lucknow, Uttar Pradesh
Shripad Yesso Naik- North Goa
Previous articleGujarat Govt launches 'Atmanirbhar Gujarat Sahay Yojna' to provide loans to small businessmen
Next articleIndia's CO2 emissions falls for the 1st time in four decades: Carbon Brief
Kiren Rijiju launches 25 day Khelo India Community Coach Development programme
U.S. joins G7 artificial intelligence group to counter China
India Observatory launches GIS-enabled dashboard, CoAST India

redpajama_set_name: RedPajamaCommonCrawl


text:
Папа Бенедикт XIV (; 31. март 1675 —  3. мај 1758) је био 247. папа од 17. августа 1740. до 3. маја 1758.

Спољашње везе

 -{Pope Benedict XIV Portrait at the Vatican Museum}-.

Рођени 1675.
Умрли 1758.
Папе

redpajama_set_name: RedPajamaWikipedia


text:
Can ISPs Sell Your Data?
The age old question is explored in depth, can ISPs sell your data? The answer, surprisingly, is yes.
Can ISPs Sell My Data? Inquiring Minds Want To Know
The questions, can ISPs sell your browsing history and is my ISP watching me, are easy to answer but the answers may not please you. In some cases yes and in others no, it just depends on where you live. In the US, after a landmark reversal of policy, ISPs may now collect and sell data that is deemed non-identifying. The rules, put in place by the Obama administration, would have required ISPs to get your permission before collecting your data. AT&T, Comcast and Verizon have all stated they will not sell data to third parties, they didn't say they wouldn't collect and use the data, or distribute it within their own umbrella of businesses.
The privacy rules were first put in place by FCC Chairman Tom Wheeler under the authority of the FCC. He claimed jurisdiction by reclassifying them as a common carrier and lumping them into the same category as the phone company. If you're confused by this don't worry, it is confusing because many if not all of the "old" phone companies are also offering broadband services over the same networks. In some cases regulation comes down to how the Internet connection made as in the case of cable. Cable internet is classified as an information service and largely free of regulation while DSL was once considered a phone service.
Prior to the reclassification broadband carriers were regulated by the FTC. Unfortunately for the FTC a Federal Court ruling says they have no jurisdiction over broadband anymore because the net neutrality rules passed in 2015 classifying it as a common carrier. Common carriers are regulated by the FCC, now any business offering common carrier services is exempt from FTC oversight.
But They Have To Collect Data
ISPs not only have access to all the data being generated on the Internet, they have an obligation to track and monitor it. They have to do it on the DNS end of things to make sure the network is running properly and not being abused, they have to do it on the security end as well to make sure they can protect against attacks. The issue at hand is really a matter of what they are allowed to collect, how they store it and what they do with it. The difference between the ISPs and the websites that collect your data is this. When you go to a website like Facebook or Google you are willingly and knowingly, more or less, allowing them to track you in exchange for their service. You have no choice when it comes to your ISP. You have to use them to get to the net, and you've already paid for the service.
Can ISPs sell Internet History?
Congress invoked its Congressional Review clause in order to make the repeal. The clause allows congress to review and revoke regulations put in place by federal agencies if they so choose. One of the outcomes of the review is a stay on any new rules of the same type without similar congressional approval. This means no new FCC chairman can enact privacy rules on his or her own authority and broadband providers can't be labeled common carriers unless approved by majority vote.
What many don't realize is that Congress act to repeal Internet privacy rules did little to affect the way the Internet worked. The rules weren't scheduled to go in place until December of 2017; no one was following them anyway. There were no significant impediments to an ISP collecting data and then using the knowledge to profit, and there are none now.
The FCC has retained the right to take action against broadband providers if they engage in unjust or unfair practices. The new rules set a level of expected conduct with after-the-fact enforcement for those breaching the guidelines. Proponents of the new rules say it's all moot because it's in an ISP's favor to handle your data properly or face financial loss.
The real problem is that more and more ISPs are offering services across the net and operate platforms where advertising can be displayed. Unlike a website that can track when you log on, where you log on from and what you do while you're there an ISP can track everything you do and build a detailed profile of you, your family and your habits and then sell ads space or databases on a targeted basis. Internet based companies like Google and Facebook are opposed to ISPs collecting and selling data because it puts them at a severe disadvantage as they have limited access to information that ISPs have maximum access too.
The HTTPS protocol helps alleviate some concerns but does not alleviate all concerns. HTTPS is an improvement on the old HTTP which is the protocol for how we name and address websites. The S stands for secure and means the connection is secured by some form of encryption. This means that an ISP can't see what you are doing when you are on a website but it can still see which websites you go to. A visit to a medical website, a social services website and a ride-share application could easily add up to highly sensitive personal information. Add to this information on where you bank, your political views, sexual orientation and other proclivities the risk of your ISP harming your security only grows.
Because no new rules can be put in place without Congressional approval it will literally take an act of Congress to do anything to control an ISPs' collection of data. Of course, with today's advanced data mining techniques and widespread availability of legal and illegally obtained databases it doesn't take much for any business to do that. Social engineering, the use of data to control and manipulate situations or people, is growing problem and made easier by the detailed amounts of data ISPs are able to collect.
Internet Privacy Has Been A Problem Since Day 1
Do ISPs sell data? Not as often as you might think but they do engage in the practice of monitoring your traffic. It is in fact in their favor to behave properly, no one wants to use an ISP known to sell your secrets to anonymous third parties, which is why they try to keep the data anonymous. This doesn't mean that no one is collecting because they are. Most websites you visit will collect some form of data, sites like Facebook and Google are in business to collect your data. They use it to build vast databases of information they use to sell targeted audiences to advertisers and organizations with a message to spread.
The problem of Internet privacy, data collection and who can collect data had been slowly simmering for some time, staring with the Madison River Investigation. This was the first case of the FCC trying to enforce net neutrality rules on broadband providers but did not result in long lasting legislation. Madison River Communications was suspected of blocking voice over IP VOIP (Skype) traffic but the case was dropped before any facts were ascertained. The company agreed to quit blocking traffic and pay a small fine if the FCC would drop the investigation.
Comcast brought the problem to a boil when it was caught throttling Internet traffic. The broadband provide monitored traffic to target users and websites that put undue strain on their network. They used the information to slow traffic to and from users and businesses in order to free bandwidth for other users. These applications included streaming media and file sharing services like TOR. A few users discovered the throttling in 2007 and brought the matter to court. Comcast was censured by the FCC and ordered to cease the practice but that decision was later overturned but the FCC lacked sufficient authority. The decision later led to the reclassification as a common carrier.
AT&T is admittedly guilty of monitoring traffic and using their position as broadband provider to extort higher prices. The company began a policy in 2013 that required an extra $29 fee for fiber optic connection unless customers opted into a program that allowed their habits to be tracked for the purpose of targeted ad placement. The program was terminated in 2016 shortly before the FCC had finalized its new privacy rules, the rules Congress just threw out the window. Charter, a cable company and ISP, had plans for a similar system in 2008 but scrapped it before implementation due to heavy criticism.
Also in 2013, a company called CMS Communication, a rural TV and broadband provider servicing Texas and Louisiana, was caught slipping ads on top of their subscribers' content. One such Internet user, a computer scientist, said he first thought Apple.com had entered into a bad cross-marketing campaign, and then that he had somehow downloaded a virus. Both thoughts paled to the horror he felt when the realization struck his ISP was watching what he was doing and serving unsanctioned ads. After doing some in depth analysis he determined that the ISP was acting as a sort of man in the middle, using a single line of code to hijack web connections and route them through an ad server. The server belongs to a company calling itself R66T, pronounced Root 66, a business partnering with ISPs to serve targeted ads.
Verizon Wireless customers browsing is tracked by an online clearinghouse for the purposes of serving up targeted advertising. Customers can opt out of the system if they want, or opt-in to specialty plans the allow them to earn rewards for viewing ads. The service is part of the AOL Advertising Network and will share you identifying information with their partners and affiliates. From the web page:
"We do not share information that identifies you personally as part of these programs other than with vendors and partners who do work for us. We require that these vendors and partners protect the information and use it only for the services they are providing us."
At least they make their vendors and partners promise to use your information the right way.
T-Mobile's website terms of use and privacy policy is scary, it's more of a non-privacy policy. They clearly state that they do collect data about you. This data includes personal information such as name and date of birth, contact information like emails and addresses, credit and financial information including social security numbers and account numbers and your network and device information including the machines you use, the websites you visit and applications you use. They use the data for a lot of truly respectable things like verifying your accounts and billing but they also use it for targeted advertising and in either case your privacy and security have been compromised.
These abuses are not limited to US providers. In 2011 the Tunisian government was found to have infected a password grabbing bit of code targeting Facebook accounts. It would steal passwords whenever Facebook was accessed from within the country in order for monitoring of subversive elements within the population. Facebook got wise to the scheme and made the site available over HTTPS and preventing further abuses.
A Solution No One Talks About
You can enhance your data security with VPN. VPN is Virtual private network and a solution for Internet privacy and security that no one talks about. It is a means of securing connections for sensitive data transfers and comes with many side benefits. A few of these include masking your IP address, evading geodetection / georestriction, encrypted transmissions and anonymity on the net. In the case of your ISP and its collection of your data, VPNs make it highly unlikely they will be able to collect anything more than that some user, somewhere has made a connection through their gateway and it goes to some place on the Internet.
Imagine a huge water pipe, that's the flow of Internet traffic through your ISP's gateway. If you want to use it you have to connect to it, when you connect to it they are able to monitor everything you do (not saying they do necessarily but you never know). Now imagine inserting a hose through the pipe. The hose has no markings, no identifying features and is not traceable to its origins. The hose is camouflaged to look like all the other water flowing through the pipe but is able to bypass monitoring stations and connect to its end point without interference. This is what a VPN does for you.
The VPN was created during a period spanning the late 70's into the early 80's in response to growing widespread use of the Internet. Before that time most computer networks were local networks and only accessible by direct access. When the Internet Protocol came along it allowed remote users to access local networks over the public phone lines. This was a great advancement as it allowed users to access and share data with the home network from anywhere a phone connection could be established. The only problem was security. Public phone lines and sensitive information were a recipe for disaster and led to the rise of rampant Internet crime as we know it today.
To combat this problem teams at DARPA and within the private sector developed a number of different technologies. One allowed for direct / secured connection to dedicated servers, another masked IP addresses and yet another included encryption. None of them quite managed to solve all the problems faced by governments, military and businesses who relied on the net. The solution turned out to be a combination of these technologies that have now become known as VPN.c
In the early days of VPN it took advanced knowledge of the Internet and the resources to set up and operate a VPN network. Today VPN is commercially available with subscription and sometimes even for free. The caveat though is free VPN really isn't free. Sure, it may protect you from outside influences but that's only so they can monitor and log your data without competition. A paid VPN service dedicated to preserving the principles of a free, unrestricted, safe and open Internet is a much better choice and often very inexpensive.
Simple VPNs allow for safe and anonymous surfing of the net. The only people who will know you're surfing are the sites you visit and only if you log on to them. Even then they won't know where you are, not really, because your computer will display a different IP address assigned by the VPN server. More advanced VPNs add additional layers of security with encryption and packet verification to ensure information goes to the right place and can only be used by the right websites.
Le VPN is a leading provider of VPN services for home and office. With servers in 120+ countries, their network has the coverage to meet the needs of virtually all Internet users. The service can be used with PC or Mac, iOS or Android, Desktop, laptop, mobile and can even be installed on a router for whole-home protection. If you're worried about your ISP collecting and selling your data you need a VPN. You know they're out there right now tracking you read this blog post… don't let them do that anymore, get Le VPN.
*Article Updated On January 16th, 2019.*


Coltar (E/R), Feb. 11, GNA - Ms Florence Govina, the Ayensuno District Chief Executive (DCE), has called on potential investors and the business community to partner the assembly to establish a pawpaw juice processing factory.
She said the District's Center for Agriculture Commerce and Technology (DCACT) office is ready with documentation and plans to partner any investor for the start of the proposed factory.
''We have varieties of pawpaw in abundance in the district and it would be prudent that we add value to the fruit to make it more profitable and economically viable '' she said.
Ms Govina made the appeal in an interview with Ghana News Agency (GNA) adding that the Assembly has plans to support the Amanase Aboabo gari producers who are into the production of Soyabean gari.
She said the support would be through the Commercial Local Government Forum, a non-governmental organisation which is to help the group to establish a gari processing centre, that will have a greater machine, smokeless oven and a corn milling machine to facilitate their work.
She said there is also the consideration to also add to their existing soyabean gari mix, the processing of cassave powder ''konkonte''.
Ms Govina said a tomato paste factory and a quarry factory to produce tiles is under construction in the district under the ''One District One Factory'' (1D1F) programme.
She said since her assumption of office 18 months ago, she has been able to build two CHPS compounds for Govinakrom and Obuohukrom.
Ms Govina said she has also supervised the building of school blocks for Teacher Mante, Kwaboata and the Kyekyewrekrom communities.
She said through the GETFund, the district has also benefited immensely from other educational infrastructure.
Ms Govina expressed the hope that with the efforts being made in the areas of education, health and sanitation, the District was going to be one of the best in the country.


The Couple in the Cage: Guatianaui Odyssey (1993), based on the performance series created by Coco Fusco and Guillermo Gómez-Peña. Film directed and produced by Coco Fusco and Paula Heredia. Courtesy Video Data Bank | School of the Arts Institute Chicago.
Coco Fusco (born 1960 in New York City, US) is a Cuban-American interdisciplinary artist and writer. Her works combines electronic media and performance in several formats and focuses on the relationship between women and society, race and politics. She currently serves as the Andrew Banks Endowed Chair at the College of the Arts at University of Florida.
Guillermo Gómez-Peña (born 1955 in Mexico City) is a Chicano performance artist, writer, activist and educator. His seminal performance art pieces are concerned with the radical exploration of borders –physical, cultural or otherwise–, hybrid identities, and the politics of language.
Paula Heredia (born 1957 in San Salvador, El Salvador), a filmmaker and film editor based in New York City. She is the co-founder of Heredia Pictures, LLC, which keeps close ties with El Salvador through programs promoting education, culture and international exchange.
The VENICE INTERNATIONAL PERFORMANCE ART WEEK 2016 presents The Couple in the Cage: Guatianaui Odyssey (1993), based on the performance series created by Coco Fusco and Guillermo Gómez-Peña. Film directed and produced by Coco Fusco and Paula Heredia. In a series of performances named The Year of the White Bear and Two Undiscovered Amerindians Visit the West (1992–1994), Fusco and Gomez-Pena decked themselves out in primitive costumes and appeared before the public as "undiscovered AmerIndians" locked in a golden cage — an exercise in faux anthropology based on racist images of natives. Presented eight times in four different countries, these simple performances evoked various responses, the most startling being the huge numbers of people who didn't find the idea of "natives" locked in a cage objectionable. This provocative video suggests that the "primitive" is nothing more than a construction of the West and uses comic fiction to address historical truths and tragedies.


sustainable development cannot be achieved by a single enterprise (or, for that matter, by the entire business community) in isolation. Sustainable development is a pervasive... Courses are available for Wellington homeowners, tenants, and building sector professionals to make their homes sustainable. Ways to make your home sustainable Insulate walls, ceiling and under floor to aid heating and save on energy costs.
Here at Urban Play, we're as dedicated to sustainability as we are to children's play. We believe that it's our responsibility to care for the environment today to ensure a better future for our children tomorrow.
This template was designed to assist your organization in the development of a sustainability policy. It lays out the elements needed to create your organization's sustainability policy broken into the following sections: Vision, Principles, Important Issues, Our commitment and scope, Objectives and Reporting.
If you're concerned about environmental crisis and climate change, learn about sustainability. What world leaders and citizens do to change the way we use resources early in this century will influence how we live for generations in the future.
What is Sustainable Development? Sustainable development is the practice of developing land and construction projects in a manner that reduces their impact on the environment by allowing them to create energy efficient models of self-sufficiency.
2/02/2009 · Solar power – Sustainable green energy to protect our economy and environment: 1. Introduction – Originally developed for energy requirement for orbiting earth satellite – Solar Power – have expanded in recent years for our domestic and industrial needs.


I had this for two years! I take great care of my equipment, I also would like to say that this mic pre is pretty much new. It has very little scratches and you get the original box! The item "Focusrite ISA Two 2 Channel Microphone Preamplifier / MINT" is in sale since Wednesday, September 5, 2018.
This item is in the category "Musical Instruments & Gear\Pro Audio Equipment\Preamps & Channel Strips". The seller is "daniebaile-70" and is located in Madisonville, Louisiana.


text:
import os
import webob.dec
import webob.exc
from webob import Request
from webob import Response
from paste.deploy import loadapp
from wsgiref.simple_server import make_server

"""
A filter class factory shall be defined such that:
0. The factory method shall return the filter class itself. By design, the
   filter does not know the next app, cannot and does not initialize the class
   by itself. The framework performs that. One way to pass instance-specific
   variables to define the filter class internal (see LogFilterV2).
A filter class (returned by the factory) shall be defined such that:
1. The __init__() accepts a single argument app, which is the next app
   (callable class) in the pipeline.
2. The __call__() shall update the arguments environ and start_response, call
   the next app with exactly these same two arguments. To simplify that, use
   @webob.dec.wsgify() instead.

A terminal/app class factory shall be defined such that:
0. The factory method shall initialize and return an instance of the app
   class. The framework does not perform or care about the initialization.
   Thus there is technical no requirement on the __init__() function. This
   also means that we could pass instance variable to the class directly,
   without relying on the internal class hacking.
A terminal/app class shall be defined such that:
0. The __init__() has no requirement, as said above. We are free to pass in
   instance-specific variables we like.
1. The __call__() shall call start_response to set HTTP headers, return the
   final result.

The decorator @webob.dec.wsgify() can help simplify the __call__().

Originally, we would have to write:

    def __call__(self, environ, start_response):
        req = Request(environ)
        res = Response()
        ...
        return res(environ, start_response)

Now we could write instead:

    @webob.dec.wsgify()
    def __call__(self, req):  # request-taking and response-returning
        res = Response()
        ...
        return res  # for terminal/app class
        req.get_response(self.app)  # for filter class

"""

class LogFilter(object):
    def __init__(self, app):
        self.app = app
        pass

    def __call__(self, environ, start_response):
        print "filter:LogFilter is called."
        return self.app(environ, start_response)

    @classmethod
    def factory(cls, global_conf, **kwargs):
        print "in LogFilter.factory", global_conf, kwargs
        return LogFilter

class LogFilterV2(object):
    @classmethod
    def factory(cls, global_conf, **kwargs):
        print "in LogFilter.factory", global_conf, kwargs
        username = kwargs['username']
        password = kwargs['password']

        class Filter(object):
            def __init__(self, app):
                self.app = app
                # pass in arguments in the config file
                self.username = username
                self.password = password

            @webob.dec.wsgify()
            def __call__(self, req):
                print "filter:LogFilterV2 called (username=%s, password=%s)" % (
                    self.username, self.password)
                return req.get_response(self.app)
        return Filter

class ShowVersion(object):

    def __init__(self, version):
        self.version = version
        pass

    def __call__(self, environ, start_response):
        start_response("200 OK", [("Content-type", "text/plain")])
        return "Paste Deploy LAB: Version = %s" % self.version

    @classmethod
    def factory(cls, global_conf, **kwargs):
        print "in ShowVersion.factory", global_conf, kwargs
        # create app class instance with arguments from config file
        return ShowVersion(kwargs['version'])

class Calculator(object):
    def __init__(self):
        pass

    @webob.dec.wsgify()
    def __call__(self, req):
        res = Response()
        res.status = "200 OK"
        res.content_type = "text/plain"
        # get operands
        operator = req.GET.get("operator", None)
        operand1 = req.GET.get("operand1", None)
        operand2 = req.GET.get("operand2", None)
        print req.GET
        opnd1 = int(operand1)
        opnd2 = int(operand2)
        if operator == u'plus':
            result = opnd1 + opnd2
        elif operator == u'minus':
            result = opnd1 - opnd2
        elif operator == u'star':
            result = opnd1 * opnd2
        elif operator == u'slash':
            result = opnd1 / opnd2
        else:
            raise webob.exc.HTTPBadRequest(
                "the operator %s unknown" % operator)
        res.body = "%s /nRESULT= %d" % (str(req.GET), result)
        return res

    @classmethod
    def factory(cls, global_conf, **kwargs):
        print "in Calculator.factory", global_conf, kwargs
        return Calculator()

if __name__ == '__main__':
    configfile = "pastedeploylab.ini"
    appname = "pdl"
    wsgi_app = loadapp("config:%s" % os.path.abspath(configfile), appname)
    server = make_server('localhost', 8080, wsgi_app)
    usages = """
    Usages: access these URLs using curl or httpie:
        http://127.0.0.1:8080/
        http://127.0.0.1:8080/calc?operator=plus&operand1=12&operand2=23
        http://127.0.0.1:8080/admin/users/
        http://127.0.0.1:8080/admin/users/1

    Note: our URL routing/mapping here is naive, if /admin (no terminal '/')
    is requested, the server will throw exception
    'RoutesException: URL or environ must be provided'.
    """
    print(usages)
    server.serve_forever()

redpajama_set_name: RedPajamaGithub


Riverside at Marasi Business Bay is an exciting new luxury residential and retail development by Dubai Properties, in the heart of Business Bay.
With unrivalled views of the surrounding Dubai Canal, this 12km promenade has vast green outdoor spaces, onshore boutiques, leisure facilities as well as a choice of hotels and unique dining experiences in the form of floating restaurants.
The new luxury waterfront property in Dubai is in close proximity to the city's most popular shopping malls and fine dining venues. Combining high-end lifestyle amenities on site with private Marina berths, the Business Bay yacht club just moments away and multiple private balcony pools overlooking the stunning Dubai Canal, Riverside at Marasi Business Bay is the most desirable place in live in Dubai.


text:
Marathi film
मराठीहिंदी
EntertainmentSports
PMC Bank crisis
Aarey Forest Issue
Master Stroke
Vidhan Sabha Election
Zee5 announces its next original film 'Operation Parindey'
Inspired by true events, Operation Parindey is be helmed by Sanjay Gadhvi and is slated to be a 2020 release. The film stars Amit Sadh, Rahul Dev and others.
By Mumbai Live Team
After releasing many successful and promising shows this year, OTT platform ZEE5 announces Operation Parindey, an Original Film directed by Sanjay Gadhvi of the Dhoom franchise (Dhoom 1 & 2). Inspired by true events, the story is a fast-paced action thriller based on interesting events and happenings post-surgical strikes.
Operation Parindey is a fictional account of one of the most controversial jailbreaks in the history of India. The story moves at a rapid pace through a series of unexpected twists and turns that will take the viewers deeper into the actual events surrounding the jailbreak.
The edge of the seat thriller features an impressive cast comprising Amit Sadh (SP Abhinav Mathur), Rahul Dev (Monty Singh), Ameet Gaurr (Kartar), Kunal Kumar (Shreeni), Aakash Dhaiya (Pabbi), Rucha Inamkar (SP Komal) amongst others.
Director Sanjay Gadhvi who is a master of this genre said, "What originally drew me to this story was that it is inspired by a true-life event. The cast that I got on for this film is perfect and extremely apt to play their respective characters. This is my digital directorial debut and I am happy to be working with ZEE5 on it who have a fantastic reach making sure our story reaches far and wide. This film has a lot of depth and is challenging for me as a director, which is what drives me to take this forward. Hope you enjoy the film just as much as I am enjoying making it."
Aparna Acharekar, Programming Head, ZEE5 India said, "Since inception, we have created the most talked about Original Films across genres with the best talent. Operation Parindey delves on a topic that nobody in India has explored yet when it comes to digital content. The entire team is hand-picked, extremely talented and committed to deliver a fantastic product. We will continue to consistently present diverse content that interests our viewers."
Arti Gudal, CEO & Founder, Final Coast said, "Operation Parindey will always be close to my heart as it is our first project with ZEE5. As a producer, I am thrilled to have such excellent talent with great calibre come together for Operation Parindey. I am certain that the audience will feel the emotions and the thrill throughout the film."
Puruskar Gupta, Director, Fluence Studios (the content creation arm of CA Media Digital) said, "Where there are jails there are jailbreaks … the tougher the prison, the more exciting the prison break! Fluence Studios is pleased to present Operation Parindey in association with Final Coast for ZEE5. The film will take the audience on a rollercoaster ride of the highs and lows of what it takes to plot, plan and action an actual escape."
Slated for a 2020 release, the film went on floors recently and the crew will be shooting across Bhatinda in Punjab and Mumbai. The film will be produced by Final Coast and Fluence Studios (an arm of CA Media) along with associate producers Roll Kamera Motion Pictures.
Zee5Operation ParindeySanjay GadhviAmit SadhRahul DevAmeet Gaurr
Paytm Insider & Qyuki digital host India's biggest fan festival 'Epic Fam Jam 2020'
Raveena Tandon turns writer-producer for a new web series
Amazon Prime Video announces 14 new Amazon Originals for 2020
Vir Das' third Netflix special 'For India' to stream this Republic Day
Sonakshi Sinha to debut in a dark thriller web series titled Fallen?
Eros Now's original web series 'Metro Park' to return with season 2
AltBalaji and Zee5 to release a new show titled 'A Married Woman'
Zee5's new web series 'State of Siege: 26/11' to premiere January 24
AltBalaji and Zee5 release the trailer of Jennifer Winget's debut digital show 'Code-M'
Jan 6, 2020, 1:47 PM IST
Zee5 releases the trailer of Rangbaaz Phirse
ZEE5 unveils the 'December binge-watch calendar' with new shows
Sunny Leone's new song 'Hello Ji' from Ragini MMS 2 releases


It's suitable from 6 months and continues until the time when your child is able to climb in and out of their chair independently.
The baby set seating rail prevents your child from sliding between the seating rail and Tripp Trapp® seat plate.
It also reduces the risk of your child sliding out of the Tripp Trapp®.


Bindy - Name Meaning, What does Bindy mean?
Bindy as a girls' name is of Italian derivation, and the name Bindy means "beautiful". Bindy is a variant form of Belinda (Italian).
Recommended sound-alike names are Andy, Benny, Bianey, Biddy, Biffy, Billy, Bina, Binah, Binny, Bird, Birdey, Birdy, Bizzy, Blinny, Blondy, Bonny, Brady, Brandy▼, Bridy, Brinda, Briney, Briny, Bunny, Bunty, Candy▼, Cindy▼, Cyndy, Hildy, Jandy, Kandy, Lundy, Lyndy, Mandy▼, Mindy▼, Randy, Sandy▼, Sindy, Syndy, Tandy, Tildy, Wandy, Wendy▼, Windy and Zandy. These names tend to be more frequently used than Bindy.


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Artists' Panel Discussion Draws Record Attendance
The Old Schwamb Mill presented a Gallery Talk/Artist Panel Discussion with the artists whose art is featured in the exhibit "Look: Perspectives on Nature," on Saturday, January 28.
This group exhibit, with paintings by Suzanne McLeod, Maureen McCabe, Patricia Crotty, and Elissa Yanover, features landscape-based works. Seeing their work together invites viewers to look closely at how each of them interprets nature, which today must also include thinking about climate change; this existential threat underlies the exhibit, which celebrates the beauty of the natural world. Many of the paintings and prints are infused with concerns about climate change.
The artists presented their work in a unique "Pecha Kucha" format, sharing 20 slides for 20 seconds per slide. An appreciative, standing room only audience learned about each artist's vision and inspiration for their works.
The exhibit will be on display through Saturday, March 11.
You may view the presentation here:
Support the Old Schwamb Mill
We hope that you will join us by making an end-of-year contribution to the Mill's Annual Appeal. Your contribution helps us plan for the coming year and end the current year on a solid financial footing.
You can donate securely online:
Or send a donation by check. Please make checks payable to Schwamb Mill Preservation Trust, Inc. and mail to Old Schwamb Mill, 17 Mill Lane, Arlington MA 02476
The Schwamb Mill Preservation Trust Inc. is a nonprofit 501(c)(3) charitable educational institution. Your gift is tax-deductible to the extent provided by law.
The Old Schwamb Mill in Arlington, Massachusetts, is located on the oldest continuously operating mill site in the United States. Mills have been located on the main building site since the late 1600s. In 1971, the Old Schwamb Mill was listed on the United States National Register of Historic Places.
Our wood turner David W. Graf creating a frame.
In 1864, Charles Schwamb purchased a rebuilt, two-and-a-half story wood frame industrial building that had been built three years earlier but never occupied. The Schwambs proceeded to build west and east wing additions in 1869 and the late 1880s, respectively and were still making picture frames on the premises as late as 1969. After 105 years operating as a family-owned business, a remarkable transition from working factory to a living history museum was made possible by the vision and determination of Arlington resident and early preservationist Patricia Cunningham Fitzmaurice
The Mill's unique 19th-century elliptical lathes, its original belt-driven shaft-and-pulley machinery, and the original hand-turning process are used to this day to create custom-made oval and circular frames for customers around the world.
Tuesdays and Saturdays, 10 am to 4 pm. Group tours are available by appointment.
Admission is free, with a suggested donation of $5.00 per person.
Address: 17 Mill Lane, Arlington, Massachusetts 02476
Website: https://oldschwambmill.org
Email: info@oldschwambmill.org
Facebook at The Old Schwamb Mill
Before there was an Old Schwamb Mill or even an Arlington, Massachusetts, there was this Land, Water and Woods, the ancestral home of the Indigenous Massachuset People.
We acknowledge and honor these people, their history and their culture.


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'Sandy Wexler' Trailer #2 Has Adam Sandler Stuck in the 1990s
Sandy Wexler Trailer #2 Has Adam Sandler Stuck in the 1990s
in Movie Trailers
Following the brief teaser trailer released last month, Netflix has now unleashed a full trailer for their upcoming comedy Sandy Wexler, starring Adam Sandler as the title character. This comedy marks the third movie in his four-picture deal with the streaming service, which has already yielded the 2015 Western The Ridiculous Six and last year's The Do-Over. While the comedy superstar reunites with several of his frequent collaborators, this movie shows Adam Sandler sharing the spotlight with Oscar winner Jennifer Hudson.
Sandy Wexler (Adam Sandler) is a talent manager working in Los Angeles in the 1990s, diligently representing a group of eccentric clients on the fringes of show business. His single minded devotion is put to the test when he falls in love with his newest client, Courtney Clarke (Jennifer Hudson), a tremendously talented singer who he discovers at an amusement park. Over the course of a decade, the two of them play out a star-crossed love story.
This Netflix original film also stars Kevin James (True Memoirs of An International Assassin), Terry Crews (Brooklyn Nine-Nine, Ultimate Beastmaster), Lamorne Morris (New Girl), Nick Swardson (The Do-Over), Rob Schneider (Real Rob, Grown Ups), Jane Seymour (Wedding Crashers), Grammy winner Aaron Neville, Arsenio Hall and more. This role marks the first feature film role for Arsenio Hall since 2009's Black Dynamite. The film is directed by Steven Brill (The Do-Over). Paul Sado, Dan Bulla and Adam Sandler wrote the script. Happy Madison Productions' Adam Sandler and Allen Covert serve as producers.
Related: Arsenio Hall to Make Movie Comeback in Adam Sandler's Sandy Wexler
Barry Bernardi and Tim Herlihy serve as executive producers. film will be released on the Netflix streaming service April 14, 2017. While this comedy won't be released in theaters, it won't technically have any box office competition, but it is coming out the same weekend as Universal Pictures' The Fate of the Furious, along with Open Road Films' Spark. Netflix doesn't release viewership data, so even if the box office performances of both The Fate of the Furious and Spark are somehow altered by the release of Sandy Wexler, it won't be revealed how many times the movie was watched in its "opening weekend."
It hasn't been announced yet what Adam Sandler's fourth and final movie for Netflix will be, or if the comedian has plans on extending his deal with the streaming service. With the release of this trailer, it's possible that the announcement of his last Netflix movie is just around the corner. The last time he was seen on the big screen was in 2015's Pixels, but he will be returning to the big screen later this year in director Noah Baumbach's Yeh Din Ka Kissa. That movie features an ensemble cast which includes Ben Stiller, Dustin Hoffman, Emma Thompson, Candice Bergen and Sakina Jaffrey. He will also return to voice Dracula in Sony Pictures Animation's sequel Hotel Transylvania 3, which is slated for release on September 21, 2018. The comedic superstar also guest-starring role on Kevin James new CBS sitcom, Kevin Can Wait. Take a look at the new trailer for Sandy Wexler below.
Topics: Sandy Wexler, Netflix, Streaming
Sandy Wexler Trailer Takes Adam Sandler Back to the 90s
Adam Sandler & Jennifer Hudson Team for Netflix's Sandy Wexler


Get exceptional protection & heat resistance with Spectrum's selection of lab temperature gloves. Our stock of heat resistant & autoclave gloves are made of soft, pliant terry cloth which provides durability and long wear with heat and abrasion resistance. Use these gloves for handling utensils or items when autoclaving. Excellent for use where other heat protection is needed whether in the lab, school or industry. We also carry the Crusader Flex glove which is a nitrile-coated hot mill glove for intermittent handling of objects up to 400 DEG F - the non-woven felt liner is shielded by a flexible nitrile coating for extended durability and use.
Spectrum specializes in providing the top lab temperature gloves but if you do not see the product you require, just contact our chemical specialist at 800-772-8786. cGMP Certified Facilities and 45,000 chemicals - Trust Your Ingredients!
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Ideal for cold weather work, petrochemical, heavy/light construction, auto repair, demolition, manufacturing, mining, fabrication, landscaping.
Economy Grade. Used in forging, hot metal handling, castings, molds and other operations that require heat protection.
Ideal for foundries and hot metal handling.
Can be used as a glove or as a glove liner in cold weather applications.


Acquisitions and mergers have been the name of the game across the global online gambling industry for the last few years. Last year, Amaya Gaming spent $4.9 billion to take over PokerStars parent company, Rational Group. For $6.4 billion, International Games Technology is about to merge with GTECH SpA. Now it appears that online gambling giant 888 Holdings is entertaining a takeover bid by the UK's largest bookmaker, William Hill.
The story first broke this morning when The Times reported that William Hill is in "advanced talks" with 888 over a bid to acquire the Gibraltar-based online gambling firm. The report indicated that Will Hill was offering 210 pence per share, amounting to approximately £750 million (USD $1.14 billion).
If Will Hill were to take over 888 Holdings, it would give the company a leg in the US online gaming market as well. 888 is already licensed to operate online poker rooms in Nevada, Delaware and New Jersey, with online casino operations in the latter two states.
Immediately following the announcement, shares in 888 Holdings began to skyrocket. The stock price had jumped to 175.00 pence by 3:00pm GMT, closing at 171.50 for an overall jump of +18.28% by end of trading day. In contrast, shares in William Hill fell -3.13%, closing at 377.40.
According to industry analysts, striking a deal between the two live and online gambling companies will be easier said than down. It's been speculated that the founders of 888, believed to be the Israeli Shaked family, want the bid increased to as high as 300p/share (£1.07 billion; or USD $1.64 billion). That rumor seems to stem from previous takeover talks in 2011 between 888 and Ladbrokes that fell through when the two couldn't agree on a mutually affable purchase price.
While acquisitions have become a lot more commonplace in the live and online gambling industry since 2010, they have clearly escalated more so over the last year. One dominant factor attributing to online gambling buyouts is the increased regulation and taxation of the industry throughout certain regions.
The UK in particular has become an expensive region for online poker, casino and sports betting operators. A new regulatory framework came into force late last year – one that William Hill was prepared to fight when it was first proposed in 2012 – in which tax havens like 888's home base in Gibraltar are no longer cost-efficient for operators who accept UK players. Those operators must obtain a UK license and pay a 15% POC tax, greatly increasing their bottom line.