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Tag: private

Wates review to tackle private company pay

Wates review to tackle private company pay

Business
Bosses of private companies such as Sir James Dyson and Sir Philip Green should take account of ordinary workers' pay when awarding themselves lavish remuneration packages, a government-commissioned report will say next week. Sky News has learnt that a review led by James Wates, the chairman of family-owned construction firm Wates Group, will urge unlisted company boards to promote executive remuneration structures aligned to the sustainable long-term success of the business, according to insiders."Remuneration, including benefits, for directors and senior management should consider the broader operating context of the company, including the pay and conditions of the wider workforce," Mr Wates' review is expected to say.The recommendation will send shockwaves through the bo...
MH370: Four-year hunt ends after private search is completed

MH370: Four-year hunt ends after private search is completed

World
The four-year hunt for Malaysia Airlines flight MH370 has ended with the latest, privately funded search coming to a close.US-based Ocean Infinity had been using a deep-sea vessel to survey a vast area of the southern Indian Ocean.But it found nothing and Malaysia's government says it has no plans to begin any new searches.The plane disappeared on 8 March 2014 while flying from Kuala Lumpur to Beijing with 239 people on board. Official search efforts ended last year and there are still fierce debates about what happened to the flight.Grace Nathan, whose mother was on MH370, said she was opposed to ending the hunt. "People might think: 'Why are these people still harping on about this, it's been four years'. It's important for peo...
How boards of directors of PSU and private banks can be made more responsible

How boards of directors of PSU and private banks can be made more responsible

Finance
By M DamodaranYears ago, during an impassioned discussion on banking, especially lending practices, a friend, in a moment of excitement, coined a new word — creditability. The rest of us laughed. Recent developments seem to indicate that he was spot on. Creditability, a combination of creditworthiness and credibility, implying thereby the ability to repay and the willingness to repay, seems to have been a missing ingredient in the decision-making process in several banks. The focus of this piece is, however, not the credibility of the borrower but the credibility of bank boards. Corporate governance theory rests on the foundation that the Board of Directors is the custodian of the interests of all stakeholders. Simply stated, its role, and also its responsibility, is to keep management hon
Facebook: Cambridge Analytica data had private messages

Facebook: Cambridge Analytica data had private messages

Technology
Facebook has confirmed that private messages were included in data involved in the Cambridge Analytica scandal.The social network said that about 0.5% of the 305,000 people who installed a personal data-harvesting app had given permission for it to access their Facebook inboxes.However, many more would have been affected as the haul would have included conversations with others. It is not clear whether the messages were given to Cambridge Analytica.The political consultancy has yet to comment on the latest development. "Prior to 2015, Facebook's platform policy allowed developers to request permission to access inbox content but only if the person explicitly gave consent for this to happen," a spokeswoman for the US tech firm told the BBC."According to our records, only a very small number...