Profit and the Environment

HILARY STONE is a specialist in environmental law. Originally a lawyer in private practice specialising in advising corporate clients on environmental issues, she currently lectures at the Centre for Environmental Research, Brunel University . JOHN WASHINGTON-SMITH is an independent environmental consultant specialising in environmental management, auditing and training. He was previously the RAF's head of environmental policy, which gave him considerable experience of managing both environmental and public relations issues.

• Acknowledgements. List of Abbreviations. A Brief Introduction to the Environment PART I A CHANGING WORLD 1 The Environment Introduction Climate change Population growth Water resources Disappearing forests Depletion of fish stocks Industrial pollution Sustainable development The European Union The Bellagio Principles Conclusion 2 The Rapid Development of Environmental Law Introduction How US law is made The EU legislative system The development of environmental law US law on the atmosphere EU air pollution regulation Water regulation in the US EU water law Contaminated land: the US perspective EU contaminated land regulation US waste regulation EU waste regulation Conclusion 3 Reputational Issues Introduction What is reputation? Stakeholders Making a corporate commitment Reputation and shareholder activism Reputation and strategic partnership Reputation and the unthinkable Conclusion PART II THE CORPORATE RESPONSE 4 Environmental Accounting and Reporting Introduction The emergence of environmental accounting Environmental issues in financial accounting Definition of environmental costs Environmentally induced costs: assets or expenses THE IASC approach Summary of environmental accounting Environmental reporting Different approaches to environmental reporting GRI sustainability reporting guidelines Independent review Conclusion 5 Socially Responsible Investing A short history of ethical investment Research methodology The Morley approach The Friends Provident system The Dow Jones sustainablility group index The FTSE4Good indices Risk issues The Turnbull Report Shareholder engagement 6 The Sustainable Company: Some Case Studies Introduction Bristol-Myers Squibb ICI UBS 7 How to Identify a Strong Performer Introduction The environment: spurring the next revolution? Environmental management systems Communicating between companies and investors Conclusion 8 SMEs and the Environment Introduction Definitions of an SME Environment: perceived attitudes of SMEs SMEs and environmental management Climate change levy and other issues Environmental reporting and accounting 9 Final Thoughts Bibliography Index