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home » what's new archive » july 26 - august 1, 2004 What's New: July 26 - August 1, 2004 Canada 2004 Canadian Investment Institute – Vancouver, August 22-25, 2004 International Foundation of Employee Benefit Plans is organizing the 2004 Canadian Investment Institute, aimed to provide education about investment and legislative issues in Canadian pension funds. The Institute is oriented towards experienced labour, management and public sector trustees, administrators, and other professionals who have mastered the basic investment principles July 27, 2004 - Private investments in essential infrastructure in Ontario Ontario's Liberal government is ready to give priority to the rebuilding of the province's public infrastructure and to set up a long-term plan to fix it. The McGuinty's government is also prepared to encourage private-sector investment to cover the massive infrastructure deficit that will require an infusion of more than $100-billion over the next 30 years. The government hopes to attract up to 25% of its capital requirements from the private sector, including investments by major pension funds July 27, 2004 - Equities help pensions gain slightly in quarter A new study by Mercer Investment Consulting says that the health of the average pension fund improved only slightly in the second quarter, with gains in equities offset by a poor performance of bonds because of rising interest rates. The study, based on a quarterly survey on pension fund performance, states that the median return of pension funds was 0.3%t for the second quarter and 4.1% for the first six months of the year.
July 28, 2004 - OMERS maintains highest credit rating OMERS announced today that it has maintained its highest possible (AAA) enterprise credit rating from both Standard & Poor's and Dominion Bond Rating Service. In addition, S&P also gave OMERS Realty Corp its highest rating for its commercial paper program: A-1 Canadian national scale, and A-1+ global scale. The ratings were achieved following a rigorous analysis of the plan's financial position, including an examination of OMERS governance structure, client base, asset growth and surplus management, risk-management framework and management team. July 28, 2004 – Ethical Funds Company calls for mandatory voting guidelines The Ethical Funds Company called upon securities regulators to make mutual fund proxy voting disclosure a mandatory requirement. In their opinion with proxy voting disclosure, mutual funds will be less likely to sanction corporate management's proposals and more likely to take an independent view of what is in the best interests of shareholders. In the United States, mutual fund proxy voting disclosure is now mandatory. July 30, 2004 – Supreme Court rejects Monsanto - Employees entitled to share of pension plan surplus In a 7-0 decision, the Supreme Court of Canada decided that more than 140 workers fired by Monsanto Canada Inc. in 1997 and 1998 are entitled to a share of their pension plan surplus at the time of their firing. This will represent an amount close to $3 million in surplus pension funds. The case could have widespread impact; only in Ontario, this ruling could impact more than 200 similar disputes. While some say the ruling is a blow struck for workers across Canada, others caution it raises more questions than answers.
United States July 14, 2004 - Bush administration’s changes to the Fair Labour Standards Act could affect overtime pay According to "Longer Hours, Less Pay", an analysis released on July 14 by the Economic Policy Institute (EPI), at least 6 million workers will lose their right to overtime pay under final Bush administration rules scheduled to take effect Aug. 23. The Bush administration's changes to the Fair Labour Standards Act (FLSA) would establish new rules for employers to determine if workers are eligible for overtime pay.
July 21, 2004 - 8 states and the City of New York filed suit against the five largest global warming polluters in the US The states of California, Connecticut, Iowa, New Jersey, New York, Rhode Island, Vermont and Wisconsin, along with the City of New York filed a suit against the five largest global warming polluters in the United States. Among the companies sued in this action are American Electric Power Company, the Southern Company, Tennessee Valley Authority, Xcel Energy Inc., and Cinergy Corporation. Together, they own or operate burning power plants in 20 states that emit about 10% of carbon dioxide emissions each year. This is the first time that state and local governments have sued private companies to require reductions in the heat-trapping carbon dioxide emissions. The action calls on the companies to reduce their pollution, and does not seek monetary damages.
July 27, 2004 – Google accused of age discrimination A lawsuit was filed last week by Brian Reid, a fired Google manager who says the company has created a culture that discriminates against older workers and fosters morale problems. Reid, 54, was fired from his post as director of operations in February 2004 because he did not fit the company's culture emphasising "youth and energy".
Google denied his allegations and said they do not have merit. Reid said his post was filled by someone in their 30s.
World July 28, 2004 Renewed calls for mandatory environmental reporting The UK Environment Agency has produced a report detailing the environmental disclosures of companies on the FTSE All Share index. According to the report, 89% of the 570 companies covered discuss their interaction with the environment in their annual reports and accounts, but the large majority lack depth, rigour or quantification. The report says that FTSE All Shares companies need to pay more attention to environmental issues in their annual reports and accounts and concludes that guidance on key performance indicators would help companies decide which environmental disclosures are necessary to meet the requirements of the forthcoming Operating and Financial Review.
July 28, 2004 - CSR Academy launched Earlier this month, Stephen Timms, the minister with responsibility for corporate social responsibility, launched the UK's CSR Academy aimed to enable businesses to embed CSR principles into the education, training, and development of staff. Since September 2003, a steering group chaired by Clive Mather, chairman of Shell Transport & Trading, has been developing the CSR Academy's programme. CRS Academy's central role is to be a source of information for training and development with the aim of integrating corporate responsibility into day-to-day business. However, the academic world does not seem to be highly excited by the prospect of the academy.
July 28, 2004 - WTO trade talks "fiddling while world trading system burns": ICFTU As trade negotiators began a marathon discussion at the WTO in Geneva, the world's largest trade union body, the ICFTU, jointly with the Paris-based TUAC and the ITGLWF representing textiles and clothing workers, criticized the WTO negotiations for ignoring the worsening impact of trade on peoples' lives and working conditions around the world.
July 28, 2004- World Bank Group -WBG- and socially responsible investors interpret Extractive Industries Review -EIR- recommendations differently. In 2000 WBG President commissioned an EIR to determine whether investment in oil, gas, and mining sector companies could in fact fulfill the WBG's mission of promoting poverty alleviation and environmental sustainability. EIR delivered its final report in late 2003. At the close of the comment period on the WBG draft response last week, a group of socially responsible investment (SRI) advocates sent a letter detailing several areas of concern, including renewable energy commitments and free, prior, and informed consent. Given that, on July 28, a subcommittee of the Board of the World Bank Group met to discuss their draft response to the Extractive Industries Review. On August 4, the full WBG Board will meet to determine how to implement EIR recommendations in light of management's counter-recommendations.
General Interest/Reading Sources July 27, 2004 - Raising the Bar: Creating Value with the United Nations Global Compact SocialFunds has released its review of "Raising the Bar: Creating Value with the United Nations Global Compact", a book oriented to executives and managers of corporations considering joining the Global Compact (a voluntary sustainability initiative leaded by United Nations) or starting to implement its principles. The book also reports on a study suggesting a Global Compact market premium.
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