Banana Link belongs to the Corporate Responsibility Coalition (CORE) who believe the voluntary approach to corporate accountability has failed; companies will not meet their environmental and social responsibilties voluntarily. CORE is calling on the UK Government to introduce legislation that will ensure that companies value both people and the planet whilst making their profits.

The Companies Bill has concluded its passage through Parliament and has now become law (as the Companies Act 2006) having received Royal Assent (approval by the Queen) on 8 November 2006. The resulting Companies Act 2006 now requires that the 1300 or so publicly-listed companies report on the following issues where they are necessary to understanding the company’s business:  

I.        Environmental matters (including the impact of the company’s business on the environment)

II.       The company’s employees

III.     Social and community issues

 

IV.    Risks down company supply chains

 

To read CORE's full analysis click here. 

 

 Meanwhile, in Brussels the 'Report on Corporate Social Responsibility: A New Partnership' was voted for in the European Parliament. 

Though both Acts are a step in the right direction, both fall short of the comprehensive and monitored compulsory system CORE believes is necessary to ensure across the board basic compliance.  Information on future campaigns can be found on the CORE website.

 

New Director’s Guide to The Companies Act Launched
October 2007

A new guide to help company directors implement their environmental and social obligations under The Companies Act has been launched today by The Corporate Responsibility (CORE) Coalition.

The Companies Act 2006: Directors Duties Guidance is designed to help company directors comply with the new rules set out in The Companies Act, which came in to effect earlier this month.  The biggest shake up of company law for 150 years, The Companies Act 2006 requires for the first time Company Directors to consider their business’ impacts on people and the environment.  It also requires some of the largest businesses to make public these impacts in annual reports.

To read the full press release click here.

 

To download the The Companies Act 2006: Directors Duties Guidance click here.