In a world striving for better corporate governance in business and leadership in the interests of every human being – both stockholder and stakeholder - perhaps we should thank Volkswagen.
Its brazen exploitation of consumers in the name of profits has drawn together disparate voices: on climate change, on the rights of the average citizen/consumer/car buyer not to be cheated, but also not to die from emission fumes. Never have I seen more journalists in the U.K. who couldn’t normally give (what we in Britain call ) “a toss” about so-called #sustainability stories take the moral high ground on this mass deception.
As, indeed they should – although “business fraud” still sits in a separate box from “Environmental, Social And Governance Issues (ESG) and Sustainability.” We urgently need a new language for better media coverage of standards in business, and a recognition that ESG is all about risk, and should not be in its own little box at all.
The Volkswagen group now says it has set aside €6.5 billion ($7.2 billion) to deal with the costs it may face as a result of fitting 11 million diesel vehicles worldwide with a device to cheat emissions tests. It is the world’s largest car maker by cars sold, so it carries a burden of standard for the industry as a whole. And take a look at its share price, two days into the revelations and pity the shareholders.
In a world striving for better corporate governance in business and leadership in the interests of every human being – both stockholder and stakeholder - perhaps we should thank Volkswagen.Its brazen exploitation of consumers in the name of profits has drawn together disparate voices: on climate change, on the rights of the average citizen/consumer/car buyer not to be cheated, but also not to die from emission fumes. Never have I seen more journalists in the U.K. who couldn’t normally give (what we in Britain call ) “a toss” about so-called #sustainability stories take the moral high ground on this mass deception.As, indeed they should – although “business fraud” still sits in a separate box from “Environmental, Social And Governance Issues (ESG) and Sustainability.” We urgently need a new language for better media coverage of standards in business, and a recognition that ESG is all about risk, and should not be in its own little box at all.The Volkswagen group now says it has set aside €6.5 billion ($7.2 billion) to deal with the costs it may face as a result of fitting 11 million diesel vehicles worldwide with a device to cheat emissions tests. It is the world’s largest car maker by cars sold, so it carries a burden of standard for the industry as a whole. And take a look at its share price, two days into the revelations and pity the shareholders.
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