Germany to require firms to publish data on gender pay parity
Germany is to try to bridge the pay gap between men and women by forcing companies to be more transparent about wage structures. Under the new rules, employees at businesses with more than 200 staff will have a right to see anonymised data on the wages of men and women in comparable positions. Companies with more than 500 employees will be asked to carry out checks and publish reports on gender pay parity every five years. The regulations will apply to about 14 million workers in Germany, including those in the public sector. According to the country’s office for statistics, women in Germany earn on average 21 percent less than men, often due to the fact that women are less likely to be employed in highly paid sectors and more likely to work part-time. (Guardian)
UK finance firms plan to boost women in senior roles by 2021
A number of large UK financial firms have pledged to have almost a third of senior roles filled by women within five years as part of a government-backed drive to boost their ranks in an industry traditionally dominated by men. Out of 72 firms that signed the government’s Women in Finance Charter in July, 60 have now committed to having 30 percent of senior roles filled by women by 2021. Thirteen organizations, including Legal & General Group and Virgin Money Holdings, are aiming for an even split between men and women among their highest ranks. The financial service sector has the widest pay gap between genders of any industry, with women making about 60 pence for every pound a man receives, according to the Treasury. (Bloomberg)
Corporate Reputation
Swiss firms could be held to account for human rights abuses abroad
A new parliamentary initiative in Switzerland would require Swiss companies to comply with human rights and environmental standards when they operate abroad, or be brought to account before Swiss courts. A coalition of 80 non-governmental organisations and trade unions are backing the initiative, which has gathered 120,000 signatures. The text is based on the UN Guiding Principles on Business and Human Rights, and would make all Swiss companies responsible for conducting due diligence for their activities in any part of the world. Victims of human rights and environmental abuses would be allowed to seek damages in Swiss courts. Under Swiss law, the petition will now trigger a referendum. According to a recent survey, 89% of the population wants Swiss-based companies to be compelled to respect human rights and the environment abroad. (Swiss info; SCCJ)
Haitians urge people not to give money to American Red Cross
Haitians asking for aid following the impact of Hurricane Matthew are accompanying their requests with a warning: do not give your money to the American Red Cross (ARC). Trust in the ARC and in foreign aid has been badly shaken in Haiti by a 2015 report that found donations had been squandered. The joint investigation by ProPublica and NPR found rampant mismanagement at the heart of the ARC and charged it with consistent misrepresentation of the success of its projects, particularly in housing. An estimated 55,000 Haitians are still living in tents or other makeshift shelters, and few advances in disaster planning have been implemented. (Independent)
Tax
Buffett parries Trump by releasing some tax information
Warren Buffett has responded to Donald Trump’s claim that the Berkshire Hathaway chief had taken a “massive” deduction by offering up details of his 2015 return, in a disclosure that hints at other ways that billionaires can avoid paying much tax. Mr Buffett said that he earned adjusted gross income of $11.6 million in 2015 and paid $1.8 million in federal income tax. He said his income was offset by $5.5 million in deductions, which included $3.5 million in charitable donations and almost all of the rest in state income taxes. Buffett has long acknowledged paying a relatively low tax bill and has argued that tax laws should be changed for the ultra-wealthy. In 2011, he released some information about his taxes to show that he paid a lower rate than his office assistants. (Wall Street Journal)
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