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01.03.2023 - Nasdaq CopenhagenLondon Stock Exchange Euronext DublinOther stakeholders Date: 1 March 2023 The bank's board of directors Following close of the bank's annual general meeting . Chairman and CEO, Barings LLC Mike Freno is Chairman and CEO of Barings LLC, a $391+ billion global financial services firm with offices across the U.S., Europe, Australia and Asia. Chief Human Resources & Communications Officer, Head of Europe & Asia Pacific Real Estate, Learn More about Barings Insurance Solutions. | March 1, 2023 . Explore our latest press releases and contact our media relations team. Mr. Byers served as an Independent Director and Chairman of Sierra Income Corporation, a non-traded business development company (BDC) sponsored by Medley LLC (NYSE:MCC), from 2012 to 2022. He appointed his personal lawyer and architect to be independent members of the board. Barings BDC, Inc. stockholders and other interested parties may communicate with any member of our Board (including the chairman), the chairman of any of our Board committees, or with our non-management directors as a group by sending communications to Barings BDC, Inc., 300 South Tryon St., Suite 2500, Charlotte, North . With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its . Visit our Global Site. Essay Sample. With over 300 global investment professionals positioned in local markets, and a flexible capital base, we can provide solutions across a range of private asset classes. In this capacity, she was both the Head of Human Resources for the Corporate and Investment Bank and the Head of Human Resources for the International Businesses, responsible for HR services. They were sons of John (n Johann) Baring, wool trader of Exeter, born in Bremen, Germany.The company started business in offices off Cheapside in London, and within a few years moved to larger quarters in Mincing Lane. in Economics from Long Island University. Mark joined Highwoods in September 2014. He left a $1.4 billion hole in Barings' balance sheet due to his unauthorized derivatives speculation, causing the 233-year-old bank's demise. 3. He completed his residency in Internal Medicine at the Mayo Clinic, completed a National Research Council Fellowship in Endocrinology at the NASA Ames Research Center, and trained as a Flight Surgeon at the Aerospace School of Medicine, Brooks Air Force Base. Mr. Byers is a senior executive with over 30 years of leadership experience in finance, operations and control, investment management and capital markets with leading national firms in asset management, banking and brokerage. Best Essays. Our experienced team seeks differentiated sources of return across private equity, real assets and asset-based investments. The BARINGS name and logo design are trademarks of Barings and are registered in U.S. Patent and Trademark Office and in other countries around the world. Board of Directors. Barings Insurance Solutions group develops customized solutions leveraging the firms experience and capabilities across public and private asset classes. Join Our Relations Mailing List . He also acted as managing director for over ten years with Millennium Partners. Read our latest news, meet our experts and explore our content. Before that, he served as managing partner of KPMG's Cleveland from 1999 to 2007 and the Louisville and Lexington offices in Kentucky from 1988 to 1995. Our funds offer access to specialized strategies across global fixed income. Dr. Harris currently serves as Director or Trustee of several registered investment companies and other public and private organizations. Key Points. Eric has worked in the industry since 1990 and his experience has encompassed leadership positions in investment management, investment banking, leveraged finance and risk management. It was bailed out by the Bank of England. The Board of Directors of OP Corporate Bank is responsible for organising and maintaining adequate and effective internal control. Sierra Income merged with Barings BDC, Inc. in February, 2022, in connection with which Mr. Byers was appointed to the Board of Directors of Barings BDC, Inc. From 2002 to 2012, Mr. Byers also served as Trustee for the College of William and Mary Graduate School of Business. With offices on four continents, we have the global perspective and local presence to uncover and provide access to a superior range of investment opportunities. He was invited several times to the annual meeting of the Bilderberg Group. He holds a B.S. With investment professionals based in North America, Europe and . In December 2014, Mr. Byers was recognized by the National Association of Corporate Directors as a Board Leadership Fellow. Prior to joining Highwoods, Mark served as Executive Vice President and Chief Financial Officer of Exco Resources, Inc. Before that, he served as Senior Vice President and Chief Financial Officer of Progress Energy, Inc. from 2008 until its merger with Duke Energy Corporation in 2012. He also spent eight years at Price Waterhouse. All rights are reserved. Jill received a Bachelor of Science from Clemson University and a Masters in Organization Behavior and Development from Fielding University. Prior to joining Catawba Lands Conservancy, he served as Global Head of Syndicated Capital Markets at Bank of America Merrill Lynch, where he managed capital markets, sales, trading and research for the United States, Europe, Asia and Latin America from 1989 to 2010. Setting general company goals. By March 2 1995, Barings had lost over $1 billion and shortly after the UK's second oldest bank at the . Board of Directors Definition. *As of June 30, 2022. in Economics from Georgetown University and an M.B.A. from the Wharton School of Business of the University of Pennsylvania. Citizens Bank of Kansas Board Director Mike Felts, of Winfield, has been named an Amazing Outside Director for 2023 by regional banking magazine BankBeat. FHLBank Pittsburgh's Executive Management and Board of Directors are highly tenured in the financial services industry. Jonathan ("Jon") Bock has been promoted to CEO of Barings BDC, where he has served as CFO since 2018. Barings is a $349+ billion* global investment manager sourcing differentiated opportunities across public and private fixed income, real estate, and specialist equity markets. The link below will redirect you to their website for more information. Barings Bank was a British merchant bank based in London, and one of England's oldest merchant banks after Berenberg Bank, Barings' close collaborator and German representative.It was founded in 1762 by Francis Baring, a British-born member of the German-British Baring family of merchants and bankers.. Position. Since 2014, Mr. Byers has been engaged periodically as an independent consultant to provide expert reports and opinions in financial and investment related matters. Dr. Harris brings substantial executive, board and operations experience to Barings. If you have questions or would like more information about our offerings, please get in touch with us. With a more than double increase in participation, from 69 participating institutions in 2019 to 172 in 2021, it's clear that board of directors' compensation and the associated pay practices and governance issues . Dr. Harris is the recipient of numerous awards, including nine (9) honorary doctorates, NASA Space Flight Medal, NASA Award of Merit, a fellow of the American College of Physicians, and was the recipient of the 2000 Horatio Alger Award. At Barings, we strive to act responsibly today in order to help deliver a more sustainable tomorrow. So, Barings Bank was declared insolvent on February 26, 1995, and was bought by Dutch bank ING for the symbolic sum of 1 pound. He previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. Ms. Lancaster-Beal was a Senior Vice President of Drexel Burnham Lambert from 1984 to 1988 and as Vice President of Citicorp Investment Bank from 1978 to 1984. and "Blueprint Communities" is a registered service mark of the Federal Home Loan Bank of . Mr. Byers received his M.B.A. in Finance from Roth Graduate School of Business, Long Island University and his B.A. He is also Chairman of the U.S. High Yield Investment Committee, a member of the Global High Yield Allocation Committee and a portfolio manager on various high yield strategies. Mark joined Highwoods in September 2014. In this capacity, she previously served as the Chief Financial Officer of Odyssey Media from 2015 to 2021, and as the Chief Administrative and Finance Director of Data Capital Management from 2015 to 2017. *As of June 30, 2022. John Switzer is currently a member of the Board of Directors of Carolina Tractor and Equipment Company, a large, privately held southeastern supplier that specializes in material handling, engineered systems, truck engines, power generation systems, and they supply construction, forestry, and paving products. The opinions and other information contained herein, whether express or implied are made in good faith in relation to the facts known at the time of preparation and are subject to change without notice. Ms. Lancaster-Beal served as an Independent Director and Chair of the Nominating and Governance committee and the Audit committee of Sierra Income Corporation, a non-traded business development company (BDC) sponsored by Medley LLC (NYSE:MCC), from 2021 to 2022. Location not listed? He joined Progress Energy in 1996 as Vice President and Controller and served in a number of roles, including Vice President of Strategic Planning, Senior Vice President of Finance and President of Progress Ventures. Massive Losses incurred by Nick Leeson, the General Manager and Head Trader of Barings Financial Services (BFS) by reason of unauthorised and concealed trading activities within BFS. Baring Bank was founded in 1762 by Francis Baring, a . Our team secures access to investments across the risk spectrum and around the globe, applying an active management approach designed to maximize each asset's potential. Read our latest news, meet our experts and explore our content. Topics: Barings Bank, Nick Leeson, Board of directors, Derivative. Barings Bank was founded in 1762 as the John and Francis Baring Company by Sir Francis Baring, 1st Baronet, with his older brother John Baring as a mostly silent partner. Company profile for Barings BDC Inc. including key executives, insider trading, ownership, revenue and average growth rates. David has worked in the financial services industry since 2004. We are deliberate in our direction, partnerships and decision making to achieve long-term, lasting change. Barings Insurance Solutions group develops customized solutions leveraging the firms experience and capabilities across public and private asset classes. . The wave of bank and savings and loan failures in the 1980s and early 1990s, and the resulting losses to deposit insurance funds, served to highlight the need for banks to hold sufficient capital . bankruptcy of Barings Bank, collapse of Barings Bank, Britain's oldest merchant bank, on February 27, 1995, when a single employee committed the bank to losses of roughly 830 million, from which it could not recover. Mr. Byers served as an Independent Director and Chairman of Sierra Income Corporation, a non-traded business development company (BDC) sponsored by Medley LLC (NYSE:MCC), from 2012 to 2022. John Houblon (1694-1699, 1700-1712) (First Governor 1694-1697) The Nomination and Corporate Governance Committee identifies and recommends to the Board of . Sierra Income merged with Barings BDC, Inc. in February, 2022, in connection with which Ms. Lancaster-Beal was appointed to the Board of Directors of Barings BDC, Inc. Ms. Lancaster-Beal currently serves on the Board of Directors of KIPP NYC, a network of free, public charter schools. In this capacity, she previously served as the Chief Financial Officer of Odyssey Media from 2015 to 2021, and as the Chief Administrative and Finance Director of Data Capital Management from 2015 to 2017. 9 Pages. On Sunday 26 February 1995, the 200-year old merchant bank blew up thanks to derivatives trading, which it believed was both risk-free and highly profitable. Jill brings over 20 years of senior leadership experience in human resources to the financial services industry where she was Managing Director from 2006 to 2009 and Executive Vice President from 2000 to 2006 at Wachovia Corporation (now Wells Fargo). Ms. Lancaster-Beal holds a B.A. This material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. The Scandal of Barings Bank and Olympus Essay Preview: The Scandal of Barings Bank and Olympus Report this essay Future Academic Programme: MSc Accounting and Finance (2018/2019) The University of NottinghamWord count: 2480 The scandal of Barings Bank and Olympus Dec 2018 IntroductionAccording to Bhasin (2013), "Scandals are often the 'tip of the iceberg'. Jill is a Founding Partner of Spivey & Olmstead, LLC, a talent and leadership consulting firm with expertise in the fields of executive development and talent management founded in June 2010. He currently serves as trustee or director of several public companies and non-profit organizations, including as Trustee of Barings Global Short Duration High Yield Fund, a closed-end investment company advised by Barings, Trustee of the Horizon Funds, a mutual fund complex, Trustee of Davidson College, and Director of CrossRoads Corporation for Affordable Housing and Community Development, Inc. Thomas holds a Bachelor of Arts in Economics from Davidson College and a Masters of Management, Finance, Accounting and Marketing from Kellogg School of Management, Northwestern University. David holds a B.S. Prior to joining Highwoods, Mark served as Executive Vice President and Chief Financial Officer of Exco Resources, Inc. Before that, he served as Senior Vice President and Chief Financial Officer of Progress Energy, Inc. from 2008 until its merger with Duke Energy Corporation in 2012. When Nick Leeson's fraud was discovered in 1995, the banks claimed they already knew how this broker had managed to circumvent the financial institution and claimed that the loopholes in the bank's system had been . CREATIVE. Robert Knapp brings over 25 years of experience in the financial services industry to the Board. 2231 Words. Location not listed? Prior to joining Barings in 2013, Eric served as Head of Market and Institutional Risk for Wells Fargo, was on Wells Fargo's Management Committee, and was a member of the Board of Directors of Wells Fargo Securities. Eric also works closely with all the investment teams at Barings LLC. Thomas brings over 20 years of experience in the underwriting, structuring, distribution and trading of debt used for corporate acquisitions, leveraged buyouts, recapitalizations and refinancings. We build high-conviction portfolios based on fundamental, bottom-up research and ESG integration, seeking to identify companies with strong growth potential. Our experienced team seeks differentiated sources of return across private equity, real assets and asset-based investments. in Economics from Georgetown University and an M.B.A. from the Wharton School of Business of the University of Pennsylvania. He previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. The opinions and other information contained herein, whether express or implied are made in good faith in relation to the facts known at the time of preparation and are subject to change without notice. Before that, he served as managing partner of KPMG's Cleveland from 1999 to 2007 and the Louisville and Lexington offices in Kentucky from 1988 to 1995. *As of June 30, 2022. Mr. Byers received his M.B.A. in Finance from Roth Graduate School of Business, Long Island University and his B.A. Create new Board. in Economics from Long Island University. In May of this year, Pearl Meyer published the 2021 Banking Board of Directors Compensation and Governance Practices Survey . David serves as Head of U.S. Public Fixed Income at Barings, with primary responsibility for the U.S. High Yield and Investment Grade Investment Groups. Investor Contact Information. Mark joined Highwoods in September 2014. Dr. Harris is the recipient of numerous awards, including nine (9) honorary doctorates, NASA Space Flight Medal, NASA Award of Merit, a fellow of the American College of Physicians, and was the recipient of the 2000 Horatio Alger Award. The link below will redirect you to their website for more information. Barings Insurance Solutions group develops customized solutions leveraging the firms experience and capabilities across public and private asset classes. Ironsides and related entities serve as the manager and general partner to various funds and managed accounts for institutional clients. The staff at Baring Futures Singapore pried open a drawer always kept locked by Nicholas Leeson in February. Since 2014, Mr. Byers has been engaged periodically as an independent consultant to provide expert reports and opinions in financial and investment related matters. Open Document. Visit our Global Site. Since 2016, Mr. Byers has also served as a board member of the Mutual Fund Directors Forum, an independent, non-profit organization serving independent directors of U.S. funds registered with the Securities and Exchange Commission under the 1940 Act. Prior to these positions, he served as a Clinical Scientist, Flight Surgeon and Astronaut for NASA. Read, watch and listen to the latest insights from our global investment teams. Prior to this, she formed and led the Leadership Practices Group at Wachovia to create and implement a company-wide talent management process that identified, developed, tracked and promoted high potential leaders throughout their careers. He completed his residency in Internal Medicine at the Mayo Clinic, completed a National Research Council Fellowship in Endocrinology at the NASA Ames Research Center, and trained as a Flight Surgeon at the Aerospace School of Medicine, Brooks Air Force Base. Ms. Lancaster-Beal served as an Independent Director and Chair of the Nominating and Governance committee and the Audit committee of Sierra Income Corporation, a non-traded business development company (BDC) sponsored by Medley LLC (NYSE:MCC), from 2021 to 2022. . In this interview-style podcast, we offer insight into where our global teams are seeing risks and opportunities today. This document contains the following information: Report of the Board of Banking Supervision inquiry into the circumstances of the collapse of Barings. Our broad capabilities allow us to go beyond traditional fixed income strategies and access investments spanning the quality, yield and liquidity spectrum. Board of Directors - B of D: A board of directors (B of D) is a group of individuals, elected to represent stockholders . As a global and publicly traded financial institution, Scotiabank recognizes the need to adhere to best practices in Canadian and international corporate governance. From 2000 to 2006, Mr. Byers served as an investment executive with Dreyfus Corporation and served as Vice Chairman, Executive Vice President, Chief Investment Officer, member of the Board of Directors and Executive Committee, and fund officer of 90 investment companies, responsible for investment performance of approximately $200 billion in assets under management. Prior to joining Barings in 2013, Mr. Lloyd served as Head of Market and Institutional Risk for Wells Fargo, was on Wells Fargo's Management Committee, and was a member of the Board of Directors . PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. U.S. Bank is not responsible for the content of, or products and services provided by Intuit . In this interview-style podcast, we offer insight into where our global teams are seeing risks and opportunities today. We build high-conviction portfolios based on fundamental, bottom-up research and ESG integration, seeking to identify companies with strong growth potential. Mark currently serves as Senior Vice President and Chief Financial Officer at Highwoods Properties, Inc., a Raleigh, North Carolina based publicly-traded real estate investment trust. Our integrated platform is focused on providing investors attractive, through-the-cycle risk-adjusted returns that are less correlated with traditional debt and equity markets. By proceeding to our site you agree to our Cookies Notice and our site Terms and Conditions. A career at Barings means joining a world-class firm with a collegial culture and rich history in asset management. The bank collapsed in 1995 after suffering losses of 827 million (1.7 billion in 2021 . Androscoggin Bank Headquartered in Lewiston, Maine, the Bank has been fiercely independent for 150 years. The company's board of director consists of 9 directors; 6 independent directors and 3 executive directors. Our funds offer access to specialized strategies across global fixed income. Maintaining company resources. Our broad capabilities allow us to go beyond traditional fixed income strategies and access investments spanning the quality, yield and liquidity spectrum. Mr. Byers serves as the Independent Chairman of the Board of Directors of Deutsche Bank DBX ETF Trust and as a member of the audit and nominating committees. Prior to these positions, starting in 2007 John served as managing partner in KPMG's Charlotte office and became the Chair of the Charlotte office in 2009 until retirement in 2016, where he was the market leader for KPMG's Carolinas, Florida, and San Juan offices. Regardless of the terminology, the board of directors is a group of individuals either elected or appointed to provide organizational leadership and . Performance evaluation is a key means by which boards can recognise and correct corporate governance problems and add real value to their organisations. Mr. Byers serves as the Independent Chairman of the Board of Directors of Deutsche Bank DBX ETF Trust and as a member of the audit and nominating committees. Our paper provides a practical introduction to board and director evaluations. 17. Nov 22nd, 2018 Published. Our funds offer access to specialized strategies across global fixed income. Additionally, Robert serves as a member of the Board of Managers of Veracity Worldwide LLC. Barings Insurance Solutions group develops customized solutions leveraging the firms experience and capabilities across public and private asset classes. Nominating and Corporate Governance Committee Charter, Barings is a $349+ billion* global investment manager sourcing differentiated opportunities across public and private fixed income, real estate, and specialist equity markets. Prior to joining Dreyfus Corporation, Mr. Byers served in executive positions at PaineWebber Group from 1986 to 1997, and served in such capacities as chairman of the Investment Policy and Risk Oversight Committee, Capital Markets Director of Risk and Credit Management, and was NASD registered as General Principal, Financial and Operations Principal and Branch Principal. Mark is a Certified Public Accountant and is a graduate of St. Bonaventure University. The opinions and other information contained herein, whether express or implied are made in good faith in relation to the facts known at the time of preparation and are subject to change without notice. If you have questions or would like more information about our offerings, please get in touch with us. All rights are reserved. Recent scandals such as Enron and WorldCom and earlier ones like Maxwell (Clarke, 1993) and Barings Bank (Hogan, 1997) cast doubt on the effectiveness of the unitary board while failures such as . Learn More about Barings Insurance Solutions. Additionally, Ms. Lancaster-Beal served on the Board of Regents of Georgetown University from 2006 to 2010.