Why are boards standing by and watching as the companies they govern take our environment to hell in a handbasket? The banks are a case in point, as researcher Martijn Boersma from Catalyst Australia, recently wrote: “While banks frequently mention risk assessments, they nevertheless continue to finance unsustainable activities.” Since 2008, banks collectively have invested tens of billions into the carbon-rich fossil fuel sector, but do not include these details in their CSR reports.
Read more: Company Director Magazine – The Bystander Effect
The GFC has shown that unsustainable banking activities can bring the economic system to the brink of collapse. A new report by Catalyst Australia examines to what degree banks can also cause or alternatively mitigate social and environmental harm, and what are the resulting responsibilities towards the community and the environment?
Continue reading Mind the Governance Gap: Banks Gilding the Sustainability Lily
Australian companies will soon be publishing financial results, as well as information about sustainability efforts. Corporate social responsibility of the big four banks – Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (CBA), National Australia Bank (NAB) and Westpac is a continuing topic of debate following recent scandals and reports of unsustainable activities. Yet according to ANZ chairman, David Gonski, Australians ought to “stop bashing the banks” for being large and profitable. This comment should put civil society on guard.
Continue reading The Sustainability Record of Australia’s Big Banks
We are still awaiting the details of the Federal Government’s Entrepreneurs’ Infrastructure Program, and how this may impact the Australian entrepreneurial ecosystem.
While this program is estimated to provide $484 million of funding, this is only half of what was spent under now-scrapped programs such as Commercialisation Australia, the Innovation Investment Fund and the Industry Innovation Precincts, representing a significant decline in government spending on entrepreneurs and innovation. While many agree that government programs can be improved, the cuts show a lack of understanding of the Australian entrepreneurial ecosystem.
Continue reading The ‘Myth’ of the Australian Entrepreneur
Some of Australia’s property companies are gaining top global accolades for their sustainability performance but according to a damning new report the commercial property sector as a whole is failing to meet even basic sustainability benchmarks.
Continue reading Australian Property Sector Failing On Sustainability