SEOUL, South Korea, May 20, 2024 /PRNewswire/ —

Fellow Aurinia Shareholders,

ILJIN SNT Co., Ltd. and its affiliates (collectively, “ILJIN“) is a long-term holder of more than 5% of Aurinia Pharmaceuticals Inc. (“Aurinia” or the “Company“) and has been supportive of the Company’s mission since 2010 when we invested in the predecessor company, Isotechnika. As one of the largest and longest-standing shareholders, we have had the privilege of supporting the Company through its drug development efforts and subsequent FDA approval of LUPKYNIS. We have also supported the CEO, Mr. Peter Greenleaf, having voted in prior years for his re-election to the Board.

Like other shareholders, we have been greatly shocked and dismayed to see the share price plummet since the Company’s announcement on February 15, 2024 of FY 2023 operational results and the unsuccessful conclusion of its 7-month long strategic review process.

The Company recently announced its Q1 2024 operational results. While the Q1 2024 financials showed some improvement, there has been no sign of share price recovery despite the Q1 performance improvement. If anything, the stock performance following the recent earnings report has reinforced the market perception that there remain substantial uncertainties surrounding the Company’s new corporate strategy (focused on commercial execution of LUPKYNIS) announced in February. We believe that if we choose to ignore and do not respond to these alarming developments, we may only see our shareholder value further eroding going forward.

In response to these concerning developments, we wrote to management and the Board of the Company in March, and have voiced our concerns and requested changes to the management and also the Board’s role as the supervisor of management’s performance.  However, we only received inadequate responses from the Company reciting its prior statements.

As one of the long-standing shareholders, we now believe it is imperative to demand management’s accountability, in order to put the Company back on track. If the Company does not change paths despite the massive losses shareholders have suffered during the past several months, it would only mean that there is no alignment of interests between company management and shareholders, and that it is time to establish a system within the Company to enforce management’s accountability. 

It is simply not right that while shareholders are suffering major losses, those same executives and Board members responsible for such losses continue to collect hefty amounts of compensation — including substantial amounts of free RSUs — from the Company as if nothing had happened.  In our view, the only way we can enforce accountability is to make our Board an independent board, and what this means is that the Board composition must be changed, so that the Board may effectively act as a check and balance to Company management. 

For these reasons, Mr. Greenleaf should no longer serve on the Board and should only serve as the CEO going forward.  As the Company’s CEO, Mr. Greenleaf will be able to continue to implement his new corporate strategy (focused on commercial execution) announced in February, while the Board without Mr. Greenleaf’s participation will be able to discuss and determine the validity of the new corporate strategy independently and evaluate management’s performance objectively. 

In addition, given the Company’s continued poor performance and its single-minded focus on LUPKYNIS (by foregoing all other growth options such as AUR 200 and AUR 300), it is important and necessary that the Board’s size be kept to a bare minimum and no new board member should be allowed until after the Company has showed a clear sign of a turnaround.

In view of the foregoing, ILJIN’s intends to vote as follows at the Company’s upcoming annual meeting:

1. As explained above, Peter Greenleaf should no longer serve on the Board and should serve only as the Company’s CEO going forward.  Although we have previously supported Mr. Greenleaf’s board membership, it has become patently clear that his influence over the Board’s composition and operation is so significant and prominent that the Board cannot serve its critical role of providing independent oversight of management.  While we believe the ultimate responsibility for poor management performance and destruction of shareholder value lies with Mr. Greenleaf, the Board has not and is not willing to hold Mr. Greenleaf accountable for all those management mishaps. ILJIN intends to vote “withhold” on the re-election of Peter Greenleaf to the Board.
2. In response to its letter to management and the Board in March, ILJIN has received a reply letter from the Board chairman, Daniel Billen.  Based on his reply, Mr. Billen appears unable or unwilling to exercise any meaningful oversight over management’s performance.  So, in our view, Mr. Billen is unqualified to operate the Board as an independent board, and so should no longer serve on the Board. ILJIN intends to vote “withhold” on the re-election of Daniel Billen to the Board.
3. In September 2023, the Company agreed to add yet another member to an already-excessive Board, and ILJIN believes Dr. Robert Foster should not be elected to a full term on the Board.  Given the Company’s revised business strategy to focus solely on commercial execution of LUPKYNIS, ILJIN believes Dr. Foster clearly cannot add any new value to the Company’s management. ILJIN intends to vote “withhold” on the election of Dr. Robert Foster to the Board.
4. In light of the dire performance of the Company’s share price, the management compensation plan must be rejected. Following a dismal 38.6% say-on-pay vote in 2023, rather than reforming management compensation to align with stockholder interests, the Board has proposed a management compensation plan that is divorced from the Company’s performance metrics, and ILJIN believes options and RSUs must not be freely granted regardless of the Company’s performance — particularly when shareholder value is utterly shattered.  ILJIN believes the fact that such a management compensation plan is proposed in these dire times shows that the current Board is not performing its fiduciary duties properly and only interested in enriching corporate executives and Board members at the expense of further shareholder dilution. ILJIN intends to vote “against” the advisory resolution on executive compensation and “against” the amendment to the Company’s equity incentive plan.
5. We echo the recent message from other shareholders, such as Lucien Selce, that the Board is severely bloated and excessively compensated.  So, we agree that the Board must be downsized, and each shareholder should determine which Board members it will be voting to withhold against at this time to keep the Board to a bare minimum. While we clearly see several additional Board members having no fit for the Company’s revised business strategy, we do not believe it is appropriate for us to specify those individual Board members here.

ILJIN believes that the changes above are necessary to strengthen the Board’s role as a supervisor of management’s performance and to enforce management accountability going forward, and respectfully request other shareholders’ support for the changes.

Sincerely,
KH Sung
CEO of ILJIN SNT Co., Ltd.

Media contact: Yoonwha Lee, [email protected]

View original content:https://www.prnewswire.co.uk/news-releases/iljin-snt-co-ltd-calls-for-board-restructure-at-aurinia-pharmaceuticals-302150680.html

Estimates from PitchBook suggest that venture capitalists are poised to invest approximately $12 billion into crypto projects throughout 2024.

During the previous bull market, VCs predominantly supported application layer startups like Coinbase. However, analysts at the research firm anticipate a shift back to basics this year.

Robert Le, a crypto analyst at PitchBook, explained to DL News, “This cycle we haven’t seen any applications getting these large investments.”

Instead, venture capitalists are directing their attention towards infrastructure projects, specifically layer 1s, which provide the foundational support for various crypto applications and networks.

One standout deal from the first quarter of 2024 was awarded to Together AI, a developer of an open-sourced decentralized cloud platform. In March, the company secured a significant investment of $106 million in an early-stage round led by Salesforce Ventures.

During the first quarter, VC investments in the crypto sector surged by 40%, reaching $2.4 billion compared to the prior period.

The emphasis on infrastructure projects is a key factor contributing to Le’s estimation that the industry will see only a modest increase of 2.4% in fundraising compared to the $9.4 billion raised in 2023.

Le drew parallels to traditional infrastructure projects, noting that entities like Amazon Web Services typically raise proportionally less capital compared to application-level startups such as Uber and Facebook.

However, Le remains optimistic about the trajectory of application projects, expecting them to attract more investment as the cycle progresses.

Source:dlnews.com

The post Crypto VCs will invest $12bn cash horde in blockchain projects this year appeared first on HIPTHER Alerts.

• Sectors more exposed to AI are experiencing almost fivefold (4.8x) greater labour productivity growth (‘AI exposed’ means AI can readily be used for some tasks)
• Postings for AI jobs are growing 3.5x faster than for all jobs. For every AI job posting in 2012, there are now seven job postings
• Jobs that require AI skills carry up to a 25% wage premium in some markets
• AI-driven spike in productivity could allow many nations to break out of persistent low productivity growth, generating economic development, higher wages, and enhanced living standards
• Skills sought by employers are changing at a 25% higher rate in occupations most exposed to AI. To stay relevant in these occupations, workers will need to demonstrate or acquire new skills

LONDON, May 21, 2024 /PRNewswire/ — Sectors more exposed to AI are experiencing almost five times (4.8x) higher growth in labour productivity, according to PwC’s inaugural 2024 Global AI Jobs Barometer, published today.

The report, which analysed over half a billion job ads from 15 countries, suggests that AI could allow many nations to break out of persistent low productivity growth, generating economic development, higher wages, and enhanced living standards.

The report finds that for every job posting requiring AI specialist skills (i.e., machine learning) in 2012, there are now seven job postings.^[1] PwC research also finds that growth in jobs demanding AI skills has outpaced all jobs since 2016, with postings for jobs requiring AI skills growing 3.5x faster than for all jobs.

The findings also highlight economic opportunity for labour forces: jobs that require AI skills carry up to a 25% average wage premium in some markets.

Skills sought by employers are changing much faster in occupations more exposed to AI, with old skills disappearing – and new skills appearing – in job ads at a 25% higher rate than in occupations less exposed to AI. To stay relevant in these occupations, workers will need to demonstrate or acquire new skills.

As questions abound around the technology’s impact on everything from job security to long-term business viability, the findings highlight positive news, even for workers in sectors most exposed to AI. The findings also reflect a good news story for workers and the global economy in which AI-enabled workers are more productive and more valuable, opening the door to rising prosperity for workers and nations.

Carol Stubbings, Global Markets and Tax & Legal Services (TLS) Leader, PwC UK, says:

“AI is transforming the labour market globally and presents good news for a global economy hindered by deep economic challenges and concerns around long-term business viability. For many economies experiencing labour shortages and low productivity growth, the findings highlight optimism around AI with the technology representing an opportunity for economic development, job-creation, and the creation of new industries entirely. However, the findings show that workers will need to build new skills and organisations will need to invest in their AI strategies and people if they are to turbocharge their development and ensure they are fit for the AI age.”

Near fivefold productivity growth in sectors more exposed to AI

The findings paint a positive picture of the impact of AI on labour markets and productivity. Sectors most exposed to AI – financial services, information technology, and professional services – are experiencing nearly five times higher labour productivity growth than sectors less exposed to AI.^[2]

Jobs that require AI skills carry significant wage premiums

Across the five major labour markets for which wage data is available (US, UK, Canada, Australia and Singapore), jobs that require AI specialist skills carry a significant wage premium (up to 25% on average in the US), underlining the value of these skills to companies. Across industries (in the US for example), this can range from 18% for accountants, 33% for financial analysts, 43% for sales and marketing managers, to 49% for lawyers. While the wage premium differs by market, overwhelmingly this is higher in all markets analysed.

AI penetration is accelerating, particularly in knowledge work sectors

The study finds that knowledge work sectors are seeing the most rapid growth in the share of roles requiring AI skills. This includes financial services (2.8x higher share of jobs requiring AI skills vs other sectors), professional services (3x higher), and information & communication (5x higher).^[3]

No going back to yesterday’s jobs markets: the skills building imperative

Companies, workers, and policymakers share responsibility for helping workers build the skills to succeed in a fast-changing jobs market. Skills demanded by employers in occupations more exposed to AI are changing at a 25% higher rate than in less exposed occupations. 69% of CEOs expect AI will require new skills from their workforce, rising to 87% of CEOs who have already deployed AI, according to PwC’s 27th Annual Global CEO Survey 2024. 

Pete Brown, Global Workforce Leader, PwC UK, adds:

“Businesses and governments around the world will need to ensure they are adequately investing in the skills required for both their people and organisations if they are to thrive in a global economy and labour market being transformed by AI. Equally, there is tremendous opportunity for people, organisations, and economies with expertise in new and emerging technologies such as AI. Ensuring a skills-first approach to recruitment as well as continued investment in workforce upskilling is imperative as no industry or market will remain immune to the impact of AI’s technological and economic transformation.”

Scott Likens, Global AI and Innovation Technology Leader, PwC US, concluded:

“AI provides much more than efficiency gains. AI offers fundamentally new ways of creating value. In our work with clients, we see companies using AI to amplify the value their people can deliver. We don’t have enough software developers, doctors, or scientists to create all the code, healthcare, and scientific breakthroughs the world needs. There is a nearly limitless demand for many things if we can improve our ability to deliver them – and limitless opportunity for organisations and individuals that invest in learning and applying the technology.”

Notes to Editors:

About the PwC 2024 Global AI Jobs Barometer

PwC’s new Global AI Jobs Barometer uses half a billion job ads from 15 countries to examine AI’s impact on jobs, skills, wages, and productivity. Analysing data from the past decade and across a large number of sectors, the report provides insight on AI job penetration, salary premiums, vacancy rates and more. The report will be presented at the VivaTech Summit in Paris by PwC global leaders.

About PwC

© 2024 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see http://www.pwc.com/structure for further details. 

^[1] Refers to six of the fifteen countries analysed: US, UK, Singapore, Australia, Canada and New Zealand.
^[2] Due to the availability of OECD data, PwC analysis focused on just these six sectors profiled for the period 2018-2022 (2023 data has not yet been released).
^[3] Other sectors include: Agriculture, Mining, Power, Water, Retail Trade, Transportation, Accomodation, Real Estate, Administrative, Arts and Entertainment, Household Activities, Construction, Manufacturing, Education and Social Activities and ExtraCurricular Activities.

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