Friday, June 14, 2024


green building, esg

Tesco, M&S and Primark among brands hesitant to make some green claims over greenwashing action

TPRM Insights: Major UK retail brands, including Tesco and Primark, are cautious about making green claims due to concerns about potential greenwashing accusations. Exclusive data from Compare Ethics reveals that only a small percentage of retailers are making durability and circularity claims, while the majority focus on green content claims. Lack of confidence and clarity around regulatory requirements contribute to hesitancy in making claims. Retailers seek clearer guidelines from regulators to avoid greenwashing allegations and enhance consumer trust. CEO Abbie Morris emphasizes the importance of empowering brands with accurate information to communicate sustainability efforts effectively and contribute to the green transition.

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FCA Fines HSBC & Marks and Spencer Financial Services £6.2 Million Over Treatment of Customers in Financial Difficulty

TPRM Insights: Should regulators also fine corporations for mistreatment of suppliers in financial difficulty? TPRM Insights says yes. Regulators should consider imposing fines on corporations for mistreating suppliers facing financial challenges to ensure fair business practices, protect supplier viability, and maintain market stability. Fair treatment of suppliers fosters trust and integrity in the market, prevents larger corporations from exploiting smaller suppliers, and encourages responsible corporate behaviour. Holding corporations accountable through regulatory fines can help prevent supply chain disruptions and support the broader economy. These fines serve as a deterrent against unethical practices and promote sustainable, supportive business relationships.

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money sign with city view

TD Bank Overhauls Anti-Money Laundering Processes Amid Regulatory Scrutiny

TPRM Insights: Toronto-Dominion Bank (TD Bank) has fired over a dozen employees and initiated a comprehensive overhaul of its anti-money laundering (AML) program in response to regulatory scrutiny and legal challenges. The Wall Street Journal reported that the bank is addressing significant AML program failings, leading to U.S. investigations and a $450 million provision to resolve inquiries. CEO Bharat Masrani emphasized the bank's commitment to improving AML practices, including hiring experts with technical and law enforcement backgrounds. TD has invested $365 million in enhancing its AML program, introducing new technologies and refined alert systems, but the financial impact of penalties has affected earnings.

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US bars imports from 26 Chinese textile firms over suspected Uyghur forced labor

TPRM Insights: The United States has blocked imports from 26 Chinese cotton traders and warehouse facilities as part of efforts to eliminate goods made with forced labour from Uyghur minorities from the U.S. supply chain. These companies have been added to the Uyghur Forced Labour Prevention Act Entity List, which targets entities involved in what the U.S. government considers ongoing genocide in China's Xinjiang region. While Beijing denies any abuses, U.S. officials cite evidence of labour camps for Uyghurs and other Muslim minority groups. The Department of Homeland Security emphasized that these designations assist responsible companies in conducting due diligence to prevent forced labour products from entering the U.S. Since the 2021 enactment of the law, 65 entities have been restricted. Lawmakers urge the blacklist to expand to other industries using forced labour inputs.

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globe with supply chain

Climate Change, Supply Chains Among Key Concerns for Boards

TPRM Insights: Directors and Officers globally are increasingly concerned about ESG risks, particularly social and environmental issues, according to Clyde & Co.'s 2024 Global Directors’ and Officers’ Survey Report. Social risks are driven by consumer concern, regulatory pressure, and investor demands. Environmental concerns, especially climate change, are a priority for larger companies due to regulatory burdens. Cyber risks, with AI integration, and data loss are also significant worries. D&Os face potential liability for mishandling ESG policies, as seen in shareholder actions focusing on climate-related risks.

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