Companies helping to rebuild New Orleans after Hurricane Katrina have
been urged to commit themselves to guidelines on how they should do so
in a socially responsible manner.
The Katrina guidelines, produced by Calvert, the largest group of
socially responsible mutual funds in the US, cover community
investment, workplace standards and construction.
They have been drawn up as a result of concerns that emergency
regulations to speed the rebuilding might reduce protection for the
environment and workplace rights in the area. The US Environment
Protection Agency, for example, has temporarily waived fuel refining
and emissions standards.
‘Whatever the administration and Congress do, we believe that
well-governed and responsible corporations will remain dedicated to
fair business practices,’ said Calvert.
The guidelines suggest companies should respect previous environmental
regulations, pay the prevailing local wage, bid fairly for
reconstruction contracts and avoid predatory lending. They also urge
businesses to commit to the latest standards in green building design.
Among the principles recommended are steps to minimize waste and
pollution and support energy-efficient public transportation.
The guidelines also encourage companies to work with non-profit groups
in community development programmes and to create jobs for local
people.
As part of its own contribution, Calvert has increased its investments
in Gulf Coast credit unions and community financial institutions.
