Chapter 5: Stakeholders are Ready

Each chapter of the book, The Company Citizen, has footnotes. As most of these are web links they cannot be readily accessed from the book. So here they are. Those numbered ‘a’, ‘b’, etc., are updates: they refer to text between numbered footnotes and not necessarily to the number in their suffix. For example: 14a is a new note which relates to text between note 14 and note 15 but not necessarily to the subject in 14 itself. Go back to ‘The Company Citizen’ here.

1 http://www.bankofengland.co.uk/publications/Pages/speeches/2015/833.aspx
2 ESG Magazine 6, 2016
3 https://www.ft.com/content/3f4a6fd8-a5fc-11e4-abe9-00144feab7de (£)
4 https://nonprofitchronicles.com/2017/03/14/warren-buffett-has-some-excellent-advice-for-foundations-that-they-probably-wont-take/
5 http://www.purposeofcorporation.org/en#how-this-affects-companies
6 http://usatoday30.usatoday.com/money/industries/retail/2006-06-06-norway-walmart_x.htm
7 http://www.worldpolicy.org/blog/2011/01/24/norwegian-wouldnt
8 http://news.walmart.com/executive-viewpoints/twenty-first-century-leadership
9 https://www.theguardian.com/sustainable-business/2015/nov/18/walmart-climate-change-carbon-emissions-renewabe-energy-environment
10 https://www.edie.net/news/6/Walmart-launches-plan-to-cut-one-billion-tonnes-of-supply-chain-emissions-by-2030
11 https://www.ft.com/content/8ad34584-911d-11e6-a72e-b428cb934b78 (£)
12 http://www.triplepundit.com/2014/03/record-number-social-environmental-shareholder-resolutions-filed-2014/
13 http://shareaction.org/wp-content/uploads/2016/02/CaseStudy-Shareholder-Resolutions.pdf
14 http://www.parliament.uk/business/committees/committees-a-z/commons-select/business-energy-industrial-strategy/news-parliament-2015/corporate-governance-report-published-16-17/
15 https://www.theguardian.com/business/2017/apr/27/wpp-to-cut-martin-sorrells-pay-in-bid-to-calm-investors
16 https://www.ft.com/content/44f00452-0f1d-11e7-b030-768954394623 (£)
17 http://www.standard.co.uk/business/reckitt-benckiser-bows-to-city-pressure-as-it-cuts-chief-s-pay-a3503991.html
18 http://www.bbc.co.uk/news/business-39512035
19 https://amp.theguardian.com/commentisfree/2017/may/29/whole-foods-failures-conscious-capitalism? Whole Foods was subsequently the target of a takeover by Amazon: https://finance.yahoo.com/news/hedge-fund-jana-partners-discloses-blue-apron-position-164051766.html

There are some who are excited by the new Amazon/Whole Foods relationship, claiming it could be revolutionary in customer-centred service: https://shift.newco.co/amazon-whole-foods-could-transform-us-farming-6f733651ef6d (July 2017, added November 2017)

20 https://www.theguardian.com/environment/2016/dec/12/fossil-fuel-divestment-funds-double-5tn-in-a-year
21 http://ga-institute.com/Sustainability-Update/tag/blackrock/
22 http://home.bt.com/lifestyle/money/investing-pensions/can-you-make-good-returns-from-ethical-investing-11364109964325 Please note: nothing in this chapter constitutes financial advice. The value of investments… etc.
23 https://www.globalreporting.org/ (As we saw in Chapter 2, in September 2017 it was reported that most FTSE100 companies are still not yet reporting on their climate change risks and only half, a smaller proportion than in France or Spain’s equivalent, are reporting on their contribution to achieving the SDGs. https://www.edie.net/news/9/Majority-of-FTSE-100-firms-not-reporting-on-climate-change-risks)
24 http://www.mondovisione.com/media-and-resources/news/london-stock-exchange-group-launches-guidance-for-esg-reporting/
25 https://www.bloomberg.com/news/articles/2015-10-12/blackrock-tries-do-good-investing-after-millenials-convince-fink
26 https://medium.com/impactalpha/blackrock-tips-shareholder-vote-to-press-oil-giant-on-climate-risk-f0fc5831bca3
27 https://www.nytimes.com/2016/02/02/business/dealbook/some-heresy-on-wall-street-look-past-the-quarter.html
28 https://www.positive.news/2017/economics/24827/uk-ethical-markets-doubles-tobacco/ and http://www.businessgreen.com/bg/news/3001828/unilever-a-third-of-consumers-now-buy-from-good-brands
29 http://www.autocar.co.uk/car-news/industry/uk-car-registrations-regain-traction-vw-sales-falter
30 https://www.london.edu/faculty-and-research/lbsr/li-four-principles-translating-purpose-into-practice#.WFLzoXecaRt Many of these examples are from http://freakonomics.com/podcast/do-boycotts-work-a-new-freakonomics-radio-podcast/ including this one, in a paragraph edited from this book for reasons of space:

‘A quarter of boycotts have noticeable impact, though it’s difficult to say categorically that changes wouldn’t have happened anyway. After Rev. Jesse Jackson called for a boycott of Toyota, getting an advert he deemed offensive to black people withdrawn, the company apologised and increased their spending on diversity, almost certainly to their long term advantage.’

31 http://www.al-monitor.com/pulse/originals/2015/11/israel-palestine-european-labeling-guidelines-settlements.html
32 http://oxfamblogs.org/fp2p/supporting-labour-rights-in-indonesias-sportswear-factories-draft-case-study-for-your-comments/ and http://news.bbc.co.uk/1/hi/world/asia-pacific/1859232.stm
33 https://www.theguardian.com/vital-signs/2015/jan/06/boycotts-shopping-protests-activists-consumers
34 http://www.triplepundit.com/special/roi-of-sustainability/how-nike-embraced-csr-and-went-from-villain-to-hero/
35 http://uk.businessinsider.com/sports-direct-billionaire-mike-ashley-increases-stake-in-debenhams-to-1609-2017-3
36 http://www.bbc.co.uk/news/uk-36864345
37 http://www.bbc.co.uk/news/business-38247155
37a Sports Direct had a good 2017 in trading terms, paying out a £20,000+ bonus to each of its managers, who make up under 10 per cent of its employees. The bonus was half of that paid at the company’s height and the success was partly due to the weak pound boosting foreign earnings. Nevertheless, company Chair Keith Hellawell only just survived a vote of confidence at the company’s AGM: https://www.theguardian.com/business/2017/sep/08/sports-direct-pays-out-43m-bonus-among-2000-staff; http://www.telegraph.co.uk/business/2017/09/08/sports-direct-pay-shop-managers-21000-share-bonuses/ (Sept 2017)
38 http://metro.co.uk/2017/01/23/brothers-jailed-for-slavery-over-workers-they-recruited-for-sports-direct-6400444/
39 https://www.theguardian.com/business/2015/dec/10/sports-direct-share-price-falls-following-guardian-working-practices-revelations
40 http://www.bbc.co.uk/news/uk-england-derbyshire-36855374
41 http://webershandwick.co.uk/wp-content/uploads/2014/07/17639-WS-SOI-24pp_14JUL2014_FINAL.pdf
42 http://www.hrreview.co.uk/hr-news/recruitment/it-costs-over-30k-to-replace-a-staff-member/50677
43 Weber Shandwick, Ibid, Note 41
44 http://www.samaritans.org/for-business/rail-suicide-prevention/saving-lives
45 http://www.willmottdixon.co.uk
46 https://www.neyber.co.uk/employers
47 I explored John Lewis Partnership in ‘Welcome to GoodCo’
48 https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/31668/12-929-employee-ownership-advantage-benefits-and-consequences.pdf
49 http://www.esopcentre.com/2017/02/roadchef-employee-shareholders-still-await-compensation/
49a The tax status of any compensation was apparently resolved in summer 2017 but there is still no sign of it actually being paid: http://www.esopcentre.com/2017/06/tax-decision-reached-on-roadchef-employee-shareholders/ (June 2017)
50 http://www.greatbusinessdebate.co.uk/case_study/to-have-a-true-csr-impact-you-must-involve-the-whole-company/
51 http://www.bbc.co.uk/news/business-34639178
52 http://www.irishtimes.com/culture/books/look-to-business-not-the-state-or-charities-to-fix-our-problems-1.2850596?platform=hootsuite
53 http://www.ibe.org.uk/30days/30dayitem.aspx?pname=Responsible-Business-Lloyds-Banking-Group&itemid=24312
54 http://thecsrjournal.in/three-years-of-csr-spending-on-the-rise-yet-hurdles-remain/. There’s more about the Indian CSR Act in Welcome to GoodCo.
55 https://icrs.info (Perhaps CSR doesn’t deserve such cynicism! These American statistics do justify good CSR practice: http://info.yourcause.com/infographic-10-stats? Undated, but added Nov 2017)