Corporate governance of alternative investment funds has undergone increased scrutiny since the 2008 financial crisis. The roles and responsibilities of the board of directors and how an effective board addresses shareholder interests within a fund have made major headlines and become of increasing interest to investors. The recent examples of the Weavering court cases in the United Kingdom and the Cayman Islands are a useful source to explore some of the ways in which an ineffective board of directors generates poor corporate governance, and produces adverse effects for an investment fund and its shareholders.
In April 2012, in his outgoing speech as CEO of the Financial Services Association (UK), Hector Sants discussed the need for improved corporate governance and the symptoms which contributed to the failure of financial firms over the last five years. He identified the indicators of financial failure as follows:
– A dysfunctional board
– A domineering CEO
– Key posts held by individuals without the correct technical expertise
– Inadequate oversight of risk
– Inadequate understanding of the aggregation of risk
Although Hector Sants’ speech referred to financial firms in general, his views on corporate governance are also relevant to the corporate governance of alternative investment vehicles.
One of the symptoms listed of a fund heading for failure is a dysfunctional board. A fund ensures that its corporate governance is well executed by laying out a suitable structure, corporate attitude and monitoring follow through. An effective board is composed of members who understand how an investment vehicle could fail and therefore must possess the correct technical competence and experience to comprehend and anticipate these potential circumstances. In addition to the relevant knowledge and experience, board members who possess the desired values and character are also an asset to a firm.
To achieve the desired variety of board members, the presence of independent non-executive individuals is an extremely effective way of bringing an outside perspective to a company. Independent board members allow for greater emphasis on investor needs. Executive directors are usually affiliated with the investment managers, or advisors and are thus highly involved with the fund’s day to day running. Therefore, the managers and advisors benefit from having an outside perspective when making important decisions for the fund. As the title suggests, independent directors must not have any financial interests within the fund, in order to provide a truly independent viewpoint. Independent directors do not take part in the daily discretionary investment management of a fund and to ensure their neutrality, should not be involved in these decisions.
Independent directors can be sourced from independent director firms, or there are many established independent directors from the investment industry offering their services. Board members do not need to all possess the same level of expertise; in fact it is more desirable to include a diverse range of expertise and experience which encourages a superior level of debate and less ‘group think’ among board members.
Meaningful debate among members is essential to a competent board of directors. A board needs to regularly challenge the decisions that they are asked to make and ratify at board meetings. As has been covered in the media, the Weavering hedge fund case, (to be discussed further in detail), demonstrated how failure by board members to challenge decisions resulted in a major lack of oversight of the fund’s activity. As such, it is recommended that each decision be subject to the correct amount of debate, where all potential risks are covered before a final decision is taken.
Directors of an investment vehicle are required to take a broad range of decisions. For an investment fund, directors should review the Offering Memorandum (“OM”). The OM relates to the fund’s strategy, and overall operational activities of the fund. Some of the important points to cover within the OM are trading instruments, information on counterparty exposure risk, and redemption and subscription procedures. On establishment, cases can occur whereby a board is overloaded with management information, obscuring the relevant information and constraining debate on the key issues. It is therefore recommended that meeting briefs are carefully prepared, and in good time, to ensure the correct content is present in the necessary level of detail.
Content to be covered during meetings
In order to ensure that the agreed strategy for the fund is properly executed, it is recommended that a board ensures a flow of information in order to monitor the implementation. This increases the effectiveness of subsequent meetings and allows for the correct preparation of meeting briefs. Directors must be familiar with and understand the investment vehicle’s official documentation, including the Articles of Association and the OM. The Articles of Association set out the duties of the board and guidelines for meetings proceedings.
Directors may also be required from time to time to review and approve written resolutions, which are legally binding. Resolutions can be signed outside of meetings, and are generally considered approved after all directors have signed. Directors should ensure that any such changes referred to in the resolutions are legal under the corporate documents and discern the reasoning for such changes to the functioning of the fund. It should be established that any decisions taken which concern a certain group of shareholders do not adversely affect another group of shareholders. Typical share dealing matters contained in written resolutions include waiving or reducing notice periods, application of gates, redemptions proceeds or any variances to the dealing procedures set out in the OM.
The overall financial performance of the fund is an important topic for directors to cover as well. At the end of an accounting year, the board are required to review and approve the audited financial statements of a fund.
Investor communications are another possible item on a board meeting agenda. These are sent to investors on a regular basis in order to inform them of the overall performance of the fund and to explain how the investment strategy has played out since the last investor update. These are very important during lower performance times for a fund, in order to reassure investors. The investment manager composes the investor letter, and it is useful for independent directors to use their expertise to review communications and ensure a suitable investor letter is issued.
If conflict were to occur between an investment vehicle and service providers to the fund, such as administrators or prime brokers, this can be mediated by independent directors.
There are no requirements regarding who prepares the agenda for a board meeting, however it is generally the corporate secretary who drafts the agenda and prepares the minutes arising from a meeting. It is recommended that a service provider who is experienced in this capacity takes this role, in order to convene board meetings and circulate the relevant documentation in accordance with the statutory documents of the fund. Service providers such as administrators and directors can perform this duty. Notice requirements can be found in the funds articles which should be adhered to when drafting the notice and incorporating the agenda. The preparation of the minutes is highly important in order to ensure that there is accurate recording of the relevant issues that were discussed and debated in order to come to the most appropriate decision, as well as allowing the corporate secretary to note and document concerns and responsibility for appropriate follow up measures.
Delegation of Duties: Weavering
The case of the Weavering fund was a seminal case for hedge funds all over the world, after its $600 million collapse in 2009. The Cayman Islands’ civil case found two non-executive directors guilty of wilful default in the discharge of their duties. In a 37 page judgement by Justice Andrew J. Jones, he explained the requirements and expectations to which directors of alternative investments funds are subject to. It was emphasised that non-executive directors should be competent and knowledgeable, and should not allow for the dominance of one individual over the board, which is what is deemed to have occurred in the Weavering case.
In addition to the Cayman Islands’ investment court case relating to the independent directors, the High Court in the UK found Weavering’s manager Magnus Peterson guilty of fraud, two executive directors of the fund directors guilty of negligence which allowed fraud to happen, and a highly paid employee of the fund guilty of negligence. Following this judgement, the UK’s Serious Fraud Office (“SFO”) decided to reopen the case against Magnus Peterson which had been dropped in 2011.
In both the UK and Cayman Islands rulings, the poor corporate governance at one Weavering fund was highlighted, where non-executive directors were not considered suitably independent, or fit for their role. Of the non-executive directors convicted in the Cayman case, one was Magnus Peterson’s younger brother, and one was his step father. The judge in this case found that although Magnus Peterson’s company Weavering Capital UK was designated to be the fund’s ‘advisor’ in the OM, Weavering Capital UK was in reality acting as the investment manager. Thus, the decisions made regarding the assets of the fund were controlled by Magnus Peterson and it was found that the necessary level of debate required to reach reasonable, investor driven decisions did not occur.
In the UK case, a similar line was taken in relation to the fund’s corporate governance, where Mrs. Justice Proudman found that Magnus Peterson managed the fund however he saw fit, without being held accountable by the board of directors. It was also found that Mr. Peterson did not comply with the investment restrictions outlined in the fund’s OM, whereby the Weavering Macro Fixed Income Fund Ltd. engaged in fictitious interest rate swaps, incorrectly inflating the fund’s NAV for its investors.
The Weavering case also highlighted the issue of delegation of the various functions of an investment fund including investment management, administration and accounting to professional service providers. This practice does not reduce the level of responsibility of directors. In fact it increases the requirements for enquiry and supervision of the roles that service providers play in the fund’s operations. Directors should be able to regularly verify that a third party service provider is performing its duties in accordance with the relevant service provider agreement.
Furthermore, heavy influence of an investment manager should not prevent directors from raising concerns. In the Weavering case, it was found that directors had signed documents without close inspection of their contents.
Corporate Governance after Weavering
Weavering, although a detrimental case for its investors and various creditors, also serves as an important source of education and potential improvement for the alternative investment community as a whole. The problems highlighted during the Cayman Islands ruling and the UK ruling show strong parallels with the issues articulated by Hector Sants in his outgoing speech as FSA CEO. The presence of a domineering CEO, who has more influence than his or her whole board of directors is a major barrier to effective monitoring of the various decisions to be made.
The ineffective board, lack of expertise of board members, proximity of independent directors to the investment manager (brother, stepfather) and lack of risk oversight all contributed to a poorly performing board of directors. As a consequence, it was deemed that decisions were not made based on the best interests of the shareholders. This is a highly influential case for all members of the investment management industry, as there has been a shift towards greater demands for transparency from financial regulators on a global scale, as well as from investors who are becoming more sophisticated and learning from these types of examples.
As such, it is understandable that the provision of documents which prove that board members met, discussed and debated relevant issues, is increasingly essential. An experienced corporate secretary who provides the relevant documentation pre-meeting, during a meeting, and takes appropriate measures post-meeting is invaluable in this respect.
The applicable domicile of choice will often provide guidance on how good corporate governance can be achieved. For example Ireland, the biggest hedge fund domicile in Europe, introduced the Corporate Governance Code for Collective Investment Schemes and Management Companies at the beginning of 2012. It is understood that Guernsey is developing a similar code and the Cayman Islands Monetary Authority’s Statement of Guidance on Corporate Governance is under policy review. Companies can conduct ‘gap analyses’ in order to determine where their board needs to increase effort to comply with the recommendations and govern the investment vehicle to the highest standard possible.
Globally, corporate governance for investment funds is undergoing close examination, in an effort to prevent failure of financial firms in the future. This can only be achieved if a proactive approach is taken in order to ensure that boards of directors possess the right amount of expertise and that this expertise is utilised efficiently via the correct procedures and information flows.
For further information on any of the topics covered please call +1 345 743 6622 or email [email protected] or visit our website at www.trinityadmin.com
Risk Mitigation & The US Election
We need to talk about the election.
For the past four months, news cycles have been dominated by the COVID-19 pandemic. It is easy to forget that, for investors, the November US election was to be the defining issue of 2020. The winner will potentially impact the direction of travel of investments, regulation, corporate earnings and balance sheets for at least the next four years.
- Learn how to protect your assets against the risks posed by the US election
- Understand how Chief Investment Officers are adapting to the United States’ political landscape to gain a competitive edge
- Identify investment opportunities in this uncertain time
We will be joined by:
- Shannon Saccocia, Chief Investment Officer, Boston Private
- Stephanie Link, Chief Investment Strategist, Hightower Advisors
If you can’t make it, sign up and I will send you the recordings.
Research Lead, Financial Services
Investment Summit by Reuters Events
Phone: +44 7748655237
Email: [email protected]
Investment Summit by Reuters Events is part of Thomson Reuters.
Investment Summit by Reuters Events is the central hub for investment executives. Through in-depth industry analysis, targeted research, niche events and quality content, we provide the industry with a platform to network, discuss, learn and shape the future of investment.
The impact of a recession on your pension
By James Turner, Director at Turner Little
The stock market is beginning to show signs of life as measures introduced to help businesses amid the pandemic begin to take hold, but much is still uncertain. There’s no doubt that the pandemic has affected most people’s finances. From the Bank of England’s decision to reduce its rates, to the potential loss of earnings for people forced to remain at home, there is much to contend with.
“Naturally, at times of economic uncertainty such as these, people fear their retirement pots will be wiped out. For most people, their pension is one of the most valuable assets they hold,” says James Turner, Director at Company Formation Specialists, Turner Little.
So how could the continued pandemic and impending recession affect your pensions?
“If you have a defined contribution pension, your savings have probably been hit hard as a consequence, because pension schemes invest in the stock market, so big rises and falls can have an impact,” says James.
“It is important to remember that pension savings, as with any investment, is usually long-term. If you’re young, there’s still time for markets to recover before you take your pension, but if you’re close to retirement, there is the potential that your pot could have taken a bigger hit,” he adds.
Pensions are typically invested in stocks and shares, bonds, property and cash. If you’re concerned about its value, most schemes now have online platforms where you can see how your investments are performing.
“It’s important to treat your pension as an asset, and asset protection is all about planning. Effective planning ensures that no matter what happens, you will remain in control of your assets,” says James.
If you’re interested in finding our more about asset protection and would like to discuss your specific requirements, get in touch with us today. Our specialist team of experts will deal with matters pragmatically and sensitively, taking the time to meet with you and discuss your individual objectives in detail, in order to provide solutions that are uniquely tailored to your needs.
The Business Case for Sustainable Wealth Creation: A Conscious Mindset Approach
By Mirjana Boznovska
The scale of the planetary crisis is so big that a fundamental shift is needed from business leaders and all stakeholders including investors, human resources as well as consumers. There is a new way of thinking emerging, one that is shaping the future of sustainable wealth creation with a focus on conscious mindset.
Humanity’s prosperity is linked to expanding our definition of wealth to include a respect for the environment and empathy for others. All of these come together and are the source of true innovation. Our future depends on learning to create wealth in sustainable ways.
Money and wealth are tools which help create opportunities. Opportunities for those who have it to do “good” in their environment, their community and globally. Serving society is the most inspiring and never-ending source for economic activities, creating value for humanity.
Sustainable wealth is future benefit that sustains future life. Sustainable wealth means consumption or the using up of benefits must equal additional investments that increase wealth, so wealth is maintained and sustained. When the spiritual dimension of wealth is interjected in the economic equation, physical wealth expands on two counts: a) there would be a lowered desire to consume materialism and b) the spirit of service would inevitably lead to increased wealth. Balancing ecological and economic consideration is an acceptable short-term goal of co-creating sustainable wealth, but in fact ecological restoration must be the long-term goal.
This would be possible only when unsuspected sources of clean energy are tapped and scientific research in ecological restoration is pursued. This is one way of looking at co-creating wealth that can help humanity pay back its ecological deficit. It’s about creating value without destroying value. The systems we create need to serve all individuals and the system itself.
Today our systems are increasingly feeding only the super-wealthy, and everything we understand about the human psyche is that we are creating a class of super selfish, super greedy people who take at the expense of individuals, society and our ecological systems. The depletion of social and environmental capital weakens our social systems. The world is interconnected, and different parameters are having an impact on our lives, our profession and on the worldwide economy.
The question that arises is how can we as an individual and as part of the global economy create sustainable wealth, balancing economic and ecological priorities?
The question is closely depending on how we start and manage a sustainable economy based on strong and long-term industry. The global economy remains market-centred, even though the evidence has been mounting that these markets are failing us and the planet. Tweaking this model isn’t good enough We need a new paradigm which will provide a new theory that fits our unfolding reality, a new environment-centred economics that can maximize not profit alone but the well-being of living things – it’s about conscious business which requires conscious leadership.
The Three P’s
Conscious business supports the idea of the three P’s: People, Profit, Planet. The authentic motives behind such choices are self-mastery, love, care and the desire to serve.
What is Business Sustainability? Business sustainability is often defined as managing the triple bottom line, a process by which businesses manage their financial, social and environment risks, obligations, and opportunities. We can extend this definition to capture more than just accounting for environmental and social impacts. Sustainable businesses are resilient, and they create economic value, healthy ecosystems, and strong communities. These businesses survive external crisis because they are intimately connected to healthy economic, social, and environmental systems. They require conscious leadership with a conscious culture and conscious service. A paradigm is a set of interconnected ideas that have a logical cohesion.
The Business Model for the 21st Century
In most discussions about the business case for sustainability, the emphasis has been on the bottom line. The value of sustainability has been analysed from every direction—revenues, profits, and share prices. However, sustainability is more than just about firm-level benefits. Businesses, business schools, and society recognize that the current course of production and consumption cannot be sustained within our natural resource limits.
Businesses develop the products and services consumed by individuals around the world. The vast resources extracted by business for society’s use have created waste streams that find their way into our land, air and water and compromise human health. New businesses are being built on an understanding of the problems that have emerged through the 20th century. Increasingly, old businesses are evolving to use fewer resources, intensify the resources they do use, and renew and reuse the products they sell. New relationships are forming between businesses as firms realize synergies from interdependence; one firm can profit from another’s waste, or several firms can benefit through flexible supply chain relationships built on common interest.
The 21st century is revealing a new paradigm in which business is no longer separate from society. Realizing the new “business-as-society” paradigm will require the efforts and ingenuity of organizations across sectors and industries. It will challenge the current generation of business leaders to apply their hard-won knowledge to novel problems, and the next generation to evolve into conscious leadership and address issues of unprecedented importance and complexity. Those businesses that identified the hurdles and challenges described in this article, along with those businesses that aim to overcome them, will help to shape this new business landscape. The concept of sustainability is undeniably compelling.
Let’s consider for a moment the move towards a paradigm whereby the business decisions were aligned with the best ecological decisions, ie conscious business and conscious service. The business case for sustainability draws on several core arguments. Pro-environmental practices create positive brand associations among consumers, politicians, and regulators. They also anticipate regulatory trends and position the company favorably when such policies become law. The mindset shift required that seeks to further efficiency in materials and waste carries over into other realms of conscious leadership. Similarly, the innovation required to overcome environmental challenges promotes innovation generally. And employees have high morale when they believe in what their company is doing.
However, there are still many barriers to sustainable wealth creation as it would appear. When we take a step deeper into the definition of service, fear usually comes up, uncertainty, and a moment of self-definition. Who am I and what do I serve? Whether inside or outside the business world, the same questions arise.
“It doesn’t fit the business model” or “How are we supposed to measure the impact” are common examples of why it requires a mindset shift to start building sustainability from supply chain activities to HR practices.
Ordinarily such principles fall into the realm of self-awareness, self-mastery, and spirituality, separate from, and opposed to the world of commerce. Essentially a desire that comes from within, to have a positive impact and make a difference in the world which comes from the highest calling to serve. Leaders seem conflicted. It is time for this separation to end. Everyone, even the most jaded corporate executive, yearns for it on some level, yearns to align his/her productive life with his deepest care and highest values. Essentially it is the human condition, that we each want to know that we have made a positive difference in the world. This does not mean to ignore business realities and throw caution to the wind. It means to take the next, slightly scary, slightly outrageous, next step. It is the step for which there is no credible “business case.” It comes from a different motive – it comes from within.
In fact, the “business case for sustainability” does hint at something true. When we take a step into service, the world eventually reciprocates our generosity, albeit in a form and timing that is impossible to predict. A business “case” involves numbers and predictions, but the general principle that it is trying to convey is that the gift moves in a circle. As you do unto the world, so, in some form, will be done unto you.
To take this next step always requires at least a little courage, because it goes against familiar practice and predictable financial self-interest. Someday, hopefully soon, we must change the business environment to end the opposition between profit and ecological well-being and promote the alignment of ecology and money.
Herein lies a vastly different sort of “business case” for sustainability. It comes from questions like, “Who are you, really?” “What do you care about?” and “What do you serve?” “What are your values and belief systems?” “What is your unique self-expression you bring to the world to serve others?” From a deep consideration of such questions, courage is born to overcome the hurdles.
Hurdles to Overcome for Business Sustainability
- Measurement of sustainability.
Sustainability initiatives can be particularly difficult to measure because they often affect people and society at a macro level, and their organizational implications are unclear. Further, their impacts are not immediately obvious, and they depend on who implements them and how. Many suites of metrics and measurement systems—such as the Global Reporting Initiative, ecological footprint, and life-cycle assessment—currently exist to help managers measure their sustainability. Government policies need to incentivise outcomes and be more clearly connected to sustainability. Governments have several tools at their disposal, such as taxes, regulations, and markets, to encourage businesses to steward environmental resources.
- Consumer choices do not consistently factor sustainability into their purchase decisions.
Understanding how consumers value sustainability in the context of other product attributes would help businesses develop products that meet their needs. Further, there may be a role for business in educating consumers on issues and product attributes, resulting in more informed purchasing decisions. It also applies to investors. Shareholders and lenders must decide where to invest their money. How do they choose between different companies, which requires trading off one set of corporate attributes for another? Understanding how people make trade-offs will help businesses make sustainable choices.
- Sustainability still does not fit neatly into the business case.
Companies have difficulty discriminating between the most important opportunities and threats on the horizon. Better guidelines are needed for engaging key stakeholders,
- Research shows employees would rather work for sustainable firms—and some would even forego higher earnings to do so.
Firms must better leverage this knowledge to attract and retain the best employees. These mechanisms should allow firms to leverage their sustainability initiatives and values, building the right capacity internally and ensuring progress is made towards sustainability goals.
- Current financial decision-making does not fully capture the value of sustainability-related investments.
These investments are often based on long-term and intangible rewards, whereas many investments made are based on the short-term impact on the bottom line. Sustainability managers need to be well informed exactly how returns on sustainability investments can be measured and seen. What are the short-term and long-term ways to assess and justify these investments? How can sustainability executives demonstrate the value of sustainability within the decision-making language and framework of finance executives? Until sustainability becomes accepted as a legitimate—and value-creating—activity, it may lose out to projects that are more easily understood and evaluated.
- Businesses need guidance on how to evaluate the materiality of an issue, both for disclosure purposes and for strategic planning.
Equipped with an understanding of which risks and opportunities are most material to their organization, managers can then prioritize material issues, translate them into internal strategies, and communicate them to stakeholders. There is no common set of rules for sourcing sustainably.
- Businesses want to purchase products and services that are environmentally and socially responsible. But the process of identifying sustainable suppliers is not always straightforward, and the means for comparing products is not always obvious. Sustainable sourcing decisions may also require industry-specific knowledge and practices, or data that just may not be available. Identifying a set of best practices for sustainable sourcing would provide organizations with targets for benchmarking as well as guidance on managing their supply chains. It would also yield an opportunity for leading businesses to showcase their good practices.
The Old Money Paradigm and Why It’s Not Sustainable
While conventional investing only focuses on the traditional risk and returns considerations in making investment decisions, socially responsible investing considers other ethical factors .The world needs to focus on mutually beneficial partnerships, fostering sustainable development across the continent, targeting the continent’s inhabitants as its primary consumers. Reports such as one published recently by the Business and Sustainable Development Commission, show that sustainable business is an untapped $12 trillion opportunity, making sustainability the most lucrative business sector there is.
What Is Money? Why Was It Created?
Money, in some way, shape or form, has been part of human history for at least the last 3,000 years. Before that time, historians generally agree that a system of bartering likely used. Money derives its value by virtue of its functions: as a medium of exchange, a unit of measurement, and a storehouse for wealth. It is merely an exchange of energy.
A New Paradigm Shift in Wealth Creation
Creating and amassing wealth is more than just a necessity. For centuries, the practice of climbing the ladder to richness has led to wars, influenced literature, and shaped cultures. Whether wealth comes in the form of money or food, all civilizations have pursued it.
The system of wealth creation is based on the current worldview, which in turn is based on the way science is studied and perceived. Most people will not be aware of existing paradigms of wealth creation. They will be too busy accumulating and creating wealth rather than being concerned with the process which they and their wealth underwent.
The paradigm is all about teamwork – to create wealth, everyone must help each other succeed. No longer are the lesser indebted to make the greater richer. Everyone has to run the race, but everyone must hold hands to reach the finish line together.
Sustainable Wealth Creation addresses three very important questions:
- Do financial statements accurately reflect a company’s position?
- Do shareholders have protections and adequate controls?
- Can company leadership make decisions confidently?
Sustainable Wealth Creation principles help answer these important questions by investigating the accounting, legal, regulatory, adjudicative, and economic structures of a country.
Economic systems change at a surprisingly fast pace. Since the information varies over time, the information needs to be monitored and refreshed to gain important insights when making investment decisions involving international equities.
An iceberg is a metaphor for traditional investment analysis regarding international equities. Most international analyses parallel domestic analyses by focusing on the traditional metrics that are akin to the visible part of an iceberg. The hidden information is like the submerged portion of an iceberg. It is key to success (or even survival) but not readily discovered.
What Lessons Are You Teaching Your Children About Money?
Modelling a way of being to our children.
If you don’t take the opportunity to educate your child how to manage money, the value of money and sustainable wealth creation, somebody else will. They will fall within the collective way of thinking. Conscious parenting involves sharing with our children the awareness of our environment, our power of choice, personal responsibility and self-mastery.
The Derry Group launches new employee engagement and communications app
The Derry Group, a one stop shop for the distribution, storage and order picking of chilled and frozen products has...
Barclaycard launches new service to redefine supply chain payments for businesses
Barclaycard Payment Intelligence uses data to help businesses of all sizes better understand and nurture their supply chains The brand-new...
The UnRefundables: Shoppers left out of pocket post-pandemic
One in ten shoppers (11%) left out of pocket or without refunds since pandemic One in three shoppers (36%) actively...
How new trends are creating the perfect recipe for rapid digital transformation throughout the world’s oldest institutions
By Wayne Johnson, CEO, Encompass Digital banking has drastically changed the landscape of financial transactions over the last few years....
Standard Chartered Bank partners with Microsoft to become a cloud-first bank
Standard Chartered Bank and Microsoft Corp. on Tuesday announced a three-year strategic partnership to accelerate the bank’s digital transformation through a cloud-first strategy....
Younger generations drive UK alternative payment method adoption for online transactions
42% of Millennials and 35% of Generation Z feel confident using alternative payment methods, or have used them previously 81%...
New Moneypenny Survey Shows How Office Life has Transformed in Post-lockdown Return to Work
A new survey by leading outsourced communications provider, Moneypenny, into the return to work post-Covid lockdown, shows that almost half...
What does the future hold for accessing earnings? Introducing the world’s first Earnings on Demand payment and debit card
By James Herbert, CEO & founder, Hastee Let’s begin by looking at how our brains are wired. Think about the hunter-gatherer mindset: when...
Risk Mitigation & The US Election
We need to talk about the election. For the past four months, news cycles have been dominated by the COVID-19...
Honest services wire fraud and the need for caution on multilateral development bank projects
By Joshua Ray, Legal Director, Rahman Ravelli www.rahmanravelli.co.uk A recent court case extended US prosecutors’ extraterritorial reach for tackling corruption....