Australia’s role in China’s social responsibility
Australia needs to use its trading clout with China to force Chinese companies to become more socially responsible and aware of governance issues, according to the chief executive officer of Global Current Investment Management, Michael Dieschbourg.
Dieschbourg, who is head of environment, social and governance issues at Global Currents, said that because Australia was exporting huge amounts of resources to China, it was in Australia’s best interests to make sure that Chinese companies were “doing the right thing”.
Australian investment houses and fund managers have a role to play in making sure Chinese companies are more ESG aware by raising the level of awareness and debate on the issue. That would lead to Chinese companies wanting to do the right thing, Dieschbourg said.
Any major change that had occurred in history was never from a top-down bureaucracy, Dieschbourg said.
“ESG affects change through the allocation of capital, by giving capital to those companies that are best run,” he said.
There was also an opportunity to share knowledge of green energy programs such as solar power wind turbine technology, he said.
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