Knowledge Centre:
News Digests

Stay abreast of what’s happening internationally with developments in corporate public affairs. Here is news that you may find useful and interesting:

Social concernsND


David James, Business Review Weekly, 1 December 2005

David James discusses the political dimensions of globalisation and says companies need to understand the implications of doing business in other countries, particularly in developing countries. Best practice companies tend to making ‘investments of a social character’, follow global practices, engage politically and be seen to engage. This article also discusses the influence of the global NGO community. For more information, see www.brw.com.au

Up to Code: does your company’s conduct meet world-class standards?ND


Lynn Paine, Rohit Deshpande, Joshua Margolis and Kim Eric Bettcher, Harvard Business Review, December 2005

Good corporate citizenship, transparency with stakeholders (including suppliers) and being responsive to stakeholder needs and concerns are three of seven standards that Harvard Business Review lists as widely endorsed corporate ethical guidelines. The authors have developed a ‘Global Business Standards Codex’ that lists the seven principles for good corporate behaviour as: Fiduciary Principle, Property Principle, Reliability Principle, Dignity Principle, Fairness Principle, Citizenship Principle, and Responsiveness Principle. ‘Our Global Business Standards Codex,’ write the authors, ‘is intended not as a “model code” that companies should adopt as is, but as a benchmark for those wishing to create their own world-class code.’ For subscribers to HBR or HBR online, the Codex article is online: http://harvardbusinessonline.hbsp.harvard.edu/b02/en/common/item_detail.jhtml?id=R0512H. If you are not a subscriber, the article can also be purchased from this site.

Campaigners get into the business of businessND


Seb Belloe, The Guardian, 28 November 2005

NGOs are increasingly finding that they can constructively engage with business in order to drive change. This article highlights the growing number of partnerships and collaborations between NGOs and companies that promote better social and environmental performance. For more information, see www.guardian.co.uk

Listening puts you on fast track to credibilityND


Alison Maitland, Financial Times, 28 November 2005

Stakeholder consultation is considered best practice for companies wanting to understand their external environment. As Charlotte Grezo, director of corporate responsibility at Vodafone explains, ‘You couldn’t put together an effective, appropriate corporate responsibility program without an effective stakeholder program’. Vodafone holds annual stakeholder roundtables around the world, commissions opinion surveys and holds informal and informal discussions with special interest groups. Another UK company Marks and Spencer says its stakeholder consultation has enabled it to anticipate the hardening of attitudes to supply chain ethics. It conducts research with 500 customers each year and talks to around 160 groups, including government, regulators, campaigners and think-tanks. For more information, see www.ft.com

Smart directors drive accountabilityND


Shann Turnbull, Australian Financial Review, 28 November 2005

Shann Turnbull argues that companies need to develop a self-enforcing strategy to recognise stakeholder concerns. As Australian companies such as Westpac have implemented, a stakeholder consultative committee would reduce the burden of directors having to report on non-financial issues, allow companies to hear about problems earlier, ensure independent feedback and ultimately enhance a company's licence to operate. For more information, see www.afr.com.au

Smarter corporate givingND


Nanette Byrnes, BusinessWeek, 28 November 2005

BusinessWeek provides its ranking of the annual list of the biggest corporate donors in the US. Wal-Mart retains the number one spot though this article highlights Altria Group (in third place), which has built up significant goodwill through its philanthropy efforts. Companies are taking a more targeted approach to philanthropy, are investing more in consumer awareness ads and seeing the benefits of lower employee turnover as a result. For more information, see www.businessweek.com

McDonald's tackles European concernsND


Jeremy Grant and Alison Maitland, The Financial Times, 25 November 2005

The Financial Times reports on McDonald's first corporate responsibility report for the European market. The report is a result of a year-long stakeholder study and addresses issues such as obesity, food safety, marketing and working conditions. The report says McDonald's could do better in terms of understanding society trends and expectations. Stakeholder feedback also strongly pointed to the need for better communication around issues. For more information, see www.ft.com

Corporate giving adds to shareholder wealthND


Pro Bono Australia Newsletter (Vol 4, Edition 11), 24 November 2005

A study by Professor Paul Godfrey of Brigham Young University illustrates that a company's track record of giving protects it much in the way as an insurance policy. Companies that have earned a reputation for philanthropy are often given the benefit of the doubt in a crisis situation. This translates into a quicker rebound in share price, lower fines and possibly shorter boycotts, which is valuable to shareholders. For more information, see www.probonoaustralia.com.au

Companies prepare to ward off bird fluND


Marilyn Chase, The Wall Street Journal, 17 November 2005

The potential economic losses due to an avian flu outbreak are forecast by the World Bank to be up to $800 billion. Companies such as Microsoft Corp, Cisco Systems, 3M and Kimberly-Clark have developed plans that include better access to networks so employees can work from home, preventative education, hand sanitisers, masks, gloves and a service to update passports in case of mass evacuation. The biggest concern for businesses now is not having a game plan. For more information see www.wsj.com

Open season on AGMsND


Andrew Heathcote, Business Review Weekly, 17 November 2005

Attendance at Annual General Meetings has been falling for the last decade, according to the Business Council of Australia. AGMs are no longer the main means of communicating with shareholders and companies need to find new ways to remain relevant. Ernst & Young suggests companies need a 'meeting makeover' by involving the full board in planning, meet shareholder and governance groups in advance, contact institutional investors and activist groups before the meeting, discuss the process with the auditor and update the shareholder registrar. For more information, see www.brw.com.au

World’s Most Respected CompaniesND


Financial Times, 17 November 2005

The Financial Times reports on PwC’s latest annual survey of 1,000 CEOs across 25 countries. Microsoft came top in the survey of World’s Most Respected Companies, followed by GE, which has held the top position for the past seven years. For more information see http://news.ft.com/reports/wmrc2005

Corporate social responsibility doesn't come easilyND


Bill Beerworth, Australian Financial Review, 11 November 2005

With two inquiries underway in Australia on the issue of CSR, it appears likely that companies will be asked to take greater account of community concerns. It also seems likely that reporting requirements will be standardised. For more information, see www.afr.com.au

Bombarded bosses ‘losing big picture’ND


Roland Gribben, The Telegraph, 10 November 2005

A recent UK report (‘The Role of the Board in Creating a High Performing Business’) by the Corporate Research Forum and the Performance and Reward Centre, indicates that board members are distracted from their strategic role by business scandals and short-term issues as well as regulatory and investor demands. The report draws on interviews with 40 UK directors and provides advice on how Boards contribute to high performance. The report also highlights the possible negative effect of tying performance to executive pay and finds that non-executive directors are particularly concerned about the increase in commitments and their potential ‘policeman’ role. For more information, see http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2005/11/10/cnboss10.xml

Other ways to inform investorsND


Robert Bruce, The Financial Times, 10 November 2005

Robert Bruce writes that management commentary is playing an increasing important role, particularly as financial reporting becomes more complicated. Surveys show that financial information doesn't adequate capture a company's strengths and weaknesses and this has been one of the reasons behind the use of key performance indicators in UK companies. The International Accounting Standards Board has recently published a discussion paper on the issue of management commentary that could lead to a standard on this topic. The Board has suggested there needs to be a global structure for commentary. For more information, see www.ft.com

When CEO's are entangled in their own web of wordsND


Landon Thomas, New York Times, 9 November 2005

As Thomas suggests, ‘investors are holding chief executives accountable for their public utterances and their ability to articulate a clear and compelling vision’. Despite many US companies carefully scripting their quarterly investor calls, there have been numerous examples of vague responses to questions that have then subsequently led to sell-offs of a company’s stock. Inadequate preparation is cited as the main reason for these sorts of CEO ‘communication blunders’. A number of companies now focus on providing training for CEOs on public communication. For more information, see www.nytimes.com

CEOs as chief communication officersND


PR Week, 7 November 2005

New research from the US-based PR Week and public relations firm Burson Marstellar (131 CEOs surveyed) in late 2005 reveals that CEOs are finding they are being required to do more communication than ever, almost taking on the role of company chief communications officer. The research finds: About 25 per cent say that between 20 per cent and 30 per cent of their time should be spent in face-to-face communication with their employees; 55 per cent they are spending more time communicating with customers than in 2003; about half say they are very satisfied or satisfied with the return on investment of their corporate public affairs function; and 59 per cent rate blogs as excellent to good internal communication vehicles.

New names for old companiesND


Thomas Mucha, Business 2.0, November 2005

Renaming a company can be a complex and costly exercise. This article provides examples of companies that have undertaken a name change, with some positive and negative results. A name change can often be an attempt by a company to improve its image and distance itself from corporate scandals. The growth in mergers and acquisitions has also presented challenges around naming. For more information, see www.business2.com

Watch what you say ND


Edward Prewitt, CIO, 1 November 2005

According to Hay Group, communication by company executives is a leading factor in employee motivation and moral. In its latest survey of 1.2 million employees in the US, Hay reported that most employees rate internal communication poorly. According to the report, the lack of communication on where companies are headed promotes turnover. A separate survey also highlights that companies communicate badly on issues around compensation. For more information, see www.cio.com

Australians give $11 billion in 2004ND


October 2005, Report commissioned by the Department of Family and Community Service

One of the most far-reaching reports on and analysis of philanthropy in Australia indicates that Australian's citizens and businesses are donating and volunteering their time more than ever. Business and citizens contributed more than $11 billion in 2004. For more information,see Pro Bono Australia's newsletter article on the report at www.probonoaustralia.com.au/new/default.asp?a=2&b=1389&d=2

The measure of a great employer ND


Alison Maitland, Financial Times, 27 October 2005

Only four companies have managed to be ranked among the top 100 best places to work in the US for the past 21 years. Longevity helps make them better than the rest, as three out of those four are more than a century old, resulting in strong sets of values and excellent benefits. Many of the companies in the top 100 list are privately owned, or small businesses, and have created a community feel to the working environment that employees value. Bigger businesses are beginning to resent being judged against the smaller entrants, feeling that the odds are stacked against them. Being a large, publicly owned employer, and being consistently great, is hardest of all. For more information see www.ft.com

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