Former UN Special Representative on Business and Human Rights
John Ruggie, now a
senior advisor to our CSR practice, recently authored an article in Corporate
Secretary magazine in which he observed that there has
been a "convergence of expectations" with regard to
business responsibilities in the area of human rights.
[h]uman rights due diligence requires companies to develop
effective policies and procedures to assess the actual and
potential human rights impacts associated with their activities and
business relationships, and to act upon the findings.
Professor Ruggie observes that the Guiding Principles are
"not just another set of voluntary standards vying for
attention in an increasingly crowded space" but rather
represent "authoritative UN standards around which the
articulated expectations of many public and private institutions
have already converged." (emphasis added)
Specifically, as noted in the article, the United
States Council for International Business, the International
Organization of Employers, and the International Chamber of
Commerce have all voiced support for the Principles. The guidance
set forth in the Principles has also been incorporated into:
The revised Organization for Economic Cooperation and
Development ("OECD") Guidelines for Multinational
The revised International Finance Corporation ("IFC")
Sustainability Policy and the corresponding Performance Standards;
The ISO 26000 social responsibility standard adopted by
the International Organization for Standardization
The formal endorsement, and rapid incorporation, of the Guiding
Principles marks 2011 as a transformative year in the field of
business and human rights. Looking ahead to 2012 and beyond,
companies should expect that stakeholder expectations with regard
to corporate impacts on human rights will increasingly be informed
by this new framework.
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stimates place the amount of money illegally "laundered" through
United States banks in the hundreds of billions of dollars each year.1
For more than five decades, the U.S. government has attacked money
laundering, in part, through anti-money laundering ("AML") disclosure,
monitoring, and reporting requirements placed on financial institutions.
We recently notified you of the FDIC’s Financial Institution Letter 47-2013 , which urges directors and officers of financial institutions to examine their institutions’ directors and officers (D&O) insurance coverage to ensure adequate protection for themselves as well as their depositors and shareholders.
Comments made by Kara N. Brockmeyer, the Securities Exchange Commission’s chief of the Foreign Corruption Practices Act unit, and Charles E. Duross, deputy chief of the Department of Justice’s FCPA unit, at the recent International Conference on the FCPA suggest that both agencies are increasing their scrutiny of possible FCPA violations for the next year.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Last Friday’s edition of the New York Law Journal features an article in its "Outside Counsel" column authored by Mintz Levin colleagues Andrew Roth and Kim Gold, entitled Cracking Down on Executive Compensation for Not-for-Profits.