UNPRI consultation on human rights framework

A PRI consultation on a new human rights framework has begun. A paper has been published - see here (pdf) - the purpose of which is to set out a framework for institutional investors on the implementation of respect for human rights in their investment activities.

UNEP inquiry - designing a sustainable financial system

As part of the Inquiry into the Design of a Sustainable Financial System, being led by the United Nations Environment Programme, a couple of reports have recently been published. The first, titled Fiduciary Duty in the 21st Century, explores the content of fiduciary duty across several jurisdictions and finds that it is not an obstacle to asset owner action on environmental, social and governance factors: see here (pdf). The second, titled Financial Reform, Institutional Investors and Sustainable Development, provides a review of current policy initiatives and also calls for policies that better align institutional investors with sustainable development goals; it is published in association with CalPERS and is available here (pdf).

United Nations corporate law project

In 2009 the Special Representative of the UN Secretary-General on Business and Human Rights launched a Corporate Law project. The purpose was to examine company and securities laws in over 40 jurisdictions to determine the extent to which they recognised human rights. Questions were framed around around several broad themes including incorporation and listing, directors' duties, reporting and stakeholder engagement. The survey also sought background information concerning the legal and regulatory landscape in each jurisdiction.

An overview of the survey results was published last month: see here (pdf). Further background information (including completed surveys for some of the jurisdictions, e.g., UK, France, South Africa, India and Japan), is available here.