Facebook reveals privacy principles for the first time
Facebook today for the first time published its privacy principles, a set of guidelines that it says governs how it handles users’ data, and attempts to be transparent about how users can control what they share and how their personal information is shared. The company also says it is launching a new educational campaign meant to help users understand how it to manage their data and will unveil its Privacy Centre, a one-stop shop for controlling their privacy settings that was built based in part on feedback from users, policy makers, and experts in privacy, within a couple of months. These moves come amid a broader period of public and regulatory scrutiny of the influence Facebook has in our lives, and how it’s been leveraged by malicious organisations to attack democratic institutions and trust in fundamental institutions. (Fast Company)
Japanese cryptocurrency exchange, Coincheck, to refund customers affected by hack
Japanese cryptocurrency exchange Coincheck has said it will use its own capital to reimburse customers who lost money in a US$400 million theft last Friday. The Tokyo-based company will repay all 260,000 users hit by the theft of NEM coins, at a rate of 88.549 yen for each coin amounting to nearly 90 percent of the 58 billion yen worth of NEM coins lost in an attack that on Friday forced the company to suspend withdrawals of all cryptocurrencies except bitcoin. This attack shocked Japanese policymakers, who introduced legislation last April to prevent such disasters, and piled pressure on global cryptocurrency markets wary of rising scrutiny from regulators. Major Japanese newspapers have labelled the management of virtual currencies at Coincheck as “sloppy” and said the company had “expanded business by putting safety second”. (The Straits Times)
Supply Chain
Unilever creates Indonesian partnership to secure sustainable palm oil production
Unilever has struck a partnership agreement with Indonesia’s state-owned palm oil plantation firm PT Perkebunan Nusantara (PTPN) that will see the two work together to support local mills and farmers in producing palm oil that aligns with zero deforestation standards. The memorandum of understanding will help accelerate production standards in the country in accordance with NPDE policies – no deforestation, no development on peat, and no exploitation of people and communities. As part of the partnership, Unilever will support PTPN’s mills and supplying farmer base in their efforts to obtain sustainability certification through a combination of resources, funding, and technical expertise. Marc Engel, chief supply chain officer at Unilever, said the firm’s ambition was to make sustainable palm oil “mainstream”, having worked hard in recent years on developing its approach to the issue. (Business Green)
Employees
Banks to sign City gender equality charter following Presidents Club dinner scandal
City firms are scrambling to sign up to a government-backed gender equality charter after calls from Virgin Money chief Jayne-Anne Gadhia to “get on board” in the wake of the Presidents Club dinner scandal. The charter has 166 signatories and commits firms to increasing the number of women in top jobs. But notable firms missing from the roll call currently include Goldman Sachs, JP Morgan, UBS and Metro Bank. The charter was launched last November and requires pledges to raising the proportion of women in senior roles from 35 percent to 40 percent by 2020, and longer term to a 50-50 gender balance. Ms Gadhia, one of Britain’s most powerful businesswomen, said that she was “shocked” by reports in the Financial Times of harassment of several women working at a men-only charity dinner attended by senior politicians and business bosses earlier this month. Ms Gadhia added that “leadership sets the tone for our businesses and for our country”. (The Telegraph)
Governance
World Bank chief economist quits after openly criticising bank staff
Outspoken chief economist Paul Romer is leaving the World Bank “effective immediately” after just 15 months on the job. One of the US’s most celebrated economists has been engaged in a running battle with staff economists at the bank almost since the beginning of his high-profile arrival in October 2016. Areas of dispute have included everything from grammar and brevity in reports to serious questions about methodology. As chief economist, he unsuccessfully campaigned to have a number of senior department heads removed, clashing eventually with the bank’s human resources department. Within a year, he had been stripped of his managerial responsibilities and in recent months, he had been operating alone out of an office on a different floor from the bank’s research department. The circumstances of his eventual departure included a recent interview with the Wall Street Journal in which he railed against the methodology used in the bank’s “Doing Business” rankings and accused bank staff of manipulating data for political reasons. (Financial Times*)
If the Sustainable Development Goals are to be met, business will have to play a major role. But how can companies go about integrating the SDGs into their own business operations?
To help you ensure the SDGs are aligned to your core business, 4 senior leaders are ready to share their experiences and strategies live. Join Ethical Corp next Wednesday, 7th February, at 2 pm GMT for their free online webinar with:
Pedro Ortún, Senior Advisor CSR/SDGs, European Commission
Mario Abreu, Vice President Environment, Tetra Pak
Louise Koch, Corporate Sustainability Lead, Dell
Aris Vrettos, Programme Director, Cambridge Institute for Sustainability Leadership
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