BSR Insight | Update on the UN ‘Protect, Respect, and Remedy’ Framework
UN Special Representative on Business and Human Rights John Ruggie's latest report highlights several ways that governments can prevent human rights abuses involving business. One recommendation in particular focuses on the role of government in fostering a company culture that respects human rights. Three of his suggested policy tools include:
- States should encourage or require companies to report on their human rights policies and impacts. This would allow shareowners and others to better assess risk and performance, and would encourage companies to integrate human rights considerations throughout their business practices.
- Financial regulators should consider the materiality of a company's human rights impacts and whether these impacts should be included in a company's financial reporting requirements.
- Directors' duties for human rights should be clear and specific. States should provide guidance on what the board of directors is required and permitted to do when trying to promote respect for human rights within their companies.
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Nikki Weston
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