"Ethical pursuit of prosperity", 23 Mar 2015

Last month’s Global Law Summit discussed the role of business in supporting the rule of law and responsible business practices…[O]ne issue…needs heightened attention – the need to hold businesses to account for their responsibility to respect human rights when things go wrong…There is a strong business case for tempering the corporate race to short-term profit with actions that look to the longer-term. The pursuit of prosperity and the promotion of human rights...complement each other. Responsible business leaders know that sustainable profits can only stem from stable societies in which people have dignity, freedom and a voice…There can be immense reputational damage to business operations that damage human rights…A good reputation can be a driving force for action. Its opposite, shame, has its own power to motivate change…When things go wrong, businesses must be held accountable, and national judicial systems must be able and willing to do so. Too often they remain inaccessible to victims, and fail to ensure effective remedy or hold companies to account…