Monthly Archives: April 2020

Watching For The Signals That Corporate Sustainability & Sustainable Investing Trends Will Continue to Advance in the Time of the Virus Crisis

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By Hank Boerner – Chair & Chief Strategist – and the G&A Institute Team

In each issue of our Highlights newsletter and in other of our G&A Institute communications we have been sharing news, opinion & perspectives and research results that we think will be of value to professionals in the corporate sector, in the capital markets, and in the social sector (not-for-profits, NGOs and other institutions). 

Our objective in structuring our communications over the past decade-plus is to help to inform and educate as corporate responsibility, sustainability and citizenship strategies re-shaped the corporate sector and investors adopted ESG / Sustainability approaches.

Driving “sustainable investing” to $1-in-$4 of professionally-managed AUM according to the latest survey of US SIF. In response 86% of S&P 500(r) firms are publishing sustainability et al reports according to the latest survey by our team. (Updates to both surveys are in the works in 2020.)

Over time, our focus and communications helped to tell the story of a revolution taking place in the private, public and social sectors of our society. Companies re-defining “purpose”. Investors adopting new approaches…SRI, impact, green, sustainable, and other identifiers.

Suddenly, we are all in a new and very challenging (and frightening) operating environment (both personally and in our businesses) and the questions that we have and that are on the sustainability professionals’ minds are…

(1) what might be the impact of the global coronavirus crisis on the corporate sector’s forward movement — are / will companies continue on their sustainability journey, embrace and demonstrate corporate purpose and the new era of stakeholder primacy, demonstrate excellence in corporate citizenship, and

(2) what might be the impact of the virus crisis on the capital markets and investors’ perspectives of the value and importance of embracing sustainable investing as the global capital markets continue to be in turmoil …will the crisis be a plus or minus for ESG / sustainable investing? What might the longer-term effects of the crisis be for both issuer and investors in a prolonged crisis? Will the resilience of the more sustainable enterprises be the winners in the competition for capital?

Our team has been closely monitoring (worldwide!) for news and opinions and research findings to help answer these and other questions and we bring you updates today. 

Thanks to G&A’s Editor-in-Chief Ken Cynar and Senior Sustainability Analyst Elizabeth Peterson for their continuous “captures” of many key items for the newsletter and for G&A’s themed web platforms.  We present the news, perspectives and research in the weekly newsletter and on our web platforms.

There are many more timely news and opinion items on our Sustainability HQ(tm) web platform for your reading – news is captured and posted every day in the categories presented in the newsletter as well as in other categories.  We invite your regular reading.

We are presenting the news of the efforts of companies to lend their support to the people in need by leveraging the corporate assets (and know how!). We’re presenting details of these efforts in this series of blog posts with hashtag #WeRise2FightCOVID-19 and grouped as “Corporate Purpose – Virus Crisis”. Thank you to all of the corporate leaders, managers and workforce doing their best in the crisis to help society.

The G&A Institute team members continue to all be “sheltered in place” working remotely and carrying on the work for clients.  It’s challenging but the good news is that the incredible advances made in technology are making a difference. 

Just imagine this virus crisis occurring in the days before email, private web-enabled networks, group teleconferencing tools, virtual meetings, the global internet ,and the “www” digital highway connecting us all around the world. 

A shout out here to the tech industry innovators who’ve made these tools available over the past three decades. 

And our heartfelt thank you to the men and women who today keep our society moving. Those stocking store shelves, keeping the lights on, policing our streets, responding to fire alarms and ambulance calls, keeping public transportation systems going, and many others working in silence or out of our sight.  A good number of companies are identified as essential business — people are working there every day, not at home.

And many thanks (in adequate word) to our brave first responders in the medical universe who put our needs first as they are exposed to danger. We are all in their debt.

We hope that this blog communication finds you well – please stay safe! 

For more content:  https://www.sustainabilityhq.com/

Five Featured Stories That
Provide Some Context in the Crisis

Coronavirus pandemic will drive responsible investing ‘skywards’   
Source: Financial Mirror – The coronavirus pandemic and its economic fallout will trigger a ‘skyward surge’ in sustainable, responsible and impactful investing over the next 12 months, according to Nigel Green, the CEO of financial advisory deVere Group,…

Are ESG and sustainability the new alpha mantra?   
Source: FT – When fund managers will start to think again about alpha-seeking strategies, as opposed to simply surviving the coronavirus, my bet is that more than a few will tell investors that sustainability and ESG-based screening will top…

COVID-19: A Rapid Human Rights Due Diligence Tool for Companies   
Source: BSR – The critical role of business during the time of COVID-19 is clear for everyone to see. Whether it is providing access to accurate information, continuing to pay hourly waged staff, or ensuring continuity of emergency supplies,…

12 Amazing Documentaries on Sustainability, Regeneration That You Now Have Time to Watch   
Source: Sustainable Brands – As many of us find ourselves with much more time at home due to the COVID-19 crisis, a lot of us are finding opportunities to do things we couldn’t quite get to in the course of our ‘regular lives’ before the widespread lockdowns.

Reserve management and sustainability: the case for green bonds?
Source: BIS – Central banks are playing an increasingly active role in promoting the move towards a sustainable global economy. One area in which they are thus involved is in guiding attempts to mobilise funds to contribute to the large-scale…

It’s Time to Pay it Forward

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Guest post by Larry Checco – Sharing Perspectives

Would my wife and I like to have the federal government drop $2,400 in our laps? Sure, who wouldn’t.

Would we miss a meal or a mortgage payment if it didn’t happen? No.

But many of our fellow Americans will.

So, we’ve decided, after making sure that we and our grown kids would remain financially sound during this crisis, that we would donate our windfall to the common good—namely to those who need it far more than we.

Then we got to thinking: What if we could convince those who are in the same financial position as we are to do the same? Think of the difference it would make!

What if we created a “giving circle” where just 10 others joined us? That’s $24,000!

Then we could identify families, friends or neighbors who need help paying their rent or mortgage. Or buying food. Or, a small business in need of a bridge loan. Or a local health care clinic in need of medical supplies. Or nurses and doctors in need of childcare while they go about the heroic business of saving others.

Use your imagination!

If 100 people did the same, we’re talking $240,000. Real money.

What if this could turn into a grassroots nationwide movement. WOW!

It’s estimated that before the coronavirus rocked the stock market there were nearly 15 million millionaires in the United States. Many of these people won’t qualify for the government’s $2,400 largesse because they earn too much. Many already give generously.

But imagine if, along with the rest of us, they all kicked in an extra $2,400.

Let’s do the math!

My wife and I are not wealthy people. We have what we have because we always lived slightly below our means. Now it’s time to give slightly above our means.

The needs are great. More than 16 million Americans have already lost their jobs. Economists tell us many million more job losses are yet to come.

It’s obvious the government can’t do it on its own. It’s up to We the People, to determine what kind of country we want to live in.

What we’re proposing is not a bailout for large banks and corporations, or for the government, for that matter. Regardless of how good or bad you believe the government has handled this crisis, we’re talking about something else entirely.

We’re talking about people helping people directly—no middleman needed.

Helping people who, through no fault of their own, have lost jobs, their health, or even a loved one, and are going through extraordinary tough times.

If you’re part of the business community—especially a large corporation—it’s to your advantage to help ensure that most of us get through this crisis, not only physically healthy, but financially sound.

Companies need to do their part, as well—from extending additional benefits to your employees, including health care, cash bonuses or advances, as well as temporarily lowering your prices on essential goods and services, or providing in-kind-donations to local nonprofits.

Whatever it takes.

If in fact 70 percent of our economy is consumer-driven, then when we finally exit this dark tunnel, consumers are going to need the confidence and resources to jumpstart the economy and help it snap back.

By all of us helping each other get through this crisis, it might just do the trick—and save us ALL a great deal of lingering economic pain in the long run.

It might also help bring us together as a nation, help heal our glaring and disabling political divide and make us proud to call ourselves Americans.

It will encourage us to feel good about ourselves as we wrestle with the isolation and the feelings of hopelessness and despair many of us are currently experiencing. It would be a way to reach out to others.

We’re the wealthiest nation ever. If not us, who? It not now, when?

Let’s think about it when that government check gets deposited in our mailbox or bank account.

Let’s don’t talk about wanting to make a difference. We can MAKE the difference!

Contents Copyright (C) 2020 by Larry Checco – All Rights Reserved

We Must Accept the New Reality – a Personal Perspective

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Personal perspectives shared by Ken Cynar – Executive VP, Editor-in-Chief – G&A Institute

The initial pandemic panic seems to have subsided, those that needed to hoard have apparently reached their limits and now is the time for calm.

We must be ready for the long haul….the very long haul!

There are some people who have been focused on immediate gratification so often that [gratification] becomes the only solution; for those people and all the rest of us — I think that this period in our lives should be teaching us patience.  Patience and forbearance.

Social isolation will test our relationships, reach into our inner being and unfortunately in some cases release inner anger and frustration.

This is not the time to point the fingers, get angry at whomever or scream to the heavens that the gods are at fault.

“The fault… is not in the stars… but in ourselves.” There is plenty of blame to go around for the situation we find ourselves in today.  

The time is at hand for us to accept that it will be months, not weeks before there will be return to some normalcy.

Meantime, children will be home schooled; those of us that can, will work from home, all of us will become somewhat disconnected from friends and family, money problems will challenge many, and our focus will be on basics…food, water, health and safety, shelter.

Hopefully many will take the opportunity to look inward and readjust and improve the things they should value. New sneakers or clothes and that new car will become less and less important. A new set of real values can replace the old.  That will change many aspects of 21st Century living.

And those changes will require us to adjust to the new normal of the day.

Accept it or not, I believe that we are now returning to the values of a simpler time…like it or not, depending on your point-of-view.

You can embrace change, work with it and yourself or continue to howl at the moon in anger and frustration…which believe me is pointless.

Pick yourself up, dust yourself off and get back to living. Get on the phone to your friends and neighbors…help them adjust…offer your counsel…your comfort…seek the humanity in all…and live your life according to the new rules.

Get on Facebook or other social media with good news, humor, stories… not ranting at the whomever or whatever. Connect and stay connected.

We can get through this by helping each other. See who might need a call on your block…maybe you can pick up some needed food for them the next time you go to the store.

If you don’t have it in your heart to reach out now…then when?

Acts of kindness are for now!

In this all please don’t lose your faith…it is a time for prayer. For God is there, always listening.

That’s the way I see it. Comments to share?

Marriott, Apple, Google, Facebook, Schein, CVS, Sentient Technologies, American Express, JPMorgan Chase — Finding Ways to Help – and Innovate!

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G&A Institute Team Note: We continue to bring you news of private (corporate and business), public and social sector developments as organizations in the three societal sectors adjust to the emergency.

This is post #15 in the series, “Excellence in Corporate Citizenship on Display in the Coronavirus Crisis” – April 10, 2020

#WeRise2FightCOVID-19 “Corporate Purpose – Virus Crisis”

By Hank Boerner –Chair & Chief Strategist – G&A Institute

The team members at G&A Institute are in conversations throughout the day with corporate managers, with the discussions centering on sharing “what companies can do / what companies are doing” to meet the challenges of the cororanvirus pandemic.

That consideration for many companies today is both internally and external focused — the key tasks are keeping people safe, serving the community’s needs, keeping the corporate operations going to be best of their ability, and looking forward to the post-crisis era.

Here are a few selections of what executives and managers and their organizations are doing.  As we are thinking…

Life hands you the lemon / squeeze! / make the lemonade!
And get it around to others as fast as you can.

Setting An Example: Cut My Pay, Says Schein CEO

Stanley M. Bergman, CEO of Henry Schein Inc. (important suppliers to the medical community) is taking a temporary cut in salary during the virus crisis. As his company’s client base experiences hazards and cares for patients, the CEO (in SEC filing) will take 100% pay cut.

The company also stopped its share buyback program. The company markets equipment and supplies for clinics, dentist & doctor offices, and other segments of healthcare.

Schein is a co-founder of the Pandemic Supply Chain Network, using its own supply chain for distribution of testing supplies. The network was created at the 2015 Davos meeting as a public-private partnership. Now, the PSCN is part of the global COVID-19 response.

Information for you if would like to become a part of the effort: https://www.weforum.org/projects/pandemic-supply-chain-network-pscn

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Apple & Google Teaming For New “Contact-Tracing” Bluetooth App

It’s hard to get one’s head around the pandemic: millions, tens of millions, yes billions of people are stationary, immobile, not able to move around, sheltered at home, working remotely.

And tens of millions of us are not able to not move around, we must be at our posts, picking the crops, stocking the warehouse, driving the truck, stocking the shelves, manning the cash registers at retail.

Or more frightening, driving the ambulance, being on post in the emergency room or in the ICU, or in the wards with non-COVID patients.

Or driving the police car to respond to “the unknown”, or the fire truck to extinguish the blaze and save lives. Think about the EMT in the ambulance, hour after hour, running to danger.

Keeping on touch, virtually all of us, mobile and immobile rely on our cell phone…the lifeline to loved ones as well.

For those who must be on their designated post, moving around, interacting, the fear is that the virus could be too close, within reach to infect. To the rescue: Apple Inc. and Google – in a rare partnership, the rivals are adding technology to the phone to alert us if we’ve come into contact with a person with the virus.

This is to be an opt-in feature – “contact-tracing” – that immediately alerts us: quarantine and isolate and then treat or seek treatment because we have been in close contact with an infected person.

Over time we can expect to see this application added to the basic phone operating systems.

Watch for the news in May for iPhones and Android; the management of the system will be by public health agencies. The reports to the phone will be on anonymous basis. As the two companies announced the collaboration,  The phone owner must opt-in to be part of the network.

MIT says it is developing a similar system. Of course, there are numerous privacy protection issues – we’ll see how that goes on the rollout.

Facebook Joins the Tracing Effort

Facebook is one of the world’s leading social media platforms (claiming 2 billion-plus of the “connected”). Users are invited to share their own coronavirus symptoms and experiences to help researchers pinpoint “where” the disease is occurring.

Carnegie Mellon, the great tech school, is using the data in pilot effort to try to see where data is telling us help is needed. Such as the all-important ventilators that are in such short supply. Or where “go home/stay home” guidance or orders are needed. The output is going to be shared with public sector health managers.

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Headed to the Drug Store? How Do You Know What You Need is There?

The CEO of the nationwide CVS drug store network, Larry Merlo, was interviewed by Barron’s Jack Hough. The CVS stores are in the midst of becoming “HealthHUBS” (to provide medical services) and strengthening is “Caremark” program for pharmacy benefits management. And now, the CVS workforce is pressed to help customers in the midst of the virus crisis.

Explains CEO Merlo: Home deliveries are up by three times the usual volume. Tele-medicine connections are up two times. CVS waived copays for tele-medicine and for deliveries. COVID-19 testing was starting in Shrewsbury, Massachusetts (in a store parking lot) to do 100-plus test a day. Stores are being kept stocked. Limits are applied to prevent hoarding.

The company maintains close contact with suppliers to keep the pipeline stocked and moving to stores. CDC guidelines are followed in the stores. Cash bonuses are being doled out to hourly store staff, pharmacists, managers. There is day care service where possible; sick leave is granted to part-timers.

Lessons Learned: Keeping mind the Chinese sign for crisis (“danger” and “opportunity”), we learn that the CVS CEO thinks the crisis has helped to strengthen the firm’s confidence in what CVS can do to help to change the trajectory of healthcare delivery.

Pharmacies (local) and tele-medicine (distant) are key elements. The critical role that healthcare professionals play in local communities (where CVS outlets are located) is really being demonstrated today.

Marriott and Hilton have been working with CVS to create a transition for those folks who are furloughed. Speaking of Marriott…

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Holding on to Customers / Serving the Local Community & Responders

Marriott CEO Arne Sorenson in communications to patrons explains that cancellations for scheduled trips are being adjusted out to June 30th (usually 24 hours notice is required). Expiration of points accrued for use at the properties is being extended. “Experience flexibility” is the theme.

And about helping the communities in which the resorts and hotels are based:

  • Marriott properties are donating food, pre-cooked and cooked meals to crisis responders, as well as a supply of cleaning products, masks, gloves, sanitizers, wipes, shower caps, anti-microbial wipes, and other supplies to local communities. Hotel windows sport signs and symbols of love and support to those passing by.
  • Working with American Express and JPMorgan Chase (two credit card partnering organizations), Marriott committed to provide $10 million worth of hotel stays to professionals on the front lines of the crisis. “Rooms for Responders” are being made available in New York City, New Orleans, Chicago, Detroit, Los Angeles, Las Vegas, Washington DC, and Newark, New Jersey.
  • To reach the responders, Marriott is working with the American College of Emergency Physicians and Emergency Nurses Association to help match doctors and nurses with available rooms.

And the “Community Caregiver Program” initiative (coordinated by franchisees and property owners) provides deep discount accommodations near to hospitals to first responders and healthcare professionals stepping up to serve local communities. This is available in North America, the Caribbean and Latin America (at 2,500 hotels to date).

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The Food Supply in the Crisis – Changes in Post-Crisis Behaviors

What is happening in the food sector? Mike Geraghty writing on the Sensient Technologies Corporation platform shares the results of a mid-March 2020 study by Nielsen that forecasts six key consumer behavior shifts happening during the crisis.

The findings will have a major impact on the food industry and will/could lead to permanent changes in the way consumers shop for food.

These are (by their headlines):

  • Proactive Health-Minded Buying
  • Reactive Health Management
  • Pantry Preparation
  • Quarantined Living Preparation
  • Restricted Living
  • Living a New Normal

Under each category headlines there are explanations of the shifts seen in consumer behavior and COVID-19 event markers. There’s valuable findings and shared perspectives here for you from the Sentient folks (providers of color technologies and services for the food and beverage industries).

The commentary: https://sensientfoodcolors.com/en-us/global-markets/covid-19-changing-food-industry/?utm_source=FoodNavigator&utm_medium=Email%20Top%20Text%20US&utm_campaign=COVID&utm_content=Apr%202020

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G&A Institute Team Note:
We continue to bring you news of private (corporate and business), public and social sector developments as organizations in the three societal sectors adjust to the emergency and organize their response.

New items are posted at the top of the blog post and the items posted today will move down the queue.

We created the tag “Corporate Purpose – Virus Crisis” for this continuing series – and the hashtag #WeRise2FightCOVID-19 for our Twitter posts. Do join the conversation and contribute your views and news.

Do send us news about your organization – info@ga-institute.com so we can share. Stay safe – be well — keep in touch!

SEC Provides Public Companies with COVID-19 Filing Deadline Relief and Guidance on the Financial Reporting Effects of the Virus

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Summary of Audit Committee and Auditor Oversight Update (No. 58 February-March 2020)

by Daniel L. Goelzer – Fellow, G&A Institute

As companies struggle with the uncertainties and disruptions of the COVID-19 pandemic, the Securities & Exchange Commission (SEC) has taken steps to assist public companies in complying with their reporting and disclosure obligations. The SEC has issued orders that extend for 45 days the deadline for most public company filings due between March 1st and July 1st, although companies that wish to take advantage of this relief must comply with certain conditions.

In addition, the Division of Corporation Finance had issued guidance providing staff views on disclosure and other securities law issues arising from COVID-19 and related business and market disruptions.

SEC Exempts More Small Companies from ICFR Audits

On March 12, the SEC adopted amendments to the definitions of the terms “accelerated filer” and “large accelerated filer”.

The effect of these amendments is to exclude certain smaller public companies from accelerated filer status. As a result, these companies will no longer be required to obtain an auditor’s report on the effectiveness of their internal control over financial reporting and will have additional time to file annual and periodic reports with the SEC.

Companies that qualify as smaller reporting companies under the Commission’s rules and have less than $100 million in revenue will move from accelerated filer to nonaccelerated filer status.

Managements and audit committees of companies affected by these amendments should consider whether or not discontinuing the ICFR audit is cost-effective.

Internal Auditors Are Missing Key Risks

The Institute of Internal Auditors (IIA) has released its annual survey of Chief Audit Executives. The 2020 North American Pulse of Internal Audit “reveals serious gaps in internal audit’s coverage, with audit plans deficient in key risk areas.”

For example, the IAA found that almost one-third of respondents did not include cybersecurity/information technology in their audit plans. In addition, more than half did not include governance/culture or third-party relationships, and 90 percent did not include sustainability.

Audit committees should consider whether the internal audit staff’s plans for the coming year match the committee’s view of risk.

What’s on the Audit Committee’s Agenda in 2020?

Part II: COVID-19

During the past month, COVID-19 has radically altered public company priorities and challenges. This Update summarizes the views of three large accounting firms on the financial reporting issues that companies – and therefore audit committees — will face in the new environment.

Deloitte Perspectives

In Financial Reporting Considerations Related to COVID-19 and an Economic Downturn (March 25, 2020), Deloitte discusses key accounting and financial reporting considerations related to economic conditions that may result from the COVID-19 pandemic.

Deloitte’s comprehensive 64-page analysis includes the following sections:

  • Select SEC and PCAOB Announcements Related to COVID-19,
  • SEC Reporting and Disclosure Considerations, Broad Financial Reporting and Accounting Considerations, Internal Control Considerations, and
  • Financial Reporting Under ASC 852 for Entities in Reorganization Under the Bankruptcy Code.

The Deloitte paper also includes an appendix with industry-specific insights for eleven industry sectors. The executive summary discusses six accounting and reporting issues that “will be the most pervasive and challenging as a result of the pandemic’s impact.”

PwC’s Perspectives

PwC’s Responding to COVID-19: Considerations for corporate boards (March 20, 2020) states that boards “need to be proactive and agile, and they need to respond with strong leadership.” Accordingly, boards “will want to immediately consider” four broad issues:

  • Business (e.g., employee well-being,impact on strategy, share repurchases and dividends,supply chain,and liquidity);
  • tax policy and Washington;
  • financial reporting (e.g., financial reporting operations, earnings guidance, judgments and estimates, revenue recognition, and internal control testing);
  • and governance.

In a second publication — 1 2020 Audit committee newsletter: Helping you prepare for your next meeting — PwC adds some points specifically for audit committees.

E&Y Perspectives

In Five Financial Reporting Issues to Consider as a Consequence of COVID-19 (March 23, 2020), EY acknowledges that “the impact on financial reporting may not be the first thing that comes to mind as a consequence of the outbreak.”

Nonetheless, “there is an important and challenging role here for preparers of financial statements, audit committees and auditors.”

EY states that five issues will be priorities: Going concern and liquidity, impairment assessment, contract modifications, fair value measurement, and government assistance and income tax.

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Daniel Goelzer is a retired partner in the law firm of Baker McKenzie. He is a member of the Sustainability Accounting Standards Board and advises a Big Four accounting firm on audit quality issues. From 2002 to 2012, he was a member of the Public Company Accounting Oversight Board and served as Acting PCAOB Chair from August 2009 through January 2011. From 1983 to 1990, he was General Counsel of the Securities and Exchange Commission. Mr. Goelzer is a CPA and a lawyer.

He is a G&A Institute Fellow. 

You can follow the Audit Blog:  @BlogAuditor on Twitter or @the-audit-blog on medium.com

COVID-19 And Real Estate: In Pain, Adapting, and Learning

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G&A Institute Team Note
We continue to bring you news of private (corporate and business), public and social sector developments as organizations in the three societal sectors adjust to the emergency.  This is post #14 in the series, “Excellence in Corporate Citizenship on Display in the Coronavirus Crisis” – April 7 2020    #WeRise2FightCOVID-19   “Corporate Purpose – Virus Crisis”

By Binyu Zhao – Sustainability Reporting Analyst-Intern, G&A Institute

The impact of the COVID-19 outbreak is being felt across all aspects of work and life. Understandably, the implications for major property sectors and various stakeholders in the industry are quite specific and different.

Although it is difficult to assess the longer-term repercussions, the real estate industry is already responding and reacting to immediate impacts and short-term risks with their best abilities. Their respective crisis response strategies also unveil loopholes and weaknesses that might be overlooked during peace and tranquility.

Therefore, the outbreak also presents the industry an expensive opportunity to thoroughly review its risk assessment procedures, crisis contingency plans, and to upgrade and update systems if necessary.

Commercial Buildings – Bruised and Fighting the Pandemic Head-on

Commercial building managers & owners are experiencing the most short-term volatility in terms of building management, business operations, and risk mitigation for holding both essential and nonessential business activities.

Following state-wide nonessential business closures, travel restrictions, working from homes orders, and the social distancing mandate, commercial building and business holders have quickly responded with several short-term mitigation measures aiming to enhance safety and well-being for employees and shoppers.

For essential businesses that remain open such as grocery stores and supermarkets, building managers and store owners responded with immediate mitigation strategies such as compulsory disinfection of shopping carts, and providing protective equipment for employees such as gloves and masks to improve hygiene.

Within buildings, yellows distancing lines were drawn in between goods shelves and near the counters to practice social distancing. Some buildings even provide wipes and hand sanitizer in the waiting areas and within the markets.

Meanwhile, although office buildings, hotels, and other non-essential-business-holding buildings are closing, shortening, and changing operation hours in affected areas, some of them are conducting a thorough cleaning and disinfecting of high-touch surfaces and taking ventilation precautions to prepare for reopening.

Just like the majority of society, commercial buildings owners and operators did not seem to have health crisis contingency operations plans beforehand.

Ill-preparedness led many owners and managers to react passively and belatedly, therefore missing their chance to contribute early to support society in fighting this crisis.

Retail markets – “Pushing the pause button, but not the stop button”

Real estate transactions are not completely coming to a halt amid the Coronavirus outbreak because many buyers still regard investment-grade real estates attractive in the long-term.

Usually, March is the starting month for a strong buying season, however as the impact of COVID-19 materialized, the industry changing its normal deal transaction processes in light of the travel restrictions and public health concerns to facilitate deal flow.

According to real estate brokerage specialist Frederick Peters, initially, the industry is normalizing the real estate buying processes to a “by appointment only” format, ensuring that only one viewer group could tour the property at a time to practice social distance and crowd control.

Meanwhile, during the usual tour, numerous precautions are put in place: plastic booties for shoes, alcohol wipes for doorknobs to prevent touching directly with bare skins, gloves (for agents), and hand sanitizer at both the beginning and the end of the display.

NAR Survey Results

A recent survey conducted by the National Association of Realtors (NAR) indicates that out of the 2,500 responses that were received, 1-in-4 home sellers nationwide are implementing practices such as requiring visitors to wash their hands or use hand sanitizers.

However, as situations worsen, some agents and developers are considering adopting visual reality technology so that potential buyers could remotely “visualize” property if the sale is contingent upon the buyer “seeing” the property before signing the dotted line.

More than that, many steps are formerly done in-person (like lawyer consultations and appraisals) are also finding their footing in the electronic space. Undeniably, these kinds of actions, albeit temporarily, could create a real estate transaction slowdown.

However, just as some real estate agents have been saying, the pandemic should not be the catalyst for positive changes that the sector should have already instituted long before — such as technological upgrade and updates that will greatly improve working efficiencies and facilitate business transactions.

Hopefully, the sector could learn a lesson and react quickly to changes in the future.

Real Estate & Building Associations – Learning & Preparing

This unprecedented COVID-19 outbreak has led many to question if the real estate industry and our infrastructures are resilient enough to continue to support society, especially during a public health crisis.

Therefore, to better understand and redefine the critical role buildings, organizations and communities play in crisis prevention and preparedness, resilience and recovery, the International WELL Building Institute (IWBI) is creating a Task Force to focus on reducing the enormous health burden from COVID-19 and other respiratory infections.  (This the Task Force on Role Buildings Play in Reducing Health Burden of COVID-19 and other Respiratory Infections.)

According to Dr. Risa Lavizzo-Mourey, a  co-chair of the task force: “This task force can help us focus quickly on actionable measures we can take to more fully deliver resources needed to advance a global culture of health that includes everyone” — and also will further study scientifically for enhanced opportunities for the built environment to improve population health.

Overall, the health and well being of employees and tenants will be the initial primary corporate concern for the real estate sector, followed closely by business continuity plans.

Given the rapidly-changing situation, operational resilience will be a longer-term focus for real estate decision-makers as businesses develop their ability to be nimble, flexible, and react boldly and quickly should they face another similar event in the future.

Information on the IWBI Task Force: https://resources.wellcertified.com/press-releases/iwbi-assembles-task-force-on-role-buildings-can-play-in-reducing-health-burden-of-covid-19-and-other-respiratory-infections/

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About the Author
Binyu Zhao is pursuing a Master’s degree in Public Administration at Columbia University. She served in the Climate Change and Sustainability Services Department at E&Y, and the Capital Markets Team in Ceres. Her strong bilingual skills enable her to provide services and conduct research for clients in Southeast Asia and East Asia. (She received her B.Eng. in Environmental Engineering and minor in Political Science from the National University of Singapore.)

G&A Institute Team Note
We continue to bring you news of private (corporate and business), public and social sector developments as organizations in the three societal sectors adjust to the emergency.

The new items will be posted at the top of the blog post and the items today will move down the queue.

We created the tag “Corporate Purpose – Virus Crisis” for this continuing series – and the hashtag “#WeRise2FightCOVID19” for our Twitter posts.  Do join the conversation and contribute your views and news.

Do send us news about your organization – info@ga-institute.com so we can share.   Stay safe – be well — keep in touch!

Principles to Guide Company Managements in the COVID-19 Era from the World Economic Forum (WEF) – The “Davos” Leaders

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G&A Institute Team Note
We continue to bring you news of private (corporate and business), public and social sector developments as organizations in the three societal sectors adjust to the coronavirus emergency.

This is post #13 in the series, “Excellence in Corporate Citizenship on Display in the Coronavirus Crisis.”  #WeRise2FightCOVID-19   “Corporate Purpose – Virus Crisis”  –  April 7 2020 

By Hank Boerner — Chair & Chief Strategist – G&A Institute

The World Economic Forum – “Davos” – issued principles on April 1st on Corporations and the Upholding of Stakeholder Principles in the Virus Crisis

Leading CEO’s around the globe got a communication from the World Economic Forum (“Davos” in shorthand) urging the following of Stakeholder Principles in the COVID Era.

The business community’s contribution in the global pandemic, say the leaders of the WEF “Covid Action Platform”, is to be leaders of responsiveness and stewards of resilience.

And — to cooperate and collaborate in managing the corporate community’s response to help society deal with the global emergency and work towards economic recovery.

To those ends, the platform Stakeholder Principles set out for business leaders are:

  • To employees, our principle is to keep you safe.
  • To our ecosystem of suppliers and customers, our principle is to secure our shared business continuity…to keep the supply chains open and integrate supply partners in the firm’s business.
  • To our end consumers, our principle is to maintain fair prices and commercial terms for essential supplies.
  • To governments and society, our principles is to offer our full support…standing ready with resources, capabilities and know-how.
  • To our shareholders, our principle remains the long-term viability of the company and its potential to create sustained value.

And…we must also maintain the principles and we must continue our sustainability efforts unabated, to bring our world closer to achieving shared goals, including the Paris climate agreement and the UN SDGs agenda.

By doing all we can, say the WEF leadership, and coordinate our work, we can ensure that our society and economy get through this crisis – and we can mitigate the impact on all of our stakeholders.

The signatories of the letter to CEOs:

  • WEF Founder Klaus Schwab (he’s executive chair);
  • Brian Moynihan (CEO of Bank of America and Chair of the WEF International Business Committee);
  • Feike Sijbesma (Royal DSM, Special Envoy on Coronavirus, Dutch Government) , and Jim Snabe (Chairman, Siemens and Maersk), the Co-Chairs of the WEF Impact Committee.

The WEF leaders stress that CEOs should continue to embody “stakeholder capitalism” to help secure a common prosperity.

CEOs receiving the letter were asked to support the WEF global effort to manage the economic impact in the COVID-19 era.

Link to the Covid Action Platform document: http://www3.weforum.org/docs/WEF_Stakeholder_Principles_COVID_Era.pdf?mod=article_inline

The WEF also circulated a 6-page “Workforce Principles for the COVID-19 Pandemic – Stakeholder Capitalism in a Time of Crisis” white paper. This is especially timely as corporate HR managers and others focus on Human Capital Management (HCM) in a time of crisis.

Link: http://www3.weforum.org/docs/WEF_NES_COVID_19_Pandemic_Workforce_Principles_2020.pdf

Our December 3, 2020 profile of the World Economic Forum (WEF) / Davos conveners with focus on Corporate Citizenship topics is in the blog at: https://ga-institute.com/Sustainability-Update/the-world-economic-forum-on-corporate-citizenship-topics-with-focus-on-the-fourth-industrial-revolution/

G&A Institute Team Note
We continue to bring you news of private (corporate and business), public and social sector developments as organizations in the three societal sectors adjust to the emergency.

New items will be posted at the top of the blog post and the items today will move down the queue.

We created the tag “Corporate Purpose – Virus Crisis” for this continuing series – and the hashtag “#WeRise2FightCOVID-19“ for our Twitter posts.  Do join the conversation and contribute your views and news. 

Do send us news about your organization – info@ga-institute.com so we can share.   Stay safe – be well — keep in touch!

Examining Corporate Citizenship: How Ride-sharing Companies Respond to COVID-19? What They Promise – and How It Turns Out

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G&A Institute Team Note
We continue to bring you news of private (corporate and business), public and social sector developments as organizations in the three societal sectors adjust to the emergency.  This is post #12 in the series, “Excellence in Corporate Citizenship on Display in the Coronavirus Crisis” – April 6 2020    #WeRise2FightCOVID-19   “Corporate Purpose – Virus Crisis”

By Yuyou Chen – Sustainability Reporting Analyst Intern at G&A Institute

Just four months after surfacing in Wuhan, China, the Coronavirus has been spread all over the world and affected about 1.3 million people in total to date.

Up until April 6, 2020, the Centers of Disease Control and Prevention (CDC) has reported 330,8919 COVID-19 cases and 8,910 deaths in the United States. CDC has recommended statewide citizens to practice social distancing and working from home.

With less on-site working, there is a sharp decline in the usual daily commuter activity. According to the Cities Commuter Activities report by Visual Capitalist, Los Angeles and New York experienced 95% and 97% reduction respectively in commuter activity respectively over the past three months.

The same thing is happening to the driver’s side. Ride-sharing companies face challenges in keeping their drivers at work.

Uber and Lyft in the Crisis

While some Uber and Lyft drivers who work on a part-time basis refuse to take any orders due to infection concerns, other full-time drivers may still stay on the frontlines to serve travelers for basic needs – or, they will face unemployment.

Ride-sharing, featured with convenient apps and affordable prices, has become a popular mode of commuting among people nowadays. With algorithms matching passengers to nearby drivers, the businesses are operated based on sufficient numbers and balance between commuters and drivers.

Uber and Lyft are two leading North America-based ride-sharing companies, both of which are headquartered in San Francisco, California.

For the past month, ride-sharing companies experienced a slight turndown in the stock market: For Lyft, share prices are down 2.00% (Nasdaq: LYFT); for Uber, down 3.63% (NYSE:UBER).

While each company declares that it puts well-being and safety of employees and customers as priority during the COVID-19 crisis, they set out somewhat differentiated business and risk management strategies.

Similarity: both companies state they enforce cleaning practices among their drivers and partially suspend their operations in some cases.

Looking at Uber

Uber says on their official website that they will temporarily suspend the accounts of riders or drivers who “confirmed to have contracted or been exposed to COVID‑19”.

Uber provides drivers with disinfectants to keep their cars clean for free, with manufacturers and distributors keeping enough cleaning supply. In particular, the surfaces being touched most often should be wiped.

In addition, Uber enforces “no contact” policy in their sub-brand – UberEats – specializing in local food delivery.

With the social distancing order from California Governor Gavin Newsom, the state’s residents are encouraged to work at home.

UberEats expects an increase in demand for food delivery given the less commuting population. To support local restaurant businesses, UberEats waived the delivery fee for more than 100,000 restaurants in North America.

For safety concerns, they allow customers to ask for leaving food at the door by leaving a note in the app. Food delivery companies like Doordash and Grubhub undertake similar policies. UberEats also provides free meals to health care workers, according to JUMP website.

Looking at Lyft

Similar to Uber, Lyft also says in their official website that they will distribute hand sanitizers and other cleaning supplies to their drivers.

Further, to comply with California state order of social distancing, Lyft paused shared riding in all metropolitan markets, including San Francisco and Los Angeles. They also enforce cleaning activities in their bikes and scooters.

Lyft has established the COVID-19 fund to help drivers who are diagnosed with the Coronavirus disease survive the individual quarantine. (Uber also builds an employee relief fund for impacted restaurant workers.)

However, it turns out that Uber and Lyft are unable to guarantee their sick leave compensation at this moment, according to CNET reporting.

What Is Happening With the Local Drivers?

CNET recently spoke with three Uber drivers and one Lyft driver — all from San Francisco — who exhibited COVID-19 or other disease symptoms and had asked for paid leave. All of them said their companies need an extended period of time to review and process requests for sick leave.

Similar situations are reported to be happening in New York, Illinois and Washington State.

According to The Washington Post, such delay in unemployment aid issuance resides in the fact that “gig” workers are categorized as independent contractors.

In contrast to full-time laborers, they are not eligible for unemployment benefits such as paid leave and health insurance under the current U.S labor system. Without guaranteed labor protection, the Coronavirus has been posing a threat to their economic survival.

While the U.S. Congress and local government officials seem to be progressing to list self-employed labors to be protected under the Coronavirus Aid, Relief, an Economic Securities (CARES) Act, the realization of unemployment benefit issuance still depends on the corporate themselves.

The Coronavirus infections are increasing at this moment, and the spread across the United States is projected to slow down no earlier than the next two months. It will certainly further affect the economy of the ride-sharing companies financially.

While struggling to maintain financial stability, the ride-sharing companies still need to spend time prioritizing drivers and customers’ interests and concerns in facing up the unprecedented challenge.

In the midst of bad news, a glimmer of good news: The Coronavirus is stressful to all of us, of course, but viewing it from an environmental perspective, the nation’s overall GHG emission would be reduced due to such a large decline in commuting all over the United States.

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About the Author
Yuyou Chen works as a Sustainability Reporting Analyst Intern at G&A Institute. She is currently a senior working towards a B.S in Environmental Science and Management and a B.A in Economics at the University of California, Davis. She is interested in ESG investing, Sustainability Reporting, and Urban Mobility. She had previous internship experience in a British environmental consulting firm where she engaged on research and analysis of an eco-labeling project for a China paper making company.

Household & Personal Product Industry’s Response to COVID-19 – Strong Display of Corporate Citizenship by the House & Personal Products Industry

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G&A Institute Team Note: We continue to bring you news of private (corporate and business), public and social sector developments as organizations in the three societal sectors adjust to the emergency. This is post #11 in the series, “Excellence in Corporate Citizenship on Display in the Coronavirus Crisis.  #WeRise2FightCOVID-19   “Corporate Purpose – Virus Crisis”  –  April 6 2020 

By Kelly Mumford – Sustainability Reporting Analyst Intern – G&A Institute

The current reality around the world has shifted dramatically since the outbreak of COVID-19 a few months ago. As the number of confirmed cases and deaths continue to rise across countries like Italy, Spain, and the U.S., there have been many reactions across industries to help out.

As of today, more than 10,000 people have died in the US, and unemployment rates are now at the highest ever as I write this.

Overall, the economy is struggling and our healthcare system is overwhelmed. However, during this time, the corporate response has also been overwhelming.

Many companies and corporations across sectors are feeling the effects of this pandemic on their operations and at the same time acting to help those who need it the most during this time.

There have been some significant, well-publicized responses from U.S. tech giants Microsoft, Apple, and Amazon. These companies have donated millions to various response efforts across the country.

Many other corporations are also doing what they can to continue paying employees during this time.  Amazon is hiring tens of thousands of employees to help their delivery efforts.

Needless to say, corporate actions have been indicative of a commitment to corporate social responsibility during the coronavirus crisis.

This is a recap of recent actions by companies in the Household and Personal Products Industry.

In the Beauty Field: Estée Lauder Companies

The household and personal product industry is no different. Estée Lauder especially has been leading a strong example. Last week, Estée Lauder Companies announced it will being shifting production to hand sanitizer to help relieve the shortage that has severely affected those in the healthcare industry.

They are re-opening a temporarily-closed facility in suburban Long Island, New York to produce hand sanitizer and volunteer employees will be compensated. However, their efforts don’t stop there.

Estée Lauder is also donating US$2 million to Doctors Without Borders — the organization that is greatly helping countries around the world with less medical support fight the coronavirus.

Also, Estée Lauder made a $75 million dollar grant to support the establishment of The NYC COVID-19 Response & Impact Fund. This fund unites many philanthropies and will go to support many vital community organizations and social services.

Estée Lauder Companies awarded $800,000 to relief efforts in China such as the Red Cross Society of China, the Shanghai Charity Foundation, and Give2Asia with an additional $1.4 million of donations to the China Women’s Development Foundation to support front line medical staff.

It is easy to see with these actions the Estée Lauder Companies’ strong values and family commitment to corporate social responsibility is admirable. Their actions are a promising example of the good that can arise during crisis.

SC Johnson Steps Up to Help

Another huge name in the industry — SC Johnson, another large company with deeply embedded family values —  is furthering their efforts against COVID-19 with a $5 million donation. The company will put that money towards the needs of the healthcare workers on the front lines.

They will be delivering care packages to police, fire and medical personnel including cleaning and disinfectant products made by SC Johnson. This donation comes in addition to the $2 million and $1 million they have already donated to the CDC Foundation’s Emergency Response Fund and to other efforts in China, Italy and the U.K.

The company said it was continually assessing the most urgent needs of people around the world, and acting accordingly. They have supported many healthcare needs across Europe, Asia, and Latin America to protect families from spreading the virus.

This support has come in the form of cash, product donations, and educational programs. As their headquarters in located in Racine, Wisconsin they have also made a special donation to the town to help support school children in the area and first responders.

Local focus:  The donation will be provided through a partnership with the Racine School District, the Racine YMCA, and Ascension All Saints Hospital.

Lastly, as a way to support the most vulnerable groups during this time the company has also made multiple $25,000 donations to food pantries and homeless assistance organizations to help ease the pressure on these already strained groups.

SC Johnson’s donations and efforts during this pandemic demonstrate a strong commitment to their corporate social responsibility efforts but more important, their assessment of placing aid to some of the most vulnerable groups reveals a targeted and strategic approach to CSR.

The Company is not just throwing money “anywhere” — but rather being strategic in their assessment, and loyal to the community of their headquarters..

Procter & Gamble – Relief Funds and Continued Production

Procter & Gamble, another one of the largest enterprises in the industry, has set up a special relief fund for COVID-19.

P&G has a long running record of CSR reporting and supporting communities so it’s not surprising that they have been working with their partner organizations to provide support and relief to people during this time.

They have created a donation portal for receiving donations — which they will match all donations up to $500,000 and give donations to support the healthcare providers around the world.

The largest P&G factory in Pennsylvania will start production of face masks during the pandemic. Employees will have regular temperature checks, will be socially-distanced, and there will be constant sanitization of all areas. 

Their factories are still open during this time, recognizing that the wide range of their products are necessary for many households, in normal times and during the crisis.

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Kelly Mumford is a GRI Report Analyst Intern at G&A Institute. She is a recent graduate of the Development Planning Unit at the University College London. She holds an M.S. in Environment and Sustainable Development (with merit). Kelly led a group during their research on the water and sanitation practices of a coastal city community in Freetown, Sierra Leone. She now plans to pursue a career in sustainability, focusing on ESG and leveraging her research experience and the knowledge gained of sustainability reporting during her internship with G&A Institute.

Sources For Your Reference

G&A Institute Team Note
We continue to bring you news of private (corporate and business), public and social sector developments as organizations in the three societal sectors adjust to the emergency.

The new items will be posted at the top of the blog post and the items today will move down the queue.

We created the tag “Corporate Purpose – Virus Crisis” for this continuing series – and the hashtag #WeRise2FightCOVID19 for our Twitter posts.  Do join the conversation and contribute your views and news. 

Do send us news about your organization – info@ga-institute.com so we can share.   Stay safe – be well — keep in touch!

New Evidence During the COVID-19 Crisis That ESG Approaches Will Pay Off From Wall Street

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Excellence in Corporate Citizenship on Display in the Coronavirus Crisis
Post #10 in the Series – April 6 2020

Important Bloomberg info update – April 8th

By Hank Boerner and Louis Coppola – G&A Institute

Some of the messages we’ve been sharing supports our belief that the companies that continue on the paths of their sustainability journey during the virus crisis will be stronger (in the crisis) and come out stronger as the crisis subsides. That will benefit stakeholders and shareholders.

We posit:  Those publicly-traded companies recognized as sustainable investment leaders should benefit in the competition for capital – access, cost of capital, inclusion in key indices and benchmarks, and so on.

We’ve been monitoring for news and perspectives that support the theory and share some things we’ve found with you.

HSBC Headline: ESG Stocks Did Best in COVID-19 Slump

Climate and sustainable investments outperformed as pandemic struck.

The global bank HSBC’s Ashim Paun (co-head of ESG research) in March published results of the examination of the effect of ESG factors on public companies’ equity in the virus crisis sell off.

The research looked at 613 shares of global public companies valued at more than US$500 million where “climate solutions” generate at least 10% of revenues plus 140 stocks with the highest ESG scores and values above the global average.

Key Takeaway: While the virus upended many economies and markets, shares of companies focused on ESG or climate change have outperformed.

He cites this: Performance from 23 March to 10 December 2019 (the start of the virus in East Asia) was the base for comparison.

Results: Climate-focused shares outperformed others by 7.6% from December on and by 3% since February. And from 24 February, when the market’s high volatility began.

There are four (4) “HSBC Climate Solutions Database” divisions:

  1. Environment & Land Use Management;
  2. Low Carbon & Energy Production;
  3. Energy Efficiency & Energy Management
  4. Climate Finance.

All of these beat the markets over both period – Low Carbon by 11% plus since December, says HSBC. There were regional differences noted in the research results. (The report was published 25 March.)

During the crisis period, Ashim Paun advises that investors think about how well companies are managing their ESG risks – including what companies are best-case, worst-case, and highest likelihood scenarios.

And he shared this with his global investor clients: “Our core conviction is that issuers succeed long-term, and deliver shareholder returns when the create value for all shareholders. When crisis like COVID-19 manifest, particularly with “S” and “E” causes, and implications, investors can see ESG as a defensive characteristics.

The highlights are here – access to HSBC’s full research report is limited to subscribers.

https://www.gbm.hsbc.com/insights/global-research/esg-stocks-did-best-in-corona-slump

There is a very comprehensive examination of the HSBC research on BusinessGreen:

https://www.businessgreen.com/news/4013404/hsbc-companies-focused-climate-change-outperformed-virus-spread?ct=t(RSS_EMAIL_CAMPAIGN)&mc_cid=8dd16a5562&mc_eid=cc59b566af

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In a Financial Times opinion piece by David Stevenson we saw this: He asked the question, are ESG and sustainability the new alpha mantra?

His answer: when money managers begin again to look for alpha strategies, his bet is that more than a few will tell investors that sustainability and ESG will top the list in the search for performance.

He interviewed thought leaders at Impax Asset Management, DWS and BNP Paribas and cited the research of several researchers for the column.

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Bloomberg Asks — Believe the Investor’s Urging Will Pay Off?

As we shared with you last week and repeat here as part of this commentary:

Bloomberg LP provides us with some of the answer.

Bloomberg Intelligence’s (BI) Shaheen Contractor (ESG Team BI Industry Analyst) in a brief for terminal users noted that an analysis of ESG Exchange Traded Funds (ETFs) during the selloff for the week ending February 28 provided a buffer for their investors and outperformed their benchmarks. The data: only 8% of ESG ETFs had outflows while 22% of all U.S. ETFs saw outflows.

This, as she writes, suggests ESG is seen by investors as a long-term investment and not a trading strategy.

And the flow to ESG ETF’s suggests that these instruments are “sticky” and less cyclical. Where where the flows to ESG ETFs? BlackRock, JPMorgan, BNP Paribas, Societe Generale, DWS, State Street, and Vanguard all saw inflows during the drawdown.

Good news for investors looking for “proof of concept” of ESG/sustainable investing from Shaheen Contractor – thanks to her and Bloomberg for sharing this good news.

Her email is: scontractor2@bloomberg.net

The brief: “ESG ETFs See Relative Outperformance, Inflows During Drawdown”

For information Bloomberg: https://blinks.bloomberg.com/news/stories/Q6RT29T0G1L2

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IMPORTANT UPDATE — APRIL 8TH

From Bloomberg Green – dated March 31, 2020 – Claire Ballentine reporting.

As of that date, 59% of U.S. ESG ETFs were beating the S&P 500. And 60% of European ESG ETTs were beating the MSCI Europe Index.

In 2029, sustainable ETFs added more than $8 billion (4X the 2018 level) and another $4 billion were added in January 2020.

Even with the sell off in February and March, $3 billion was added in that period.

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G&A Institute Team Note
We continue to bring you news of private (corporate and business), public and social sector developments as organizations in the three societal sectors adjust to the emergency.

The new items will be posted at the top of the blog post and the items posted today will move down the queue.

We created the tag “Corporate Purpose – Virus Crisis” for this continuing series – and the hashtag “#WeRise2FightCOVID-19” for our Twitter posts. Do join the conversation and contribute your views and news.

Do send us news about your organization – info@ga-institute.com so we can share. Stay safe – be well — keep in touch!