Telling omissions

The Net-Zero Banking Alliance (NZBA), a body for banks aiming to improve their sustainability records, has put the brakes on operations after the loss of a number of key members.

Readers may remember that when HSBC left the green banking body, Dale Vince, chief executive of the energy company Ecotricity promptly left HSBC.

Further departures, including that of Barclays, now threaten the future of the campaign body while it considers transforming from a “membership-based alliance” to a “framework initiative”.

The alliance said in a statement: “NZBA has paused its ongoing activities while members complete the current voting process and will share the outcome once voting concludes at the end of September.” It’s going to be a nail-biter.

Plus points for ESG

Now to the exciting topic of sustainability assurance. KPMG, one of world’s four mega auditors, says companies now see assurance of ESG matters as a business boon.

Of those companies commissioning assurance of their EU sustainability reporting (CSRD), 60% expect a “greater market share” or an “expanded client base”. More than half, 54%, “anticipate improved profitability”.

Who’d have thought? Saving the planet looks like it might well pay.

What Freixe hell?

Food and drink giant Nestlé faced some embarrassment this week when its CEO, Laurent Freixe, was fired only a year into the job for “concealing a romantic relationship with a subordinate”.

As we all know, a CEO scandal involving an office romance is an excuse for the newspapers to recapitulate the names of every chief exec in the last decade shown the door because of their entanglements of the heart.

We wouldn’t do that. No. But we would remind you of some sage insight from governance guru Simon Osborne reflecting on the difficulties of Andy Byron, the Astronomer CEO filmed at a Coldplay concert cuddling a colleague.

Osborne places some responsibility on boards. “How robust are the selection processes and checks which should be made to try to ensure that the company is not recruiting a future problem? How thoroughly are references taken up? How thoroughly are CVS and psychological profiles scrutinised?

“Recruiters can ask short-listed candidates, including internal candidates, to agree to ‘hostile profiling’, whereby their backgrounds are thoroughly researched.

“Admittedly, the process is intrusive, but a candidate who displays integrity is unlikely to fear the outcome.”