Practicality first

first_imgLazzerini has developed a modular seat design for inter-city, regional and urban applications that aims to reduce whole-life costs through simplified maintenance. Seat and backrest cushions are attached to an aluminium frame using pins that can be easily removed in the workshop, allowing cushions to be exchanged in a matter of minutes, but which are resistant to tampering by passengers.Seats with this mounting system have been installed in 10 ETR460 trainsets for Italian State Railways, and nine ETR470 units for the Cislapino joint venture (RG 11.96 p719). An additional 15 ETR460 cars currently under construction will also receive these seats; for the Giugiaro-styled interior, Lazzerini has developed reclining first class and reversible second class designs. Lazzerini, Monsano, ItalyReader Enquiry Number 103last_img read more

Dutch civil service pension fund ABP to miss governance deadline

first_imgThe €300bn civil service pension fund ABP is unlikely to have all new governance arrangements in place by 1 July, when the new governance legislation must be fully implemented. Dutch pension funds must also submit the names of the members of various new bodies, as well as adjusted articles of association, to supervisor De Nederlandsche Bank (DNB) by 1 April.Speaking with IPE sister publication IPNederland, José Meijer, ABP’s vice-chair, conceded the fund would be unable to meet this deadline.“We have just started the search for the five members of the new supervisory board (RvT),” she said. “Currently, there are elections for the new accountibility body (VO), and the outcome won’t be clear before 11 April.“Only after the VO members have been elected can the pensioners’ representatives for the board be nominated.”Meijer admitted she did not know how the new rules would work in practice, but she said she was convinced they would bring “big changes”.Under the new set-up, pensioners will make up one-quarter of the 12-strong board, and the new and powerful RvT will be authorised to sack board members.The current three bodies are to merge into a single body, the VO, with 32 representatives of workers and pensioners, to be elected by ABP’s 2.3m participants.ABP said it was anticipating a turnout of 15%.Meijer said: “We are trying to raise awareness via all possible avenues, not only through our website but also through our ABP magazine and newsletter.”The VO also has employers’ representatives.“As a pension is postponed salary, it is a matter of the social partners, and we want this to be reflected as well in the governance structure of our pension fund,” the vice-chair said.ABP has opted for a board model of equal representation, which is at odds with pensioners on the board.“If pensioners are represented, shouldn’t this go for young participants as well, or for women, partly disabled workers or for other lobby groups?” Meijer asked.“This is a tricky issue for which the new governance legislation doesn’t provide an answer.”last_img read more

Keppel rejects Awilco’s contract termination

first_imgFollowing Awilco Drilling’s cancellation of a rig construction contract with Keppel due to alleged breaches of the contract, Keppel has denied the allegations and rejected the termination. Keppel FELS denies the allegations by Awilco and has rejected the purported termination of the contract. However, Awilco on Monday said it had cancelled the order due to “breaches of the contract”. Responding to Awilco’s cancellation, Keppel said on Tuesday that Awilco cited certain breaches relating to the project management, schedule, resourcing and compliance. Keppel FELS has further reserved all its rights under the contract, including the right to retain the instalments already received and to seek compensation for the work done to date in the event that Awilco defaults in the payment of the 9 June Instalment. According to Keppel, the notice of termination came shortly before the next payment instalment of $31.875 million due from Awilco under the contract on 9 June 2020, which was previously deferred in March 2020 at Awilco’s request. Awilco ordered a semi-submersible drilling rig of a Moss Maritime CS60 Eco MW design from Keppel in March 2018. The rig, named Nordic Winter, was scheduled for delivery in 1Q 2021. The order was worth about $425 million. Keppel FELS is currently considering its legal options and evaluating potential financial impact in consultation with its advisors. Under the terms of the contract, an effective termination of the contract by Awilco might entitle it to the return of payments already made (approximately $54 million) with interest, or to pay for the work done by Keppel FELS and take over the rig. Keppel is building one more rig of the same design for Awilco and Awilco also has rig independent options for two additional rigs of the same design for delivery in 1Q 2023 and 2024, respectively.last_img read more