This submission by the Human Rights Law Resource Centre Ltd to the Corporations and Markets Advisory Committee considers the issue of corporate social responsibility in a human rights framework.
The submission contends that corporations have the potential and capacity to, on the one hand, contribute significantly to, and on the other hand, derogate significantly from, human rights in local, regional, national and even international communities and environments. At its best, corporate social responsibility is corporate governance and conduct that contributes to the realisation of human rights.
The submission argues that current legislative and policy frameworks do not promote, and in some instances, constitute obstacles to, corporate social responsibility. It contends that a range of initiatives based on the UN Norms on the Responsibilities of Transnational Corporations and Other Business Enterprises with Regard to Human Rights, including in relation to directors’ duties, reporting and disclosure requirements, and government procurement, are needed to ensure that corporations consider and act in accordance with the interests, values and rights not only of shareholders but also stakeholders and the broader community.
