France aims to ban fake news in lead up to election
Facebook and other social media companies would face sanctions for failing to block fake news under a law proposed by the French government. During election campaigns judges would be empowered to order the immediate removal of items to halt the spread of false information, Françoise Nyssen, the French culture minister, said. The new law, to be passed by summer 2018, would give the state broadcast regulator the power to shut down news outlets in France if they were owned by a foreign state and transmitted false news. Ms Nyssen’s ministry said that it was not seeking to define false news but to focus on halting its rapid propagation with social media companies required, during the five weeks leading up to an election, to identify who had sponsored content and how much they had paid. (The Times*)
Climate Change
Banks told their responses to climate risks are lacking
According to a survey conducted by Boston Common Asset Management LLC fewer than half of the world’s biggest banks are doing enough to halt climate change that poses risks to their markets and economies. Most lenders still aren’t producing firm targets for low-carbon financial products that will aid efforts to keep temperatures from rising with even the strongest banks in the survey, including Goldman Sachs Group Inc., still struggling to define a climate strategy at the heart of their business. Boston Common called for all banks to disclose climate risk in line with the Taskforce on Climate-related Financial Disclosures (TCFD). They should also set clear targets to promote low carbon products and publish strategy reports aligned with the Paris Agreement, according to the recommendations. (Bloomberg)
EU & US business lobbies seek closer access to UN climate talks
Business lobbies in Europe and the US are pushing for a distinct, direct and formalised “business channel” into UN climate negotiations. In a submission to UN Climate Change’s Subsidiary Body for Implementation (SBI), Business Europe, which represents industry confederations in 28 EU states, called for a conduit to the top table with the group’s communications director Peter Sennekamp stating that “We feel that there are many good business ideas to tackle climate change that might not always be reaching negotiators.” Transparency campaigners, however, oppose giving business interests closer access to the talks with Jesse Bragg, a spokesman for Corporate Accountability, suggesting that “Those responsible for the climate crisis should not be writing the rules for how we address it.” (Climate Change News)
Employees
Lloyds Bank becomes first UK FTSE 100 firm to set ethnic diversity target for senior roles
Britain’s biggest bank Lloyds has become the first UK FTSE 100 firm to set an ethnic diversity target for senior management roles. The high street lender wants to increase the number of black, Asian and minority ethnic (BAME) staff working in its top 7,000 roles to 8 percent by 2020, up from 5.6 percent today. It has also said that it wants to increase the overall proportion of BAME employees to 10 percent by the same time, up from 8.3 percent currently. Fiona Cannon, Lloyds’ director for responsible business and inclusion, has stated that “We recognise that companies with diverse management teams perform better and have made a public commitment to create a truly inclusive workforce. It is our ambition to better reflect the customers and communities which we serve.” (Telegraph)
Sustainable Development
Report: Best-practice guide for business action on SDGs launched by WWF and Gold Standard
Businesses have been urged to capitalise on the benefits of delivering against ambitious goals on the Sustainable Development Goals (SDGs), in a report, Business and the Sustainable Development Goals: Best practices to seize opportunity and maximise credibility, which provides a host of best-practices for business leaders to inform their strategies going forward. The study, co-authored by WWF Switzerland and Gold Standard, details the common challenges and pitfalls that companies face today when looking to progress the SDG agenda. It also highlights the commercial benefits in accelerating action, such as long-term value in new markets and customer trust and loyalty. Gold Standard chief executive Marion Verles said: “By following simple standards for best-practice setting and then monitoring and reporting on impact delivered, business can drive the paradigm shift to a sustainable world and reap the rewards for their actions.” (edie)
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