The ISSB (International Sustainability Standards Board) has been urged to prioritise human rights in a letter from the NGO ShareAction and global investors.
Signed by 21 investors including Scottish Widows, La Francaise Group and Scottish Widows, the letter follows an RFI (request for information) seeking feedback on which area the RFI should focus its next set of standards on.
In addition, it comes after a recent ShareAction opinion poll which highlighted that a majority (74%) of British adults would have a more negative view of businesses which failed to meet human rights and labour standards.
“This is an opportunity for the ISSB to set the global reporting baseline needed for investors to be able to understand and take meaningful action on labour and human rights abuses,” said ShareAction head of Workforce Disclosure Initiative James Coldwell.
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He continued: “We know that workers around the world face exploitation by unscrupulous companies, harming the workers themselves and creating risks for investors. Tackling these issues can only be achieved when there is transparency around corporate practices – something the ISSB is perfectly positioned to deliver”.
“This is why we’re calling on them to prioritise research into human capital and human rights, to develop a globally accepted reporting framework”.
Cosignator, Ethos Foundation CEO Vincent Kauffman added: “Be it good people management within the workforce, or comprehensive human rights due diligence across the supply chain, an organisation which prioritises human wellbeing stands the best chance of succeeding in the future.”
“As the financial materiality of these issues becomes increasingly clear, it is crucial investors have access to comprehensive and comparable social data from businesses to help inform investment decisions”.
“It is imperative that the ISSB prioritises developing human capital and human rights standards as soon as possible to help deliver this.”
