Following similar legislation in other countries Canada has finally introduced a beneficial ownership requirement on Canadian companies. Federally registered companies will have to disclose who owns them, which means it’ll be harder to commit tax fraud. Plus, by having companies reveal who benefits from their existence it will be easier for authorities to track criminal behaviour and efforts around snow washing.
In 2017, an investigation by the Toronto Star and the Canadian Broadcasting Corporation, based on ICIJ’s Panama Papers dataset, revealed how Canada had emerged as a popular tax haven, touted by corporate service providers as a “reputable” destination to hide wealth.
Transparency advocates welcomed the landmark reforms, which passed into law on Nov. 2 under an amendment to the Canada Business Corporations Act, following a years-long push for a legislative means to tackle money laundering and tax evasion.
If you have money to invest you sure will want to invest in a company with a good environmental, social, and governance (ESG) record. New research has revealed that companies that have strong ESG policies become more profitable. The traditional arguments for good ESG policies are based on good public relations, worker retention, and that it’s just the right thing to do. Now people championing ethical capitalism through ESG have another argument to make.
Infosys research found that a 10-percentage-point increase in ESG spending correlated to a 1-percentage-point increase in profit growth. This occurred relatively quickly: 41% of respondents surveyed said they experienced a return on their ESG investment within a two- to three-year window.
ESG efforts include looking at how much renewable energy a company might purchase and at cutting greenhouse-gas emissions, even going all the way to net-zero emissions, and as a result, lowering energy bills. Other efforts might focus on bringing more women or people of color on as board members and can even inform the “G” in ESG — governance. Good governance might include transparency with shareholders or linking CEO compensation to progress in the “E” and the “S” areas.
COVID-19 revealed to many the precariousness of modern “free trade” supply chains, indeed the pandemic supply chain issue is still impacting us to this day. Various international deals that favour profits over people put us in this situation, so how do we get out of it? This is the question many are trying to answer and now there’s a website to help. Import Yeti lets NGOs, companies, and anyone examine the supply chains of any company based in the USA.
Bill of ladings are public information that every large eCom owner or FBA seller I know uses but they are too cost prohibitive, challenging to obtain and difficult to use for the average joe. ImportYeti’s goal is to solve that problem.
The pandemic clearly caused chaos in the business world from lockdowns to supply chain issues, and this has caused many small businesses to face closure. Small businesses closing isn’t good for local economies and there are solutions to support these small operations. The best option is to convert to a cooperative.
That’s right, in order to save capitalism we need less idolization of individuals and more focus on shared growth. Business can survive through distributed risk and recovery by converting to cooperatives.
Short-term thinkers who put quarterly profits above all else consistently argue that caring for the environment destroys business. They are wrong. The evidence keeps growing that planet (and people) friendly policies encourage economic growth while also forcing companies to increase their efficiency. It’s a win-win for businesses and the planet.
An Italian team of economists have concluded that by taxing companies, and individual behaviours, that damage the environment create great success for the planet and profits.
Green taxes, or taxes levied on businesses and individuals in order to promote environmentally friendly practices, had the largest impact on multifactor productivity, though De Santis and her colleagues wrote that green taxes need to be paired with complementary redistributive policies, such subsidies and grants for companies transitioning to environmentally friendly practices, in order to avoid damaging productivity.
â€œWhat is clear is that you have to face this increasing environmental policy stringency, and as a firm, probably the best is if you try to create this win-win solution so itâ€™s passed through an improvement in technology,â€ De Santis said.