CSRWatch.com announced today that the ongoing Fannie Mae scandal again exposes so-called “corporate social responsibility” (CSR) initiatives as merely superficial attempts to polish corporate image at the expense of fundamental business principles and practices.
Investors, employees, media and the public should be aware that CSR initiatives, at best, distract corporate managements from their primary responsibility of operating their businesses in the long-term best interests of their shareholders, said Steven Milloy of CSRWatch.com. At worst, CSR can be ploy for pulling the wool over everyone’s eyes,” added Milloy.
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A coalition of 17 socially responsible investment firms recommends that companies disclose social and environmental data using the Global Reporting Initiative.
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The Global Environmental Management Initiative has released a new tool been designed to provide approaches that a company may consider as it addresses transparency-related challenges and opportunities.
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ISO has assigned the leadership of the working group that will develop an
International Standard giving guidelines for social responsibility
collectively to the national standards institutes of Brazil (ABNT) and
Sweden (SIS).
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Global Reporting Initiative (GRI) September News Update.
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Legislators and other financial rule-makers across the world are telling companies and institutional investors to say what part, if any, social responsibility plays in their business plans. Here are some of the most significant measures to date:
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A new global study among opinion elites, released today by APCO Worldwide, demonstrates a growing need for greater communication of companies’ corporate social responsibility (CSR) initiatives. While corporations are making considerable efforts to report social and environmental practices, an overwhelming majority of the individuals surveyed still have limited awareness of companies’ contributions to their communities.
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Independent investment research firm Innovest has released the latest of its sector-based assessments of how companies perform on corporate social responsibility. The report ranks 33 companies in the oil and gas industry.
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Results of the latest FTSE4Good index review are released today by global index provider, FTSE Group. A total of 79 new companies worldwide have met the SRI index criteria and will be added to the index series at close of business on Friday 17 September. 23 companies will be deleted from the index on the same day as they no longer meet these criteria.
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Businesses worldwide are failing to produce enough sustainability reports, while governments are doing little to encourage such reporting – which would have a direct benefit for business and the environment, a global survey by ACCA (the Association of Chartered Certified Accountants) and CorporateRegister.com has found.
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SAM today announced the results of the annual review for the Dow Jones Sustainability Indexes (DJSI). Effective with the opening of equity markets on September 20, 2004 the Dow Jones Sustainability World Index will again include over 300 companies from 24 countries that lead their industries in terms of corporate sustainability. The pan-European sustainability benchmark – the Dow Jones STOXX Sustainability Index – will include 167 companies from 13 countries. Both indexes will continue to closely mirror the sector distribution of the corresponding mainstream equity benchmarks.
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Companies are currently facing a great variety of approaches and requirements concerning the implementation of sustainability strategies and the provision of sustainability reports. Questions focus on the relative significance ascribed to environmental protection and product orientation compared to -new issues” such as social aspects in the supply chain or employee interests. Of course, social issues are not new, but until recently they have been discussed separately.
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