In the current unjust Socio-Economic System, maximizing shareholder value at all costs is the motto of most corporations which creates impoverished societies. There is growing income inequality in the world with some CEOs (some developed Countries) getting 300 times more salaries than the minimum paid worker in the same company! How can it be justified, morally, ethically or from a human rights point of view?
Most multinational corporations reduce their expenses by shifting the production offshore to countries of the Global South where cheap labor and low government regulation exists. When corporations avoid paying their fair share of taxes, governments around the globe are forced to raise rates for other types of taxes (such as sales taxes) and reduce investments in public services. All this comes at a time when people worldwide are struggling with reduced purchasing power. As a result, mounting corporate riches based on cheap labor and relentless …
SIXTH HIGH-LEVEL DIALOGUE OF THE UN GENERAL ASSEMBLY ON FINANCING FOR DEVELOPMENT on 7&8 October 2013.
Round Table 3- Theme:- “The role of financial and technical development cooperation, including innovative sources of development finance, in leveraging the mobilization of domestic and international financial resources for sustainable development.”
Statement by Celine Paramundayil, representative of Society of Catholic Medical Missionaries, an Ngo in special consultative status with ECOSOC and a member of NGO Committee on FFD
Mr. President, distinguished delegates, Ladies and Gentlemen,
We all agree that Finance is the most essential component for the realization of Sustainable Development. We need to change the current paradigm of wealth being concentrated in the hands of a few while more people are pushed into poverty and marginalization. Studies shows that the wealthiest 20% account for 87 % of the global income, while the poorest 20% of the world population enjoy less than 1%. …