BP slashes Dudley’s maximum payout by £5m to avert new revolt
BP has agreed to slash millions of pounds from its chief executive’s maximum pay deal for the next three years in a bid to head off the threat of a fresh shareholder revolt. The framework, which will also apply to other top BP directors between this year and 2019, will see his annual bonus remain constant at a maximum of 225% of his salary. Under FTSE-100 oil giant’s future pay policy annual report to be disclosed this week, Mr Dudley will receive half his maximum annual bonus entitlement if the company achieves on-target levels of performance. City sources said Mr Dudley could previously earn as much as an additional £2.2m annually by deferring the payment of up to two-thirds of the bonus award for three years. Sources said the concessions being offered by BP would probably be enough to win the support of investors at its AGM in mid-May, which comes after an investor rebellion for ministers to curb excessive boardroom remunerations. Last year’s revolt saw nearly 60% of investors voting against BP’s remuneration report. (Sky News)
Corporate Reputation
Kendall Jenner’s protest-themed Pepsi ad draws online backlash
The turn of model and reality TV star, Kendall Jenner, as a Pepsi-wielding protester has resulted in a number of social media users decrying the imagery as appropriation of the Black Lives Matter movement. The “Live for Now Moments” video released on Tuesday (4th April) has seen a backlash on social media, with reactions ranging from some saying the imagery was tone deaf, to it evoking a widely circulated photo of Black Lives Matter protester Leshia Evans last year in Louisiana. Evans was detained when she approached police at a demonstration in Baton Rouge. In a statement late on Tuesday night, Pepsi defended the ad. “This is a global ad that reflects people from different walks of life coming together in a spirit of harmony, and we think that’s an important message to convey,” the statement said. (The Star)
Renewables
IFC And H&M Partner to boost the use of renewable energy in the garment sector
IFC, a member of the World Bank Group, and fashion retailer Hennes & Mauritz (H&M) have launched a joint partnership to boost the use of clean, renewable energy in the garment sector, while also slashing greenhouse gas emissions. Renewable energy already powers 96 percent of H&M’s own global operations, and this partnership aims to expand this climate-friendly approach to the independent garment factories further down its supply chain. H&M and IFC will develop a platform for implementation of practical renewable energy solutions on the ground to achieve meaningful reductions in greenhouse gas emissions through adoption of clean energy in countries of high importance to H&M’s value chain – India, China and Bangladesh – but which can ultimately be replicated in other markets. “H&M has an ambition to work with a climate neutral supply chain (Tier 1 and Tier 2) by 2030 and we see IFC as an important partner in this journey,” said Pierre Börjesson, Sustainability Business expert, Climate Change and Water Stewardship, H&M. (Textile World)
Technology & Innovation
Nottingham University’s carbon-neutral laboratory receives highest green building accolades
The GSK Carbon Neutral Laboratories for Sustainable Chemistry built from natural materials by infrastructure services firm AECOM has become one of the first buildings globally to achieve BREEAM Outstanding and LEED Platinum certifications. Developed by the US Green Building Council to rival the UK’s system, AECOM provided a carbon-neutral lab powered by solar energy and biofuel and mechanical and electrical engineering, ensuring that any excess heat generated is used by adjacent buildings on the campus. Designed for Nottingham University, and part funded by GlaxoSmithKline, the GSK Carbon Neutral laboratories were designed to act as a catalyst for industry collaborations focused on creating world-leading ‘clean and green’ research into sustainable chemistry. Local schools and colleges will also receive access to the working laboratories and technical support. Excess energy generated by the building during its lifespan will offset all the carbon associated with its construction, allowing it to reach carbon-neutral status. (Edie)
IBM launches carbon asset management platform to drive low-carbon future for China
IBM and Energy-Blockchain Labs have launched the world’s first blockchain-based carbon credit management platform based on the open source, openly governed by Hyperledger Fabric, a blockchain technology that is intended as a foundation for developing blockchain applications or solutions. The platform allows businesses to generate carbon assets more efficiently, helping to build a low-carbon, sustainable future in China. The two companies intend to commercially offer this platform later this year, keeping pace with China’s unified national carbon market opening. Blockchain technology offers a solution to many of the problems facing the carbon market. Digital collaboration across organizations combined with smart contracts will be designed to greatly improve efficiency of carbon assets development and management. “It is another way IBM is helping Chinese businesses use technology to build a cooperative, fair and reasonable global climate change governance mechanism,” said Li Junfeng, Director of China’s National Climate Change Strategy Research and International Cooperation Center (NCSC). (Sustainable Brands)
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