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Corporate boards eye profitability over “woke capitalism” again

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Is the end of woke capitalism over? Corporate boards are once again reprioritising profit over culture, reputation, social and climate concerns.

The survey, conducted by law firm King & Wood Malleson and reported in the Australian Financial Review, found that nearly 70% of directors now consider profitability as their top priority. This represents a notable increase from just 47% in the previous year when profitability ranked fourth behind concerns about skilled labor, skills shortages, and cyber risks.

The return to a profit-centric approach is also evident in directors’ views on supporting social issues such as “the Voice,” a term often used in the context of Indigenous representation and rights in Australia. According to the survey, 29% of directors believe that addressing these social issues is not the role of businesses, while 44% would consider it only if it directly relates to their business operations.

Only 20% of directors expressed support for businesses backing “the Voice,” despite a campaign featuring prominent directors endorsing a “Yes” vote in the Indigenous Voice to Parliament referendum.

Meredith Paynter, a partner at King & Wood Mallesons and the lead author of the survey, noted that there has been pushback against corporations taking strong stances on socioeconomic issues, particularly in the United States, where such actions have been criticised as “woke capitalism.”

The survey also revealed that over 12% of directors admitted to reevaluating or retracting their public commitments or disclosures related to environmental, social, and governance (ESG) issues. This comes in response to increased regulatory scrutiny on greenwashing and the growing threat of climate-related litigation.

Emma Newnham, a representative of King & Wood Mallesons, emphasised the real risk of greenwashing and stated that some organisations are reevaluating or scaling back their public ESG commitments in response to these concerns.

The focus on profitability extends to medium-term goals as well. The survey found that 43% of directors prioritise finding new business models, an increase from the 35% who expressed this sentiment in the previous year.

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Why are we desperate for modern tech?

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Unraveling the crucial role in modern tech infrastructure

 
In the dynamic landscape of digital advancements, data centres stand as the unsung heroes, anchoring the core of modern technology infrastructure. Exploring this integral aspect, we delve into the significance of data centres in today’s interconnected world.

As the pace of digitalisation quickens, data centres take the forefront, becoming indispensable for the seamless functioning of our increasingly interconnected global ecosystem. The growing complexities, sizes, and scales of these centres, raising pertinent questions about their impact on sustainability. The expanding footprint of data centres contributes positively or negatively to the quest for a more environmentally conscious world.

Against the backdrop of omnipresent digital infrastructure, the focus shifts to the resilience of data centres. Key factors ensuring the robustness of these centres are explored, underscoring their critical role in maintaining uninterrupted digital services. However, the rising pressure on power grids introduces concerns about potential blackouts and their unforeseen consequences for Australian businesses.

Joe Craparotta, Vice President for the IT business at Schneider Electric, sheds light on the pivotal role data centres play in our interconnected world.

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Taylor Swift named Time magazine’s Person of the Year

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Taylor Swift has emerged victorious in a prestigious competition for Time Magazine’s Person of the Year, surpassing stiff contenders such as Barbie, King Charles III, and Sam Altman.

In a surprising turn of events, the globally renowned pop sensation, known for her chart-topping hits and captivating stage presence, has captured the hearts and minds of millions worldwide, cementing her status as a cultural icon.

Swift’s impact extends far beyond the realm of music.

Her relentless advocacy for social causes, from gender equality to LGBTQ+ rights, has resonated deeply with a diverse audience, transcending boundaries and generations. Time Magazine acknowledges her remarkable influence on society, celebrating her not only as an artist but as a force for positive change.

The news of Swift’s triumph has ignited discussions across the globe, sparking debates on the significance of pop culture in shaping the world’s social and political landscape.

Her journey from country sensation to global superstar and activist exemplifies the power of artistry and advocacy to make a profound impact.

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Andrew Forrest demands fossil fuel executives’ accountability at UN COP28

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Mining magnate and philanthropist Andrew Forrest made an impassioned call for accountability during a sideline interview at the UN COP28 climate conference.

In an extraordinary outburst, Forrest demanded that fossil fuel industry leaders be held responsible for their contributions to climate change.

Speaking to reporters, Forrest stated, “It’s time for the heads of fossil fuel executives to be on spikes – not literally, of course, but figuratively. We cannot continue to ignore the devastating impact these industries have on our planet. The time for action is now.”

Forrest’s comments come as world leaders gather to address the climate crisis and set ambitious targets for reducing carbon emissions. He emphasized the urgent need for a transition to cleaner energy sources and a shift away from fossil fuels.

The mining billionaire’s outspoken stance has sparked a debate among conference attendees, with some applauding his fervor for climate action and others cautioning against such extreme rhetoric.

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