Tag: directors

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CrossFit Semifinals Directors Talk Harsh Financial Realities of Running Events

CrossFit Semifinals Directors Talk Harsh Financial Realities of Running Events

Photo Credit: Athlete’s Eye Photography

In 2018, CrossFit founder and then owner Greg Glassman was frank about the financial truths of running Regional competitions.

“It’s extremely expensive. Look at the Brazil event. We’re at the venue where the Olympics were held. It cost me over a million dollars and what comes out of it is two people go to the Games,” Glassman said.

Four years later, Atlas Games Semifinal Co-Owner and Director Alexis Leblanc-Bazinet is facing a similar reality: He has discovered it’s challenging to even break even, let alone turn a Semifinals event into a profitable business.

Why this matters: Until 2019, CrossFit LLC incurred the costs and responsibilities of finding the fittest athletes to compete at the CrossFit Games. Glassman himself even said running Regional competitions was never a money-making endeavor for the company. That being said, we can speculate that CrossFit LLC was able to fund CrossFit competitions largely because of the revenue they generated from affiliation fees and Level 1 certifications.

  • But in 2019, CrossFit passed the financial burden—first via Sanctionals and now via Semifinals—to outside organizers like Leblanc-Bazinet, whose businesses don’t always have other revenue streams like CrossFit LLC does, and are now responsible for finding a way to do something CrossFit wasn’t able to do: Turn their events into profitable businesses.
  • “It was a business call (for CrossFit), and people jumped. We did. We jumped in with a plan where we could make money at the end of it if everything could go right,” said Leblanc-Bazinet, who is also a gym owner and works full-time as a website designer.

The Atlas Games Reality: Unfortunately, almost nothing has gone right for Semifinals organizers like Leblanc-Bazinet, who wasn’t able to host an in-person competition in either 2020 or 2021 due to the pandemic, which caused him to dive into his own wallet to stay afloat.

  • “I took most of the (financial) hit myself,” he said, adding that he has spent the last two years essentially volunteering countless hours of his time to keep the event alive.
  • “Depending on what you consider a loss…Is three year of salary a loss? I have been volunteering for three years,” he explained.
  • What about 2022? Though COVID-19 can arguably be blamed for the last two years, even when Leblanc-Bazinet raised his ticket prices for the recent Atlas Games held in Montreal, Quebec to CA$45 a day, or $115 for the weekend, the event was only able to turn a small profit, and Leblanc-Bazinet was able to take small stipend after three years of not paying himself.
  • Though grim from a business standpoint, Leblanc-Bazinet said he doesn’t blame CrossFit.  “More sponsors would help, but I don’t have a lot of complaints (about CrossFit),” he said.

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HKEX: Zero Tolerance to Inaccurate Bio Details About Directors | Perspectives & Events | Mayer Brown

HKEX: Zero Tolerance to Inaccurate Bio Details About Directors | Perspectives & Events | Mayer Brown

In a recent statement of disciplinary action, The Stock Exchange of Hong Kong Limited (HKEX) censured a former executive director (the Director) for providing inaccurate, incorrect and/or misleading information to a listed company (Listco) in respect of her biographical details.

In addition to being publicly censured, the HKEX issued a ‘Prejudice to Investors’ Interest’ (PII) statement against the Director, which means in the opinion of HKEX, had the Director remained on the board of Listco, the retention of office by her would have been prejudicial to the interests of investors. Listco was also censured for publishing inaccurate information contained in the related appointment announcement.

In this case, Listco had announced in January 2021 the appointment of the Director whose biographical details (as set out in the announcement and repeated in the subsequent notice of annual general meeting) became subject of a complaint. 

In response to enquiries from HKEX, Listco published in April 2021 a clarification announcement admitting that certain statements contained in the appointment announcement could not be satisfactorily verified.

Specifically, these unverifiable statements were that the Director “held senior positions in certain well-known companies and different international financial institutions” – and “has accumulated extensive experience in stock and bond analysis, trading and portfolio construction, currency trading, non-performing asset investment, quantitative research and derivative trading”.

Such statements would therefore “be deleted in its entirety”, and the Director’s remuneration was adjusted downwards from HK$300,000 per month to HK$2 million per annum. 

However, the matter did not end with publication of the clarification announcement.

The Director tendered her resignation in November 2021. In addition to publishing the HKEX’s statement of disciplinary action, Listco issued a further announcement on 18 July 2022, admitting that neither the Director’s appointment nor her remuneration had been considered by its Nomination Committee and Remuneration Committee.

Listco and the relevant directors (i.e. directors at the time of the appointment announcement) apologised for failure to conduct due diligence of any newly appointed director – and those directors agreed to undergo 17 hours of training.

This case serves as a cautionary reminder that issuers must properly consider a director’s appointment in accordance with both the Corporate Governance Code and the terms of reference applicable to its Nomination and Remuneration Committees.

In particular, the background, education, qualifications, experience and other particulars of a director candidate must be independently verified.

Issuers cannot simply rely on information provided by a candidate or disclosed by other listed companies in their announcements, circulars and/or financial reports.

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Judith Neilson Institute head says events spiralling ‘out of control’ as independent directors quit

The philanthropist Judith Neilson has taken control of the $100m journalism institute she set up at arm’s length four years ago, after independent directors walked out en masse and leaked emails warned the organisation was spiralling “out of control”.

Staff and the media beneficiaries of the Judith Neilson Institute for Journalism and Ideas were left in shock by the departure of the directors amid uncertainty about what the institute’s new mission to promote “social change journalism” would mean.

The executive director of the institute, Mark Ryan, had the support of the independent directors but is unlikely to survive the upheaval.

On Tuesday the Age and the Sydney Morning Herald published a leaked email from Ryan to members of an international advisory council for the organisation, asking them to sign a letter to Neilson expressing concerns about its future.

“Those I spoke to late last week felt it was worth appealing to the patron before events spiralled out of control,” Ryan wrote. “Unfortunately, that ship has well and truly sailed.”

He attached another email from the American journalist Bruce Shapiro, an advisory council member, expressing “grave concern for the future of this crucial project” and alarm at “internal developments”, referring to the resignation of the directors.

Guardian Australia has confirmed the email is genuine. It is understood it was signed by four of the 12 members of the advisory council.

The chief executive officer of Neilson’s family office, Simon Freeman, told Guardian Australia Neilson wanted to move the organisation “in a slightly different direction”.

“Judith recognises the effort of what’s come to date, but has decided that she wants to move in a slightly different direction, which is more focused on social change journalism,” Freeman said.

Sources close to the organisation, who declined to speak on the record, said Neilson was keen to provide “proactive support for journalism that drives social change”, more in line with her support of various charities working in areas of slavery, homelessness, children’s health, affordable housing, climate change and food scarcity.

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It is understood Neilson, who is currently overseas, wants to become more personally involved in the activities of the institute and for it to focus more on the consumers of journalism rather than the producers, including non-English speaking communities and those in regional areas.

Freeman sent an email to staff on Tuesday with more detail about the new direction, which he said would be a “more direct and pragmatic focus on such areas as investigative journalism, photojournalism, grassroots media and enhancing access to quality journalism for those with diverse backgrounds”.

Freeman was appointed to the board after the four independent directors quit, leaving only two directors, both of whom represent Neilson’s interests.

The directors who quit were the former New South Wales chief justice James Spigelman, the Australian’s editor-at large, Paul Kelly, Free TV chief Bridget Fair and the former chief executive of the State Library of Victoria Kate Torney.

Neilson also wants to bring the governance of the institute more in line with her other projects, which have a non-independent board.

To 30 June 2021, the institute had distributed $2.5m in grants and had a total expenditure of $7.7m, according to the Australian Charities and Not-for-profits Commission.

Neilson, the billionaire owner of the White Rabbit art gallery in the Sydney suburb of Chippendale, announced in 2018 she would fund a $100m institute for journalism that would be independently run and would work with media organisations and journalism schools.

The institute has supported journalism by providing education, events and grants. Decisions made about what projects were funded were made based on criteria and determined by the institute and the board. Guardian Australia, like other media organistions, has had several projects funded by the institute, including the Pacific Project.

When she created the institute, Neilson said she supported “evidence-based journalism and the pursuit of truth in an increasingly complicated and confusing world”.

“I am delighted to support the establishment of this Institute and I will look to experienced journalists and other experts to manage and guide its work,” she said in 2018.

“I know that traditional forms of journalism are going through massive change and Australian journalism and intellectual life needs a shot in the arm.”

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EVENTS DC BOARD OF DIRECTORS APPROVES SALE OF LAND BENEATH MARRIOTT MARQUIS

EVENTS DC BOARD OF DIRECTORS APPROVES SALE OF LAND BENEATH MARRIOTT MARQUIS

$10 MILLION FROM PROCEEDS TO BE USED FOR CULTURAL GRANTS

WASHINGTON, June 10, 2022 /PRNewswire/ — Events DC, the official convention and sports authority of the District of Columbia, announced that its board of directors voted yesterday to approve the sale of land it owns beneath the Marriott Marquis hotel in downtown DC to the hotel developer. A portion of the proceeds from the sale – approximately $10 million — will fund grants that provide financial assistance to qualified nonprofit cultural institutions based in the District. The funding is intended to aid organizations with needed resources during the recovery phase of the pandemic. These institutions that engage in the management, interpretation and distribution of cultural and artistic knowledge and offer and promote activities meant to inform, educate attract visitors and residents to DC.

“This is an important day in the promotion and preservation of the District’s unique cultural identity,” said John Falcicchio, Deputy Mayor for Planning and Economic Development. “We thank our partners at Events DC, Quadrangle Development Corporation and Capstone Development for their continued support and investment in our local economy.”

The sale is the result of a stipulation in the original lease signed in 2010 that granted the hotel developer the option to purchase the land where the hotel currently sits from Events DC and the DC government.  

“This landmark hotel has been vital to transforming this area into an events and entertainment destination,” said Max Brown, Chairman of the Board of Directors of Events DC. “With this sale, we will be able to invest in the distinct cultural institutions that make this city unlike anywhere else in the world, providing visitors to the nation’s capital with an unmatched experience. Despite the challenges we faced in the last two years, we are an incredibly resilient city and that’s because of fortitude of our diverse communities and by the strong leadership of the Mayor and DC Council.”

After opening its doors in 2014, the Marriott Marquis became the city’s largest hotel, adding 100,000 square feet of meeting space and nearly 1,200 rooms, and was named DC’s official convention center hotel as the only hotel with redirect access to the Walter E. Washington Convention Center. The hotel was the product of a successful public-private partnership, which has had a significant economic impact on the area since it opened.

“This moment encapsulates the importance of innovative collaborations between public agencies and private business,” said Samuel Thomas, Interim president and chief executive officer of Events DC. “Projects like this provide vital economic opportunities, attract new visitors, and support the physical and cultural infrastructure of this beautiful city for future generations of DC residents.”

Events DC is currently developing the new grant program, which is expected to launch fall 2022. Organizations interested in the cultural institution capital grants can visit the Events DC website for further information in the coming months.

About Events DC

Events DC, the official convention and sports authority for the District of Columbia, delivers premier event services and flexible venues across the Nation’s Capital. Leveraging the power of a world-class destination and creating amazing attendee experiences, Events DC generates economic and community benefits through the attraction and promotion of business, athletic, entertainment and cultural activities. Events DC oversees the Walter E. Washington Convention Center, an anchor of the District’s hospitality and tourism economy that hosts more than 1.7 million visitors and generates more than $400 million annually in direct economic impact, and the historic Carnegie Library at Mt. Vernon Square. Events DC manages the RFK Stadium-Armory Campus (RFK Campus), including Robert F. Kennedy Memorial Stadium, Festival Grounds at RFK Campus, the non-military functions of the DC Armory, and the Skate Park at RFK Stadium. Stay current on the 190-acre RFK Campus Redevelopment Project at www.RFKFields.com. Events DC also built and serves as landlord for Nationals Park, the first LEED-certified major professional sports stadium in the United States. Events DC manages Gateway DC, R.I.S.E. Demonstration Center and Entertainment & Sports Arena all conveniently located in the Congress Heights neighborhood of Washington, DC. For more information, please visit www.eventsdc.com and find us on social media – Facebook, Instagram and YouTube (Events DC), and Twitter (@TheEventsDC) — and on our new hub for live and on-demand event programming on GATHER by Events DC at www.gatherbyeventsdc.com.

SOURCE Events DC

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United Power to host 4 events as board of directors election nears

United Power to host 4 events as board of directors election nears

United Power is hosting meet-the-candidate events this month for members to get to know the five people running for open positions on the board of directors.

The following members-only events are free and don’t require an RSVP:

  • 7:30 a.m. Tuesday, March 22 at the Coal Creek Canyon Community Center in Golden;
  • 6:30 p.m. Monday, March 28 at Riverdale Regional Park & Fairgrounds, Rendezvous Room in Brighton;
  • 7:30 a.m. Wednesday, March 30 at the Fort Lupton Recreation Center;
  • 6:30 p.m. Thursday, March 31 at United Power Carbon Valley Service Center in Longmont.

Candidates include Steven “Steve” Douglas, Naptali A. Lucks and Elizabeth “Beth” A. Martin in the East District; Keith Alquist in the South District; and Ursula J. Morgan in the West District, according to the cooperative’s news release.

Candidates running for directors are elected on an “at-large” basis and represent all members.

Members will receive a ballot in March, through the mail or electronically through their online accounts. All ballots must be received by April 12.

On April 13, those interested can attend the hybrid 2022 Annual Meeting online on United Power’s website or in person at the Riverdale Regional Park & Fairgrounds to learn the results of the election, according to the release.

Registration opens at 4:30 p.m., and balloting closes at the beginning of the official business meeting at 6:30 p.m.

To view the director profiles that will be published in the cooperative’s March-April newsletter go to www.unitedpower.com/annual-meeting.