EFAMA adopts stewardship code to align with EU laws

first_imgThe European Fund and Asset Management Association (EFAMA) has integrated stewardship principles into a revised version of its Code of External Governance.EFAMA said it revisited the code, first published in 2011, to bring the language in line with the revised EU Shareholder Rights Directive (SRD) and current terminology.A new section was inserted to give more context about how asset managers should carry out their shareholder rights on behalf of their clients. It was also updated and amended to reflect the extended scope of engagement with investee companies, such as environmental and social concerns, compliance, culture and ethics, and performance and capital structure.EFAMA said the new code was designed to assist asset managers in adopting best practices in stewardship. “The EFAMA Stewardship Code highlights how, through stewardship, asset managers can encourage best business and management practices in companies on environmental, governance, human rights and social challenges,” the trade body said in a statement today.Stewardship covered the monitoring of, voting the shares of, and engagement with investee companies, EFAMA said. It was part of an asset manager’s fiduciary duty to protect and enhance clients’ assets, but also encouraged long-term value creation and long-term sustainability.The code is designed to be a guidance document, especially for asset managers seeking to comply with the revised SRD. This legislation came into effect in 2017 and EU member states have until June 2019 to implement it.It introduces an obligation for asset managers and asset owners to disclose a shareholder engagement policy and report on its implementation, or explain why they have not complied with these requirements.EFAMA’s new stewardship code can be found here.Germany ‘weakest for corporate board accountability’ Annual elections should be standard for company directors in Europe, according to State Street Global Advisors (SSGA).The asset manager carried out a study that found shorter director terms resulted in more accountable boards that were responsive to shareholder interests.The analysis was based on data from companies in 13 European countries. It found that the majority of them set legal limits on company board terms, but said these terms were often too long.Election cycles were more frequent in countries that introduced corporate governance codes imposing shorter term lengths, however, as these were adopted and adhered to by the majority of organisations, according to the asset manager.SSGA’s analysis found German corporates had the weakest board accountability, with directors standing for election only once every five years, in line with Germany’s statutory term limit. Germany was closely followed by France, Spain, the Netherlands and Belgium, where board terms are four years.The UK, Ireland, Switzerland and the Nordics were found to have the strongest board accountability, with one-year terms for directors.  Rob Walker, head of asset stewardship for the EMEA region at SSGA, said: “Without an annual director election process, shareholders are limited in their ability to hold directors accountable and improve board quality.“Furthermore, no matter how dissatisfied shareholders are, in some cases they have to wait several years to hold board members accountable. Changing these rules would provide an effective mechanism to fulfil our stewardship responsibilities and improve the quality of board oversight and company performance in the long term.”last_img read more

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UK to replace audit regulator after damning review

first_imgThe FRC’s handling of the Carillion bankruptcy came under the spotlight last yearAccording to BEIS’s consultation, the new regulator is intended to:be a statutory body, giving it powers to make direct changes to accounts rather than apply to court to do so;conduct more “comprehensive, visible reviews for greater transparency”;have specific duties to “protect the interests of customers and the public by setting high standards of statutory audit, corporate reporting and corporate governance”;directly regulate the big audit firms; andbe led by a “diverse board and strong leadership” to help change the culture of the accounting sector and “rebuild [the] respect of those it regulates”.“This new body will build on our status as a great place to do business and will form an important part of strengthened public trust in businesses and the regulations that govern them,” Clark said. Investors victoriousInvestors have been lobbying for audit regulation reform for years, with the UK’s local authority pension funds among the most vocal.The Local Authority Pension Fund Forum, a lobby group representing 72 public sector schemes, first called for the FRC to be abolished in 2016 following a parliamentary consultation on corporate governance. The UK government is to abolish the country’s audit and accounting regulator, the Financial Reporting Council (FRC), after its governance and effectiveness was heavily criticised in a recent review.Business secretary Greg Clark yesterday announced that the FRC would replaced by a new body, the Audit, Reporting and Governance Authority, in line with recommendations made by Sir John Kingman, who led the review.The UK’s department for business, energy and industrial strategy (BEIS) published a consultation aimed at giving the new watchdog “a new mandate, new leadership and stronger statutory powers”, and said it “intends to move swiftly to implement these reforms and overhaul the sector”.In a statement yesterday, BEIS said: “In the interim period until the new regulator is in place, we will be working with the FRC taking forward 48 of the review’s recommendations to address the shortcomings identified in the review such as lack of transparency and to reinforce work to enhance enforcement activity.” Baroness Sharon Bowles has been a vocal critic of the FRCIt reiterated this call last year in its submission to the Kingman review’s call for evidence, citing as evidence hundred pages of documents released to IPE under the UK’s Freedom of Information Act.Baroness Sharon Bowles, a member of the UK parliament’s upper house and former chair of the European Parliament’s Economic Affairs Committee, has also criticised the FRC, claiming it was “fatally flawed in the way it was set up and has been operating”.New regulator ‘vital’Chris Cummings, chief executive of the Investment Association, said: “A high-quality audit is vital to ensure that investors have confidence in the information in a company’s annual report. The new regulator will be able to enforce greater sanctions on companies and management in cases of corporate failure, the BEIS statement said. The FRC came under fire last year in the wake of the collapse of Carillion, the dividend disclosures of which it had used as an example of best practice just 12 months before the firm went bankrupt. “A high-quality audit is vital to ensure that investors have confidence in the information in a company’s annual report”Chris Cummings, the Investment Association“The establishment of a new regulator that exists on a statutory footing will help drive standards in the UK audit market and cement the UK’s place as a global leader in corporate governance.“It is vital that the new regulator is established as soon as possible and reflects the views of investors, who are one of the key stakeholders in the audit process. We look forward to responding to the consultation and working with the government to ensure that the investor voice is properly represented within the new regulator.”Natasha Landell-Mills, head of stewardship at Sarasin and a member of the FRC’s recently appointed advisory committee, said: “We welcome the government’s announcement that it plans to press on with reconstituting the accounting and audit regulator.“It should go without saying the Financial Reporting Council is not the right body to lead its own reform during the period of transition and further consultation. The sooner the government refreshes its leadership the better.”The government said it would soon begin recruiting a chair and deputy chair for the Audit, Reporting and Governance Authority.Stephen Haddrill, the FRC’s chief executive, had already signalled his intention to step down in late 2019.last_img read more

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Gold Coast property offers resort-style lifestyle

first_img40 Samuel Drive, Tallebudgera is for sale.IT’S described as the Gold Coast’s best acreage lifestyle and it’s not hard to see why.Welcome to 40 Samuel Drive, Tallebudgera — where you are surrounded by breathtaking scenery in the tightly held Kalimna Estate.Kay Blackburne bought the six-bedroom house in 2013, drawn to its outlook over Tallebudgera Valley and a seemingly endless list of luxury features. Back inside and the parent’s retreat, guest bedroom and media room are to one wing of the house.On the other wing is the formal dining room, cinema, kid’s retreat and three bedrooms.Other features include a study. Ms Blackburne said the house had lived up to her expectations.She said being from the country originally meant Tallebudgera was the perfect fit for her.“Living in this part of Tallebudgera allows me to experience the peace and tranquillity of country living, but I am still close to fantastic shops, great dining and of course, it is only minutes from the beach,” she said.“I am selling the home so that I can move closer to my family. It will be sad to sell this home as I have created so many beautiful family memories here.”The house is scheduled to go under the hammer later this month.Katrina Walsh of Harcourts Coastal is marketing the property. No expense has been spared in the design. From the front. A sight to behold.More from news02:37International architect Desmond Brooks selling luxury beach villa13 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago Poolside entertaining. Fancy a hit of tennis?center_img “I wanted to have a large open plan entertainment area where I could watch my children and grandchildren play in the pool and on the tennis court from my kitchen,” the grandmother-of-six said.“I absolutely love playing tennis and so the tennis court is my favourite feature of the property. “The pool is fabulous for small children as it has a large lagoon area where small children can play safely.“As my grandchildren have grown older, the pool is huge and has plenty of space for them to swim.” The residence is nestled within the 4,604sq m block and faces northeast to maximise the sunlight and picturesque valley views.The kitchen separates the formal and casual living areas and overlooks the alfresco patio which provides plenty of space to fine, lounge, cook and entertain while taking in the pool and tropical gardens.“I love celebrating birthdays and Christmas in this home with plenty of space for everyone,” she said.“There is often a family game of cricket or table tennis played at my place. There is so much space on the property that there is plenty of scope to do a broad range of activities that suit all of the kids.” MORE NEWS: Mega mansion includes basketball court MORE NEWS: Enjoy a ‘Royale’ life on the beach Relax in the pool. Entertain inside or outside.last_img read more

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Ardmore CEO: MR Charter Market Took an Unexpected Hit in Q2

first_imgThe medium range (MR) product tanker market sustained an unanticipated blow from a number of one-time events in the second quarter of 2018, Anthony Gurnee, Chief Executive Officer of Ardmore Shipping, said in a conference call.These events included lower demand at the Atlantic Basin as a result of localized factors in the key consumer markets in Brazil, Mexico and West Africa, largely political issues, according to Gurnee, followed by high oil and bunker prices as well as weak crude tanker market.As a result of the unprecedented downturn of the crude oil taker market, fueled by geopolitical tensions and tonnage oversupply, crude tanker owners have started taking a portion of the product tanker cargoes to ease their woes.“Crude tanker market weakness resulted in some encroachment to product tanker trades, particularly Aframax newbuildings competing with LR2s,” he said. “Having said that, we feel that the impact of crude tankers on MR trade is limited, probably well under 1% of overall supply.” However, despite the quarter being unexpectedly tough, Gurnee believes that moving ahead the outlook is positive as MR supply growth remains at all-time lows.“We’re forecasting 23 MRs to deliver over the remainder of 2018, with 29 delivered year-to-date, and this is compared to the 5-year historical average of 112 per year. Scrapping has increased with 31 MRs scrapped year-to-date, indicating a run rate of approximately 50 to 60 per year, and as a consequence, MR fleet growth net of scrapping is expected to be well below 1% in 2018 and into 2019,” Gurnee  explained.Furthermore, demand fundamentals remain solid in terms of oil consumption growth and export-oriented refinery capacity development.“Atlantic Basin cargo volume should return to normal levels in the second half as the short-term factors play themselves out. Refined product inventories are well below 5-year averages, and with refinery throughput set to increased by further 2 million barrels a day in the third quarter to all-time highs, the conditions are in place for an increase in CPP trading activity,” he added.Ardmore also believes that the IMO 2020 sulphur regulations will have a positive impact on the market as of next year boosting ton demand and demand growth for product tankers.Ardmore Shipping Corporation reported a net loss of USD 13.7 million for the six months ended June 30, 2018, sinking further into the red from last year’s USD 4 million, mostly driven by challenging charter market conditions.Spot and pool MR tankers earned an average of USD 12,086 per day, while chemical tankers earned an average of USD 12,816 per day for the six months ended June 30, 2018.World Maritime News Stafflast_img read more

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Cottage Grove hosts Shoot Out rounds three and four

first_imgBy Ben DeatherageCOTTAGE GROVE, Ore. – Cottage Grove Speedway hosts the third and fourth races of the 2016 Wild West IMCA Modified Shoot Out Monday and Tuesday, June 13 and 14.More than 40 Xtreme Motor Sports IMCA Modified drivers are expected to make the trip and will be coming from all over North America, including Colorado, North Dakota, British Columbia and even North Carolina.Prices each night are $8 for adult general admission, youths ages 6-12 are $5 and kids five and under are free. Two-day passes are available for $10.The front gate opens at 4 p.m. with racing scheduled to get underway at 6 p.m. both days.Mark Wauge is the only multi-feature winner of the class in local competition at CGS. Kinzer Cox, Collen Winebarger, Curtis Towns and Jesse Williamson have also visited victory lane in 2016 at the famed ¼-mile clay oval.Cottage Grove has hosted five Wild West Modified Shoot Out races since 2011. Williamson, who won in 2011 and 2015, is the only driver to have visited victory lane more than once.  Alex Stan­ford and Nick Trenchard were the 2014 winners and Scott Lenz picked up a victory in 2012.last_img read more

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Ward leaves Wolves for Burnley

first_img Press Association The 28-year-old left-back, who has also been used further forward, has signed a three-year contract and becomes Sean Dyche’s seventh new recruit at Turf Moor. Ward l ast played in the top flight when the Molineux club were relegated in 2011/12 and, following a two-year hiatus, which included spending last year on loan at Brighton, he is relishing the prospect of a return to the big time. “I’m absolutely thrilled, I’ve had eight years at Wolves now and I was on loan at Brighton last year, but to start a new chapter in my career is great,” he told Burnley’s official website. “I don’t think I could have picked a better place than Turf Moor and obviously to come to the Premier League is a massive pull as well. “Once you get a taste of it you want to play as much Premier League football as you can.” The Republic of Ireland international was quietly impressed with what he saw as Burnley eased to automatic promotion last year and he believes they can surprise people again by staying up this year. He joins fellow new signings Lukas Jutkiewicz, Matthew Gilks, Michael Kightly, Steven Reid, Marvin Sordell and Matthew Taylor with Dyche boosting his ranks with players who almost all have Premier League experience. “Burnley have done superbly well to get promoted and hopefully I can play some part in us having a successful year,” Ward added. “It’s a hungry squad that wants to stay in the Premier League for many years to come.” center_img Stephen Ward cannot wait to return to the Barclays Premier League after completing a move to Burnley from Wolves on the eve of the new seasonlast_img read more

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ICC World Cup WATCH – Sheldon Cottrell’s brilliant catch to dismiss Steve Smith will leave you shocked

first_img New Delhi: The ICC Cricket World Cup 2019 has produced some magnificent catches. Ben Stokes’ one-handed effort to catch Andile Phehlukwayo off Adil Rashid in the opening game of the ICC Cricket World Cup 2019 clash between England and South Africa has been dubbed as one of the best catches in the tournament. Chris Woakes took a brilliant catch to send back Imam-ul-Haq off Moeen Ali in the match against Pakistan in Trent Bridge. Quinton de Kock took a superb catch off Virat Kohli in the game between India and South Africa in Southampton. In the game between Australia and West Indies in Trent Bridge, Sheldon Cottrell joined the list with a jaw-dropping effort.In the second ball of the 45th over bowled by Oshane Thomas, Steve Smith, who had revived the innings with his 20th fifty and shared a partnership of over 100 with Nathan Coulter-Nile, looked to pile on the agony for the West Indies. A full ball from Thomas on the pads was whipped in the air by Smith to the deep midwicket fence. It was destined to go for a six but Cottrell had other ideas. The left-arm pacer ran to his left and stuck out his left hand as the ball lodged in his hand. However, the momentum was carrying him over the ropes. Cottrell flung the ball in the air, leapt over the ropes and leapt back him while continuing to keep his eyes on the ball. The fielder completed the catch and Smith was given his marching orders.Sheldon Cottrell take a bow #CWC19Nottingham pic.twitter.com/HiK9LRlrzu— Matt Wade (@mattwade87) June 6, 2019Smith and Coulter-Nile, who smashed the highest individual score for a number eight batsman in World Cup history, revived Australia after their top order was blown away by the hostility of the West Indies pacers. David Warner, Aaron Finch, Glenn Maxwell and Usman Khawaja were sent back cheaply and it took a gritty partnership from Smith and Alex Carey to revive the innings. Australia are playing the West Indies for the first time in a World Cup after 12 years. The five-time champions started their 2019 campaign on a high with a win against Afghanistan while West Indies trounced Pakistan. highlights For all the Latest Sports News News, ICC World Cup News, Download News Nation Android and iOS Mobile Apps. Steve Smith smashed his 20th fifty.West Indies have not beaten Australia in World Cups since 1996.West Indies defeated Pakistan in their 2019 World Cup opener.last_img read more

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…Flight Tickets up for Grabs for SpectatorsÂ

first_imgShare this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram They include Funke Akindele, Desmond Elliot,  DJ Jimmy Jatt, Kunle Bamtefa, Sound Sultan, Kunle Afolayan and Olarewaju Ogunmefun, a hip hop artist who is better known by his stage name, Vector tha Viper. According to the president of Badminton Federation of Nigeria, Francis Orbih, who is also the chairman of Lagos State Badminton Association, the attendance of the celebrity is to open a new vista in the international classics by bringing a blend of sports and entertainment. “Call it sportainment if you like”, remarked the Nigerian badminton boss. A raffle draw will be made for all attendees. At stake are two return tickets to London and Accra, Ghana. They are offered by Medview Airlines. According to the organisers, each person at the Molade Okoya Thomas Indoor Sports Hall venue of the event will be given a raffle ticket before the draw.A draw will then be made to determine the two winners. This year’s edition has already seen an increase in the prize money which has risen from a package of $15,000 to $20,000. Orbih remarked that the tournament will keep increasing in significance and attendance and that the next edition will witness new additions to make the classics bigger.center_img The final day on today will see a lot of celebrities in attendance. Apart from the esteemed presence of the Governor of Lagos State, Mr. Akinwunmi Ambode who has always graced the previous finals, this year will see celebrities in the entertainment industry attending.last_img read more

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Gilbert celebrates 18th birthday with UW in style

first_imgDavid Gilbert (11) combines with Jaevery McFadden for a tackle Saturday. He also blocked a punt on his birthday.[/media-credit]Rising above three Purdue blockers, 6-foot-4-inch, 234-pound David Gilbert used all of his 37-inch vertical to stretch out and stuff Purdue’s punt, flipping on his head, sending the ball dribbling around the backfield where it was scooped up for a touchdown, giving the Badgers an emphatic 24-0 lead going into the half. And he did this on his 18th birthday, no less.On defense, freshman Chris Borland recorded 4 tackles, one for a loss, forced a fumble, and recovered two more fumbles, earning Big Ten Player of the Week honors. And he did this on the first start of his collegiate career, no less.These two freshmen made a huge impact not only on the field but also emotionally, as the team rallied around their plays, leading to a 37-0 rout of a hot Purdue team.The University of Wisconsin defense allowed only 141 total yards and forced three turnovers against Purdue as John Clay rushed for 123 yards and three touchdowns. It was an excellent day for the Badgers, but it was an even better day for the two freshmen, Gilbert and Borland, who created plays and stifled the opposition. Senior defensive lineman O’Brien Schofield praised the work ethic of the young players as well as the support around them.“When you got guys playing with that much passion and playing that hard, how can you beat that?” Schofield said. “It’s something special when you see a young guy playing with that much emotion and passion — it’s a reflection of the coaches and what older guys, our seniors, are doing.”Defensive line coach Charles Partridge was also happy to see these players make an impact on game and for the team.“I think it’s just exciting anytime you have a big play like that punt block or some of the plays that Chris has made throughout the course of the season because it helps positively affect the team,” Partridge said.Gilbert had been looking forward to his chance to block a punt, and his anticipation was justified. According to Borland, the punt block was somewhat predictable, seeing that Gilbert discussed the possibility in the week leading up to the game.“He’s been talking about it all [the previous] week so I was waiting for it,” Borland said. “I heard the [crowd] and I smiled. I went over and congratulated him. It was a great play. He told me he was going for the ‘Chris Borland,’ but that was the ‘David Gilbert.’”Schofield also felt Gilbert had a chance for something big.“I heard the crowd reaction and saw Aaron [Henry] running into the end zone and when I saw the replay, my mouth dropped,” Schofield said. “I knew he was an athletic freak, and I knew he was going to make something special happen on his birthday. He just showed his athleticism, being able to jump over those guys like that.”A Coral Springs, Fla., native, Gilbert said he was just happy knowing his friends and family were all watching from Camp Randall and he could make a play for them.“It was real special because my parents came and my little brother,” Gilbert said. “Everyone back home was watching, everyone knew it was my birthday. With everyone at home knowing that game was going on and to watch it and for me to do something like that, it was really special.”Gilbert came to UW in January, but didn’t turn 18 until this weekend. He says his mother had him skip Pre-K, making him the youngest person in his grade each year, though his coaches don’t seem to notice.“He’s certainly mature beyond his years,” Partridge said. “Every once in a while you’ll hear him say something that sounds like he’s 17 turning 18, but he’s on top of his work and is a very conscientious young man.”As for Borland, he received the Big Ten Defensive Player of the Week to go along with a Big Ten Special Teams Player of the Week he received after the game against Wofford. He is the first Badger to receive both awards in the same season since Jim Leonhard accomplished the feat back in 2003. His teammates have taken notice.“Ah, that guy’s amazing,” Schofield said. “Just seeing him from the summer ’til now, he’s matured as a football player and just as a person, and he’s an impact player for our team, special teams and defense. If that guy’s in the game, you know something special is going to happen.”Borland humbly accepted the praise.“It’s a big honor, but it’s not like I achieved it on my own,” he said. “So many players around me were playing well and probably playing better, so they made it easy for me and helped me out on my mistakes so I almost feel guilty getting [the award].”For the two players, it’s all about looking for that one play where they can affect the game while also supporting the team.“It was just a good play,” Gilbert said. “So you get congratulated for it and you move on and try to do your best every play.”last_img read more

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Syracuse seeks to end 0-5 skid against ranked opponents during road trips to No. 8 Louisville, No. 9 Florida State

first_img Published on January 28, 2015 at 10:59 pm Contact Josh: jmhyber@syr.edu Before every game against a Top 25 opponent this season, Syracuse guard Cornelia Fondren said her teammates often look at each other and say, “This is the game. This is the game we have to get them. This is the game we have to beat them.”“Them” in this case refers to South Carolina, Baylor, Michigan State, Notre Dame and Duke. These five teams were ranked at the time SU played them this season, and the only five teams SU has lost to.Against unranked opponents, the No. 23 Orange (15-5, 5-2 Atlantic Coast) is a perfect 15-0.On Thursday at 7 p.m. at the KFC Yum! Center in Louisville, Kentucky, the Orange play its sixth ranked opponent of the season, No. 8 Louisville (18-2, 6-1 Atlantic Coast). SU then travels to Tallahassee, Florida for a 7 p.m. matchup on Monday against No. 9 Florida State.“(This stretch) is important, because we have to get some of those double-dollar signs beside our name on those RPI ratings and rankings,” Orange head coach Quentin Hillsman said. “ … If we go out and win some of these games, we’re going to be in a great position going into the final weeks of the season.AdvertisementThis is placeholder text“On the other side, if we don’t get a couple of these games, we’re going to be scratching and clawing trying to get back on top.”This weekend begins a stretch against three ranked opponents — the Orange hosts No. 16 North Carolina on Feb. 5 — and a period of nine games in 29 days. With six games against unranked opponents to end the regular season, these next three games will be crucial for the Orange to end its Top 25 struggles.“We have to at least win two, at least win two,” Fondren said. “I would be happy if we win all three, which I have confidence in. We can definitely win all three … Once we get over the hump, I feel like no one will be able to stop us.”The Orange lost by four points to No. 1 South Carolina on Nov. 28 after leading by 10 with 6:43 to go. Against both Baylor, now the No. 3 team in the country, and Notre Dame, now ranked No. 4, the Orange lost 74-72.“We’re a good enough team to step on the court against anyone, no matter what,” forward Brianna Butler said. “We’re tired of falling short against these top teams.”Except for its 13-point loss to Michigan State, the Orange has come just a few stops and a few makes from upsetting its other Top 25 opponents. Hillsman, Fondren and Butler have talked throughout the season about the team’s inability to score and make key stops down the stretch.Forward Taylor Ford mentioned playing too quickly down the stretch, especially against South Carolina. Against Louisville, Hillsman has preached how SU needs to answer all of the Cardinals’ scoring runs.“I feel like we’re going to be able to get the win (against Louisville) because of everything we’ve been through earlier in the season,” Butler said. “Not being able to finish out, that’s going to help us. We’ve been on a winning streak and we’re finally getting it together.“We need this win.” Comments Facebook Twitter Google+last_img read more

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