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Tag: oxfam

  • Online sales not sufficient to save Oxfam

    Online sales not sufficient to save Oxfam

    Oxfam Australia will start the process of shutting down its retail, wholesale and e-commerce operations in June due to commercial pressures and the difficult retail environment in Australia.

    The decision affects nearly 100 staff, made up of approximately 40 permanent and 60 casual positions.

    “We know this will be very difficult news for our staff and volunteers – and our customers,” Tony McKimmie, Oxfam Australia chief operating officer, said in a statement.

    “We sincerely thank them all for their dedication and significant contribution to our core mission of tackling poverty.”

    The closure will see eight physical stores around Australia shuttered, as well as Oxfam’s online store and wholesale division, which supplies coffee, tea and chocolate products to supermarkets.

    “The business shifted last year to placing a stronger emphasis on its online trading business and reduced emphasis on its shops, with an assessment of each store’s financial viability as shop leases became due for renewal,” McKimmie explained.

    “This resulted in the closure of five stores, howeverdeclining revenue and profitability – including flat online sales growth – meant the financially responsible decision was to close all of Oxfam Australia Trading oper ations.”

    Goods sold through these stores are sourced from a global community of ethical artisans and farmers, which helps “communities to learn and living and lift themselves out of poverty”.

    “Oxfam Australia will continue its work empowering communities to tackle poverty through long-term development programs, emergency response and advocacy,” McKimmie said.

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  • Oxfam urges listed Hong Kong companies to do more to improve society

    Oxfam urges listed Hong Kong companies to do more to improve society

    Aid agency Oxfam has urged listed companies in Hong Kong to put more effort into improving society, saying such initiatives could help enhance their brands and attract investors.

    But one leading finance academic questioned whether local investors were ready to place corporate social responsibility (CSR) high on their list of priorities for companies in picking stocks.

    “Good CSR performance can build a good reputation, which enables listed companies to raise money more easily in the stock market,” said Kalina Tsang Ka-wai, senior programme manager at Oxfam Hong Kong.

    “Investors would have more confidence in the companies that have good CSR records,” she told the media yesterday.

    The global community was now facing various critical issues including economic crises, skyrocketing food prices and the exploitation of labour, said Oxfam.

    The organisation believed that companies, by integrating social responsibility initiatives into their core business operations and decision-making processes, would significantly help reduce these problems.

    Financial adviser David Ng Chak-wai, who manages assets worth hundreds of millions of Hong Kong dollars, said his clients, many of whom are veteran investors, attached importance to companies’ contributions to “social harmony”.

    “They would like to ensure a fast food chain treats its staff well if they own stocks in the company,” Ng said. “These investors want long-term stable investments. They do not just focus on returns. They care about labour rights and working conditions.”

    Tsang said blue-chip companies in the city had been doing a better job regarding CSR, but stressed there was still room for improvement.

    She said listed companies, regardless of their size or market capitalisation, should publish detailed information relating to their environmental, social and governance policies.

    “Increasing transparency is the first step. It can facilitate more effective monitoring by members of the public,” she added.

    She noted that an Oxfam survey completed in June showed nearly six out of 10 institutional investors admitted that environmental, social and governance factors affected their investment decisions. A total of 42 companies, which together manage assets worth more than US$4 trillion, responded to the study.

    “The CSR culture is still developing in Hong Kong,” said Raymond So Wai-man, dean of the school of business at the Hang Seng Management College.

    “Unlike the developed stock markets in the US or Europe, Hong Kong’s bourse is dominated by retail investors, who are more concerned about returns.”

    So said some funds in Western societies would specifically avoid “sinful” companies like casinos, while retail investors in Hong Kong would have no scruples about taking the plunge if they expected high returns.

    This article appeared in the South China Morning Post print edition as Listed companies urged todo more to improve society

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