The Ethisphere Institute named General Electric, (GE) to its annual list of the world’s most ethical companies for the seventh straight year. Only 23 companies made list every year since it launched seven years ago. Etisphere selected GE for showing leadership in promoting ethical business standards. “We’re honored to be named one of Ethisphere’s World’s Most Ethical Companies, as it’s truly a confirmation that our efforts on compliance and ethics are not only recognised by our employees, customers and business partners, but also by our peers and the industry,” said Al Rosa, GE’s chief compliance director and senior executive counsel. (Just Means)
Nokia fined for tax evasion
It has been reported that Nokia, the Finnish mobile phone maker, has been issued with a fine today by Indian tax officials. In January a senior Indian tax official said there was an investigation related to allegations that the firm may have evaded around 30 billion rupees in taxes. A spokesperson for company said “Nokia reiterates its position that it is in full compliance with local laws as well as the bilaterally negotiated tax treaty between the governments of India and Finland, and will defend itself vigorously." (Reuters)
Social Investments
Social enterprises scale up to fight poverty
Hundreds of thousands of low-income people will benefit from expanded access to financial services as a result of new commitments to the Business Call to Action (BCtA), an anti-poverty initiative backed by the UN Development Programme (UNDP). In partnership with BCtA, three ambitious social enterprises, Zoona, MicroEnsure and Honey Care Africa, are moving beyond their initial pilot phases and expanding access for low-income people to services such as mobile technology and micro-insurance, and providing income-earning opportunities. (CSR Wire)
Governance
Chevron chief’s pay cut after safety failures
Chevron, the US oil group, is cutting the pay of its chief executive and other senior executives after high-profile safety failures. The board has decided to cut stock awards and cash bonuses for 2012 by about 10 percent. Chevron suffered some well-publicised problems, including a leak from its Frade field off the coast of Brazil in November 2011, for which they face civil actions totalling R$40bn ($19.9bn). The Company said in a statement that the decisions “reflect the fact that Chevron takes management accountability seriously and that our leadership understands that there are consequences when it doesn’t meet expectations as critical as process safety.” (Financial Times*)
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