UN calls for investment in responsible agriculture
Increased responsible investment into agriculture could help tackle poverty and hunger across the world, according to the UN Food and Agriculture Organisation (FAO). It says that around 870m people globally – primarily in developing countries – currently have insufficient access to food, and that investment strategies that put farmers at their heart should be promoted by governments. “Agricultural investment has long shown itself to be one of the most effective and sustainable means for reducing hunger and poverty”, said José Graziano da Silva, director-general of the FAO. Just last week, a report by the Institution of Mechanical Engineers outlined that between 30-50 percent of food produced around the world “never reaches a human stomach”. (Blue & Green Tomorrow)
Environment
70 percent of firms fear climate threat to revenues
Seven out of ten companies responding to the latest Carbon Disclosure Project (CDP) survey have admitted that they think climate change has the potential to significantly impact their revenues. Amongst respondents to the survey concerns about climate impacts were widespread, with 51 percent of the climate risks identified by businesses either already having an adverse effect on operations or deemed likely to have an impact within five years. However, despite concerns about the risks, the survey also found that relatively few suppliers are taking ambitious action to tackle emissions or develop effective climate change policies. Just 38 percent of suppliers responding said they had emissions reduction targets in place, compared to 92 percent of the purchasing companies surveyed, including global brands such as Dell, L'Oreal and Walmart. (Business Green)
Corporate Reputation
Chevron offering bribes to Ecuadorian judges
New evidence suggests that the Chevron CEO, John Watson, has authorized the offering of lucrative deals to former Ecuadorian judges in return for false testimony designed to undermine the environmental trial that resulted in a $19bn verdict against the company. According to a preliminary investigation by the rainforest communities, the offers appear to take the form of a package of benefits that Chevron delivered in 2009 to one of its Ecuadorian contractors, Diego Borja. In the same year Borja targeted a judge presiding over the case with a video entrapment scheme to manufacture evidence in Chevron’s favour. (CSR Wire)
Ailing Blockbuster paid minimum UK tax
The UK division of Blockbuster, the DVD rental chain which went bust last week, paid less than £250,000 in corporation tax on sales of more than £3.5bn. According to research by the Guardian, over the last 15 years, Blockbuster's UK operation struggled to make profit but was nevertheless charged almost £78m in royalties by its then parent Blockbuster Inc. Between 1996 and 2010 the business posted net tax charges of £248,000 on cumulative profits of £37m. Royalty payments, and other intra-group transactions within multinational corporations, have become the subject of heated debate following revelations about tax avoidance by the likes of Google, Amazon and Starbucks. (Guardian)
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