Human rights standards
When speaking about business and human rights, we refer to all types of businesses and not just the larger businesses. The following are some of the existing human rights standards:
- Equator Principle
There are banks which are adhere to the equator principles. Standard Chartered Bank has said that after consultations, they will not be funding any coal development projects globally.
2. Industry Standards
There are banks which have set minimum standards (read human rights standards) which they will have to adhere to in conducting their business.
3. International Standards
This includes the Africa Mining Vision is one of the international standards on mining. The United Nations Economic Commission for Africa describes the Africa Mining Vision as “a pathway, formulated by African nations themselves, that puts the continent’s long term and broad development objectives at the heart of all policy making concerned with mineral extraction.”
4. The United Nations Standards on People and Human Rights
Governments have the obligations and businesses have responsibilities. Human Rights due diligence is required in the extractives sector. This is a measure of reasonableness.
In summary, the following guiding principles can be useful for businesses:
a) Do no harm
b) If you do any harm, provide adequate compensation
c) Make sure people can access these rights.