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Articles by Phil Vernon
March for the Children
Free Organizer Penelakut Tribe Start Time 9:00 am Event Length 3hours Location Chemainus Salt Spring Islanders are invited to attend this year’s Annual Spune’luxtth’ Sulxwe’en (Penelakut Elders) March for the Children, taking place Monday, August 3rd in the village of Sunuwnets (now known as Chemainus). Meet at 8:30am at the Salish Sea Market / Chemainus Ferry Terminal; the March will begin around 9am. For those unable participate in the March, you are invited to come to Waterwheel Park.
Viewpoint: March for the Children on Aug. 5
By PHIL VERNON I was speaking last week with James Charlie, chair of the Penelakut Sulxwe’en (Elders Group). James and his siblings were forced as children to attend the residential school on Kuper Island, just north of Salt Spring, now known by its original name Spune’luxutth or Penelakut Island.
An Unsettling Story
I was speaking last week with James Charlie, chair of the Penelakut Sulxwe’en (Elders Group). James and his siblings were forced as children to attend the residential school on Kuper Island, just north of Salt Spring, now known by its original name Spune’luxutth or Penelakut Island.
Islanders invited to Aug. 7th March for the Children
By PHIL VERNON In 2021 news of the discovery of 215 unmarked graves at the site of the Kamloops Residential School generated widespread shock and soul-searching within non-Indigenous Canadian society.
New Fernwood Penelakut signage celebrated
By PHIL VERNON for Salt Spring Indigenous Signage Project team On May 17, Penelakut and Salt Spring communities came together to witness the unveiling of new interpretive signage by Fernwood Wharf, and to share a celebratory meal on the lawns of the Fernwood Road Café. The crowd included Penelakut Elders, knowledge keepers and community members, Fernwood School students, and many Salt Spring community members.
The Frontlines of Peace, by Séverine Autessere. A practical, incremental vision for peacebuilding.
Book review. The Frontlines of Peace, by Séverine Autessere Two years ago I helped Peace Direct write a report designed to explore and showcase the impacts of local peacebuilding initiatives: actions intended to reduce or prevent violence, initiated by the people who were themselves affected or under threat. With limited time and resources, we produced a report that collected examples from many different countries, making the case that such initiatives deserve more space and support.
Do Not Disturb - or perhaps: ‘Why We Should be Disturbed’?
Michela Wrong’s awaited new book on Rwanda is well researched, well written, and shines a light on uncomfortable truths. I was living in the African Great Lakes region at the turn of this century, when Michela Wrong published In the Footsteps of Mr Kurtz – her explanation of President Mobutu’s accession to and sustained hold on power, and why it eventually slipped from his grasp, in what was then Zaire. I read it avidly, as did several friends, including politicians whom I knew.
The beliefs at the core of Australian Ethical
It was Gunns that did it for me. That was the piece of corporate skulduggery that made me realise, once and for all, that investors cannot avoid responsibility for the behaviour of companies they own. But first, some history. Gunns was a Tasmanian logging company that went bankrupt in 2012. In 2004 the company sued 17 individuals and three organisations in the Victorian Supreme Court.
Aid agencies should be clearer about their ethical dilemmas
Are international aid organisations paying enough attention to the ethical complexities of what they do and how they do it? Last year, as one of my final projects before I left International Alert after thirteen years, I led a review of the organisation’s ethical approach to its international peacebuilding work, and the development of a new ethical guidance to replace the one that had last been updated in the 1990s.
RBA warns about superannuation risks
The Reserve Bank of Australia (RBA) released its half-yearly Financial Stability Review on Friday, finding that the Australian financial system remains “resilient” to adverse shocks. The RBA pointed to efforts to strengthen the balance sheets of the major banks, highlighting the need for the big four to “address [misconduct] issues stemming from the culture”. The resilience of the insurance industry has also increased as profits have recovered and capital has been built up, said the RBA.
CBA enters new EU on advice fees
Commonwealth Bank subsidiaries Commonwealth Financial Planning (CFPL) and BW Financial Advice (BWFA) have entered into an enforceable undertaking (EU) with ASIC over fees charged for advice that was not provided, according to a statement by the regulator. The EU comes as a result of an ASIC investigation that found clients of the two groups were charged for annual reviews in ongoing service packages that were not then provided.
Vision Super appoints new board director
InvestorDaily has confirmed Ms Darmanin joined the industry fund’s board of directors on 6 March. She has been the executive president of the Victorian and Tasmanian branch of the Australian Services Union since 1999. Ms Darmanin has also had previous board experience in a similar role, having been a director at industry fund HESTA between 2013 and 2017. Commenting on her own appointment, Ms Darmanin said she was delighted to join the board of the industry fund.
‘Tech bubble’ fears overstated: Lonsec
Speaking to InvestorDaily, Lonsec Investment Solutions chief investment officer Lukasz de Pourbaix acknowledged concerns about the overvaluation of the technology sector. But while it was important to consider valuations, he pointed out that it was equally important to understand whether the valuations were backed up by earnings.
IFM Investors acquires $3.4bn in infrastructure
OHL Concesiones, which is headquartered in Madrid, Spain, has been acquired by IFM Investors for €2,158 million (A$3,403 million). The portfolio consists of 19 transportation infrastructure concessions in Spain, Mexico, Chile, Peru and Colombia, including 14 toll roads, three ports, one airport and one light rail asset. The transaction will give IFM Investors indirect control of OHL México and Concesionaria Mexiquense, which are already part of the fund manager's portfolio.
FPA appoints new FPEC chair
Sharon Taylor will replace outgoing chair Mark Brimble, who stepped down from the role February amid concerns that his employment as a professor with Griffith University and position on the FASEA board may lead to a conflict of interest. FPEC is an ‘independent body’ established by the FPA to assess and accredit higher education pathways as entry points to the CFP program, which developed the approved education pathways that were subsequently adopted by FASEA in its first guidance release.
ASIC cancels Octani Capital's licence
Octani Capital, a Perth-based corporate advisory practice, has had its AFSL cancelled, after failing to pay its fees to ASIC. The corporate regulator said in a statement that Octani, which is operated by Philip Hirschberg, was deregistered on 2 March 2018 for "non-payment of fees". "Accordingly, its AFS licence has been cancelled under s915B(3) of the Corporations Act 2001, from 21 March 2018," said ASIC.
Treasury consults on ASIC funding model
The new fees-for-service model will see prices for “activities such as processing a licence application … revised to reflect ASIC's actual costs,” said a statement from Minister for Revenue and Financial Services Kelly O’Dwyer. Treasury consulted the public about ASIC’s new industry funding model in November 2017 and since then developed draft legislation and explanatory materials that are now open to the public for consultation.
US/China engaged in a 'phoney' trade war
AMP Capital chief economist Shane Oliver has dispelled fears about the seemingly escalating trade dispute between the US and China. “Much of it has been hyperbole, but financial markets have had to price in the risks of a full-blown trade war zapping global growth,” Mr Oliver said in a note to investors. He pointed out that the imposition of tariffs alone did not amount to a trade war.
Finance sector admits to data breaches
There have been 63 notifiable data breaches (NDBs) to the Office of the Australian Information Commissioner (OAIC) since mandatory reporting began on 22 February 2018. The finance sector was the third-highest reporter of NDBs, with eight in total. Health service providers reported 15 breaches in total, while the legal/accounting and management sector accounted for 10.
Mercer adds three to ethical investment team
Former KPMG Australia human rights and social impact senior consultant Timothy Stamp has joined Mercer’s Sydney office as a responsible investment consultant, according to a statement. He spent nearly three years at KPMG Australia, where he worked with clients in the financial services, real estate, natural resources, government and fast-moving consumer goods sectors, and, prior to that, was a consultant at Banarra.
Industry Super chief executive departs
David Whiteley will leave Industry Super Australia after 12 years as its chief executive to join IFM Investors as global head of external relations. Mr Whiteley has led the industry super campaign against retail funds for the past decade, overseeing the 'Compare the Pair' marketing campaign. His new role at IFM Investors, a global fund manager that invests money on behalf of its industry fund owners, will be to head up global external relations.
FASEA CEO exits to join Deloitte
FASEA chair Catherine Walter has announced that Deen Sanders will be stepping down from his role as FASEA chief executive, having been appointed to the position by Minister for Revenue and Financial Services Kelly O’Dwyer in August 2017. Griffith University professor and FASEA board member Mark Brimble has been appointed acting managing director while the government body recruits for a permanent chief executive, with assistance from executive search firm Egon Zehnder.
Spaceship hits turbulence
In late 2016, a new superannuation player named Spaceship announced its intention to disrupt, backed by a $1.6 million capital injection, in part funded by Aussie billionaire and Atlassian founder Mike Cannon-Brookes. The starry-eyed tech start-up and venture capital world salivated at the thought of a new saviour who would engage Millennials in the financial system and increase the options for Australians to invest in technology equities via their super.
ANZ deputy CEO to retire
According to a statement by ANZ, Mr Hodges will be retiring in early May, after 27 years with ANZ, the last nine of which he served as the major bank’s deputy chief executive. Although he is retiring, he will remain on the board of AMMB Holdings and represent ANZ. He joined in 1991 and, since then, has held a number of executive roles, including ANZ New Zealand chief executive as well as head of corporate banking and chief economist, the statement said.
Industry has forced ASIC's hand: Shipton
Speaking at the Thomson Reuters Australia Regulatory Summit in Sydney, ASIC chairman James Shipton pointed to the role that “the regulated population, people and firms” played in the financial system’s smooth operations. “Our regulatory system was not designed as a police state, and this was deliberate. “Instead, our system was designed on the premise that participants should do their part to ensure the system operates appropriately,” Mr Shipton said.
AUSTRAC begins oversight of cryptocurrency
The new laws came into effect on Wednesday and will require Australian cryptocurrency service providers to register with AUSTRAC as well as meet the government’s anti-money laundering and counter-terrorism financing (AML/CTF) compliance and reporting obligations. AUSTRAC released a draft consultation paper in January regarding amendments to AML/CTF regulation to extend it to digital currency providers.
Super the next frontier in ‘open data’ revolution
Superannuation funds should prepare for the ‘open banking’ and ‘open data’ trends underway in the business landscape, QMV’s principal legal and risk consultant Jonathan Steffanoni said in a statement. “We are seeing growing momentum towards placing power in the hands of individuals, and a greater responsibility on institutions when it comes to managing information and data,” Mr Steffanoni said. “The superannuation industry will not be immune from this.
Product terminology misleading, says ‘godfather of ETFs’
Speaking at a media event in Sydney yesterday, Mr Ross – who is the Boston-based global chair of State Street’s SPDR business and described by a State Street spokesperson as the ‘godfather of ETFs’ – criticised the widespread usage of complicated and confusing language. “In our financial world, we're very good with coming up with terms that kind of are catchy,” Mr Ross said.
Ralton appoints new portfolio manager
Mr Riggall steps into the new role at the boutique after nearly five years at REST Super Investment Management. Before that, he was in a similar position at Wallara Asset Management, and, prior to that, spent eight years at AMP Capital and AMP Capital Investors, where he held various roles in portfolio management. In a statement, Ralton head of Australian equities Andrew Stanley said the team was “delighted” to have Mr Riggall join.
From franking credits to global opportunities
The recent announcement by the Labor party that if elected, they will eliminate cash refunds of excess dividend franking credits, has sparked much debate about whether or not the current policy is a generous tax loophole or simply part of a tax system designed to avoid the double taxation of income.
Retail funds failing to satisfy: Roy Morgan
A statement from Roy Morgan about superannuation fund satisfaction results from February has revealed industry funds led the way in satisfaction with financial performance among almost all surveyed members. The only group who were more satisfied with retail funds than industry funds were those with account balances of less than $5,000. Source: Roy Morgan Single Source (Australia). Six months to February 2017, n = 14,554: six months to February 2018, n = 14,651.
China-US ‘trade war’ a risk to equities: GSFM
This week, China announced it would slap its own tariffs on 128 US imports, following an imposition by the US of a 25 per cent traffic on steel and aluminium. Speaking to InvestorDaily, GFSM investment consultant Stephen Miller said while these measures by the US president alone will not have a major impact on the global economy, any further retaliation might.
UK regulator puts fund fees under microscope
A recent report by the FCA revealed that the presentation and method of disclosing fund costs and charges affected investors’ decision-making and price awareness. “Making information available does not necessarily mean that investors will take notice of or understand it,” the report said.
Financial services execs added to Prospa board
Ms Pemberton will be joined by Frontier Advisers director Fiona Trafford-Walker, while Ironbridge Capital joint chief executive Greg Ruddock has stepped into the role of chairman after joining the board as a director in September 2015. In a statement, the company said Ms Pemberton and Ms Trafford-Walker both fit with the company’s goals and are well suited to their new roles.
Chi-X will not ‘butt heads’ with the ASX
At a media event in Sydney on Monday, Chi-X’s newly appointed chief executive Vic Jokovic spoke about the alternative stock exchange’s relationship with Australia’s primary bourse. “I will say we are both a competitor and a client of the ASX. We interact with the ASX every day,” Mr Jokovic said. “There's some sense that we butt heads with the ASX a lot. “Competition is a good thing.
BEAR consultation opened to industry
Legislated by the Turnbull government in February, BEAR imposes higher standards of behaviour on banks and their senior executives and directors. Treasurer Scott Morrison has now announced the release of a new legislative instrument within the BEAR bill, which will be used to determine compliance obligations and the size of penalties imposed on non-compliant banks. The government is also seeking feedback on how to define small, medium and large authorised deposit-taking institutions (ADIs).
Franklin Templeton portfolio added to SMA offering
The portfolio invests in “approximately 20 global stocks, comprising quality growth companies with sustainable business models and proven management teams”, Praemium said in a statement. The portfolio was added to the SMA service to meet increasing demand for “a globally diversified portfolio”, Praemium head of product and marketing Mat Walker said.
Impact investing more than a ‘marketing gimmick’
In a 'letter from the CEO' in the Global Impact Investing Network’s (GIIN) Roadmap for the Future of Impact Investing report, co-founder and chief executive Amit Bouri questioned whether the impact investment movement had done enough for a "better, brighter and more equitable future".
Does war have a future?
‘History is made by people who don’t know what is going to happen next’. With this truism – a truism we too often forget, whether thinking about our own future history, or trying to interpret the past – Lawrence Freedman introduces his wide ranging and literate analysis of how commentators, experts and society at large over the past 150 years have envisaged and prepared for war and peace, and how they have all too often got it wrong: The Future of War – A History.
Peace writ large: peacebuilding works, but we may need to shout about it more
As director of programmes for International Alert over the past 13 years, I have seldom doubted the importance of our work, supporting local efforts to reduce violence and build peace in troubled parts of the world. When I was asked earlier this year to write a report making the economic, moral, and political case for more resources to be applied to peacebuilding, I thought it would be a simple task.
What is peacebuilding? Ask the public
This International Peace Day a striking 84% of people in the UK, US and Germany agree that ‘human beings have the right to live in peace: free from conflict’. Amidst heightened global insecurity and media criticism of foreign aid spending, one might assume a rise in public sympathy for military solutions to armed conflict. However, a new poll shows there is surprisingly strong public appetite to invest in long-term peacebuilding efforts.
Sustaining peace
Half of all peace deals fail within five years. This is how you make them work. President of Colombia Juan Manuel Santos gives ex-U.S. President Barack Obama a copy of the Colombian peace agreement, September 21, 2016. Credit: Flickr/Agencia de Noticias Andes. Some rights reserved. Violent conflict is on the rise. According to the Global Peace Index 2017 published last month, the last decade has seen the highest decline in world peace since the Cold War.
NDP this time - Gulf Islands Driftwood
I’ve given it some consideration, and this time I’m voting NDP. I’ve come to understand my vote is the strongest challenge I can make to protect the Salish Sea, the myriad creatures living above and below it with no voice or vote, and to honour the Douglas Treaty rights of the WSANEC peoples who have lived on its shores for millennia. I stand with Grand Chief Stewart Phillip of the Union of BC Indian Chiefs to declare the Kinder Morgan pipeline will never be built.
Navigating the Shifting Landscape of Human Rights Regulations
Business risk relating to human rights issues is a growing area of concern for companies today. The shifting regulatory landscape is challenging to navigate and implementing best practices to mitigate risk can be daunting. The U.K. Modern Slavery Act obliges all commercial organisations supplying goods or services, with an annual turnover in excess of £36m, to prepare a slavery and human trafficking statement in their annual financial statement.
22 Tips To Stop Using Plastic
Plastic is bad for the environment on every level. Not only does it pollute waterways and create excess landfill, but plastic uses a ridiculous amount of resources just in order to be manufactured. In fact, it takes about 12 million barrels of oil to manufacture 102 million plastic bags. Each year, thousands of tonnes of excess rubbish is created in Australia alone, let alone the rest of the world.
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