Connect with us

Finance

Car Crash Checklist: Top Life & Money-Saving Tips

Published

on

Car accidents are on the rise. They can put you in a stressful situation—not knowing what to do. That’s why you should prepare yourself well—it can be lifesaving. Plus, proper preparations can save you thousands of dollars. So. What should you do after a car accident? What steps should you take? Well, keep reading for more insights.

Stay Ready

The first step involves being ready. Of course, you don’t expect wreckage. However, these things can happen. That’s why you should always prepare yourself. Proper preparations include carrying crash supplies. Don’t forget to carry essential items such as first aid kits, name tags, and a contact emergency number. Have all the most important documents ready. In most states, you will be required to have your driver’s license as well as an insurance card. Print your phone number on a hard copy—your phone might be damaged. Also, ensure that you are covered. Pay your premiums on time. Accidents can be demanding—especially when it comes to repairing costs and medical bills.

Emergency Medical Attention

Immediately after an accident, check to see if there are any causalities. Did anyone get injured? If yes, what is the extent of the injuries? Immediately call 911 or any other medical emergency number. If you realize that you are hurt, don’t move. Moving can worsen the injuries and affect other body organs.

If nobody was injured, consider moving your car off the road. This is to avoid endangering other road users.

Consider Calling the Police

After an accident, you should notify the police. Among other things, the police will write you a police report—which will be used as evidence in court. Plus, the law dictates that every car accident should be documented by a police officer. The report must be fresh and unbiased. It should give a detailed account of what happened. The report should contain the details of all parties involved in the accident. Also, most insurance companies will require you to serve them with the report within 24 hours.

Documenting the Accident

Be sure to gather all the relevant information. Take photos. Don’t forget to take detailed notes of the accident scene. Document the other driver’s particulars—including his/her name, insurance number, car registration number, and occupants. Also, consider taking the contact information of the witnesses. Also, be sure to have a copy of the police report in addition to the police contact number and name.

Never Admit Liability

Never admit responsibility. That’s not your work. Leave it to the lawyers and court to squire it out. They have the skills and experience to determine who is liable for the accident. Plus, if you admit liability, your insurance company might shy away from compensating you.

Talk Your Insurer

Ensure you have car insurance. If you don’t have one, do your research and get the best car insurance. Compare different car insurance quotes. Choose a cover that suites your explicit needs. Then, get in touch with your insurance company in the shortest time possible. Let them come and do their independent investigation.

The Bottom-Line

The steps you take after a car accident are important. That’s why you should prepare yourself well. The above article contains the steps to take after a car accident. If you want, you can sell your total loss vehicle after the settlement and get some money out of it too.

Continue Reading
Comments

Finance

Corporate Boards are Critical Starting Points for Implementing Stakeholder Capitalism

Published

on

COVID-19 has led to global and systemic economic, social and environmental disruption, and an increasing number of companies are recognizing the need for pragmatic approaches to implement the principles of stakeholder capitalism.

A new white paper, The Future of the Corporation: Moving from Balance Sheet to Value Sheet, provides analysis about the important role boardrooms and corporate governance play in addressing the environmental, social and governance (ESG) challenges their companies face. Focusing on practical tools for corporate leaders, the white paper, produced in collaboration with Baker McKenzie, provides a set of actions and stakeholder governance considerations boardrooms can take to reshape their company’s purpose and practices.

This includes leadership-level actions, such as aligning company purpose and incentives with transparent goals and KPIs, increasing board diversity and adopting the common stakeholder capitalism metrics to measure and manage global risks and opportunities related to business, society and the planet.

“Business leaders are increasingly implementing business models that create value based on stakeholder needs,” said Klaus Schwab, Founder and Executive Chairman, World Economic Forum. “While there’s increasing momentum towards stakeholder capitalism, many businesses are also looking for practical solutions to help them fully understand and address the concerns of all their stakeholders. The Forum is committed to providing measurement and governance tools that will help these leaders succeed, thereby advancing stakeholder capitalism globally.”

Effectively aligning a company’s practices with its purpose is another key role boardrooms must play when integrating stakeholder interests into their business models. Setting clear metrics for management, which align with company purpose is an important step for boards.

Ørsted, a company who successfully transformed its business from fossil fuels to renewable energy, is a clear example of how effective governance is critical to company-wide transformation For example, in its transition to being a sustainable business, Ørsted made it a board-level priority to ensure its transformation was transparent, the journey was measured with concrete metrics and it was communicated to all relevant stakeholders.

“The pandemic, climate and inequality challenges of the last year were and continue to be unprecedented. Against this backdrop, how can companies drive long-term value creation and sustainable growth? A good stakeholder governance framework will help companies mitigate risk, build resilience and enjoy sustainable value creation and long-term success; at the heart of good stakeholder governance is clearly understanding who key stakeholders are, engaging with them and bringing their voice into decision-making,” said Beatriz Araujo, Head of Corporate Governance, Baker McKenzie. She added: “There is no ‘one-size-fits-all’ approach; each company must embark on its own stakeholder governance journey and we have suggested some of the steps companies should consider taking on such a journey.”

In addition to the examples above, the white paper provides a stakeholder governance framework centred around four key areas of four key areas of leadership focus. These are:

1) Purpose

Purpose is returning centre stage as an enabler for long-term sustainable value creation for corporate success.

Boards should ensure their companies have a clear and well understood purpose, informed by their key stakeholders’ expectations, and regularly use this purpose as a guide in their strategic decision-making.

2) Strategy

Corporate leaders should ensure their company’s strategy is robust and designed to deliver the company’s purpose.

This strategy needs to be flexible to take account of changing stakeholder considerations. Periodic ESG risk and opportunity assessments are a tool that leaders can use to ensure they are pursuing an appropriate strategy in light of changing externalities and stakeholder feedback.

3) Culture/Values

A company’s culture and values are important in ensuring decisions and daily business practices appropriately reflect their stated purpose.

4) Governance

Effective governance, which regularly addresses stakeholder input, is critical for running a sustainable, resilient business.

Board composition, diversity and inclusion are important factors in ensuring boardrooms are equipped with the skills needed adequately understand and consider the needs of their stakeholders.

Along with input from the Forum’s Community of Chairpersons, the whitepaper is based on interviews with senior leaders at bp, the Cambridge University Institute for Sustainability Leadership, Fidelity International and Ørsted.

Continue Reading

Finance

Digitalization crucial to SIDs’ COVID-19 recovery, long-term development

Published

on

The upscaling of digital technologies presents a host of opportunities for small island developing states (SIDS) to diversify their economies, boost manufacturing, gain greater access to global value chains, and improve disaster preparedness. However, significant obstacles remain, including inadequate digital infrastructure, insufficient training opportunities for women and young people, a growing digital divide, and a lack of data and policy knowledge. That’s according to an expert panel convened for the Global Manufacturing and Industrialisation Summit’s Digital Series on the topic: “How Information and Communication Technologies can foster inclusive and sustainable industrial development in Small Island Developing States”.

Ralf Bredel, Chief of the Asia-Pacific Regional Programme at the United Nations Industrial Development Organization (UNIDO), said that SIDS share common challenges such as limited resource bases, long distances to primary markets, and vulnerability to climate change.

“ICT has the potential to help SIDS in overcoming some of the challenges derived from the isolation and remoteness. It can support trade in economic diversification. This is even more true under the current circumstances, with COVID-19 and the restrictions on people’s movements and the heavy blow to SIDS’ economies in relation to their continued reliance on tourism,” said Bredel.

Vanessa Gray, Head of the Division for Least Developed Countries (LDCs), Small Island Developing States (SIDS) and Emergency Telecommunications at the International Telecommunication Union (ITU), added, “We know that small islands are naturally prone to disasters caused by earthquakes and severe weather events and are being affected by climate change, resulting in increased tropical cyclones, hurricanes, flood and landslides, to name a few. Connectivity can help address these events by providing remote communities with access to early warning systems, real-time weather information, remote sensing and geographic information systems.”

Gary Jackson, Executive Director of the Caribbean Centre for Renewable Energy and Energy Efficiency (CCREEE), said that countries in the region are “pushing the envelope” towards energy efficiency.

“We have to recognize that islands don’t have what we call a supergrid, don’t have a lot of interconnections that would give us reliability and availability and that’s what people really want,” said Jackson. “So one of the things we have to consider is how we move towards decentralization, decarbonization and some of the things that we need to do to ensure that reliability, availability and affordability are consistent with what people require.”

Michelle Marius, Publisher of the ICT Pulse blog highlighted a continuing gender gap concerning digital employment. “We do have so many girls and women in the workforce. Many of them, sometimes even in management positions in reputable organisations, but somehow we still have not been able to crack that barrier between women in tech and digital entrepreneurship by women” she noted.

Amjad Umar, Director and Professor of ISEM (Information Systems Engineering and Management) programme at Harrisburg University of Science and Technology, said, “We know that, in many cases, SIDS do not have 3G technologies – they are still at 2G range. So, we specifically designed this plan (for the ICT4SIDS Partnership) that produces solutions that would work with very, very low technologies…”

“Digitalization consists of people, processes and technologies,” underlined Umar.

Concluding, moderator Martin Lugmayr, Sustainable Energy Expert at UNIDO, stressed that there is a long way to go towards realizing inclusive and sustainable industrial development in SIDS, particularly in light of current circumstances. “COVID-19 recovery must have a long-term perspective. Iit has to be green, it has to be blue in the case of Small Island Developing States, and it has to be digital,” he said.

Continue Reading

Finance

Fewer protections, lower wages, and higher health risks: Homeworking in the COVID era

Published

on

Image: European Wilderness Society

The UN’s labour agency (ILO) called on Wednesday for greater recognition and protection for the hundreds of millions of people who work from home, accounting for almost eight per cent of the global workforce even before the COVID-19 pandemic.

Since movement restrictions linked to the global spread of the virus were implement in many countries, the number of people working from home has increased sharply, and that trend is expected to continue in coming years, despite the rollout of vaccines that began in late 2020.

Drop in wages in rich and poor countries

According to a new ILO report, many of these “invisible” workers experience poor working conditions, face greater health and safety risks, and lack access to training, which can affect their career prospects. They are also likely to earn less than their counterparts who work outside the home, even in higher-skilled professions.

“Homeworkers earn on average 13 per cent less in the United Kingdom; 22 per cent less in the United States; 25 per cent less in South Africa; and about 50 per cent in Argentina, India and Mexico”, ILO said in a news release on Wednesday.

The report, “Working from home. From invisibility to decent work”, also showed that homeworkers do not have the same level of social protection as other workers, and are less likely to be part of a trades union or to be covered by a collective bargaining agreement.

Homeworkers include teleworkers who work remotely on a continual basis, and a vast number of workers who are involved in the production of goods that cannot be automated, such as embroidery, handicrafts, and electronic assembly. A third category, digital platform workers, provide services, such as processing insurance claims, copy-editing, or cutting edge specializations such as data annotation for the training of artificial intelligence systems.

Growth likely to continue

According to ILO estimates, prior to COVID-19, there were approximately 260 million home-based workers globally, representing 7.9 per cent of global employment.

However, in the first few months of the pandemic, an estimated one-in-five workers found themselves working from home. Data for the whole of 2020, once available, is expected to show a “substantial increase” over the previous year, said the agency.

The ILO predicts that the growth of homeworking is likely to continue and take on greater importance in the coming years, bringing renewed urgency to the need to address the issues facing homeworkers and their employers.

Poorly regulated

At the same time, homeworking is often poorly regulated, with little compliance with existing laws, and homeworkers usually classified as independent contractors, which means that they are excluded from the scope of labour legislation. In response, ILO outlined clear recommendations to make working from home “more visible and thus better protected”.

Industrial homeworkers should be made part of the formal economy, given legal and social protection, and made aware of their rights, ILO urged. Similarly, teleworkers should have a “right to disconnect”, to ensure the boundaries between working life and private life are respected.

The report also urges governments to work closely with workers’ and employers’ organizations, to ensure that all homeworkers move from invisibility to decent work, “whether they are weaving rattan in Indonesia, making shea butter in Ghana, tagging photos in Egypt, sewing masks in Uruguay, or teleworking in France”.

Continue Reading

Publications

Latest

Terrorism2 hours ago

Global War on Terror: Pakistan’s Role and Evolving Security Architecture for sustainable peace

If Afghanistan, according to former president of the United States (US) George W Bush was the center of terror, then...

Africa4 hours ago

What Social Movements Mean for African Politics

Africa’s transition from a continent of colonial protectorates to independent states has been met with developmental and political challenges. From...

Green Planet6 hours ago

Promoting Green Finance in Qatar: Post-Pandemic Opportunities and Challenges

The recent COVID-19 pandemic had significant implications for both national economies and the global financial system, in addition to hindering...

Reports7 hours ago

Thailand: Growth in Jobs Critical for Sustained COVID-19 Recovery

Thailand’s economy was severely impacted by the COVID-19 pandemic and is estimated to have shrunk by 6.5 percent in 2020....

Economy8 hours ago

The Economy Against the Tide

The world evidently grappled with the effects of the Covid pandemic in 2020 and continues to wedge forward against the...

Human Rights9 hours ago

Over 1.9 billion people in Asia-Pacific unable to afford a healthy diet

The economic impact of the coronavirus pandemic and surging food prices are keeping almost two billion people in Asia and...

Energy News10 hours ago

Priorities for improving diversity and inclusion in the energy sector

Prominent energy figures from around the world took part in a virtual dialogue last month on ways to accelerate progress...

Trending