Word: pensiones
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...group of television stations. Is he a gunslinging Sunbelt entrepreneur in the mold of Ted Turner? A hedge-fund manager? A contrarian private-equity investor? Not even close. Bronner, 58, is, in his own words, "a government bureaucrat"--the chief executive of Retirement Systems of Alabama (RSA), the pension fund for 290,000 state workers and retirees. An unabashed cheerleader for Alabama who is comfortable in the spotlight, Bronner is overturning the image of the pension manager as passive investor--and not without controversy...
Such big bets on synergy aren't the typical way to provide for the golden years of assistant principals and highway patrol officers. Most state pension funds are staid, blue-chip investors that focus on earning steady returns. But since taking over RSA in the early 1970s, when it was worth $500 million, Bronner, a finance Ph.D., has overseen its growth into a $22.4 billion concern. Under Bronner, RSA has ventured boldly into direct investments intended not only to fund state workers' pensions but also to boost Alabama's lagging economy and image. "I don't want...
...Airways acquisition, which included a $500 million loan to help the airline through bankruptcy reorganization, has pension-fund experts wondering about the risks of Bronner's approach. The deal makes RSA the carrier's largest equity investor (RSA already held $340 million in US Airways debt and owned nine of the airline's jets.) RSA's stake should create jobs in Alabama, where the carrier is expected to build new regional facilities. But whether that sort of spending will benefit the airline and its shareholders--including RSA--is another question...
...falling, the demands have become more strident, hitting even CEOs like Jean-Pierre Garnier and Christopher Gent, who have finally begun to heave their stock prices in the right direction. But at least they had a chance to start before being attacked - on Thursday, Britain's National Association of Pension Funds launched a preemptive strike on the drugstore chain Boots' plan to pay its new CEO a guaranteed bonus, saying that until bosses prove they can bring home the bacon for shareholders, they don't deserve any fat for themselves...
...outlived its usefulness for several reasons. For starters, these different definitions of such expenses no longer account for much of the difference between book and tax income. Other factors—such as the peculiar accounting treatment of stock option compensation, differential treatment of overseas income, subsidiary income and pension obligations—account for large amounts and a large fraction remains unaccounted for. With the growing globalization of firms and the demographic twist we are working through continuing unabated, these wedges (and consequent discretionary opportunities) are clouding the true picture of how firms are actually performing. As such, enforcing...