“The investment chain is sometimes too complicated, and we will look critically at, for example, fund of funds structures, mainly for cost reasons,” he said.Borgdorff declined to provide further details about the planned portfolio changes, citing market sensitivity, but he did say PFZW aimed to have the changes in place by 2020.On the issue of supervision, Borgdorff said his pension fund preferred to show good behaviour voluntarily, rather than be forced to a change through regulation.His sentiment was echoed by Guy Jubb, global head of governance and stewardship at Standard Life Investors UK, who said: “Asset managers are no longer operating under the radar.”In his opinion, stewardship must be at the heart of the relationship between asset manager and asset owner.“I want all my clients to ask what we have done on their behalf,” he said.Lucy Tusa, senior consult at Mercer UK, added: “The ICGN Principles on Institutional Investors’ Responsibilities should be the gold standard for investors.”She said she had noticed little change in the expectactions of institutional investors but that their interest in stewardship had increased.However, Tusa also said she was worried about the fact changes had mainly come from regulators.She agreed with Borgdorff that there were too many intermediaries in the investment chain. The €140bn pension fund PFZW has said lessons learned from the financial crisis have led it to revamp its investment portfolio along the lines of sustainability, manageability and comprehensibility.Speaking at the International Corporate Governance Network’s (ICGN) annual conference, Peter Borgdorff, the scheme’s director, said the pension fund’s “attitude” had changed as the result of an extensive evaluation of “what went wrong in 2008”, when PFZW’s assets fell by 20%.“We are now aware we are here for our people, not for ourselves or the asset management industry,” he said during a panel discussion.He said PFZW would review its reasons for having invested in 22 asset classes, adding that the healthcare scheme would no longer invest in asset classes it did not fully understand.
For medical workers to avail of the grant, they should either be civilian employees under regular, contractual, casual, or part-time positions; workers engaged through job order; and barangay health workers regardless of the nature of engagements and have been assigned to health care facilities. Under his Administrative Order 28, Duterte has ordered the granting of a one-time COVID-19 special risk allowance, equivalent to a maximum of 25 percent monthly basic pay, to public health workers during the period of the enhanced community quarantine. MANILA – President Rodrigo Duterte on Monday issued an administrative order granting a special allowance to frontline public health workers who were exposed to health risks in light of the coronavirus disease 2019 (COVID-19) pandemic. “There is a need to recognize the heroic and invaluable contributions of our public health workers throughout the country, who bravely and unselfishly risk their lives and health by being at the forefront of the national effort to address the public health emergency,” Duterte said./PN The allowance grant will be pro-rated based on the number of days that the public health workers physically reported for work during the period of the enhanced community quarantine. Those who were present at work for three to seven days will get 25 percent of the incentive, 50 percent to those who worked for eight to 12 days, 75 percent for 13 to 17 days, and 100 percent incentive for those who worked for 18 or more days Consultants, laborers engaged through job contracts, student workers, apprentices, and those not assigned in hospitals and healthcare facilities may not avail of the grant. Hospital frontliners wear personal protective equipment as they man the entrance of the emergency room in the Gat Andres Bonifacio Memorial Medical Center in Tondo, Manila on March 24, 2020. ABS-CBN NEWS The public health workers were the medical, allied medical and other personnel assigned in hospitals and healthcare facilities directly catering to or in contact with COVID-19 patients, persons under investigation or persons under monitoring.