Mike Scott finds the banking sector embarking on a series of initiatives to show how seriously it takes the impact of projects on the environment
When it comes to unsustainable businesses, the financial services sector used to consider itself pretty low on the list. After all, the sector does not produce pollutants or greenhouse gases and is known for its good employment practices.
But it is having to take sustainability seriously now. Non-governmental organisations have targeted banks as the ultimate source of environmentally unfriendly projects, a plethora of sustainability indices has sprung up and institutional investors are taking note of environmental issues because they are hitting their bottom line.
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To inaugurate a major pan-European campaign to raise awareness about Corporate Social Responsibility (CSR) among small and medium-sized enterprises (SMEs), the Commission is hosting a launch event in Brussels today. Speakers include Commissioner Olli Rehn, British MEP Philip Bushill-Matthews as well as representatives from the private sector, trade unions and experts from the field of CSR.
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A coalition of 17 socially responsible investment firms recommends that companies disclose social and environmental data using the Global Reporting Initiative.
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CSRWatch.com announced today that the ongoing Fannie Mae scandal again exposes so-called “corporate social responsibility” (CSR) initiatives as merely superficial attempts to polish corporate image at the expense of fundamental business principles and practices.
Investors, employees, media and the public should be aware that CSR initiatives, at best, distract corporate managements from their primary responsibility of operating their businesses in the long-term best interests of their shareholders, said Steven Milloy of CSRWatch.com. At worst, CSR can be ploy for pulling the wool over everyone’s eyes,” added Milloy.
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ISO has assigned the leadership of the working group that will develop an
International Standard giving guidelines for social responsibility
collectively to the national standards institutes of Brazil (ABNT) and
Sweden (SIS).
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The Global Environmental Management Initiative has released a new tool been designed to provide approaches that a company may consider as it addresses transparency-related challenges and opportunities.
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Global Reporting Initiative (GRI) September News Update.
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Legislators and other financial rule-makers across the world are telling companies and institutional investors to say what part, if any, social responsibility plays in their business plans. Here are some of the most significant measures to date:
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A new global study among opinion elites, released today by APCO Worldwide, demonstrates a growing need for greater communication of companies’ corporate social responsibility (CSR) initiatives. While corporations are making considerable efforts to report social and environmental practices, an overwhelming majority of the individuals surveyed still have limited awareness of companies’ contributions to their communities.
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Independent investment research firm Innovest has released the latest of its sector-based assessments of how companies perform on corporate social responsibility. The report ranks 33 companies in the oil and gas industry.
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Results of the latest FTSE4Good index review are released today by global index provider, FTSE Group. A total of 79 new companies worldwide have met the SRI index criteria and will be added to the index series at close of business on Friday 17 September. 23 companies will be deleted from the index on the same day as they no longer meet these criteria.
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Businesses worldwide are failing to produce enough sustainability reports, while governments are doing little to encourage such reporting – which would have a direct benefit for business and the environment, a global survey by ACCA (the Association of Chartered Certified Accountants) and CorporateRegister.com has found.
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