Obama proposes new rules to close the gender pay gap
President Obama on Friday moved to require US companies to report to the federal government on what they pay employees by race, gender and ethnicity, part of his push to crack down on firms that pay women less for doing the same work as men. The new rules, Obama’s latest bid to use his executive power to address a priority of his that Congress has resisted acting on, would mandate that companies with 100 employees or more include salary information on a form they already submit annually that reports employees’ sex, age and job groups. Republicans have sharply criticised Obama’s moves on pay equity, saying that gender discrimination is already illegal and that additional steps are not necessary. (New York Times)
Report: Black UK workers’ pay gap widens with qualifications
Black workers face a “massive pay gap” that widens as they achieve more qualifications, according to a report by the Trades Union Congress. The research suggests there is a 23 percent gap in hourly pay between black and white university graduates. Black people with A-levels are paid 14 percent less on average than white workers with equivalent qualifications, while those with GCSEs face a deficit of 11 percent. “These are very worrying findings. Black and Asian people face a massive pay gap, even if they have a degree. This is not about education, but about the systemic disadvantages ethnic minority workers face in the UK,” said TUC general secretary, Frances O’Grady. The union called for the government to tackle pay discrimination. (Guardian)
Reporting
First Asia Sustainability Report Awards unveiled in Singapore
The winners of Asia’s inaugural sustainability reporting awards were unveiled in Singapore on Thursday, with Hong Kong’s Hang Lung Properties and Indian firm Birla Carbon winning the most awards. Hang Lung Properties was awarded prizes for ‘Asia’s Sustainability Report of the Year (Judges Choice)’ and ‘Asia’s Best Sustainability Report’ at the Asia Sustainability Reporting Awards 2015 awards ceremony, supported by the British High Commission in Singapore. Birla Carbon, a unit of Indian conglomerate Aditya Birla Group, picked up awards in multiple categories including Best Online Corporate Social Responsibility (CSR) Communication, Best Materiality Reporting, and Most Transparent Report. Hong Kong’s Airport Authority, Maybank Malaysia and the Commercial Bank of Ceylon, Sri Lanka, were among the other winners. India’s Yes Bank Limited won the Best Community Reporting category, while Singapore telecommunications firm StarHub received a special mention. (Eco-Business)
Supply Chain
Lidl to buy all bananas from sustainable sources
Discount supermarket Lidl is seeking to boost its environmental credentials in the UK by announcing it is taking steps to buy all its bananas from 100 percent sustainable sources this year. It is switching by the end of 2016 to taking supplies only from farms that are either Rainforest Alliance – or Fairtrade Foundation certified. Last year, sales of Fairtrade goods fell for the first time since the ethical trading scheme was founded 20 years ago as cash-strapped consumers tightened their belts, spending more at discount retailers such as Lidl and Aldi. Both stores have to date sold a limited range of Fairtrade products, but are under pressure to give the public wider choice. In November, Asda became the first UK supermarket to make a public commitment to sourcing Rainforest Alliance-certified bananas – for 93 percent of its supply – with the rest from Fairtrade. (Guardian)
Corporate Reputation
Barclays and Credit Suisse to pay $154 million for misleading investors
Barclays and Credit Suisse have settled federal and state charges that they misled investors in their dark pools, with Barclays admitting it broke the law and agreeing to pay $70 million. The settlements between the banks and the US Securities and Exchange Commission and the New York state attorney general mark the two largest fines ever paid in connection with cases involving dark pools. Dark pools are trading venues that differ from public exchanges because orders are not visible to other traders until they are executed – meaning institutional investors can trade large blocks of shares without the market moving against them. At the heart of the cases are allegations that the banks misled investors in the dark pools, saying they would be protected from predatory high-frequency trading tactics. The amount to be paid, in fines and disgorgement, is a combined total of $154.3 million. (Reuters)
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