Connect with us

Business News

British Fund Industry Warns Companies On Ethnic Diversity

Published

on

T

LONDON: Britain’s investment industry trade body has warned companies they must show progress on boardroom ethnic diversity or risk pushback at their 2021 annual general meetings.

The call from the Investment Association, whose members manage 7.7 trillion pounds ($9.88 trillion) and own around a third of British companies, aims to spur greater action to meet the targets set by Britain’s Parker Review into the issue.

Under the targets, FTSE 100 companies would aim to have at least one ethnic minority board member by 2021, with every FTSE 250 company following by 2024.

Those that fail to disclose either the ethnic make-up of their board or a plan to have at least one ethnic minority member by 2021 would be flagged as a company of concern by the IA’s corporate governance team, it said in a statement.

“The UK’s boardrooms need to reflect the diversity of modern-day Britain,” said Andrew Ninian, Director for Stewardship and Corporate Governance at the Investment Association.

“With three-quarters of FTSE 100 companies failing to report the ethnic make-up of their boards in last year’s AGM season, investors are now calling on companies to take decisive action to meet the Parker Review targets.”

While the IA does not advise investors on how to vote, IVIS, the IA’s Institutional Voting Information Service, instead flags topics of concern at companies to the pension schemes and others that pay for the service.

A ‘Blue Top’ assessment indicates there are no areas of major concern; an ‘Amber Top’ highlights a significant issue to be considered; and a ‘Red Top’ flags a topic of major concern. Breaches of the ethnic guidelines will face an ‘Amber Top’.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Click to comment

Leave a Reply

Business News

Airline CEOs, Biden Officials Consider Green-Fuel Breaks

Published

on

News18 Logo


Chief executives of the nation’s largest passenger and cargo airlines met with key Biden administration officials Friday to talk about reducing emissions from airplanes and push incentives for lower-carbon aviation fuels.

The White House said the meeting with climate adviser Gina McCarthy and Transportation Secretary Pete Buttigieg also touched on economic policy and curbing the spread of COVID-19 travel has been a vector for the virus. But industry officials said emissions dominated the discussion.

United Airlines said CEO Scott Kirby asked administration officials to support incentives for sustainable aviation fuel and technology to remove carbon from the atmosphere. In December, United said it invested an undisclosed amount in a carbon-capture company partly owned by Occidental Petroleum.

A United Nations aviation group has concluded that biofuels will remain a tiny source of aviation fuel for several years. Some environmentalists would prefer the Biden administration to impose tougher emissions standards on aircraft rather than create breaks for biofuels.

Biofuels are false solutions that dont decarbonize air travel, said Clare Lakewood, a climate-law official with the Center for Biological Diversity. Real action on aircraft emissions requires phasing out dirty, aging aircraft, maximizing operational efficiencies and funding the rapid development of electrification.

Airplanes account for a small portion of emissions that cause climate change about 2% to 3% but their share has been growing rapidly and is expected to roughly triple by mid-century with the global growth in travel.

The airline trade group says U.S. carriers have more than doubled the fuel efficiency of their fleets since 1978 and plan further reductions in carbon emissions. But the independent International Council on Clean Transportation says passenger traffic is growing nearly four times faster than fuel efficiency, leading to a 33% increase in emissions between 2013 and 2019.

The U.S. accounts for about 23% of aircraft carbon-dioxide emissions, followed by Europe at 19% and China at 13%, the transportation group’s researchers estimated.

The White House said McCarthy, Buttigieg and economic adviser Brian Deese were grateful and optimistic to hear the airline CEOs talk about current and future efforts to combat climate change.

Nicholas Calio, president of the trade group Airlines for America, said the exchange was positive.

Airlines are ready, willing and able partners, and we want to be part of the solution” to climate change, Calio said in a statement. We stand ready to work in partnership with the Biden administration.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor



Continue Reading
Advertisement "Pages & Posts Ads Section"

Recent Posts

Trending

%d bloggers like this: