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Coca-Cola is ‘fully’ compliant with SEC supplier emissions regulations — after controversy with some details

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One of the most controversial issues in corporate environmental impact reporting is called environmental impact reporting required by federal law Scope 3 emissions: those of third parties in the company’s supply chain.

For a company like Coca-Cola — the world’s largest polluter of plastic, according to A 2020 Report – This will include the carbon emissions from the suppliers you use to make their plastic soda bottles.

It is a hotly contested topic because companies feel they should not be held accountable for the decisions of others, while climate activists and regulators say that without assessing the entire supply chain, it is difficult Reducing global emissions by 45% by 2030.

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On Wednesday, o’clock luckImpact Initiative Conference in Atlanta, luck Executive Editor Peter Vanham spoke to The Coca-Cola Company’s President of Communications, Sustainability and Strategic Partnership Pia Perez, and Christina White, Deputy General Counsel at carbon accounting firm Persephone. Prior to her current role, Wyatt was a senior counsel with the Securities and Exchange Commission, where she helped craft its proposal Climate reporting regulations.

The reason for these proposed federal rules, White says, is that investors wanted “consistent and comparable information” about the company’s climate initiatives — or lack thereof. They wanted it to be in a format that allowed comparisons between companies to better gauge climate-related investment risks or opportunities. She added that the companies themselves welcomed the regulations as well because they did For a long time Clear guidance on what to disclose and how.

However, in June’s The Business Roundtable, a pressure group made up of CEOs – to which Coca-Cola belongs – sent message to the Securities and Exchange Commission, requesting that it review the Scope Measurement Requirements 3.

Perez explained that when Coca Cola signed the letter, he wasn’t against including Scope 3 emissions per se, just against the all-supplier requirements. She says some of the company’s suppliers are small, family-owned businesses that would not be able to make the investments needed to comply and risk going out of business.

(Disclosure: I used to be a PepsiCo employee, one of Coca-Cola’s largest competitors).

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“It’s about making sure that we look at fairness and consistency, as well as the lead time,” Perez says. “So we are fully in favor of disclosure.”

However, White countered that under the SEC’s proposed regulations, it would be “entirely acceptable” for smaller suppliers to use industry standard emissions standards as they develop the capabilities to measure them themselves. It was a sentiment echoed by the Securities and Exchange Commission, which said the plan would include a “phase period for Band 3 emissions,” according to one of the agencies. statement.

Coca-Cola’s current climate targets

The Coca-Cola Company already makes voluntary disclosures about its climate impact based on Science-based goals The initiative, which independently checks the company’s progress against its goals. that it current target is to cut total greenhouse gas emissions by 25% by 2030, according to the 2015 standard. The company also has an “ambition” of achieving net zero carbon emissions by 2050, which Perez was quick to define as “not a goal”.

Perez expressed that in her ideal world, the SEC’s guidelines for environmental reporting requirements for companies would be based on one of the reporting methods currently developed and used by companies. “If I could wave a magic wand, I’d like the SEC to adopt one of these existing frameworks that many companies already fill out,” she says.

White was more lukewarm about the possibility of adopting a set of guidelines from corporate actors rather than a regulatory agency. Her prediction: “The SEC will move to adopt the rules you proposed.”

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Wyatt hopes climate reporting guidelines will be adopted and become part of the normal reporting process that public companies already go through.

“Eventually this will become like financial reporting,” White says. “Just a standard.”

The new Impact Report weekly newsletter will examine how ESG news and trends are shaping the roles and responsibilities of today’s CEOs – and how they can better overcome these challenges. Subscribe here.

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Commuters from the Southwest threatened arrest at Christmas in a viral video

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Southwest Airlines He already had it Terrible end of the year After a massive winter storm forced it to cancel flights that had outsold its industry competitors. Then, somehow, the PR nightmare got worse.

At Nashville International Airport on Christmas Eve, a police officer threatened to arrest stranded Southwest passengers if they did not leave a secure area of ​​the airport. A video of the incident went viral on social media after it happened Posted by passenger to TikTok. Other videos circulating on social media also captured parts of the incident.

In the video, which has been viewed more than 910,000 times since it was posted two days ago, the officer warns passengers that they must leave the area or they will be “arrested for trespassing.”

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“Now,” he continued. “Everyone to the unsafe side. The ticket counter will help you answer any questions you have.”

Shelly Morrison, who was among the passengers with her three daughters, was queuing at the southwest gate hoping to get more information about what was going on with her flight, to me the Tennessee.

After she and others waited nearly an hour for an explanation, one of the workers announced via the intercom that she was leaving – and called security. Morrison told the local newspaper that he did not tell a passenger that they had to leave if they had a canceled ticket.

“The Southwest is calling us”

Soon, two police officers from the airport’s Department of Public Safety arrived at the scene, just as Morrison’s daughter, Amani Robinson, began recording a video.

An officer tells passengers in the video, “If you don’t have a ticket, you don’t have to be on the safe side.” To someone who said they had tickets, he replied, “Your tickets just got cancelled.”

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Morrison asked the officer again if he might be stopped, and he repeated to him: “If you don’t have a valid ticket and you’re on the safe side and you refuse to leave, you’ll be arrested… If your ticket’s canceled, they don’t have a ticket anymore. You understand that, right?”

He added, “Right now, Southwest is calling us because you guys are congregating here, and they’re trying to close that gate.”

The officer grew impatient when Morrison again tried to “establish a legal connection,” as she puts it in the video, and told him she was an attorney.

“Do you refuse to leave the safe side?” he asked clearly.

She replied, “No, I don’t refuse to leave.” “I ask for additional information. Can you mention the statue to me?”

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He replied, “It is the security of airports and planes.”

“Don’t you have a department?” she asked.

“I don’t need to give you the code. If you’re a lawyer, you can look it up.”

Morrison thanked him and went with the others to where he had indicated.

Southwest responds

when called luckA Southwest spokesperson said that employees “did not request that customers be escorted outside the gate area.” Instead, the company required “that local law enforcement be present at the gate to assist with crowd control efforts while our team works with customers.”

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A spokesperson for Nashville International Airport, also known by the airport code BNA, responded:

“The sheer number of flight cancellations over the past week has caused great stress for our passengers, and included an unfortunate incident involving a passenger, airline staff and an LNA officer. We are very sorry this happened and we take this situation very seriously. We are working with Southwest Airlines and our other airlines to promote better communication between team members so that every traveler enjoys the optimal experience at BNA:

luck She also contacted the Ministry of Transport regarding the airport incident, but did not receive any immediate response.

Southwest passengers trying alternative routes faced higher fares from other airlines, some of which — faced public backlash —Announce a price cap on the affected roads.

The Department of Transportation said this week it would open an investigation into Southwest Airlines. He. She he wrote in a tweet It was “concerned by Southwest’s unacceptable rate of cancellations, delays, and reports of a lack of prompt customer service. The department will study whether cancellations are manageable and whether Southwest is complying with its customer service plan.”

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This article has been updated with responses from Southwest Airlines and the airport.

The Impact Report’s new weekly newsletter examines how ESG news and trends shape the roles and responsibilities of today’s CEOs. Subscribe here.



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Why Trump didn’t want you to see his tax returns

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What was he hiding?

We’re finally starting to find out, now that the House Ways and Means Committee has released six years of Donald Trump’s personal and business tax returns. Trump’s returns are complex and it could take weeks for experts to realize whether Trump cheated or used overly aggressive tactics to lower his tax bill. The committee did not release any tax documents for some of Trump’s business entities, so puzzles may remain.

But a few things soon emerge from the assessment of the leading figures in Trump’s comeback. When Trump announced his candidacy for the presidency in 2015, he described himself as a builder and businessman who could go to Washington and fix what politicians had destroyed. Trump’s stated status was as a political outsider and business titan crucial elements in his appeal to voters.

But Trump’s tax returns suggest his businesses are always losing money, while raising questions about how he manages to fund a gilded lifestyle. In each of the six years from 2015 through 2020, DJT Holdings, one of Trump’s main business entities, lost millions of dollars. The smallest loss was $34 million in 2015. The largest loss was $64 million in 2016. Combined, these losses totaled $314 million from 2015 through 2020.

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This is not an entirely new revelation. Glimpses of Trump’s finances have long revealed that Trump is capitalizing heavily on losses incurred in one part of his business portfolio, to offset gains elsewhere and significantly reduce his tax bill. Documents leaked to the New York Times in 2016 showed that Trump declared a loss of $916 million in 1995. lowered his tax bills for nearly two decades. When Trump began earning millions from The Apprentice TV show in the 2000s, losses from faltering real estate ventures, such as his casinos in Atlantic City, helped keep his income tax payments down. These practices are generally legal, although some tax experts believe Trump could have expanded the legal boundaries.

Members of the US House of Representatives Ways and Means Committee move boxes of documents after a panel meeting to discuss former President Donald Trump’s tax returns on Capitol Hill in Washington, US, December 20, 2022. REUTERS/Jonathan Ernst

When Trump ran for president in 2016, he said he would release his tax returns once the IRS finished auditing them. Of course Trump never released any tax returns, and the IRS audit wouldn’t have stopped him from doing so in the first place. Ways and Means Committee Finally got Trump’s payout from the IRS on Dec. 20, after Trump lost a four-year legal battle to keep them secret. He found justices all the way up to the Supreme Court Congress had the right to see the proceedsbecause it can contribute to legislative activity.

[Follow Rick Newman on Twitter, sign up for his newsletter or sound off.]

If Trump had released his comeback in 2015 while running for president in 2016, journalists and political opponents would have been mired in what appears to be huge business and personal losses. His return to DJT Holdings shows total revenue of $25.1 million but a net loss of $34.1 million. It is reasonable for a company to incur losses greater than revenue, since tax code allows for carry-over losses from prior years. But it’s very bad looks to tell voters you’re a business owner while reporting large losses to the IRS.

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Trump and his wife Melania’s 2015 comeback undermines his commercial credibility. Trump’s adjusted gross income in 2015 was $31.8 million. In other words, he supposedly lost $31.8 million, because he was allowed to claim losses from his business against his personal income. His taxable income was $0 and he owed $0 in federal income tax. It is difficult for average workers who earn most of their income from work to declare passive income, unless they have capital losses or other types of losses beyond what they earn from their employer.

Hillary Clinton, Trump’s Democratic opponent, She released her tax return for 2015 on August 12, 2016. The report showed that she and her husband, Bill Clinton, had an adjusted gross income of $10.6 million, and paid $3.6 million in federal income tax, for an effective tax rate of 34%. While the return showed the Clintons wealthy, they claimed no mysterious tax breaks except for a small capital loss of $3,000. Trump was the nominee going after meat-and-potatoes voters in 2016, but Clinton’s taxes were more involved.

DJT Holdings reported business losses for each of the next five years, through 2020. In terms of Trump’s personal returns, his adjusted gross income has been negative for three years and positive for two years. Over the six years combined, those business losses have pushed Trump’s total adjusted income – $53.2 million, or a loss of $53.2 million. His taxable income was $0 for four out of six years.

Trump has hit one snag with regard to federal income tax payments — the alternative minimum tax, which raises the tax liability of some, mostly wealthy, depositors who use the deductions to significantly lower their taxable income. During four of those six years, the federal tax code started to push Trump’s federal tax bill. Including regular income tax and AMT payments, Trump appears to have paid about $4.1 million in federal income taxes from 2015 through 2020.

If voters had been able to see several years of Trump’s tax returns during the 2020 presidential election, it would have been clear that Trump’s corporations lose money every year and that Trump as an individual loses more money than he earns, overall. This isn’t really how it works. Trump has very few regular sources of income, such as millions of dollars in interest each year, and the capital gains that would come from the countless deals to license the Trump name. This income appears to be constant and recurring, while losses may occur in a particular year or two, but are spread across many years, for tax purposes.

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Trump has sometimes bragged about the low taxes he’s paid, saying he’s drastically undercutting his tax bill It makes him smart. Maybe so. It will be interesting to see if that makes him more or less electable.

Rick Newman is a senior columnist for Yahoo Finance. Follow him on Twitter at @tweet

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Chinese education files Ruanyun Edai to raise up to $35 million via US IPO (pending: RYET)

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Chinese education technology Ruanyun Edai Technology (Rhett) Apply to raise up to $35 million through an initial public offering in the United States.

Ruanyun said in file that she was considering offering 5 million common shares at between $5 and $6 a share, which might happen

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