GENEVA - Growing inequality, and increased polarisation within and between societies around the world underscores the urgent need for corporations to accept their shared role in addressing global challenges, said Cecilia Bailliet*, the Independent Expert on human rights and international solidarity, in a report to the UN General Assembly.
"With the market value of the world's largest companies exceeding the GDP of most countries, the responsibility of corporations to positively contribute to the well-being of communities and society, is significant, " Bailliet said.
The report said increasing reliance on corporations for access to basic services, including food, water, housing, and energy means that States must commit to ensuring that companies protect consumer rights, produce sustainable goods, guarantee fair employment, prevent gender discrimination, protect the environment and contribute to sustainable peace and development.
"Corporate political posturing and the negative influence of corporations on popular culture is of growing concern, as is the rise in strategic lawsuits, surveillance and criminalisation of civil society actors who call for corporate respect for human rights and protection of the environment," the expert said.
States should adopt due diligence legislation to require corporations to accept independent human rights and environmental risk assessments and audits as well as heightened risk assessments in conflict situations, addressing prevention and remedy obligations.
"Despite the challenges, there is also an opportunity for companies to step up and to be a force for good," Baillet said.
By working in collaboration with States, international organisations, civil society, and faith institutions, corporations can create value for communities and workers and contribute to social inclusion and sustainability.
"Corporations, along with States and other actors, are key to ensuring a much-needed shift to 21st century multilateralism based on international solidarity," she said.
