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Rosie LoVoi Cheerleaders don this year’s Shirt at the unveiling ceremony Friday at Hammes Bookstore. Proceeds from sales of The Shirt help fund The Shirt Charity, the Rector Fund and various student clubs and organizations.“We wanted something different and bold, and we wanted the color to look really great in the stadium,” Howell said. “The 2011 royal blue Shirt did very well, and so after careful consideration we decided to do another bright blue. We like to have samples on hand so we know the exact color we’re getting and that takes time too. This year we went with a custom royal blue.”The committee decided to honor the late University President Emeritus, Fr. Theodore Hesburgh, with two excerpts from a quote he gave in an interview to Sports Illustrated in 1958, after the University came under criticism for the firing of football coach Terry Brennan. “We wanted to honor [Fr. Hesburgh] in an appropriate way. Last year he passed after the design was finalized, so we couldn’t majorly change the design. We did add his initials to the sleeve last year though. So this year it felt right to pay tribute again in a bigger way,“ Howell said. In the interview, Hesburgh said, “There is no academic virtue in playing mediocre football and no academic vice in winning a game that by all odds one should lose … There has been a surrender at Notre Dame, but it is a surrender to excellence on all fronts, and in this we hope to rise above ourselves with the help of God.” The excerpts “rise above ourselves” and “surrender to excellence” are featured on the back of this year’s Shirt. “We loved the message it sent about always trying to get better and strive for excellence on all fronts,” Howell said. “We then started to build around the design, including the championship year banners, the leprechaun, and the end zone marks. The front came together later, and I really wanted to use a football graphic instead of justing going with ‘Notre Dame Football’ as we’d done in the past. After working to match the look on the back, I think we got it.”According to Howell, this year the committee decided to switch the fabric back to 100 percent cotton. “This year’s Shirt is softer than some past 100 percent cotton ones, however, because it goes through a special wash process,” Howell said. Howell said the process was long but ultimately rewarding for her and the rest of the committee. “The Shirt has hands-down been one of the best and more influential parts of my time at Notre Dame. It’s an amazing project, and I have learned so much during my four years on the committee. It takes a lot of planning, organization and teamwork to run each year,” she said. Howell said the design received positive reviews from both the football team and Irish head coach Brian Kelly. “We meet with Coach Kelly before the unveiling, and he said very positive things about this year’s design and color,” Howell said. Tags: Hesburgh, The Shirt 2016 This football season the Notre Dame student section will be decked out in royal blue, the official color of The Shirt 2016. Chairman of The Shirt committee, senior Molly Howell, said the choice of color came after the committee saw success with a similar version in 2011.
Proposed rules from the UK’s Financial Conduct Authority (FCA) on the disclosure of transaction costs for pension investors have been welcomed by the industry but with a call for even more standardisation.The draft rules include obliging asset managers to reveal aggregate transaction costs to pension schemes investing directly or indirectly in their funds, as part of the overall aim to provide consistency across the market.Graham Vidler, director of external affairs at the Pensions and Lifetime Savings Association (PLSA), said: “Understanding the costs associated with buying and selling investments forms an important part of ensuring value for money is secured for pension savers. A key component of this is consistent disclosure of investment costs by asset managers.”Vidler added: “The PLSA welcomes the new duty the FCA is proposing to place on asset managers to ensure they are properly providing data to trustees and independent governance committees (IGCs). “It will be important to ensure this duty is proportionate and builds on existing conversations already taking place in the industry to agree common definitions and methodologies.”Peter Glancy, head of industry development at Scottish Widows, praised the FCA’s “pragmatic” approach.“This will ensure the effect of all charges is determined and communicated, leaving scope for IGCs and trustees to have more detailed conversations in relation to the granularity of the make-up of the total costs,” he said.“A quantitative analysis in conjunction with qualitative discussion is likely to be the best means of IGCs and trustees determining the extent to which transaction costs are influencing value for money.” He also said IGCs and trustees needed to have more specific information about the dilution effect of trading, and to know how far scheme members had benefited by revenues generated through stock lending.As part of the draft rules, the FCA proposes a specific methodology for evaluating the slippage cost within transactions – broadly speaking, the difference between the price at which a deal is actually executed, and the price when the order to transact entered the market.Glancy said: “We are pleased the FCA has developed a pragmatic approach to the calculation of a slippage cost, which considers the questions on the dilution effect, and that they also propose to show separately any revenue from stock lending that is not passed on to scheme members.”However, Jacqui Reid, associate director at Sackers, said: “While it acknowledges the importance of a standardised approach to calculation, the FCA is not proposing a standard format for disclosure. In our experience, this is key.”She added: “There is a balance to be struck between a form of disclosure that is meaningful enough for useful and direct comparisons across the market, but not difficult to decipher, and inefficient and costly for managers to implement.”Richard Butcher, managing director at Pitmans Trustees, agreed: “We question whether the FCA has gone far enough with its proposals. While the FCA sets out a standardised method for calculating transaction costs, it does not set out a standardised method for reporting them.“If disclosure can be bespoke, a risk is created that managers can spin the outcome and hide inconvenient truths. It also means trustees and IGCs cannot compare one manager with another – and an inability to compare undermines the point of disclosure.”He also expressed concern about how the new rules fit in with the charges and governance regulations, which require trustees to consider “the costs incurred as a result of the buying, selling, lending or borrowing of investments”.Butcher said: “What is proposed is that they see the amalgamated effect of these costs, not the costs themselves – or, at least, not all of them.“While simplicity is often a virtue, I would argue that what has been proposed may not help trustees to comply with the law.”