Philip Green the “unacceptable face of capitalism”, say UK MPs
Retail tycoon Philip Green’s greed and disregard for corporate governance led to the demise of BHS and the loss of 11,000 jobs, a joint UK parliamentary committee has said, calling the collapse of the British stores group “the unacceptable face of capitalism.” Green owned BHS for 15 years before he sold the chain for one pound last year. The business was sold with a 571-million-pound hole in its pension fund, which if not rectified will leave 20,000 pensioners facing significant reductions to their income. The lawmakers said Green systematically extracted hundreds of millions of pounds after he bought BHS for 200 million pounds in 2000. His family accrued “incredible wealth” during the early, profitable years of owning BHS, they said. (Reuters)
Strategy
Sustainability reporting growing in Asean, but quality lags
Sustainability reporting has taken a stronghold among Southeast Asia’s corporate giants, but they have a long way to go in improving the quality of their reports, according to a new study conducted by the National University of Singapore Business School’s Centre for Governance, Institutions and Organisations (CGIO) and Asean CSR Network. Lawrence Loh, director of CGIO, said that the difference in reporting rates between countries is because the sustainability reporting is compulsory in Thailand, Malaysia, and Indonesia, but voluntary in Singapore. But Singapore will catch up with its neighbours once the Singapore Exchange’s new “comply or explain” reporting rules come into effect. (Eco-Business)
Airbnb hires ex-mayors to advise on pressure from city governments
Airbnb is recruiting a set of former mayors to help the home-rental company navigate its ongoing challenges with regulators at the city level. The company said it has formed an advisory council of four former mayors from Houston, Philadelphia, Rome, and Adelaide. It hopes to add more mayors, especially from Asia, Latin America and other regions. Airbnb has also hired former US Attorney General Eric Holder as an adviser focusing on strengthening corporate policies around racism and other discrimination on the site. The advisers will “review Airbnb policies, provide feedback on upcoming Airbnb products and initiatives, and provide Airbnb with valuable insights gained from years leading some of the world’s greatest cities,” the company said. (Bloomberg)
Employees
Deliveroo workers’ contracts ban access to employment tribunals
Self-employed workers for UK restaurant delivery firm Deliveroo are being told in their contracts that they cannot go to court to try to be recognised as staff members. Workers are paid around £7 an hour plus an extra fee for each delivery, provide their own transport and phone, and are responsible for costs such as national insurance. The news comes as a group of UK drivers for Uber are involved in a court case to be recognised as employees. Uber previously settled a class-action lawsuit in the US for $100 million in April. Michael Newman, partner at law firm Leigh Day, which is representing the Uber drivers, said the clauses in the Deliveroo contracts were likely to be unenforceable. “They’re put there to scare the worker. They are going to think twice before they do anything,” he said. (Guardian)
Policy
OECD: Chile must implement measures to stem environmental pressures
Chile has taken steps to address the rising environmental pressures from its rapid economic growth, strengthening its environmental institutions and introducing new instruments, including a carbon tax. It now needs to move ahead and implement policy measures to stem the threat to its land, air and water, according to a new OECDreport. Chile has one of the most resource-intensive economies of OECD countries and is over-reliant on natural resources. “Chile is an economic powerhouse in Latin America, and the question for the next quarter century is whether it will be able to continue to deliver that growth in a way that protects its environmental asset base,” said OECD Environment Director Simon Upton. (OECD)
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