Researchers, regulators and Roche row over stockpiled drug Tamiflu
Researchers who have fought to get full data on Roche‘s flu medicine Tamiflu have released a statement saying that governments who stockpile it are wasting billions of dollars on a drug whose effectiveness is in doubt. The row has drawn in the drug company as well as industry regulators and independent scientists. The dispute over the benefits of Tamiflu has come to a head with the joint publication by the respected Cochrane Collaboration research network and the British Medical Journal. The review’s main findings were that the medicines had few if any beneficial effects, but did have adverse side effects that were previously dismissed or overlooked. Carl Heneghan, one of the lead investigators of the Cochrane review, said that money spent governments around the world on stockpiles “has been thrown down the drain” because until now, the full data had not been seen by regulators, governments, doctors or patients. Roche, which has been under fire for several years over its refusal to allow the Cochrane team unrestricted access to Tamiflu data, rejected the findings, saying it “fundamentally disagrees with the overall conclusions” of their study. (Reuters)
Hewlett-Packard to pay $108 million to settle scandal over bribery of public officials
Computing multinational Hewlett-Packard (HP) is to pay US regulators $108 million to settle a corruption scandal involving employees at subsidiaries in three countries, who were charged with bribing government officials to win and retain lucrative public contracts. Corruption was unearthed in relation to contracts in Poland, Russia, and Mexico. The investigation has involved regulators in Poland and Germany, the US Department of Justice (DoJ), its Securities and Exchange Commission (SEC), and the FBI. John Schultz, an executive vice-president and general counsel at HP, said: “The misconduct described in the settlement was limited to a small number of people who are no longer employed by the company. HP fully cooperated with both the Department of Justice and the Securities and Exchange Commission in the investigation of these matters.” (The Guardian)
Waste
Over 75% of Unilever’s factories achieve zero waste to landfill
Unilever announced today that all of its European factories have joined those in North America in achieving zero non-hazardous waste to landfill. Along with similar achievements in countries from Argentina to Indonesia, this means more than three-quarters of the company’s global factory network no longer sends such waste to landfill, up from 20 percent just three years ago. Under the Unilever Sustainable Living Plan, by 2020 total waste sent for disposal will be below 2008 levels, despite growing the business significantly. Achieving zero non-hazardous waste from factories is a key element of this target. “We have seen a rapid acceleration in converting the network to zero waste. In 2010, 52 sites were there. We have now reached 200 sites,” said Pier Luigi Sigismondi, Unilever’s Chief Supply Chain Officer. “We are on track to hit our revised target of 100 percent of sites by 2015, five years ahead of the original 2020 target.” (Sustainable Brands)
Responsible Investment
Harvard and Green Investment Bank sign Principles for Responsible Investment
Harvard University and the UK’s Green Investment Bank (GIB) have this week both become signatories to the UN-supported Principles for Responsible Investment (PRI). Harvard is the first American University to join the PRI’s network of over 1,200 financial institutions who have pledged to adhere to the responsible investment principles which cover environmental, social and governance (ESG) issues, as well as transparency, ownership and reporting commitments. Harvard’s move is widely seen as a response to a carbon divestment campaign that has now spread to more than 500 university campuses and other institutions across America and Europe – while the Principles do not commit the university to selling existing holdings in fossil fuels, they have been claimed as a victory by campaigners including Bill McKibben, a Harvard graduate and founder of 350.org, which has led the campus divestment movement. PRI managing director Fiona Reynolds said, “Harvard University is the first US endowment to publicly commit to investing its funds in a more responsible and sustainable manner, and we are thrilled to welcome them to the PRI.” Shaun Kingsbury, chief executive of the GIB, said, “Most of the PRI obligations are already part of our investment policies, but we are keen to see what we can do to go beyond this, and share best practice with other responsible investors around the world.” (Blue and Green Tomorrow;Guardian)
Governance
Next CEO shares good fortune with £4 million bonus handout
The head of UK retailer Next intends to distribute £4 million of his annual pay packet to shop workers after declaring that he is being paid far more money than he could possibly have hoped for. Lord Wolfson of Aspley Guise, chief executive of the retailer, is handing out shares he was entitled to receive under a three-year incentive scheme, in a gesture worth an average of £200 to each of Next’s 20,000 employees. It is the second consecutive year that Lord Wolfson has handed out his equity bonus. In a letter to Next staff, the peer also announced that the company was awarding a 37p-an-hour pay rise to its lowest-paid shop assistants, who typically earn just over the UK minimum wage of £6.31 an hour. “In the last three years, thanks to everybody’s hard work Next has grown its profits per share by 65 per cent and the company’s shares have trebled. As a result of these exceptional gains, my SMP [share matching] bonus has become more valuable than I could possibly have hoped,” Lord Wolfson wrote. (The Times)*
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