Fixing ESG: Are Mandatory ESG Disclosures the Solution to Misleading Ratings?

This Note provides an overview of the debate around the current state of ESG disclosure practices, and the perceived need for the SEC to establish a system of mandatory ESG disclosures. Part I explores the inherent difficulty of defining ESG, the problematic nature of quantifying and measuring ESG factors, and the tools currently being used by market-leading ratings firms and investment vehicles. In particular, this part addresses the inconsistencies of ESG self-reporting, the influence of this practice on the ensuing ratings, and the potential for investors to be misled as a result. Part II of the Note explores the possible consequences of a system of mandatory ESG disclosure, weighing the main arguments in favor and against the establishment of a regulation that mandates ESG disclosures. Drawing from a 2018 SEC submission by the law professors Cynthia A. Williams and Jill E. Fisch, Part II explores the arguments around general market efficiency, U.S. capital markets competitiveness, and the ultimate goal of giving investors access to better, more consistent, and fairly comparable information, while keeping the costs of increased reporting outweighed by the benefits of it. Part III closes by describing current proposals in favor mandating ESG disclosures. In particular, the Note presents the proposal by Professor Fisch, under which the SEC may mandate a discussion on ESG, while allowing companies the flexibility to decide what factors to address and how to address them in view of materiality considerations for their specific industries

Effects of Training on Atrial Rate and Sensitivity of Isolated Rat Atria to Catecholamines and Acetylcholine

Thirty five male rats were subjected to a treadmill running program and body weight heart weight and effects of neurotransmitters were measured. Rats engaged in training programs show a lower body weight, a lower heart rate and lower intrinsic heart rate. The response of all isolated rat atria to different drugs were observed. Epinephrine in concentrations of 1 X10-5M, 1X10-6M and 1X10-7M increased the atrial rate in trained rats by averages of 41.3%, 20.04% and 15.3% respectively, and in control animals by averages of 18.6%, 11.1% and 8.6% respectively. Norepinephrine in concentrations of 1X10-6M and 1x10-7M increased the atrial rates of trained animals by averages of 13.3% and 8.3% respectively. Acetylcholine of 1x10-6M decreased the atrial rate in trained rats averages of 48.4% and 28.2% in control animals. Atrophine in concentrations of 1x10-5M, x 10x10-6M, and 1x10-7M increased the atrial rates in all preparations, but the percent change was higher in trained rats. 1x10-5M atropine added to isolated rat atria of trained rats increased the atrial rate to a rate almost identical to the basal atrial rate of control rats. A biphasic response of atrial rate was observed when equimolar concentrations of acetylcholine and norepinephrine were added to isolated rat atria. It is concluded that trained rats have a lower resting heart rate and a lower intrinsic heart rate than control rats. The isolated rat atria of trained animals were more sensitive to catecholamines, acetylcholine and atropine. Increased stores of acetylcholine in the region of the pacemaker may account for the lowered heart rate. The negative chronotropic action of acetylcholine was blocked and the heart rate was brought to the basal rate of control animals in the presence of 1x10-5M atropine

Salmonelles dans l'industrie avicole libanaise : pévalence, antibiorésistance, caractérisation moléculaire et lutte alternative par les Lactobacilles

Les salmonelles d'origine alimentaire continuent de représenter une menace majeure pour la santé publique, en particulier celles d'origine avicole. Ces dernières années, une tendance à la hausse de la résistance aux antimicrobiens (AMR) chez les salmonelles a été remarqué en raison de la mauvaise utilisation des antimicrobiens. Pour trouver des alternatives à ce problème émergent, des probiotiques, en particulier Lactobacilli sp., ont été proposés. Les données sur les salmonelles dans l’industrie avicole libanaise étant rares, cette étude a été menée pour déterminer la prévalence des salmonelles à différents stades de la chaîne de production des poulets de chair et de poules pondeuses, l’antibiorésistance et leurs profils moléculaires. En outre, l'activité probiotique de souches aviaires de Lactobacillus indigènes a été testée contre les salmonelles. Le criblage de l'activité anti-salmonelle, de l'innocuité notamment de l'antibiorésistance, et des propriétés probiotiques de surface des souches de lactobacilles a également été effectué. Sur une période de 3 ans, les échantillons de matières fécales ont été collectés par la méthode de la pédichiffonnette dans des fermes libanaises locales (n = 237), tandis que la viande de volaille a été collectée dans des abattoirs (n = 134) et sur le marché (n = 1907). En parallèle, des échantillons de caeca (n = 115) et de peaux de cou (n = 115) ont été collectées dans deux grands abattoirs. Les résultats ont mis en évidence une forte prévalence de Salmonella chez les volailles. En tenant compte de tous les échantillons, une grande diversité de sérotypes a été identifiée, avec une prédominance de Salmonella Infantis (32,9%), Salmonella Enteritidis (28,4%) et Salmonella Kentucky (21,4%) avec une antibiorésistance élevée dans tous les isolats de Salmonella. La résistance la plus importante a été observée chez neuf souches de S. Kentucky résistantes à la ciprofloxacine (CIPR) et à la céphalosporine à spectre étendu (ESC). Ces souches ont été génétiquement caractérisées par séquençage du génome entier (WGS). Les résultats ont montré, pour la première fois au Liban, un cas de détection et de dissémination du S. Kentucky ST198 hautement résistant. La méthode PFGE a montré la présence d’un clone persistant de S. Enteritidis (80% des souches) commun entre les souches aviaires et humaines. Des profils génomiques ainsi que des phénotypes de résistance aux antimicrobiens similaires ont été détectés entre les fermes, les abattoirs et le marché, suggérant la circulation et la transmission de clones identiques tout au long de la chaîne alimentaire et des poules pondeuses Les résultats du criblage des probiotiques potentiels montrent que quatre espèces de Lactobacillus ont été identifiées : L. reuteri (n = 22, 44%), L. salivarius (n = 20, 40%), L. fermentum (n = 2, 4%) et L. crispatus (n = 1, 2%) et deux Enterococcus fecalis. Huit lactobacilles ont été choisies en fonction de leur capacité d'hydrophobicité et de leur capacité d'auto/coagrégation pour un test ultérieur d’adhérence. L'attachement des souches de lactobacilles variait de 0,53 à 10,78%. L. salivarius A30 / i26 et 16 / c6 et L. reuteri 1 / c24 présentant la capacité d'adhérence la plus élevée ont été évaluées pour leur capacité à rivaliser et à exclure l'agent pathogène du site d'adhésion sur la lignée cellulaire caco-2. Il a été démontré que L. salivarius 16 / c6 excluait fortement l’adhésion des trois sérotypes de Salmonella à des niveaux significatifs

Collaborating to achieve higher societal and environmental value creation : the case of Albani

This thesis deals with the complexities faced by the construction company Albani (Lebanon), in its effort to have a positive environmental impact benefiting society as a whole, alongside its normal entrepreneurial activities. This company aims at offering reasonably priced houses to the population of Lebanon, but in order to do so needs to find a good collaborator to begin improving its environmental impact. My first question in the teaching case study focuses on ways to create social value from within the company’s products, processes and activities, noting that good environmental impact alongside good social impact is the end goal of our solution because degradation of the environment is negatively impacting the society’s well-being. Our second question then focuses on ways to engage with the environment to keep social value an ongoing process, and finally, our last question goes through the available managerial tools that the organization can implement to create a collective impact. With my analysis I propose different key tools that construction companies can apply depending on their characteristics. This study can function as a guideline to construction companies by offering them simple practices to overcome common social issues that might be impacting their economic growth and the community’s social growth. They can find advice to spot important social issues, shape their potential collaboration and implement substantial social value creation activities through collective impact.Esta tese foca-se nas complexidades enfrentadas pela empresa de construção Albani (Líbano) no seus esforços para assegurar um impacto ambiental positivo, juntamente com as suas atividades empreendedoras habituais. A companhia tenta oferecer casas a preços razoáveis para a população Libanesa mas, para tal, necessita de um parceiro qualificado para melhorar o seu impacto social. A primeira questão apresentada no CASO DE ESTUDO foca-se nas várias possibilidades para a criação de valor social, partindo dos produtos, processos e atividades da empresa. Simultaneamente, denota-se que impacto ambiental positivo, aliado a um impacto social benéfico é o objetivo final da solução apresentada, uma vez que a degradação ambiental tem um impacto notoriamente negativo no bem-estar da sociedade. A segunda questão concentra-se em determinar abordagens a nível ambiental que permitam assegurar a durabilidade do processo de criação de valor social, enquanto que a terceira e última questão se centra na análise de ferramentas de gestão ao dispor da companhia para criar um impacto coletivo. Através da minha análise, proponho várias ferramentas chave que podem ser aplicadas por outras empresas do setor de construção, dependendo das suas características. Este estudo poderá funcionar como um conjunto de linhas condutoras para essas empresas, oferecendo-lhes abordagens simples para ultrapassar questões sociais comuns, que possam impactar o seu crescimento económico e o progresso social como um todo. Poderão ainda encontrar sugestões para mais facilmente identificar impactos sociais comuns, estruturar a sua potencial parceria e implementar atividades que assegurem o desenvolvimento substancial de valor social através do seu impacto coletivo

Guidelines for Sustainability Assessment in Food and Agriculture

The ecological, economic and social principles of sustainable development (WCED, 1987) received nearly universal agreement during and following the 1992 Earth Summit. One of the summit‘s major outcomes, Agenda 21, includes a whole chapter (Chapter 14) on sustainable agriculture and rural development. Much progress has been made in the past two decades. For most social and economic Millennium Development Goals, improvements have been substantial (UN, 2011). Global per capita Gross National Income has more than doubled between 1992 and 2010 (from 5,035 current interna-tional USD at PPP to 11,058; World Bank, 2011). Yet, reaching the poorest, all over the world, re-mains a challenge (UN, 2011) and it is today generally recognised that GDP growth alone is not a sufficient indicator of development progress. The number of undernourished people was estimated by FAO to be 925 million in 2010. This figure has increased by 75 million people since 1990-92 (FAO, 2010a). Rockström et al. (2009) estimate that humanity has transgressed three of the environmental planetary boundaries within which we can operate safely, namely for climate change, biodiversity loss and changes to the global nitrogen cycle. Boundaries for ocean acidification and possibly the global phosphorus cycle might also be close to being crossed.global phosphorus cycle might also be close to being crossed. As agricultural land and forests occupy more than 60% of terrestrial surface, and fishery activities can be found on virtually any water body, agriculture, forestry and fisheries are major contributors to the ecological footprint of humanity. For example, 31% of global greenhouse gas emissions have been attributed to agriculture and forestry (IPCC, 2007). Agriculture alone accounts for 70% of global freshwater withdrawals (FAO, 2011). On the other hand, farming, animal husbandry, forestry and fisheries produce the food and renewable materials basis of humanity’s existence and provide liveli-hoods to more than 2.6 billion people (FAOSTAT, 2011), including many of the world’s poor. One approach to tackle the risk of the human economy’s overstraining the capacities of Earth’s eco-systems is the concept of a “Green Economy”5 that respects planetary boundaries and adopts eco-efficiency as a guiding principle. This concept brings about major challenges in relation with freedom and distributional equity (UNDP, 2011). The translation of the green economy concept for the food and agriculture sector is reflected through the GEA concept that recognises the need to take an eco-system- and rights-based approach to development, according to specific country circumstances (FAO, 2012a). The challenge of delivering sustainability lies in an effective integration of the envi-ronmental, economic and social dimensions of development. This can be only achieved through good governance. Need for a common language Recent years have seen the development of frameworks, initiatives, standards and indicators for assessing and improving the environmental and social impacts of human activities. More than one hundred countries have established national strategies for sustainable development, as well as sets of sustainability targets and indicators (UN, 2007). Thousands of companies have adopted concepts such as corporate social responsibility, creating shared value, responsible supply chain management and the triple bottom line6. These concepts are put into practice through internal management, B2B and B2C communication. Systems for independent, third-party verification, certification and accredi-tation have been put in place.Of the many verification systems, tools, databases and other approaches for measuring, communi-cating and improving sustainability, environmental impact or social impact, respectively, few cover the whole value chain and all dimensions of sustainability at the same time (Appendix A). In the de-velopment and application of sustainability systems and frameworks, SME and stakeholders from developing and emerging countries are less represented than large companies and stakeholders from industrialised countries, in spite of many systems’ building on transparent, participative mechanisms. Despite the valuable efforts for making sustainability assessments in the food and agriculture sector accurate and easy to manage, no internationally accepted benchmark unambiguously defines what sustainable food production entails. There also is no widely accepted definition of the minimum re-quirements that would allow a company to qualify as sustainable. FAO and the SAFA Guidelines.In order to offer a fair playing field, FAO has built on existing efforts and developed the present Guidelines for Sustainability Assessment of Food and Agriculture systems (SAFA) as part of its efforts for the 2012 United Nations Conference on Sustainable Development (UNCSD). In line with the FAO mandate, the vision of the SAFA Guidelines is to contribute to a sustainable development of the food and agriculture sector. This shall be achieved by enhancing the measurability of sustainability per-formance and the accessibility and transparency of sustainability measurements. The SAFA Guide-lines provide a benchmark that defines what sustainable production is, and a template for agriculture and food sustainability assessment, for the use by primary producers, food manufacturers and retail-ers who wish to substantiate sustainability claims. Existing sustainability indicator systems and as-sessment tools can be related to the content of the SAFA Guidelines

Emerging trends in 'smart probiotics' : functional consideration for the development of novel health and industrial applications

The link between gut microbiota and human health is well-recognized and described. This ultimate impact on the host has contributed to explain the mutual dependence between humans and their gut bacteria. Gut microbiota can be manipulated through passive or active strategies. The former includes diet, lifestyle, and environment, while the latter comprise antibiotics, pre- and probiotics. Historically, conventional probiotic strategies included a phylogenetically limited diversity of bacteria and some yeast strains. However, biotherapeutic strategies evolved in the last years with the advent of fecal microbiota transplant (FMT), successfully applied for treating CDI, IBD, and other diseases. Despite the positive outcomes, long-term effects resulting from the uncharacterized nature of FMT are not sufficiently studied. Thus, developing strategies to simulate the FMT, using characterized gut colonizers with identified phylogenetic diversity, may be a promising alternative. As the definition of probiotics states that the microorganism should have beneficial effects on the host, several bacterial species with proven efficacy have been considered next generation probiotics. Non-conventional candidate strains include Akkermansia muciniphila, Faecalibacterium prausnitzii, Bacteroides fragilis, and members of the Clostridia clusters IV, XIVa, and XVIII. However, viable intestinal delivery is one of the current challenges, due to their stringent survival conditions. In this review, we will cover current perspectives on the development and assessment of next generation probiotics and the approaches that industry and stakeholders must consider for a successful outcome

Coherence of an ICT-using Teaching Sequence: a Case Study in Optics at Lower Secondary School

International audienceThis communication reports a case study based on a discourse analysis in an ordinary classroom, at grade 8 in a lower-secondary school in France, during a teaching sequence in elementary Optics. It particularly focuses on a part of the last session, where the eye is presented as an optical system using a lens, the focal length of which is variable. For this part, the teacher is using a computer-based simulation. The teacher's discourse is analysed from a threefold point of view: the modelling processes; the conversions between several semiotic registers; the coherence between this session and previous activities in the teaching sequence. From all these points of views, the use of an ICT tool offers new learning opportunities to students, or strengthens learning opportunities already offered