BusinessCompany NewsBank wants green reporting made law

Bank wants green reporting made law

Reporting on corporate environmental and social performance should be made law so as to restore public confidence in the wake of Enron, Andersen and WorldCom scandals, the Co-operative Bank's chief executive said last night.

Mervyn Pedelty told 1,000 business leaders marking the 20th anniversary of Business in the Community’s campaign for corporate social responsibility: ‘Having carefully considered the implications of mandatory reporting, I sincerely believe legislation is the only way to produce the step-change needed if business is to improve its social responsibility record and restore the public’s trust.’

Business in the Community awarded Scottish Power, the energy supplier, with the honour of company of the year for making responsible practices ‘part of its DNA’.

The Co-operative Bank was named the world’s most socially responsible business in the Coporate Conscience Awards run by human rights organisation Social Accountability International.

Pedelty comments are expected to raise the wrath of the corporate sector which has so far resisted all attempts to legislate in this area.

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