British MPs are calling on Shell,ExxonMobil, Gazprom and others to halt "reckless" oil and gas drilling in the Arctic until stronger safety measures are put in place. Politicians also want to impose the creation of a "no-drill zone" in a new environmental sanctuary. The uncompromising demands have angered the energy industry but come just days after alarming new evidence has emerged about Arctic sea ice melting at record levels. They also come on the day that an environment committee of MEPs in Brussels called for tougher financial guarantees from oil companies to ensure they could pay for spills in European waters. (The Guardian, The Independent)
Corporate Reputation
FSA 'knew about Libor probe when approving Bob Diamond's promotion'
The Financial Services Authority (FSA) demanded more "openness" from Bob Diamond when it approved his appointment as chief executive of Barclays in September 2010. Memos and correspondence published by the British Treasury select committee on Wednesday in the wake of Diamond's resignation over the Libor scandal also reveal that the FSA was aware of an investigation into the rigging of the key interest rate when it authorised his promotion. (The Guardian, The Independent)
Drug giants fined $11bn for criminal wrongdoing
The global pharmaceutical industry has racked up fines of more than $11 billion in the past three years for criminal wrongdoing, including withholding safety data and promoting drugs for use beyond their licensed conditions. In all, 26 companies, including eight of the 10 top players in the global industry (including GlaxoSmith-Kline, Novartis, Abbott and Pfizer), have been found to be acting dishonestly. The scale of the wrongdoing, revealed for the first time, has undermined public and professional trust in the industry and is holding back clinical progress, according to two papers published in today's New England Journal of Medicine. Leading lawyers have warned that the multibillion-dollar fines are not enough to change the industry's behaviour. (The Independent)
Diversity
BBC boss: 'Today' needs more female presenters
The British media firm BBC will look at putting more women in radio and TV jobs, George Entwistle, the new director-general of the broadcaster said on Wednesday, but will hold back from introducing formal targets. He insisted older women TV presenters would also be given the right opportunities at the broadcaster. He also said that he hoped to see more women as contributors or guests on the breakfast programme ‘Today’, where it has been estimated that men account for 83.5% of the number appearing on air in the morning. (Financial Times*, The Guardian, The Independent, The Independent)
Policy & Research
Nearly 50% of CFOs say sustainability is key driver of financial performance
Nearly one half of Chief Financial Officers (CFOs) see sustainability as a key driver of financial performance and two-thirds are involved in driving strategies in their organisations, according to a global Deloitte survey of 250 CFOs, representing companies with greater than $1 billion in annual revenue . The study found the percentage of CFOs and Chief Operating Officers accountable to their company’s board for sustainability issues nearly doubled from 20% to 36% in the past year, whilst figures decreased for Chief Executive Officers (CEOs). This shift represents a transfer of sustainability authority from “face of the brand” CEOs into the hands of those empowered with operating authority and substantive budgets, Deloitte said in a report summarising the survey. (Environmental Leader)
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