PART 2: BUSINESS AND HUMAN RIGHTS: KEY DEVELOPMENTS AND FRAMEWORKS that respecting human rights is not only the The UN Guiding Principles on Business and Human Rights right thing to do, but also good for business. In June 2011, the UN Human Rights Council Globally, businesses are increasingly recognising Increasingly, governments consumers, are all investors expecting and businesses to operate in a responsible and sustainable manner. There is growing evidence of the social and economic value for a company that embeds human rights considerations into its core business practices, and the significant costs and reputational risks when human rights are ignored.25 Respecting human rights is not just about risk management, it can also create new business opportunities, including access to markets, capital, suppliers and consumers. unanimously adopted the UN Guiding Principles on Business and Human Rights (UN Guiding Principles). The UN Guiding Principles provide a global standard for addressing and preventing human rights impacts associated with business activity. Their endorsement signalled the first time the global community agreed to a common understanding of the relationship between business and human rights, outlining the roles and responsibilities of nation States and business. The UN Guiding Principles operate on a threepillar framework, known as the Protect, Respect, Remedy Framework, which consists of: Business case for respecting human rights • • • • • 18 | Minimise legal, reputational and operational risks Strengthen the business competitive advantage Create an environment that attracts, retains and motivates employees Attract ethically-concerned investors and consumers Strengthen relationships with relevant stakeholders including customers, suppliers and local communities • State duty to protect human rights • Corporate responsibility to respect human rights • Access to appropriate and effective remedy for victims of business-related abuse.