An overwhelming majority of European lawmakers have voted in favour of capping fund managers’ bonuses. The vote came a day after the EU agreed to limit bankers’ pay, and highlights the growing determination of European politicians to crack down on perceived excesses in the financial sector. The action, which is likely to take months before becoming law, will force fund managers to restrict themselves to a 1:1 ratio of bonus to salary. Investors and analysts warned the move was counter-productive, saying that it would put up fixed costs and lead to job cuts. (Financial Times*)
Human Rights
Report highlights importance of children’s rights for UK companies’ CSR
New research by UNICEF and Ipsos MORI shows that more than two-thirds of UK businesses interviewed think that responsibilities to children will become more important to UK companies over the next five years. However, 89 percent do not currently include children’s rights among their main corporate responsibility issues. The research is released one year on from the launch of the Children’s Rights and Business Principles, the first comprehensive set of principles to guide companies on the actions they can take in the workplace, marketplace and community to respect and support children’s rights. (UNICEF)
Policy & Research
China imposes tough new fuel standards
China has become the latest country to set demanding new auto efficiency standards. According to Reuters' reports, five government bodies, including the National Development and Reform Commission, have confirmed fuel efficiency rules that will require manufacturers to deliver much lower average fleet efficiency than currently exist. The changes make China the latest major auto market to tighten fuel efficiency standards, after US President Barack Obama introduced a new series of fuel efficiency standards last year and the EU announced plans for more demanding emissions standards through to 2020. (Business Green)
Supply Chain
US retailers say ‘No’ to GMO seafood
Whole Foods, Trader Joe’s and other grocery retailers, representing more than 2,000 stores across the US, have pledged to not sell genetically engineered seafood even if it is approved by the Food and Drug Administration. The ‘Campaign for Genetically Engineered-Free Seafood’, launched by a coalition led by Friends of the Earth, comes as the FDA conducts its final review of AquAdvantage Salmon, a genetically engineered Atlantic salmon. If approved, the salmon would be the first-ever genetically engineered animal allowed to enter the US human food supply. Other retailers who have committed to not sell the salmon or other genetically engineered seafood include Aldi, Marsh Supermarkets, PCC Natural Markets and co-ops in a number of states. (Environmental Leader)
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