April Monthly Briefing: Adressing Inequality Our views on what matters |
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The theme for this month’s newsletter is Addressing Inequality, the impetus for which has been heightened by Covid-19. In our 2020 Actions for Business we highlighted how inequality has been a key driver of recent cases of social unrest and populist uprisings across the world, from Hong Kong to Chile. Pre-Covid-19, these events had caused severe economic effects, including rising unemployment, stalling investments and stock market collapses. Multiple studies show that inequality undermines economic growth and corporate performance, and for decades we have been warned it is like a ticking time bomb.
Which is why our main article “The T Word” is a call for companies to adopt responsible tax strategies to help address inequality, along with the benefits companies can expect by doing so. Our team in Chile have provided a sobering analysis of the social unrest in that country, while our guest contributor from the 10x Challenge, an initiative that seeks to increase the lower salaries to reduce the compensation gaps, is a welcome shoot of change.
Our news stories: on fast fashion contract commitments and cuts, underlining the vulnerability and need for support of so many in the often unprotected supply chain in countries such as Bangladesh; on how the closing of borders is making the plight of refugees even more acute and hidden; and on the cost of the employment pay gap to women and the wider economy; all underline how inequality is a challenge we can expect to become more severe. A responsible tax strategy could have a huge effect, along with creating equal opportunities. Could a more inclusive and supportive system be the long-term benefit that business’ response to Covid-19 could propel? |
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| | | Primark and H&M are supporting garment workers, while other retail giants stay silent
How some fast fashion firms have announced their support to the millions of garment workers from factories in developing countries, while the majority have cancelled contracts.
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| | Gender employment gap costs EU €360 billion a year
Equality in gender pay is still something that most companies are yet to fix, and continues to have a significant cost to women and the wider economy.
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| | Refugees face new challenges as coronavirus closes national borders
While Covid-19 poses a risk to all members of society, the impact is even greater for asylum seekers and refugees.
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| | The T word A call for companies to adopt responsible tax strategies to help address inequality, and the benefits companies can expect by doing so. Plus, our Responsible Tax Strategy Starter Kit. Read More |
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| | Addressing inequality – analysis of the social unrest in Chile The Chilean social inequality and unrest followed by Covid-19, have created a crash course on sustainability for local business leaders. Could the result transform Chile to be less unequal, and to be more sustainable? Read More |
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| | “Companies can be key change agents to reduce inequalities”
Interview with Cristián Mackenna, Chilean entrepreneur and one of the leaders of the 10x Challenge, an initiative to limit the compensation gap between leaders and workers.
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