Study puts financial value on corporate responsibility programmes
A comprehensive study commissioned by Verizon and Campbell Soup Company has found that well-designed Corporate Responsibility programs lift sales, increase shareholder value and improve employee productivity. “We commissioned this study to fill a knowledge gap about CR’s true impact on businesses,” said Rose Stuckey Kirk, chief corporate responsibility officer for Verizon. The ‘Project ROI’ study focuses on metrics and return on investment to measure the business impacts of CR policies, processes, and programmes. Among the study’s key findings: CR programs can increase revenue by as much as 20 percent, command price premiums up to 20 percent and increase customer commitment by as much as 60 percent. Over a 15-year period, companies with effective CSR programs have on average increased shareholder value by $1.28 billion, the study says. (3BL Media)
Technology & Innovation
Big three car makers collaborate to drive hydrogen use forward
Toyota, Nissan and Honda have joined forces to develop hydrogen station infrastructure in Japan. The three giant car makers will jointly cover the operating costs of new hydrogen stations and they have also agreed to help infrastructure companies deliver “the best possible customer service” and create a “hassle-free” refuelling network for owners of fuel cell vehicles. The joint project, conducted alongside the Japanese government’s ongoing support for hydrogen stations, will partially cover hydrogen station operating expenses incurred by infrastructure companies. Just 23 hydrogen stations have opened in Japan so far, with hundreds more being planned. Toyota executive Kiyotaka Ise acknowledged that car makers have to play “an active role in promoting fuel cells”. (2degrees)
Responsible Investment
New initiatives aim to make financial markets greener
Some of the world’s leading development finance institutions have announced a new agreement to track climate-related financial commitments. A group of six multinational development banks, including The World Bank and the European Investment Bank, alongside the International Finance Club and a network of national and regional development banks, have agreed on a common set of principles to track the flow of finance to projects that support climate adaption. The news follows hot on the heels of the launch of a range of green bond segments on the London Stock Exchange. The tools are becoming increasingly popular among corporate issuers looking to finance green projects ranging from sustainable property development to low-emission buses. (BusinessGreen)
Corporate Reputation
Unbridled capitalism is the ‘dung of the devil’, says Pope Francis
Pope Francis has urged the downtrodden to change the world economic order, denouncing a “new colonialism” by agencies that impose austerity programs and calling for the poor to have the “sacred rights” of labour, lodging and land. Quoting a fourth century bishop, he called the unfettered pursuit of money “the dung of the devil”, and said poor countries should not be reduced to being providers of raw material and cheap labour for developed countries. He defended labour unions and praised poor people who had formed cooperatives to create jobs where previously “there were only crumbs of an idolatrous economy”. Repeating some of the themes of his landmark encyclical on the environment last month, Francis also said time was running out to save the planet from perhaps irreversible harm to the ecosystem. (The Guardian)
Employees
Sainsbury’s faces equal pay battle with female shop floor workers
UK supermarket Sainsbury’s is facing legal action from four female shopfloor workers who claim they are paid less than men to do equally valuable jobs at the supermarket chain. The case comes as a similar legal action involving 6,000 female Asda employees remains to be settled. Both cases hinge on determining whether supermarket shopfloor jobs, which are mainly held by female workers, are of equal value to higher-paid jobs in male-dominated distribution centres. Sainsbury’s said: “We are aware of a very small number of claims in this case. We pride ourselves on being a fair employer and do not recognise discrimination of any kind in our business.” (The Guardian)
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