Knowing when – and how – to appropriately speak out on political issues is becoming a core skill for business leaders.
It is not always easy. Given how politically polarised the world has become, taking a stand can have financial implications and put companies in a difficult position alienating customers, employees and other stakeholders who hold the opposing view. This is on top of longstanding questions about the legitimacy of unelected executives’ participation in politics. Sometimes, however, they are dragged into political debate.
Cathay Pacific CEO Rupert Hogg was forced to resign after his airline (30 percent owned by Air China) was accused by Beijing of not doing enough to reign in employees who showed support for Hong Kong’s pro-democracy protests.
The airline’s shares plunged to 10-year lows, rebounding only after it condemned the protests and vowed to follow Chinese aviation regulations.
Delta Airlines in the US faced similar pressure: US$50 million in tax benefits was pulled after the airline eliminated a discount programme for National Rifle Association members following the horrific high school shooting in Parkland, Florida. (In fact, the decision reflected the airline’s “neutral status in the current national debate…
Bold or cautious – what action should you take?
As the chaos and uncertainty of Brexit continues, the impact on UK business is starting to bite.
Industry’s strategy of abstention and neutrality has materialised into a freeze on spending and hiring, and economists warn of an increasing risk of recession. The government has warned that leaving the European Union without a deal could lead to delays at ports, food price hikes and disruption to medical supplies.
Any deal that might be successfully negotiated with the EU and approved by Parliament is likely to cause significant economic harm to UK industry, not least because it would put the country in a far worse relationship with its largest trading partner.
As public confidence in politicians sinks ever lower, surely it is time for business in the UK to show its hand.
In the UK, most executives still baulk at the idea of entering the political fray, unlike in the US where leaders in all sectors of business actively engage in controversial political and social debates. In fact, with a shift in workplace demographics, consumers and employees increasingly expect their workplace to show where they stand.
The Edelman Trust Barometer, a poll of 33,000 individuals across 28 markets around the world, showed 64 percent think CEOs should take the lead on change rather than waiting for their government to impose it, and 79 percent want CEOs to be visible in sharing the company’s purpose and vision.
We have seen Marc Benioff use Salesforce’s success as a platform to speak out against North Carolina’s repressive transgender “bathroom law” and against the Indiana government’s “religious freedom legislation” which discriminates against the LGBT community. Walt Disney Co., Netflix, and other corporations have considered possibly exiting Georgia if the state’s “heartbeat” bill goes into effect, while Tim Cook, CEO of Apple, has been vocal on the environment and LGBTQI+ rights.
Thai firms tops the world’s sustainability ranking by S&P Global
The Stock Exchange of Thailand revealed that 11 Thai firms have been awarded in Gold Class, the world’s highest ranking by number in sustainability aspect in “The Sustainability Yearbook 2021” conducted by S&P Global.(more…)
Acquisition of Oman Block to Support Standalone Profiles Thailand’s PTTEP and PTT
The acquisition should help PTTEP maintain a robust operating profile over the next three years with a reserve life of around seven years; its medium-term target.
Thailand-based PTT Exploration and Production Public Company Limited’s (PTTEP; BBB+/Stable) USD2.5 billion acquisition of a 20% stake in Oman Block 61 is credit accretive for its ‘bbb’ Standalone Credit Profile (SCP), says Fitch Ratings.(more…)
APAC corporates likely to improve in 2021
Moody’s Investors Service says in a new report that credit conditions in APAC will improve in 2021, supported by the gradual recovery of economic activity given the early containment of the pandemic in several Asian economies.
Ongoing fiscal and monetary support in both advanced and emerging markets will also aid improving conditions, but renewed lockdowns in parts of the world have stalled the nascent global economic recovery and create uncertainty around improving credit conditions.(more…)
Marijuana could generate up to Bt8 billion for Thailand’s pharmaceutical industry
Last year, Thailand removed cannabis and hemp leaves from its list of banned narcotics (seeds and buds remain banned).
COVID-19 situation in Thailand as of 2 March 2021
The post Coronavirus Disease 2019 (COVID-19) situation in Thailand as of 2 March 2021, 11.30 Hrs. appeared first on TAT...
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Thai firms top the world’s sustainability ranking
Thailand tops the world’s sustainability ranking by number with 11 firmsselected as ‘Gold-Class’ by S&P Global BANGKOK, February 10, 2021...
How much do you need to retire in Thailand?
The lowest in Southeast Asia is Indonesia at USD290,599, followed by Malaysia at USD321,614. Vietnam is competitive at USD353,906. Cambodia...
ASEAN builds up minerals cooperation
The two-day workshop discussed the initial findings and recommendations from the drafts of the DPAMC Study and the AMDIS Scoping...