Speaking at the Midwest Conference on Corporate Social Responsibility and Sustainability in Chicago, Gavin Power of the UN Global Compact announced that the Global Compact’s Principles for Responsible Investment have been endorsed by institutional investors representing $5 trillion in investments. The principles set forth core values to be followed by businesses in the areas of…
The manner in which companies report their performance is getting a makeover. Don’t worry, the familiar financial reporting – balance sheets, income statements, footnotes, et al. – is still there. Increasingly, companies are supplementing their financial reports with non-financial information. It’s commonly referred to as “Triple Bottom Line” reporting because it encompasses economic, social and…
Source: MIT Technology Review A special report in the July/August issue of MIT’s Technology Review concludes that we can avoid the catastrophic effects of global warming if we act now. The report says that we need more effective deployment of existing energy technologies while we begin building a sustainable energy infrastructure for the future. The…
The Journal of Accountancy, December 2006, provided the following list of the typical stakeholders for publicly owned corporations. It’s a good reference if you want to identify the stakeholders for your company. Financial stakeholders · Shareholders (institutions, hedge funds, employees and individuals) · Bond holders · Banking institutions · Employees (including unions) · Other sources…
Greenbiz.com reports that in a recent MIT survey “Americans now rank climate change as the country’s most pressing environmental problem – a dramatic shift from three years ago, when they ranked climate change sixth out of 10 environmental concerns.” The survey shows that people are beginning to grasp that climate change is a real issue.…
The recent passing of renowned economist Milton Friedman recalls the argument about social responsibility and business. Friedman famously debunked the idea of corporate social responsibility when he rhetorically asked, “What does it mean to say that ‘business’ has responsibilities? Only people can have responsibilities. A corporation is an artificial person and in this sense may have…
An international report entitled Ecosystem Challenges and Business Implications, issued in November 2006, says that business and ecosystem services are inextricably linked. Companies not only affect ecosystems but also rely on them. The report identifies risks and opportunities for business based on the findings of the Millenium Ecosystem Assessment, a 4-year scientific study that concluded…
There’s definitely a buzz about the greening of business these days. Climate change is a “hot” topic and that probably has something to do with the buzz. After all, business is viewed both as the main culprit and the potential savior. To me what’s most interesting is how being “green” is being placed in a…