Co-op’s slavery statement ‘sends important message to suppliers’
The Co-op has been held up as an example of how firm’s should be tackling the problem of modern slavery. In its first slavery statement under the Modern Slavery Act 2015 the Co-op has outlined how it sources, the clauses it uses in contracts and the steps it takes to audit suppliers. It also describes how the Co-op helps former slaves into work. The statement said: “Our expectation for suppliers to meet ethical trade requirements and tackle modern slavery is integrated into supplier contracts and approval processes. The Co-op said it provided training for suppliers and it planned to develop a new procurement academy and roll out a business-wide training and awareness plan on ethical sourcing. (Chartered Institute of Procurement & Supply)
Climate Change
Tesco turns to solar in Paris climate accord pledge
Tesco is to turn its back on fossil fuels and ramp up its use of solar panels as the UK supermarket makes an ambitious pledge to cut its greenhouse gas emissions in line with the toughest goals of the Paris climate accord. The move by the world’s fifth largest grocery chain by sales comes as US president, Donald Trump, considers pulling the US out of the landmark UN climate deal that almost every country adopted in December 2015. Tesco says it will cut its emissions in line with the more ambitious 1.5C target, partly by securing 100 per cent of its electricity from renewable sources such as solar panels by 2030 and by pushing its suppliers to become greener. Ultimately Tesco aims to become zero carbon by 2050. (Financial Times)*
Occidental holders override board in approving climate proposal
Occidental Petroleum Corp.’s shareholders approved a proposal Friday to require the oil and gas exploration Company to report on the business impacts of climate change, marking the first time such a proposal has passed over the board’s objections. The resolution, initiated by a group of investors including the California Public Employees’ Retirement System, asks Occidental to assess its portfolio for long-term climate change impacts consistent with the Paris Agreement’s goal of limiting global temperature increases to 2 degrees Celsius. It received the backing of Occidental’s largest shareholder, $5.4 trillion asset manager BlackRock Inc. which said it took action due to the “lack of response” on the issue by the company and a lack of improvement in its climate-change related reporting following a similar proposal last year which received more than 40 percent support. Other oil and gas companies such as Royal Dutch Shell Plc, BP plc and Statoil ASA are also increasingly examining climate change issues. (Bloomberg)
Emissions
EasyJet sets new carbon goal after emissions tumble by 31%
Airline company easyJet has set a new emissions reduction goal for 2020, after a range of fuel-saving techniques helped record a 31% reduction since 2000. The company announced this week carbon levels had dropped below the 80g threshold for the first time. Now easyJet will strive to reduce emissions further to 77g by 2020. Efficiencies have also been obtained through pilots only using one engine whilst taxiing, regular washing of the engine compressors and reducing the weight of the aircraft. When stationed at the airport, electrical power is used rather than fuel-burning auxiliary power units. The airline is developing hybrid planes that utilise hydrogen fuel cells to capture energy when the aircraft brakes on landing. (Edie)
Corporate reputation
888 shares hit by Gambling Commission review
Shares in online gambling company 888 Holdings have fallen by 8% after it revealed it was under investigation by the UK Gambling Commission (UKGC). The firm said the UKGC was assessing “certain measures” taken by 888’s UK subsidiary to ensure “social responsibility to its customers”. The review will examine the effectiveness of the ways customers can ask to be excluded from gambling. The company’s UK business, which accounts for about 45% of group revenues, is involved in poker, casino, sports and bingo gambling. UKGC announced its first ever fine for advertising breaches on 2nd May when BGO was fined £300,000. In February last year, Paddy Power agreed to improve its anti-money laundering and social responsibility processes, and give £280,000 to socially responsible causes. (BBC)
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Image source: Coop supermarket, Zurich by Denna Jones at Flickr. Creative Commons: Attribution 2.0 Generic(CC BY 2.0)
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