The IBE monitors the UK media for stories about business ethics issues and challenges.
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BlackRock has demanded an end
to pay awards that outpace ordinary employees at the UK’s biggest companies
ahead of a round of critical shareholder votes in 2017.
The world’s largest asset
manager is also pressing companies to curtail the generous pension packages
that are commonly granted to top executives, calling for retirement
contributions to be "in line with the rest of the workforce”.
The owner of a boutique London
hotel has accused Barclays of mis-selling him almost £22m of "risky,
speculative” financial products, which have left him nursing heavy losses.
Kishorkant "Vinu” Bhattessa,
whose investments include the Mandeville Hotel in Marylebone, is suing Barclays
over three interest rate swaps taken out by his company in 2007 and 2008.
The UK Department for Transport has asked for
details of a US probe into Fiat Chrysler diesel emissions software as a matter
of urgency. The car maker has been accused of not telling
authorities about software that could allow excess diesel emissions.
The number of men in low-paid part-time work has
increased fourfold over the past 20 years. New research by the Institute for Fiscal Studies
has found that one in five low-paid men aged 25 to 55 now work part-time. While 95% of top-earning men normally work
full-time, 20% of the lowest paid now work part-time. That means wage inequality for men has risen over
two decades, but for women the opposite is the case.
Britain is considering introducing a tough
U.S.-style anti-corruption regime for multinational companies and their senior
executives by making them liable for failing to prevent the economic crimes of
staff and agents.
Two trade bodies launched a project on Friday to
help company boards hear their employees' voices and act on them, following on
from British government proposals for corporate governance reform. The joint initiative between the Institute of
Chartered Secretaries and Administrators (ICSA) and the Investment Association
would identify existing best practice in the industry and publish guidance
outlining approaches for companies to consider while managing employees,
customers and suppliers.
The Dutch central bank (DNB) has warned that
financial institutions need to do more to guard against corrupt practices when
dealing with clients from the soccer sector.
The financial regulator said on Friday that an
investigation it had carried out last year had concluded that financial
institutions ran much larger "integrity risks" when dealing with clients
from the soccer sector and certain other sports.
Employers’ worst excuses for paying under the
minimum wage have been revealed by ministers on the eve of a £1.7m advertising
drive to encourage workers to check they are being paid the legal rate.
Bovis Homes has been accused of pressuring
customers to move into unfinished houses before Christmas by offering them cash
incentives, a week before it issued a profit warning.
Jeremy Corbyn’s idea for a maximum wage cap has
been branded unworkable, but the Labour leader’s focus on tackling the pay gap
between bosses and workers was given a warmer reception by campaigners against
A Volkswagen executive was charged on Monday with
conspiracy to defraud the United States in the latest chapter of the
long-running scandal over the company’s deliberate cheating on emissions tests.
Bank of America owes at least half a billion
dollars in unpaid premiums to the Federal Deposit Insurance Corporation, the US
regulator claimed in a lawsuit filed on Monday, dealing a blow to the bank’s
attempts to put its legal snarl-ups behind it.
A cycle courier working for the delivery firm
CitySprint has won the right to paid holidays and minimum pay in a key ruling
on the gig economy. The central London employment tribunal ruled that
CitySprint had unlawfully failed to award holiday pay to Mags Dewhurst and had
wrongly classed her as a self-employed freelancer. CitySprint, which has 3,500
self-employed couriers in the UK, could now face further claims.
A former Snapchat employee has
accused the tech company of lying about its user numbers to deceive investors
ahead of a possible $25bn initial public offering and has filed a lawsuit
alleging wrongful termination over his refusal to cooperate.
Anti-poaching government "eco-guards” in the
Cameroon rainforests, part-funded and logistically supported by WWF, are
alleged to have destroyed camps and property belonging to the hunter-gatherer
Baka people. The guards are accused of using physical force and threats of
violence against the Baka people over a number of years.
Coca-Cola has been accused of using tactics
similar to the tobacco industry in minimising the damaging health effects of
its fizzy drinks and deceiving customers. The Center for Science in the Public Interest and
the Praxis Project accused Coca-Cola and the American Beverage Association, of
misleading customers, including children, regarding the health risks of
consuming sugary drinks such as obesity, cardiovascular disease, and type 2
union representing catering staff at Harrods’ on-site restaurants and cafes
claims its owners retain up to 75 per cent of the service charge paid by
United Voices of the World (UVW) union said it had seen internal figures
indicating that Harrods’ restaurants turned over a net profit of £26m in 2015,
and that the store is depriving each of its 483 catering staff of up to £5,000
Global regulators have postponed a meeting to
agree major reforms to the banking sector prompted by the 2008 crisis. A leading group of central bankers was due to
meet on 8 January to agree changes that could have forced some banks, largely
in Europe, to hold more capital, but it was announced on Tuesday that the
meeting had been called off.
Bankers, lawyers, accountants and advisers who assist with tax evasion will be hit with new fines, as the government seeks to crack down on the behaviour. The changes came into force on January
1st 2017. Those at fault will face fines of up to 100 per cent of the total they helped evade, or £3,000, whichever is highest. This year, there'll also be the creation of a new criminal offence for companies which fail to prevent the facilitation of tax evasion. Financial secretary to the Treasury, Jane Ellison, said: "Tax evasion is a crime and as a
government we have led
reform of the international tax system to root it out."
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