first_imgThe Vermont Economic Progress Council authorized $8.3 million in incentives under the Vermont Employment Growth Incentive (VEGI) program in 2011, which will encourage the creation of 988 new jobs in Vermont. The Vermont Economic Progress Council met throughout the year to review and authorize the incentives. No incentives are paid when the companies are authorized. The authorization means that the companies met statutory requirements to be authorized to earn a certain level of incentives. Overall, these projects will create 988 new jobs and about $40 million in new payroll for Vermonters, and the companies will make $302 million in capital investments in Vermont, between 2011and 2015. The jobs must be new, full-time, permanent, non-owners, and pay more than 160 percent of the Vermont Minimum Wage (about $13.04/hour) and provide benefits.  ‘In the end, there are well-paying jobs with benefits for Vermonters, there is investment in new facilities and machinery and equipment to keep Vermonters competitive, and there is $8 million in new tax revenues to support other state programs,’ said Lawrence Miller, Vermont’s secretary of Commerce and Community Development. To earn the incentives, authorized companies must meet payroll, employment and capital investment performance requirements each year between 2011 and 2015. If earned, the incentives would pay out to the companies over nine years between 2012 and 2020, only if the performance requirements are maintained. The Council approved the applications after reviewing nine ‘quality control’ program guidelines and applying a rigorous cost-benefit analysis that calculates the level of new tax revenue a project will generate for the state. The model estimates that the economic activity approved will generate $7.7 million in new tax revenue, even after payment of the incentives.The Council also determined that these projects would not occur or would occur in a significantly different and less desirable manner (the ‘but for’ test) if not for the incentives being authorized. ‘We determined that these projects would not have occurred in Vermont or would have occurred in a way that generated far fewer tax dollars,’ said Stephan Morse, VEPC Chairman. ‘Instead, the projects will occur and if the companies meet their performance requirements, they will generate enough new tax revenue to the state to pay the incentives that are earned and still generate almost $8 million in new tax revenue for Vermont.’ Included in the $8.3 million authorized were incentives totaling about $1.7 million in ‘Green’ VEGI incentives for companies that will create jobs in environmental technology sectors. These companies plan to develop and produce recyclable or biodegradable containers, develop and operate an integrated energy/food production facility; produce energy efficient turbo-machinery, and build a wind testing facility. The following is a list of those companies authorized for VEGI incentives in 2011: NAME                                                                        LOCATION                           AMOUNTALPLA, Inc                                                    Essex                                        $654,438Bariatrix Nutrition Corp                                 Georgia                                     $135,653eCorporate English, Ltd                                 Middlebury                               $464,731WCW, Inc.                                                      Manchester                               $512,449Vermont Smoke and Cure                              Hinesburg                                 $156,913Carbon Harvest Energy                                  Burlington, Brattleboro            $568,913Concepts NREC                                             Wilder                                       $290,335SOH Wind Engineering, LLC                        Williston                                   $153,995Green Mountain Coffee Roasters                   Essex                                     $4,696,809Ellison Surface Technologies, Inc.                  Rutland                                     $688,462Total:                                                                                                             $8,322,698 The Vermont Economic Progress Council is an independent board consisting of nine Vermont citizens appointed by the governor, and two members appointed by the House of Representatives and the Senate, that considers applications to the state’s economic incentive programs. The Council is attached to the Vermont Agency of Commerce and Community Development, whose mission is to help Vermonters improve their quality of life and build strong communities. For more information, visit: is external) VEPC 12.21.2011last_img read more

first_imgAccording to the BEIS report, although new pay awards remained fairly flat over the last decade, “huge differentials” between FTSE 100 chief executives’ earnings and average pay had been “baked into the pay system”.“Primary responsibility for changing the environment on executive pay” lay with asset owners – not asset managers – it said.It was up to asset owners such as pension funds to give any instructions or direction to asset managers on the stance to be taken on corporate governance issues, including executive pay, and to hold them to account.“We call for greater transparency in the way they set investment objectives, including on executive pay, and that the regulator is given powers to take effective action against those who do not meet their responsibilities under a revised Stewardship Code,” said the BEIS committee. “Public scrutiny has often had more influence than investors or remuneration committees in getting companies to reverse outrageous executive pay decisions”Rachel Reeves, chair, BEIS committeeStewardship Code revisionsThe Financial Reporting Council (FRC), which is due to be replaced with a new body, is consulting on changes to the UK’s Stewardship Code until the end of this week. Changes are aimed at setting the bar higher in terms of stewardship practice and reporting.However, in the opinion of the BEIS committee, the proposed revisions did not go far enough. It suggested that guidance in the new code should include a requirement for asset owners to provide much more detailed information about their objectives, including those in relation to executive pay.The regulator succeeding the FRC – dubbed the Audit, Reporting and Governance Authority –should be given “the necessary powers to take effective action against those asset owners that do not sign up to, or meet their responsibilities, under the Code,” it added.The regulator should also be given the “tools and encouragement to be tough on those companies that behave unreasonably on executive pay and fail to adhere to the tighter requirements of the revised UK Corporate Governance Code on higher quality pay reporting”.Future of executive payThe BEIS committee also said executive pay should be made simpler by basing it more on a fixed-term salary and deferred shares that vest over a long period, and less on variable pay.Other recommendations included that employee representatives sit on company remuneration committees to strengthen the link between executive and employee pay, and that remuneration committees set, publish and explain an absolute cap on total executive pay in any year.The MPs also said the FRC’s successor should “seek public explanations from any company that fails to deliver on alignment on pensions contributions”.Last month the Investment Association, the trade body for the UK asset management industry said it was focusing on pension contributions to directors during this year’s AGM season.Reeves said: “When the company does well, it is workers and not just the chief executive who should share the profits. Why should chief executives have a more generous pension scheme than those who work for them?“Getting workers on remuneration committees and including staff in profit-sharing schemes should be the first steps to this end.“Investors and remuneration committees have too often failed to rein in pay. When they fail, we need a regulator with the powers and mindset to step in and get tough on businesses who pay out exorbitant sums to their CEOs.” An influential group of UK MPs has called for a tougher regulatory approach to executive pay, claiming that neither remuneration committees nor institutional investors seemed up to the job.“A tougher, more proactive regulator is needed because we do not have confidence in remuneration committees, or institutional investors in exercising their stewardship functions, in a way that consistently bears down on executive pay,” said the Business, Energy and Industrial Strategy (BEIS) committee in a report published today.Rachel Reeves, the committee’s chair, added: “Public scrutiny has often had more influence than investors or remuneration committees in getting companies to reverse outrageous executive pay decisions.“The glare of publicity cannot be the only weapon in the armoury, but companies should be assured that the BEIS committee will continue to shine a light on executive pay and hold businesses to account for their actions on CEO rewards.” last_img read more

first_imgNZ Herald 22 July 2015At first glance, the profiles seem innocent enough. There’s Lucy, 31, from Rochester, who enjoys cooking, theatre and books, and Jack, 46, from Hampshire, who describes himself as a “laid-back character who travels a lot with work and loves music and sport”.Some of the requests even sound rather sweet. Matthew, a 59-year-old Londoner, hopes to meet a woman to “chat about life in general, politics, faith and social justice”, while Sally, 43, from Hertfordshire, wants “someone to keep me on my toes and make my pulse race”.They could all be hopefuls on an ordinary dating website – one of the many that have sprung up in recent years to help single men and women find love through the internet.But these profiles are far more sinister than that. For the people behind them are all, in fact, married. They are signed up to Ashley Madison, a controversial website that promotes and caters for extra-marital affairs.One can only imagine the huge wave of terror felt by them yesterday when a group of hackers threatened to reveal the identities of Ashley Madison’s members.One of the site’s many opponents, a secretive group calling themselves The Impact Team, claim to have hacked into the online database and stolen the details and private messages. They warn that unless the site is shut down with immediate effect, they will expose its 37 million cheating users worldwide by publishing their names, addresses and explicit images online. read more

first_imgIn 2010, Stevens’ memory of Ruth and the famous homer remained vivid (and accurate):Justice John Paul Stevens, a @Cubs fan, tells the story of seeing Babe Ruth call his shot.”Babe Ruth hit two home runs on that day. So, I gave one of my law clerks the assignment of finding out what happened to the home run that he called the shot on.”— CSPAN (@cspan) July 17, 2019Eighty-four years after Ruth, Stevens was back at Wrigley, watching the Cubs try again to win it all. He attended Game 4.Omg Justice Stevens is wearing A BOW TIE at the Cubs game 😂— Victoria Kwan (@victoriakwan_) October 30, 2016The Cubs eventually won the Series in a classic Game 7 in Cleveland. Stevens, at long last, got to root for a winner. The Cubs organization mourns the loss of former Supreme Court Justice, Chicago native and #Cubs fan, John Paul Stevens.— Chicago Cubs (@Cubs) July 17, 2019Stevens lived long enough to witness the Cubs winning the 2016 World Series and ending a championship drought that predated him by more than a decade. He said he experienced October anguish up close as a child: in 1929, when he attended Game 1 of that Fall Classic at Wrigley Field, and in 1932, when he was on hand for Game 3, aka the day Babe Ruth called his shot. The Cubs lost both games. He recounted those visits in this Chicago Tribune article.MORE: Notable sports deaths of 2019 John Paul Stevens was a son of Chicago, and he remained attached to the city even after he became a national figure in Washington as a U.S. Supreme Court justice. One way he did that was through the city’s National League baseball club.Stevens, who died Tuesday at age 99, was a Cubs fan for about 90 of those years. His devotion to the North Siders (even though he was born on the South Side) was such that the Cubs tweeted an acknowledgement of Stevens’ death:last_img read more