Transparency International releases 2013 Corruption Perceptions Index
Transparency International has released its 2013 Corruption Index, the most widely used indicator of corruption worldwide. The index demonstrates that corruption in the public sector remains one of the world’s biggest challenges, particularly in areas such as political parties, police and justice systems. In the 2013 index, Demark and New Zealand came joint first, with Afghanistan, North Korea and Somalia all coming last. The organisation predicted that future efforts to respond to climate change, economic crisis and extreme poverty will face a roadblock in the shape of corruption, calling on international bodies such as the G20 to help make corporations more transparent. Huguette Labelle, chair of Transparency International said that, “the legal loopholes and lack of political will in government facilitate both domestic and cross-border corruption. The top performers clearly reveal how transparency supports accountability and can stop corruption.” (Triple Pundit)
Corporate Reputation
GSK to stop paying doctors to promote drugs
British pharmaceutical, GlaxoSmithKline has become the first major drug company to stop paying doctors to promote its products and will stop tying compensation of sales representatives to the number of prescriptions doctors write. Under the plan, which will be implemented globally, GSK will also no longer provide financial support directly to doctors to attend medical conferences, a practice already banned in the US. The practice has been criticised in the past over whether it unduly influences the information doctors give to each other and can lead them to prescribe drugs inappropriately to patients. A spokesperson from GSK said that it will no longer pay health care professionals to speak on its behalf about its products or the diseases they may treat “to audiences who can prescribe or influence prescribing.” (New York Times)
Responsible Investment
£1.3bn invested in UK clean energy infrastructure in 2013
Over the last 12 months, around £1.3 billion was raised through UK stock market initial public offerings, from both institutional and private investors, and directly invested into the renewable energy sector. According to crowd funding platform, Trillion Fund, the sector benefitted from a boost from retail investors and community funded schemes, with small investors typically receiving between 5 and 9 percent returns when investing in renewables this year. Julia Groves, managing director of Trillion Fund said that, “this year the renewable sector has benefitted from a perfect coincidence of developers wanting to raise money to grow and refinance, a booming IPO market, and the sector reaching a stage of maturity that is palatable to more risk averse, retail investors.” (BlueandGreen Tomorrow)
Employees
First female head of Lloyd’s of London pledges diversity drive
The first female chief executive of Lloyd’s of London has pledged to become a champion of diversity saying that the insurance industry needs to become “more reflective” of the customers it serves. The appointment of Inga Beale, the first female chief executive in Lloyd’s 325 year history, follows a call by the UK Chancellor, George Osborne for insurers to increase the number of women in their senior ranks. The Association of British Insurers is pledging to redesign a scheme to identify future leaders of the industry and focus on gender diversity. Ms Beal said that, “there has been some progress but it does take a long time, we’d like to have more people reflecting those markets we’d like to grow into.” (FT*)
Technology
Plastic bottle waste used to help fight MRSA
Researchers from American technology company, IBM have linked with scientists from the Singapore Institute of Bioengineering to develop a treatment, made from plastic bottle waste, for hospital superbug MRSA. Researchers discovered that melted plastic, specifically PET, commonly used in many plastic bottles and packaging, can be re-formed into a new polymer and made into various medicine forms. There are currently 50 billion water bottles made from PET produced every year, with an estimated 20% currently being recycled, researchers hope that this discovery will open up new applications for recycling PET bottles and jars. It is predicted that as well as MRSA, the polymer could be used to treat fungal and blood infections. (Edie)
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