CHRB To Judge Companies On Their ‘Human Rights Performance’
Dailycsr.com – 26 March 2016 – For the first time companies from around the world will be judged on the basis of their performance under “human rights” category. The said ranking will debut shortly making it the “first-ever” of its kind to enlist global companies in a ranking system for the same.
The Economist Intelligence Unit carried out a recent survey wherein they found that as many as “853 senior corporate executives” were looking for a “public benchmark” which will set the standard of “human rights performance” and in turn help them to meet their responsibilities in this field. Consequently, the said ranking system came into play under the name of the “Corporate Human Rights Benchmark” or the CHRB.
The ranking of CHRB will be designed keeping an evaluation of “top 100 companies” that range from “apparel, agricultural, and extractive industries” in mind. For two long years, the steering committee of the CHRB worked in collaboration with more than “400 companies, industry associations, investors, governments, civil society representatives, academics, and lawyers” in order to develop the methodologies of the said ranking system.
The CHRB has plans of sending the finalised methodologies to the chosen companies as “pilot benchmark” programme. Moreover, it will also commence a “disclosure platform”, wherein pilot companies to share public information which could be considered in the context of the CHRB “along with existing public documents like annual reports and policies”.
It is a free public benchmark that will evaluate companies on the basis of their “human rights performance”. It has scheduled to release its reports in the month of November 2016, where after CHRB will be revised and published on an annual basis. Furthermore, CHRB will be open to possible alterations to accommodate “additional industries until the top 500 globally listed companies are included”.
Steve Waygood who is the chief “Responsible Investment Officer” of Aviva Investors is shouldering the responsibility of a chairperson at the CHRB Steering Committee. In Waygood’s words:
"Respecting rights should ultimately be a competitive advantage. At the moment, companies that are less accountable for their impacts on people are still able to raise capital at rates that don't properly take these issues into account. We are seeking to change that."
The Economist Intelligence Unit carried out a recent survey wherein they found that as many as “853 senior corporate executives” were looking for a “public benchmark” which will set the standard of “human rights performance” and in turn help them to meet their responsibilities in this field. Consequently, the said ranking system came into play under the name of the “Corporate Human Rights Benchmark” or the CHRB.
The ranking of CHRB will be designed keeping an evaluation of “top 100 companies” that range from “apparel, agricultural, and extractive industries” in mind. For two long years, the steering committee of the CHRB worked in collaboration with more than “400 companies, industry associations, investors, governments, civil society representatives, academics, and lawyers” in order to develop the methodologies of the said ranking system.
The CHRB has plans of sending the finalised methodologies to the chosen companies as “pilot benchmark” programme. Moreover, it will also commence a “disclosure platform”, wherein pilot companies to share public information which could be considered in the context of the CHRB “along with existing public documents like annual reports and policies”.
It is a free public benchmark that will evaluate companies on the basis of their “human rights performance”. It has scheduled to release its reports in the month of November 2016, where after CHRB will be revised and published on an annual basis. Furthermore, CHRB will be open to possible alterations to accommodate “additional industries until the top 500 globally listed companies are included”.
Steve Waygood who is the chief “Responsible Investment Officer” of Aviva Investors is shouldering the responsibility of a chairperson at the CHRB Steering Committee. In Waygood’s words:
"Respecting rights should ultimately be a competitive advantage. At the moment, companies that are less accountable for their impacts on people are still able to raise capital at rates that don't properly take these issues into account. We are seeking to change that."
- The list of “CHRB Steering Committee members” is given below:
- Aviva Investors
- Business & Human Rights Resource Centre (BHRRC)
- Calvert Investments
- The Institute for Human Rights and Business (IHRB)
- VBDO
- Vigeo Eiris
Companies