Businesses should use human rights impact assessments as a standard tool and be obliged to report on their non-financial impacts on society, according to an influential group of faith-based institutional investors. Writing to John Ruggie, the United Nations special representative on business and human rights, fifty members of the Interfaith Center for Corporate Responsibility said that HRIAs are essential to minimise risks across a whole range of issues and industries.
The ICCR represents 275 faith-based institutional investors including denominations, religious communities, pension funds, healthcare corporations, foundations and dioceses with combined portfolios worth an estimated $100bn.
“Human rights impact assessments enable a company to identify, understand, and evaluate the impact of its operations or projects on communities and other stakeholders, at each stage of its development and operation, and as a result minimise potential human rights abuses,” the ICCR said in the October 10 letter. “We strongly encourage that your final report recommends that HRIAs become a standard tool and process across the full range of industries – based on international human rights norms and developed in dialogue with appropriate stakeholders.” While broadly supportive of the Global Reporting Initiative as the “leading sustainability reporting format”, the ICCR said it recognised its limitations as a voluntary reporting model. “There is a clear need for some form of mandatory reporting in this area in order to establish a level playing field where all companies report basic, baseline data on their human rights performance.” The ICCR called for another meeting with Ruggie to discuss their concerns, following a previous meeting on May 11 2006.
The UN Global Compact on October 2 announced that it has removed 335 companies from its global list of participants because they missed two consecutive annual deadlines to submit a communication on progress. “This is an important step in our drive towards enhanced quality,” said Mark Moody-Stuart, chairman of Anglo-American and chair of the foundation for the Global Compact. “While the Global Compact is a purely voluntary initiative, it is important to protect the investment that seriously committed companies and other stakeholders have made.” All companies participating in the Compact are expected to submit an annual report describing the ways in which they are implementing the ten principles. Prior to being labeled “inactive”, companies that have failed to submit a COP for a specified period of time are listed as “non-communicating” on the Global Compact website.
The US chemicals manufacturer is broadening its commitment to sustainability by expanding business offerings addressing safety, environment, energy and climate challenges.
DuPont, the US chemicals manufacturer, is broadening its commitment to sustainability by expanding its business offerings addressing safety, environment, energy and climate challenges, chairman and chief executive Charles Holliday announced on October 10. The company expects to derive additional revenues of $6bn or more by 2015 from the initiative.
Holliday announced the sustainability goals at a town hall meeting and global webcast. “Our top priority is to create value for our shareholders. We will do that by delivering sustainable solutions through science and innovation,” Holliday said.
DuPont committed to:
double research and development investment in environmentally smart market opportunities
grow annual revenue $2bn or more from products that create energy efficiency and/or reduce greenhouse gas emissions
double annual revenue to $8bn from non-depletable resources
introduce at least 1,000 new safety products or services.
In addition, DuPont updated its environmental footprint, committing to reducing greenhouse gas emissions by a further 15% by 2015 compared to 2015, on top of the 72% cut it has achieved since 2004. DuPont laid out new targets on fleet fuel efficiency, air carcinogens and said it would ensure that all of its global manufacturing operations have completed independent third-party verification by 2015.
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