Corporate social responsibility (CSR) rating agencies are struggling to balance the need to standardize CSR ratings with the need to differentiate their ratings from competitors’.
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Most of the world’s top 500 companies are failing to take action to deal with the risks of global warming, according to research on the impact of climate change on the corporate world. Some companies in the heavy industries could see their value tumble by as much as 40 per cent – equating to billions of dollars – if they ignore the threat to their business.
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On 12 February, the first Round Table meeting of the CSR EMS Forum focused on “Improving knowledge about CSR and facilitating the exchange of experience and good practice”.
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The European Parliament has agreed a motion that promotes the uptake of corporate social responsibility by European businesses – but says that this must remain a voluntary movement.
The debate, held following the World Economic Forum at Davos, called for multinational companies to include social, societal and environmental concerns in their business activities. The Parliament also agreed that the process of globalisation must be accompanied by efforts to reduce poverty.
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On 7 February 2003 the social partners of the European Sugar Industry, CEFS and
EFFAT, signed a joint code of conduct setting minimum standards on corporate social responsibility (CSR) in eight areas. The European Sugar Industry is the first sector to voluntarily agree on minimum CSR standards on a broad scale.
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The February 2003 update from the Global Reporting Initiative (GRI):
Ã?? Invitation to Register as Organisational Stakeholders
Ã?? Financial Planning for the Long-term
Ã?? Update on Stakeholder Council
Ã?? Report Assurance on the GRI Agenda
Ã?? Work on Telecommunications and Other Sectors Progressing
Ã?? July 2003 Event in Cooperation with Int’l. Corporate Governance Network
Ã?? New Website Coming in Days
Ã?? More Organisations Use the GRI Guidelines
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In preparation for the World Economic Forum’s Annual Meeting 2003, the Global Corporate Citizenship Initiative (GCCI) conducted a survey with selected signatory CEOs of the CEO Statement on Corporate Citizenship. Offering insight from 18 different industry sectors and more than 16 different countries.
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In 1984, 40 tons of lethal gas leaked from a Union Carbide plant at Bhopal in Madhya Pradesh. Thousands of people were killed. The disaster in India led the U.S. Congress to pass a law requiring companies to disclose chemical emissions. But even though Bhopal was an overseas disaster, the law it inspired applies only in the United States. Dangerous pollutants are just one aspect of corporate behavior that can be hidden abroad. Companies should have to make public information about overseas activities that would be prohibited or subject to disclosure laws at home.
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Companies invest heavily in protecting their reputation and ensuring society’s expectations are met. Is this corporate social responsibility or simply a smokescreen?
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On 21 January, the Social Affairs Committee briefly considered the Bushill-Matthews report, in which the MEP urges the Commission not to “submerge” the environmental and enterprise aspects of CSR by social considerations.
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The 2003 annual report on global corruption underlines the media’s role in the fight against corruption, calls for better access to government-held information and states that companies are somewhat less likely to bribe now than before.
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The question of which companies take a responsible attitude towards investors, employees and the environment is becoming an increasingly explosive issue. The Munich-based rating agency oekom research has been focussing on precisely this issue for almost ten years now. In its latest “Corporate Responsibility Rating”, it analysed the 19 top companies in the networks and components industry worldwide whose principal products are memory chips, semiconductors and mobile phones. 200 environmental and social criteria were examined in the study. On a scale from A+ to D-, Siemens (DE) achieved a B, followed by Ericsson (SE) and Intel (US), both of whom scored a B-. Qualcomm and EMC (both US companies) turned in the worst performances, both scoring a D. Four companies failed to provide sufficiently transparent information, with the result that it was not possible to draw up a comprehensive Corporate Responsibility Rating for them.
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