Nobel prize-winning American economist Joseph Stiglitz tells Ethical Investor that large loopholes have compromised US finance reforms in a further worrying sign of government failure to achieve strong reform for the broader social good in the face of powerful vested interests.

 

UK companies may have to report their carbon emissions in annual reports from as early as next year, according to Trucost.
 

Governance analysts applauded David Jones Limited’s (ASX: DJS) handling of disgraced former CEO David McInnes’ departure, agreeing that while the best-governed companies cannot legislate against bad behaviour it was how misdemeanors were handled that really mattered. The retailer said last Friday that the board had agreed to a mutual termination of McInnes’ employment on the basis that he had breached the company’s code of ethics and conduct.

 

Planet Ark said German retailer ALDI is the first company to join the Carbon Reduction Label program in Australia. By the end of the year ALDI’s everyday olive oil range will feature the Carbon Reduction Label, highlighting the retailer’s ongoing commitment to the environment.
 

State-owned Energy Australia achieved the highest score in the closely watched 2009 Australia/New Zealand Corporate Responsibility Index (CRI), followed by the Australian Broadcasting Corporation, Country Energy and Diageo Australia.
 

A majority of Australia’s top 200 companies (57 per cent) do not understand the material nature of sustainability risks and the importance investors place on the disclosure of performance against and effective management of these risks, The Australian Council of Super Investors (ACSI) said.
 

CUA-sponsored research revealed that almost nine out of ten Australians believe the customer-owned business model used by credit unions provides better banking than the big banks’ model, where profits go to shareholders not customers. The report came as the Sydney Morning Herald reported on 3 June on its front page that the big four Australian banks were gouging customers for billions of dollars.