Latest news with #trustees
Yahoo
4 days ago
- Business
- Yahoo
Invesco Eyes Profits From QQQ Structure Switch
Invesco Capital Management filed a preliminary proxy statement seeking to convert the Invesco QQQ Trust (QQQ) from a unit investment trust to an open-end fund structure that would allow the company to earn management fees for the first time. The proposed change would enable Invesco Ltd. (IVZ) to collect a 0.18% unitary management fee from QQQ's $352.7 billion in assets, according to the filing. Currently, Invesco receives only reimbursements for marketing expenses and administrative costs without profit, the filing states. The conversion represents Invesco's bid to monetize one of the market's largest ETFs, which it currently sponsors but cannot profit from under the unit investment trust structure that dates back to the fund's 1999 launch. Despite the new profit opportunity, shareholders would see their expense ratio decrease to 0.18% from the current 0.2% maximum, according to the filing. Invesco expects to reduce marketing spending under the new structure, with such expenses coming from its management fee rather than direct fund reimbursements, the filing indicates. QQQ Modernization Targets October Vote The filing outlines three proposals requiring shareholder approval at a special meeting scheduled for Oct. 24, according to the proxy statement. First, shareholders must approve amendments to QQQ's governing documents to change its classification under the Investment Company Act of 1940. Second, they must elect nine individual trustees to replace the current bank trustee, the filing states. Third, they must approve an investment advisory agreement with Invesco, according to the proxy. QQQ launched in 1999 as one of the earliest ETFs using a unit investment trust structure, which was common then but has largely been abandoned by newer funds, according to the filing. The proposed open-end structure would provide greater operational flexibility, including the ability to engage in securities lending and use custom redemption baskets. The conversion would also subject QQQ to additional regulatory protections available to open-end funds but not unit investment trusts, according to the filing. Bank of New York Mellon would continue providing custodial and administrative services under the new structure. The changes would not affect QQQ's investment objective of tracking the Nasdaq-100 Index or create any taxable events for shareholders, according to the | © Copyright 2025 All rights reserved
National Post
6 days ago
- Business
- National Post
SmartCentres Declares Distribution for July 2025
Article content TORONTO — SmartCentres Real Estate Investment Trust ('SmartCentres') (TSX: announced today that the trustees of SmartCentres have declared a distribution for the month of July 2025 of $0.15417 per unit, representing $1.85 per unit on an annualized basis. The distribution will be payable on August 15, 2025 to unitholders of record as at July 31, 2025. Article content About SmartCentres Article content Article content SmartCentres is one of Canada's largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 196 strategically located properties in communities across the country. SmartCentres has approximately $11.9 billion in assets consisting of income producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. SmartCentres owns 35.4 million square feet of leasable space with 98.4% in place and committed occupancy, on 3,500 acres of owned land across Canada. Article content Article content Article content Article content Article content Contacts
BBC News
14-07-2025
- Business
- BBC News
York parish churches in Charity Commission finance probe
A church group in York is being investigated by the Charity Commission after "serious concerns" were raised over its commission is investigating the Parochial Church Council of the Ecclesiastical Parish of Holy Trinity, which includes the churches of St Martin-cum-Gregory and Holy Trinity on launched the inquiry after the charity, whose working name is Holy Trinity Micklegate PCC, failed to submit annual accounts for the years ending 31 December 2022 and BBC has approached the church charity for comment. The commission said the statutory inquiry was escalated after a report from the current trustees highlighted concerns about the charity's previous financial would look at the administration, governance and management of the church charity - and particularly whether it was being managed "in accordance with its governing document and has a sufficient number of willing and capable trustees," the commission said. The commission will examine whether the charity has "appropriate and robust financial controls".It will investigate any potential conflicts of interest and whether there has been any "unauthorised personal benefit".It will also assess whether the charity had suffered any financial loss through the trustees' misconduct or scope of the inquiry could be extended if "additional regulatory issues emerge", it commission said a report would be published detailing the issues and any action taken. Listen to highlights from North Yorkshire on BBC Sounds, catch up with the latest episode of Look North
BBC News
11-07-2025
- Politics
- BBC News
Cardiff mosque glorified Hamas in video post, regulator finds
Trustees of a mosque in south Wales have been given a formal warning by the Charity Commission after sharing a video in the wake of the October 7 terrorist attacks showing a "positive image" of Hamas, a proscribed terrorist group in the UK. An inquiry by the regulator found misconduct or mismanagement, or both, by trustees of the Al-Manar Centre Trust in Cardiff over a video posted on the charity's social media account in November 2023. The trust's objectives include Islamic education and religious harmony, but the commission said the video it shared tried to justify the October 2023 terrorist attack on Al-Manar Centre Trust said the incident was due to "genuine human error". Its trustees added in a statement: "At no point was there any intention by the charity or its trustees to promote or glorify any proscribed organisation."The inquiry concluded: "The video was likely to lead an ordinary member of the public to infer that the charity was supportive of and or glorified terrorism."On 7 October 2023, hundreds of members of Hamas and allied Palestinian armed groups attacked southern Israel, where they killed about 1,200 people and took 251 others responded by launching a military campaign in Gaza, during which more than 57,500 people have been killed, according to the territory's Hamas-run health ministry. The inquiry was told the chair of the Al-Manar Centre Trust posted the video after listening only to the audio, which he believed aligned with the charity's objectives. In the inquiry's view, the video - which was not produced by or for the charity - "attempts to downplay or justify" the October 2023 found the chair's decision to rely on the audio alone was "wholly inadequate", adding the chair should have recognised the narrative could be "interpreted as supporting Hamas' actions".An order to review all material on the charity's website and social media platforms in October 2024 has been fully complied with, the commission added. It also found the "video did not further the charity's objects for the public benefit". The trustees failed to "implement adequate social media controls", the regulator said, despite being given guidance on protecting the charity from extremist abuse in 2014. "A charity's reputation can be severely damaged in an instant through reckless use of social media," said the commission's Joshua Farbridge. He said the conduct of the trustees fell below the standards expected of them."There is no excuse for failing to properly review content before it is shared by a charity," he added."Our swift intervention, which included an Official Warning and a legal Order requiring specific action to be taken, underscores the Commission's firm commitment to ensuring charities are not misused in supporting or glorifying terrorism." The charity's trustees said it acknowledged the report, adding: "This incident resulted from a genuine human error, which has since been addressed through new policies and training. "At no point was there any intention by the charity or its trustees to promote or glorify any proscribed organisation."The trustees have cooperated fully with the inquiry and remain committed to good governance and serving the community."
The Independent
10-07-2025
- Politics
- The Independent
Charity given formal warning for posting video supporting Hamas
A Cardiff -based Islamic charity has received a formal warning from the Charity Commission after a video supporting Hamas was shared on its social media following the 7 October attacks. The Al-Manar Centre Trust, which operates a mosque in the Welsh capital, posted the content in November 2023. The Charity Commission subsequently launched an investigation, stating the video "could be understood as demonstrating support" for the militant group. This inquiry has now concluded, with the commission finding 'misconduct and/or mismanagement by trustees'. As a result, the charity has been issued with an order mandating action regarding its social media practices. The trust's stated aims include advancing Islamic education and fostering community relationships and religious harmony. The inquiry was told that the charity's chair, who was the only trustee responsible for managing the charity's social media content, posted the video after only listening to its audio. The chair believed that the audio aligned with the charity's objectives, without reviewing the visual content. In the inquiry's view, the video – which was not produced by or for the charity – contained content that presented a 'positive image' of the proscribed terrorist organisation and its October 2023 attack on Israel. It also attempted to downplay or justify the attack. The inquiry concluded the video was likely to lead an ordinary member of the public to infer that the charity was supportive of and or glorified terrorism. The inquiry found that the chair's decision to rely solely on the audio was wholly inadequate. There were also failings by trustees, at the time the video was posted, to undertake adequate diligence and monitoring of online content posted by the charity. Despite receiving regulatory advice in 2014 on protecting the charity from extremist abuse, the commission found that the trustees had failed to implement adequate social media controls. In October 2024, the Charity Commission made an order directing the trustees to take actions on the charity's use of its website and social media, which included a review of all material on its website and social media platforms. Joshua Farbridge, head of compliance visits and inspections at the commission, said: 'A charity's reputation can be severely damaged in an instant through reckless use of social media. 'Our inquiry concluded that the conduct of the trustees fell below the standards expected of them. 'Inadequate controls over social media led to the sharing of harmful content, and there is no excuse for failing to properly review content before it is shared by a charity. 'Our swift intervention, which included an official warning and a legal order requiring specific action to be taken, underscores the commission's firm commitment to ensuring charities are not misused in supporting or glorifying terrorism.'
