Human Rights Norms for Business: The Missing Piece of the Ruggie Jigsaw - The Case of Institutional Investors

THE UN GUIDING PRINCIPLES ON BUSINESS AND HUMAN RIGHTS - FOUNDATIONS AND IMPLEMENTATION, pp. 217-244, Radu Mares, ed., Leiden, Martinus Nijhoff, 2012

Leuven Centre for Global Bovernance Studies Working Paper No. 67

36 Pages Posted: 6 Jul 2011 Last revised: 6 Feb 2015

See all articles by Rory Sullivan

Rory Sullivan

London School of Economics

Nicolas Hachez

Leuven Centre for Global Governance Studies

Date Written: July 5, 2011

Abstract

This paper intends to provide insights as to whether institutional investors, through the framework proposed by the UN Special Representative on Business and Human Rights, John Ruggie, can promote business respect for human rights worldwide. In this regard, the paper explains why investors are not currently paying attention to human rights and offers some practical proposals on how this situation can be addressed. The paper begins by describing the role institutional investors could play in helping ensure business respect for human rights. It identifies the central obstacle to them playing this role as the lack of consensus and clarity around the human rights expectations of companies and, specifically, the absence of an agreed normative framework against which corporate human rights performance can be assessed. It argues that the framework proposed by the Special Representative does not effectively address this shortcoming. The paper then sets out the authors' views on what an effective accountability framework for business and human rights would look like, most notably in relation to the potential role of institutional investors. Finally, it considers the implications of the authors' proposals in the context of the recommendations that have been made by the Special Representative.

Suggested Citation

Sullivan, Rory and Hachez, Nicolas, Human Rights Norms for Business: The Missing Piece of the Ruggie Jigsaw - The Case of Institutional Investors (July 5, 2011). THE UN GUIDING PRINCIPLES ON BUSINESS AND HUMAN RIGHTS - FOUNDATIONS AND IMPLEMENTATION, pp. 217-244, Radu Mares, ed., Leiden, Martinus Nijhoff, 2012, Leuven Centre for Global Bovernance Studies Working Paper No. 67, Available at SSRN: https://ssrn.com/abstract=1878975 or http://dx.doi.org/10.2139/ssrn.1878975

Rory Sullivan

London School of Economics ( email )

Houghton St, London WC2A 2AE
London, WC2A 2AE
United Kingdom

Nicolas Hachez (Contact Author)

Leuven Centre for Global Governance Studies ( email )

House De Dorlodot
Deberiotstraat 34
Leuven, B-3000
Belgium
+32 16 32 51 10 (Phone)

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