Registered plan fee guidance forthcoming from CRA, but timing unclear Hot on the heels of a much-anticipated tax document release, Investment Executive (IE) has learned that the Canada Revenue Agency (CRA) is again delaying implementing its position on registered fees — originally set to take effect on Jan. 1, 2019.The CRA had originally said that guidance on registered fees would appear in its long-awaited advantage folio, which was released Monday. Though guidance has not been released, the Investment Industry Association of Canada (IIAC) said that the CRA gave them an update in a call last Friday. CRA confirms advantage tax rules relief CRA updates RRSP, TFSA advantages folio Facebook LinkedIn Twitter artisticco/123RF Paying RRSP, TFSA investment fees from outside the accounts not an advantage, Finance says Melissa Shin “The IIAC has been informed by [the] CRA that [it] will again defer implementation of [its] position [until after January 2019] on the application of the advantage tax rules to investment management fees, pending completion of a review of the issue by the Department of Finance,” said Jack Rando, managing director of the IIAC, in a statement emailed to IE. “We do not have an indication as to what the new timelines look like. […] We are pleased that the government is taking the time it needs to carefully consider the comments it received on this issue.”The CRA could not be reached for comment by press time.The advisor community has been waiting for the CRA’s guidance since November 2016, when the topic came up at a Canadian Tax Foundation roundtable. There, the CRA told attendees it was changing its administrative position: paying registered plan fees from non-registered accounts would incur a tax penalty equivalent to the fee (e.g., if an investor pays a management fee of $500 from outside a registered plan, the investor could be taxed the full $500).The CRA said it viewed the practice as creating an unfair advantage because it’s equivalent to a tax-free increase in the value of the registered plan. At the end of 2016, it said the position change would take effect Jan. 1, 2018.Since then, however, the federal tax agency has not shared how it will apply its new position and has delayed releasing such guidance multiple times, citing industry consultations with groups such as the IIAC, the Investment Funds Institute of Canada and the Canadian Life and Health Insurance Association Inc.This has unsettled the tax-planning community. For those who wish to take action now, “The conservative approach would be for investors to redirect the payment of investment management fees relating to registered plans through their respective registered plans themselves,” said Frank Di Pietro, assistant vice president, tax and estate planning, at Mackenzie Financial Corp. in a statement emailed to IE.Representatives from the Income Tax Rulings Directorate said last year that Monday’s advantage folio would not include fee guidance; that’s indeed the case. Instead, the document says, “Comments on the tax treatment of fees and expenses incurred in connection with a registered plan […] will be included in a future update.”Advantage folio releasedThose engaged in aggressive tax planning in registered accounts will view Monday as a dark day, as the CRA released an income tax folio explaining how the tax advantage rules will apply to RRSPs, RESPs, RRIFs, RDSPs and TFSAs.The agency calls out several practices that have always been restricted by the Income Tax Act, but that aggressive planners may have used thinking there was room for interpretation. An “advantage” in this context is, in layman’s terms, an outsized or unintended tax benefit.Last October, representatives from the Income Tax Rulings Directorate said the folio would cover existing CRA positions and issues the agency had looked at in audits.It seems the CRA has seen some whoppers.Also readFeds looking to stop some RRSP sways Some TFSAs in auditors’ crosshairsAudits on large TFSAs ramped upThe folio targets aggressive planning such as swap transactions, arrangements that artificially shift taxable amounts into registered plans, and what’s known as registered plan stripping (withdrawing money while avoiding a taxable event). The document shares several scenarios that would create a taxable advantage. In one example involving an estate freeze, a shareholder receives 1,000 shares worth $1,000. She immediately transfers those in-kind to her TFSA; the fair market value (FMV) of the shares rise to $100,000 within the calendar year, “resulting in an advantage of $99,000.”“You can see the devious minds that operate,” says Doug Carroll, practice lead, tax, estate and financial Planning, at Meridian Credit Union. “[The CRA is] not making these things up on [its] own. Unfortunately, it makes the compliance burden much higher for the rest of us, when really, it’s a small number who play around.”The folio also includes more mundane situations, such as when a taxpayer deliberately overcontributes to a TFSA in hopes of earning returns higher than the 1% penalty, and when taxpayers ask their dealer to reallocate fund rebates to give them the best tax advantage. Both actions would be penalized.“None of this is surprising. It’s common sense,” says Michelle Connolly, a tax and wealth transfer expert in Toronto. “The whole reason for this folio is not for the average income tax payer. It’s for those who have been really creative, sophisticated and abusive.”The consequences are dire. If the CRA finds a taxpayer has received an advantage under a registered plan, that person must pay a tax equal to 100% of the FMV of the benefit (and in the case of a loan, the amount of the debt; in the case of a registered plan strip, the amount of the strip). A separate tax is payable for each advantage. In the estate freeze example, the taxpayer would be penalized $99,000, as well as amounts equal to all future appreciation and dividends.Of note for financial professionals, the folio notes advisors and issuers could also be penalized for “knowingly facilitat[ing] the holding of, or participat[ing] in, such investments or transactions.”Advisors should pay particular attention to the rebating commentary, Connolly says. In the past, dealers may have redirected a client’s commission rebate for a non-registered account to a registered one to artificially raise the FMV, or vice versa, leading to an advantage in both instances.“On a go-forward basis, the rebate has to be allocated on a pro-rata basis,” says Connolly. “Most dealerships, that’s how they would allocate it. [For those that don’t,] it’s now been clarified — you can’t do that.”She cautions that while commission rebates will not be considered a plan contribution, any top-up by the financial institution will be. For instance, says the folio, a cash prize for contributing to one’s RRSP will be considered a gift or contribution. Says the CRA: “Care should be taken […] to ensure that winnings are not deposited directly into a registered plan.”Another practice that will be penalized is charging lower investment counsel fees for registered accounts versus open accounts, since such fees aren’t deductible for registered accounts. “That [practice] provides an advantage to the registered account,” says Connolly.Carroll says fund companies sometimes offer preferential rates across family members based on total family assets. “You have to be careful about the possibility about an advantage being given because you’ve disproportionately provided benefit.”Don’t panicThe CRA acknowledges that “these rules do not impact the average investor.”Carroll says he appreciates this language: “Regular RRSP loans are not a problem. They’re not trying to go after normal, commercial arrangements, particularly things that are broad-based. They’re being extra careful so that people don’t panic that they’re going to go hog wild.”The advantage folio is the third chapter in Folio 10, Registered Plans for Individuals. Preceding it were chapters on qualified investments and prohibited investments.Though the advantage chapter has a three-month comment period, it’s official now. The comment period ends Dec. 31, 2018. Share this article and your comments with peers on social media Keywords Tax avoidance, RRSPs, TFSAsCompanies Canada Revenue Agency TFSA advantage can lead to a tax of 100% Related news
Related news Another jump in prices tightens the squeeze on U.S. consumers The number of available jobs jumped in October after hitting an 18-month low the previous month, a sign the job market remains strong.The Labor Department said Tuesday that the number of available positions rose 3.3% to nearly 7.3 million. That suggests that businesses remain confident enough in the economic outlook to create more jobs. Christopher RugaberAssociated Press Leading indicators signal steady rebound: OECD Keywords Employment, Economic indicators, U.S. The figures provide the latest evidence that employers have largely shrugged off the uncertainties surrounding the U.S.-China trade war and slowing global growth. While the number of open jobs has declined from a record high of 7.6 million a year ago, they are still at a historically high level. For nearly a year and a half there have been more job postings than unemployed people.The figures follow a healthy jobs report earlier this month that showed a surprisingly robust gain of 266,000 jobs while the unemployment rate fell to a 50-year low of 3.5%.“The numbers should calm worries that employer demand for workers is drying up,” said Julia Pollak, chief economist at ZipRecruiter. “Rather than falling substantially, job openings now appear to have remained fairly stable for over a year.”The number of Americans who quit their jobs also rose, though that figure remains below the peak reached in July. Quits are a good sign for the economy because most workers quit jobs for new, usually higher-paying, positions. Data compiled by the Atlanta Federal Reserve Bank show that workers who switch jobs are seeing larger wage gains than those who stay. More quits can also push companies to pay more to retain their staffs.Job openings jumped 125,000 in the retail sector, likely reflecting strong demand for temporary workers for the holiday season. The government seeks to seasonally adjust the data for those fluctuations but isn’t always able to do so perfectly. October’s gain was the largest increase in retail job openings since April 2018.Manufacturers also posted slightly more open jobs after several months of decline. Finance and insurance firms and health care also posted more available positions. Household debt-to-income ratio fell in first quarter: Statscan Share this article and your comments with peers on social media Facebook LinkedIn Twitter
Minister Garneau speaks with Secretary General of La Francophonie From: Global Affairs CanadaReadoutThe Honourable Marc Garneau, Minister of Foreign Affairs, today spoke with Louise Mushikiwabo, Secretary General of La Francophonie.The Honourable Marc Garneau, Minister of Foreign Affairs, today spoke with Louise Mushikiwabo, Secretary General of La Francophonie.The Minister and the Secretary General discussed Canada’s priorities within La Francophonie, including the fight against the COVID-19 pandemic within member states, the promotion of human rights and gender equality, and the advancement and protection of the French language internationally. The Minister has highlighted the productive collaboration between Canada and the Organisation international de la Francophonie (OIF) which will help drive the development of digital content from across the francophone world, including from Canadian creators, through the TV5MONDEplus platform.The Minister welcomed the important measures taken by the Secretary General to modernize the OIF and reiterated Canada’s support for strategic efforts to improve its efficiency, management and transparency.Minister Garneau welcomed the nomination of the new OIF administrator, Canadian Geoffroi Montpetit, who will work to advance the priorities of La Francophonie. The Minister and the Secretary General concluded on the importance of meeting in November for the XVIII Francophonie Summit in Djerba, Tunisia. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Canada, covid-19, digital, efficiency, Foreign Affairs, French, gender equality, Government, Human, Human Rights, language, Minister, pandemic, Secretary, Tunis, Tunisia, world
It’s been more than a month since we endured the historic rains of September 2013 and the campus and local community response to the floods has been nothing short of extraordinary. The efforts of first responders, local citizenry, and CU-Boulder students, faculty and staff have been and continue to be instrumental to our recovery. The outpouring of support through the CU-Boulder Disaster Recovery Fund to date have yielded more than $200,000 and these funds have been immensely helpful to the members of our CU-Boulder family who were directly impacted by the floods. Through our concerted efforts, the road to recovery has been truly remarkable.Today as one walks across our campus on a sunny fall day, the pace of the fall semester appears to be back to normal and all seems to be in order. Unfortunately, the appearance of normalcy on campus belies the fact that there are students, staff, and faculty who still struggle to recover from the effects of the flood. Members of the CU community are still displaced from their homes and are living in temporary housing. Others are still attending to major repairs to their existing homes. For some, what was once a routine commute to campus is now an arduous and time-consuming journey. Students who lost books and laptops and who were unable to get to campus to attend classes are still in ‘catch up’ mode.Despite appearances, all is not normal and our recovery from the September flood of 2013 is not complete. While most of us can settle back into the routine of our daily lives on campus, we are asking once again that the CU-Boulder community be mindful that there are those among us who aren’t so fortunate. To faculty, we appreciate the accommodations many of you have made already and we ask that you please continue to be flexible with and attentive to those students who are still struggling to catch up or keep up as a result of the floods. A comprehensive guide to academic accommodations is available on the 2013 Flood website. To supervisors and co-workers, please continue to be accommodating to the needs of your colleagues who are still putting their daily lives back together.We’ve made remarkable strides in overcoming the effects of the historic weather event of 2013 and for that we have much to be proud of. As our campus community continues on its remarkable path to recovery, we can also be proud of our commitment to making sure that we don’t leave anyone in the CU-Boulder family behind.Russ Moore, Provost Paul Chinowsky, Chair of the Boulder Faculty Assembly Share Share via TwitterShare via FacebookShare via LinkedInShare via E-mail Published: Oct. 16, 2013
Donate to local charities. If you’re able to, consider donating to local charities. Many organizations host holiday drives and accept a variety of donations. Consider donating to places like animal shelters, toy drives or other causes. If you’re looking for alternative ways to give back, consider dropping off baked goods or care packages for local healthcare workers. Make virtual funAfter months of going virtual, you may feel Zoomed out. However, calling family members over the phone or through video is one of the safer ways to connect with one another this holiday season. Consider these fun activities to spice up your virtual gatherings:Decorate cookies. Join a Zoom call to decorate cookies with your loved ones, whether it’s sugar cookie snowflakes or gingerbread houses. If your family and friends are competitive, turn it into a competition to see who has the best decorating skills. You can also ship cookies to your loved ones to enjoy. For many of us, this year has felt isolating. This may be especially true if you aren’t able to celebrate holidays with your friends or family at home. During this time, it’s more important than ever to take care of ourselves by staying connected with loved ones, even from afar, and finding creative ways to celebrate.Here are a few ideas to help you ring in the holidays away from home.Create new traditionsDIY Cinnamon DecorationsFeeling crafty? Create your own ornaments or garland! These cinnamon decorations will also warm up your home with great holiday scents.Get the recipeExploring and creating new traditions can be a great way to feel festive, even if you can’t be close to all of your loved ones. You can use your family’s current traditions as inspiration or do something entirely new. Here are a few ideas to try by yourself, with friends or family:Holiday light shows. Go for a drive and admire the holiday decorations and light displays around your home while listening to your favorite holiday music. (Some neighborhoods also offer coordinated light displays that follow along to a specific radio channel.) Create a caroling group. Belt your favorite holiday tunes by forming a virtual caroling group. You can help spread holiday cheer by singing for friends, family members or neighbors over Zoom or over the phone. Get outsideDon’t let the cold weather stop you from venturing outside! Spending time being physically active or simply enjoying yourself in the outdoors is a great way to lift your spirits. This can also be a great opportunity to explore different hobbies or activities you may enjoy, like building a snowman, sledding, snowshoeing, hiking or enjoying a walk around your neighborhood. If you’re still in town, you can also check out outdoor attractions like Denver Zoo Lights, Blossom of Lights at the Botanic Gardens or the Boulder Star. If you choose to visit the star, remember to stay on designated trails to ensure the park is protected from environmental damage. ResourcesIf you or someone you know is struggling, Counseling and Psychiatric Services (CAPS) provides mental health support for students, including mental health screenings, brief individual therapy, workshops, consultation services and crisis support. Some services are limited to students in Colorado. If you are currently outside of Colorado, please visit the out-of-state student resource page.For a comprehensive list of Health and Wellness resources available over break, visit Wellness Wherever You Are.More Health & Wellness ArticlesTags:COVIDMental HealthRelationships Holiday crafts. Create homemade decorations to put up around the house. These can include paper snowflakes, origami stars or other DIY creations. Head to the post officeIf your family or friends typically exchange gifts over the holidays, consider setting up a secret gift exchange by mail. There are free sites like Elfster that can help you easily set up the exchange online. This is a great option if your family or friends are spread out across the country. Simply invite people to participate and join the randomized drawing. If money is tight, be sure to set a limit on spending or opt for homemade gifts like candles or baked goods. Sending letters, postcards or holiday cards is another great way to celebrate on a budget.Engage in community careWhile it’s important to practice self-care over the holiday season, it’s also important to engage in community care. Unlike self-care, which focuses on how we take care of ourselves, community care emphasizes how we take care of each other. Engaging in community care activities helps us foster connection, support and purpose, which can improve our mental health. This can be especially helpful if you are unable to celebrate the holidays with close family or friends. Not sure where to start? Here are a few ways to begin practicing community care:Host a potluck swap. While we can’t enjoy in-person potlucks this year, we can still get into the holiday spirit by doing a potluck swap. Invite your neighbors or friends living close by to participate by cooking their favorite dish to share with the group. Box up servings in tupperware and drop them off at each house or schedule a time to meet up outside and trade. This can help reduce the burden of cooking a whole holiday meal by yourself. DIY ugly sweaters. Listen to holiday music and craft with friends or family to make your own ugly holiday sweaters. If your budget is tight this year, consider thrifting decorations or sweaters, or use what you already have around the house. Cozy night in. Enjoy a night in with hot chocolate, holiday movies and your favorite festive pajamas. Volunteer. Giving back to the community is a great way to engage in community care. Not only will you be helping those less fortunate than yourself, but you can also create lasting connections and friendships. If you’re still in Boulder, be sure to check out the Volunteer Resource Center to explore causes and upcoming opportunities.
Facebook Home Wine Business Editorial WIN Webinars Lessons from Down Under: Three Master Winemakers share their COVID Harvest Experience…Wine Business EditorialWIN WebinarsLessons from Down Under: Three Master Winemakers share their COVID Harvest Experience (Webinar)By Editor – May 28, 2020 335 0 Previous articleBuena Vista Winery & Deloach Vineyards Reopen for Food & Wine Experiences, Raymond Vineyards to Open for Sales, JCB Village in Yountville ReopensNext articleJordan Winery Reopens for Outdoor Food & Wine Pairings on June 11 Editor Share TAGSAustraliaCOVID-19Dan DuckleDomaine ChandonDown UnderGiesen New ZealandHarvestJamie GilchristJeremy DineenJosef ChromyMelbourneNikolai St. GeorgeSouthern HemisphereTasmaniaVintraceWIN WebinarsWine BusinessWinebiz Linkedin Pinterest Email ReddIt AdvertisementUpdate: Follow-Up Q&A from the Live BroadcastAustralia and New Zealand went into COVID-19 lockdown on March 23, right in the middle of Harvest. This webinar is a rare opportunity to hear, first hand, from three master winemakers who, without warning, had to navigate harvest with the sudden lockdown restrictions. These winemakers share their experience, insights, and lessons learned with Jamie Gilchrist, Co-Founder and Director of Sales, vintrace wine production software, based in Melbourne, Australia.Join us during this free webinar to hear Jamie Gilchrist, Jeremy Dineen, Nikolai St George, and Dan Buckle reflect on:What they would have done differently if they had time to prepare (COVID restrictions went into place after harvest had begun)How they enacted social distancing and its effect on harvestThe role technology playedAnd other questions about the extraordinary circumstances they facedJamie GilchristModerated by:Jamie GilchristCo-Founder, Chief Sales Officer / vintraceCo-Founder and Sales Director of vintrace wine production software, based in Melbourne, Australia. Jamie will share the interviews, add his perspective, and participate in a Q&A.Winemaker Panel:Jeremy DineenWinemaker & General Manager / Josef Chromy, TasmaniaJeremy DineenBorn and bred in Tasmania, Jeremy Dineen has been at the helm of Josef Chromy Wines since its inception in 2005.Hand-picked by Josef to lead his namesake business, Josef Chromy Wines has since grown into one of Tasmania’s most successful wine businesses, producing premium estate wines, and offering contract winemaking services. Prior to this, Jeremy had already developed an intimate knowledge of Tasmanian viticulture, and the complexities associated with contract winemaking, during five vintages at Hood Wines in southern Tasmania with 38 vineyards under his care.Nikolai St GeorgeChief Winemaker / Giesen, New ZealandNikolai St GeorgeNikolai St George leads Giesen’s winemaking team ensuring they offer a suite of wines for wine lovers across the world to enjoy. Nikolai joined Giesen in early 2016 bringing with him three consecutive ‘Winemaker of the Year’ titles: New Zealand Royal Easter Wine Show 2015 and 2013 and the 2014 New Zealand International Wine Show.Originally from the King Country, Nikolai’s winemaking career has taken him around New Zealand and the world – including stints in Chile, France, Australia, and the United States.Dan BuckleWinemaking Director / Domaine Chandon, AustraliaDan BuckleIt might not be that surprising that Dan wound up in the wine industry. With his father owning his own vineyard on the Mornington Peninsula, Dan planted, pruned, and picked throughout his teenage years, and beyond.After jumping into the restaurant and bar world, Dan studied for a Bachelor of Applied Science in Wine. It’s a tale of wanderlust from there, moving between vintages in Bordeaux, Burgundy, and Champagne, and years at Coldstream Hills, Yering Station, and Mount Langi Ghiran.Dan has been Winemaking Director at Domaine Chandon since 2012, where he guides the style of the winery’s méthode traditionnelle sparkling wines.Update: Follow-Up Q&A from the Live BroadcastQ: Any advice on distance on the sorting table? Ours is pretty tight.A: We don’t have a sorting table, but you could look at Perspex screens from each side to reduce droplet transmission. There are similar issues with bottling lines.Q: Did anyone wear masks or just rely on the 6ft rule?A: Just distancing.Q: Did you have to stagger breaks more so there were fewer people in break rooms? Or did you make additional break room space?A: Yes – both. Expanded the outside area to allow for distancing across a larger table.Q: Did you have workers wear masks? What type? Was there a difference in protocol between indoor and outdoor activities?A: No masks. Outdoor transmission is less likely.Q: How do you handle shoveling tanks if you typically put more than one person in the tank to shovel?A: Consider other methods, like jetting the marc out. We have other workplace restrictions on both confined space and manual handling which have caused us to reconsider digging out vessels.Q: How were you able to keep it paperless?A: By using vintrace app on iPads.Q: Not sure why you couldn’t get out to vineyards… by yourself if necessary?A: Yes, we did this. Avoids boring conversations with growers too!Q: What was the protocol on wearing masks and gloves for everyone on the teams during their shifts working together inside the winery?A: No masks no gloves. Gloves are a false PPE if you then touch a contaminated surface and touch your face the glove doesn’t help much. We gave everyone a spray bottle of 70% ethanol, they spray everything they touch before and after. Gets easier with time.Q: What were your preferred digital tool for harvest management, tracking, and team communications?A: Combination of mobile phones, vintrace, and Microsoft teams. Teams for zoom and group chats, vintrace for all grape and wine stuff. We made a commitment to use vintrace product notes every time we tasted a juice/wine/fruit sample, helps when you can’t taste together to build up the volume of “impressions”. Simple notes like “could make an excellent Vintage BdN – do not blend”. You could probably do this with an excel file but it works easily on vintrace.Q: I would love to hear any recommendations for smaller teams that need to work all as one shift. Thanks!A: If you can, consider housing the whole team onsite for the critical period, so that the whole team is effectively isolated and cannot get infected. Establish new protocols for external parties coming to the winery (if they have to come at all), like truck drivers do not leave their truck cabin etc.Advertisement Twitter
Facebook Road between Glenties and Fintown closed for a time later today WhatsApp The road between Glenties and Fintown will be closed for a time later today due to a road traffic crash which occurred yesterday.It’s understood the large vehicle involved in the collision remains at the scene and efforts to remove it from the area will get underway later this morning.As a result Gardai say the road will be closed between 10am and 12pm and diversions will be in place. Consultation launched on proposal to limit HGV traffic in Clady 45 new social homes to be built in Dungloe Pinterest Google+ WhatsApp Facebook By admin – August 23, 2016 Homepage BannerNews RELATED ARTICLESMORE FROM AUTHOR Pinterest Google+ Donegal hoteliers enjoy morale boost as bookings increase Twitter Journey home will be easier – Paul Hegarty Previous articlePolice renew appeal for information on road traffic collision in DerryNext articleCouncillor not convinced meeting over Donegal ambulance service will result in adequate cover admin Twitter Harps come back to win in Waterford DL Debate – 24/05/21
DB Schenker has overhauled the management structure of its logistics operations, with the appointment of Reiner Heiken as its new chief executive for Europe, the formation of a contract logistics division and the consolidation of its air, land and sea boards.Mr Heiken was recruited from Kuehne & Nagel, where he served as chairman in Hamburg, and replaced Ewald Kaiser on 1 December.In a near 20-year career with KN, Mr Heiken served in various functions. He is a shipping industry veteran, having also served in various management roles at Senator Lines, which he joined in the late-80s after a six-month stint as a nautical officer at Reederei H Janssen.On 1 January, Mr Kaiser will join the new Freight board, comprising the previous separate air, land and sea divisions. By Alexander Whiteman 09/12/2016 As part of the changes, the board will also be reduced from seven to six, with the aim of improving integrated transport product services. A new organisational unit, Global Land Transport, will standardise and promote the development of land transport outside Europe.“By reducing the number of members on the management board and reorganising divisions, we intend to satisfy market requirements for fast and consistent solutions for our customers and to serve as a role model for creating more efficient structures”, said Jochen Thewes, chief executive of DB Schenker.In addition, a new division called Commercial DB Schenker and Contract Logistics (CCO), headed by Tom Schmitt, will be created.Mr Schmitt joined Schenker as board member responsible for contract logistics last April from AquaTerra – a Canadian firm specialising in bottled water for coolers – where he served as its president and chief executive.
Mr Steiner was most recently Swissport’s senior vice president and head of commercial EMEA and has over 20 years’ experience in air cargo.Before joining Swissport in 2008, he held different senior positions at Swissair and Swisscargo in Switzerland, China and Singapore. In his new role, he will coordinate and manage the EMEA Cargo business jointly with the regional and local management.Mr Skinner (pictured below) was formerly Swissport’s senior vice president of Middle East & Africa and developed and managed its principal emerging markets projects, with successful market entries and greenfield start-up organisations in Saudi Arabia and in Oman.“In his new assignment he will drive business development projects across the EMEA region and be responsible for customer relations (except cargo) and will guide the commercial teams in executing the sales strategy,” the company said.He joined Swissport in 2004, and previously held senior positions at Credit Suisse and Swissair. By Gavin van Marle 04/11/2019 Swissport International has promoted Rudolf Steiner (pictured above) to head of cargo EMEA, and Mark Skinner to head of business development & sales EMEA.Both executives began in their new roles on Friday, reporting to Luzius Wirth, executive vice president EMEA.The company said the new setup “concludes a realignment of the EMEA region, which is Swissport’s largest”. It recently introduced six sub-regions across EMEA and is consolidating its overhead, globally.“A dedicated leadership team for air cargo handling and ground services will enable us to build even stronger client relationships. We will be able to act more proactively and enhance our response times to market trends and changing customer needs,” said Mr Wirth.