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World Future Council: Parliamentary hearings for new corporate charter legislation

Media release

Hamburg, 31.03.09. The World Future Council promotes a radical shift in national and international economics far beyond the proposals to be expected from the G20 meetings currently being held in London. As part of this effort, the WFC will prepare parliamentary hearings for new corporate charter legislation in co-operation with key business, labour and civil society organisations. The new
legislation would force corporations to take responsibility for the environmental and social damage they cause. In addition, it will increase accountability of the board and limit the compensation range between the highest and lowest paid employees to a ratio of 25:1. “No company’s success depends on the CEO alone”, said WFC founder Jakob von Uexküll at the close of a meeting of the organisation’s Councillors and high level international economics experts on March 27th – 31st in Egypt.

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Breaking the climate finance funding deadlock

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Abstract

The centerpiece of the WFC proposal is the innovative use of a financing tool that utilises the ability of the IMF to create new money in the shape of its own reserve currency: Special Drawing Rights (SDRs). Such new funding will not be inflationary if issued only against performance, i.e. to produce new goods and services with (mostly) unused productive capacities and unemployed labour. The use and control of this new money could be coordinated by the Global Environment Facility, UNEP, UNDP or the new Green Climate Fund of the UNFCCC.

What we need is a preventive testing of Financial Innovations

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Abstract

Not all investment banking is chaff; it is – apart from excessive trading and innovations such as the never-ending expansion of derivatives – a meaningful part of real economy finance as well. At the same time, there is chaff in retail banking, about which many retail clients can tell us. This means that we have to sort out the chaff, in order to come to a workable and effective financial system.