Goldman Sachs has bowed to demands for greater independent oversight of its executives in the wake of allegations that the bank has ripped off its “muppet” clients. It has told investors that it will appoint an independent lead director responsible for evaluating the performance of the board and the pay of Lloyd Blankfein, the chief executive.
Ban on sandblasting denim ignored by Bangladeshi factories
Factories supplying some of the biggest names in fashion have been accused of ignoring a ban on “sandblasting” jeans, a technique that can lead to illness and even cause death. An investigation by the pressure group Labour Behind the Label suggests that companies in Bangladesh that supply H&M, Inditex — which owns brands such as Zara — Levi’s and Marks & Spencer continue to use sandblasting to give denim a “worn” look, despite a pledge to end the process.
Despite climate change posing a “substantial” risk to UK major companies less than half have contingency plans in place. That is the conclusion of new research by the Carbon Disclosure Project (CDP), which conducted a poll of UK FTSE 100 companies as part of its Insight into Climate Change Adaptation by UK companies report.
Lloyd’s of London hit by record catastrophe claims
Lloyd’s of London made a £516 million loss last year after paying out the largest catastrophe claims on record. The 324-year-old insurance market, which operates out of Richard Rogers’s famous “inside-out building” in the City, paid out £4.6 billion in disaster claims after earthquakes in Japan and New Zealand, storms in the United States and floods in Thailand and Australia. Total catastrophe claims for the global industry reached $107 billion (£67 billion) last year, according to insurer Aon Benfield.
WWF and German development finance institution DEG have launched an online tool that enables companies and investors to address their water-related risks. Water Risk Filter is a questionnaire that draws on data sheets from 235 countries and aims to identify water risk in supply chains and investment portfolios, and provide practical steps to mitigate risk worldwide. According to WWF, the tool is geared specifically towards non-experts and is quick to use.
NHS trusts will be required to produce annual sustainability reports as from this year under new laws announced by the UK Department of Health. Trusts will be required to chart their sustainability progress as part of their annual reporting obligations. The legislation, which came into effect last week, aims to tackle the NHS’s immense carbon impact which totals 20 million tonnes of CO2.
The future of narrative reporting: Government response
The UK Government has outlined the next steps to improve the quality of narrative reporting, and has summarised public responses to the consultation by question. Over the next few months the Government will work with the Financial Reporting Council (FRC) and representatives from the sectors that have responded to the consultation to clarify the detail of the Strategic Report and work to establish the full breadth of information that should go into the Annual Director’s Statement. One of the key drivers for looking at the format of narrative reporting was the need to simplify reports for the benefit both of those who write them and those who want to read them.
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