On November 8/9, China's and Africa's governments met for the 4th summit of the Forum on China-Africa Cooperation (FOCAC) in Sharm-el-Sheik, Egypt. A report published by International Rivers and entitled «China, Africa and the Environment» finds that China and Africa have been successful in boosting their financial and economic cooperation, but have failed to deal seriously with the environmental challenges that have resulted from their growing cooperation. According to the report, the Chinese approach contrasts with the track record of Western governments, which have often reneged on their promises of increased support for Africa in recent years. Many Chinese investment projects go forward in environmentally sensitive sectors and regions however, and don't always follow international environmental standards. The report mentions the Merowe Dam in Sudan and the proposed Gibe 4 Dam in Ethiopia as examples of projects which damage the environment and violate the rights of local communities.

Source : Banktrack

In an move by faith-based institutional shareholders, at least 21 U.S.-based health industry companies are the focus of shareholder resolutions asking them to publicly disclose the total compensation packages of their top executives, including their health care packages, vis-à-vis that of their lowest paid U.S. workers. Among other things, the new pay-disparity resolution asks for a report covering a comparison of the total compensation package of the company's top executives and the lowest paid employees (including health care benefits and costs) in the United States as well as an analysis of any changes in the relative size of the gap between the two groups and an analysis and rationale justifying any such trend. Among the insurers, medical device makers and other companies receiving the resolutions are many of the leading opponents of Congressional action on health care reform. The 30 investors filing the resolutions belong to the Interfaith Center on Corporate Responsibility.

Source : ICCR

At a EU's hearing, UNI Finance trade union stressed the close link between consumer rights and the right of finance workers to give good advice. In its submission, UNI Finance stresses five points: first, incentive structures for employees in sales and advice functions should encourage good customer services and qualified advice and not only sale of products. Moreover, prudent supervision should oversee that incentive structures for employees sales and advice functions are appropriate, customer-oriented and risk conscious and charters on responsible sale of financial products should be developed by each financial institution and be agreed between management, unions and other stakeholders. Additionally, there should be structured dialogue between unions in the finance sector and supervision authorities at all levels to address this issue and other internal practices affecting companies' risk management and the stability of the financial system.

Source : UNI Global Union

As the health care reform debate in Congress shifts to the U.S. Senate, 60 of 275 faith-based institutional investor members of the Interfaith Center on Corporate Responsibility (ICCR) are pressuring 36 major companies - including Merck, Wal-Mart, McDonald's, AT&T, IBM and General Electric -- to state publicly if the U.S. Chamber speaks for them in its campaign to kill efforts to overhaul the U.S. health care system. Significantly, all of the companies had previously agreed at the urging of shareholders to embrace health care principles that are now inconsistent with the anti-reform stance of the U.S. Chamber of Commerce on health care legislation, according to the ICCR. The letters also are signed by AFL-CIO Office of Investment; James Donovan, CPA; Progressive Asset Management Inc.; Trillium Asset Management; and Walden Asset Management. This campaign echoes corporate split with chamber over climate legislation.

Source : Interfaith Center on Corporate Responsibility