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Companies and finance: facts and key issues On this page: Key issues Facts Key issues Corporate accountability WWF firmly believes that because of the short-term pressure on companies to deliver shareholder returns, they can't always deliver their corporate social responsibility objectives. For this reason there is a need for fiscal incentives, regulations and other market mechanism adjustments to facilitate corporate responsibility and sustainability. Capital accountability Public financial institutions such as Export Credit Agencies, the World Bank and EBRD can play an important role in promoting sustainability - but to do this will require changes to the way they support companies and projects, particularly in countries where governance is weak. Private banks, investment and pension funds also have a vital role to play - but they must find ways to shift their finances away from damaging projects and activities to more sustainable ones. Facts Big business 29 of the world's 100 largest economic entities are transnational corporations (TNCs). (1) Exxon is the biggest TNC, comparable in size to the economies of Chile or Pakistan. (1) Corporate responsibility and reporting Four out of ten company boards discuss social and environmental issues, routinely or occasionally. (2) A third of organisations (34 per cent) have a board member with an environmental remit, and a fifth (22 per cent) have one with an interest in social issues. (2) Eight out of 10 directors say their organisation does not publish reports on their social or environmental impact. (3) What does the public think? 83 per cent of European opinion leaders surveyed agree that 'business should do more to build relationships with NGOs'. (4) 81 per cent of European opinion leaders agree that 'NGOs should cooperate more with business and government'. (3) Working with business At the World Summit on Sustainable Development in 2002, the World Business Council for Sustainable Development (WBCSD) and Greenpeace made an unprecendented joint call for the creation of an international framework to combat climate change. Footnotes (1) UNCTAD press release, 12 August 2002 "Are Transnationals bigger than countries?" (2) IPPR/Institute of Directors report "What do the initials stand for?" (3) IPPR/IOD report (4) Edelman Opinion Leaders 2002

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