Boardroom pay is broken, says report by top investors
Britain’s executive pay system is broken, top bosses should be paid less, and bonus schemes are too complex, some of the City of London’s leading investors have said. A damning report into boardroom remuneration at the biggest companies on the London stock market describes almost universal dissatisfaction among shareholders. The investigation is being spearheaded by Legal & General boss Nigel Wilson and the Investment Association, which represents big shareholders including insurers and pension funds. Publishing pay ratios between executives and average employees is one of the reforms suggested. The group has also been exploring ways to move away from a one-size-fits-all model, calling for sweeping reforms of long-term incentive plans, which have been criticised as being too complicated and excessively generous. (Telegraph; Guardian)
Supply Chain
Tesco to remove some John West tuna from the shelves because of sustainability concerns
UK supermarket Tesco is to remove some John West tuna products from its shelves after the company failed to meet sustainability standards. Since 2012, the supermarket has vowed to use only pole and line caught tuna, a more sustainable fishing method, which minimises the risk to species. But a recent Greenpeace investigation found it has failed to meet its promise. In May, Tesco and Waitrosethreatened to remove John West products from shelves . Tesco said it had decided to delist a number of core John West tuna by the end of July after a review of the brand. “Tesco’s review of the fish products it stocks, which has resulted in approximately 20 per cent of the John West range being withdrawn, was driven by commercial negotiations as much as sustainability considerations,” said a spokesman for John West. (Independent)
Waste
Heineken US to challenge fans to up their recycling game
Heineken US has announced that it will team up with The Recycling Partnership, a national non-profit transforming recycling in towns across US, to challenge consumers 21+ years old to prove they are the greenest soccer fans at this summer’s International Champions Cup. The partnership will provide an engaging way to educate consumers about the importance of recycling by pitting supporters of Europe’s top clubs against one another in a friendly competition to determine which fan base recycles the most. “Soccer fans are some of the most passionate and loyal fans in sports, and we look to tap into their pride and team spirit to boost awareness for recycling, a priority initiative for Heineken US,” said Tara Rush, Chief Corporate Relations Office at Heineken US. (Just means)
Community Investment
Neighbourly helping businesses align philanthropic efforts with SDGs
Companies including SABMiller, Dow, Novozymes, and many others have begun to align their corporate responsibility targets with the Sustainable Development Goals (SDGs) since their launch in September. To facilitate this, Neighbourly, a social platform that connects companies with local causes and community projects, has added new features to its online platform, which allow charities and causes to align their projects with the SDGs. As a result, businesses that contribute resources, time or funds through Neighbourly can automatically report on the impact of their activities in support of the SDGs. “Business wants to help,” said Nick Davies, founder of Neighbourly. “But the private sector also needs assistance to make connections to relevant causes in the local communities they want to reach.” (Sustainable Brands)
Corporate Reputation
Amazon, eBay involved in illegal wildlife trade
India’s environment minister Anil Madhav Dave has accused 106 e-commerce sites of selling rare animals and wildlife products online. The list, collated by India’s Wildlife Crime Control Bureau (WCCB), includes popular websites such as Amazon, eBay, OLX, Snapdeal, Quikr, Alibaba, Petsmart and Rediff. The WCCB has hired cybercrime specialists to monitor online advertisements of wildlife items. According to the Times of India, wildlife traffickers often use code words to sell endangered animals. In May this year, Amazon India pulled nearly 400 wildlife items being illegally sold on the website. (Eco-Business)
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