Navigating a new era of business and human rights
This book highlights the intersection of corporate practices and human rights. It explores evolving challenges, regulatory landscapes, and the importance of collaborative, ethical business conduct. Key themes include transparency, state roles, and the human rights-based approach, offering insights for stakeholders to navigate this complex field.
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OVERVIEW
In this open-access collection, more than thirty frontline and forefront contributors provide their insights via ranging formats and styles. Each chapter in this collection reckons with a vexing issue in the field of business and human rights (BHR). The book emphasises the importance of upholding human rights in the business world, with a particular focus on the United Nations (UN) Guiding Principles on Business and Human Rights.
Contributors invite stakeholders to think about familiar questions and issues in new ways. For example, what if the marriage between business and human rights is more fragile than we think? In order to understand and confront exploitation, we have to seriously explore what it means and how it feels to those experiencing it.
Regulating business and human rights
There is a need to regulate the protection of human rights, particularly in labour standards and consumer protection. The authors argue that transparency and reporting are essential in ensuring that businesses are accountable for their actions and provides recommendations for businesses on how to improve their reporting practices. The authors highlight the use of a collaborative approach to Human Rights Impact Assessments (HRIAs) to offset power asymmetries and ensure an equitable governance structure.
Respecting human rights
Businesses must adopt a comprehensive approach to respecting human rights, one that looks beyond mere compliance to the spirit of human rights in commercial contexts. This involves putting in place policies, procedures, and training that emphasise respect for human rights throughout the value chain.
Embedding respect for human rights
The authors include recommendations for integrating human rights in organisational operations and culture. For example, businesses should identify their salient human rights risks, i.e., risks with the most severe negative impact throughout their business operations and value chain.
Transparency and disclosure
The authors emphasise the need for transparency and disclosure in business practices, particularly regarding risk management and decision-making. The book highlights current reporting practices and their shortcomings and provides a blueprint for effective reporting on human rights, beginning with identifying the salient human rights risks.
Investing in human rights
The book discusses the role of investors in promoting respect for human rights among businesses. Investors are expected to influence companies using the power and leverage they can exercise through their financial influence. The authors advocate for investors to show their commitment to the outcome of their money spent and their responsibility for human rights violations attributed to investments.
Modern slavery
There is an emphasis on modern slavery and the importance of businesses disclosing their efforts to eradicate slavery from their supply chains. The book details the transparency in supply chain provisions included in the UK Modern Slavery Act (MSA) in 2015 and looks at other countries that have signalled their intention to follow suit.
The recommendations section provides actionable steps for businesses, including implementing human rights due diligence, strengthening stakeholder engagement, enhancing transparency, and establishing accountability structures. The conclusion summarises key findings and calls for continued commitment and collaboration to create a sustainable and ethical business environment.