STRATEGIC FRAMEWORK ON A NATIONAL ACTION PLAN ON BUSINESS AND HUMAN RIGHTS FOR MALAYSIA 62. Suggestions raised during the Commission’s roundtable discussions have include that businesses be required to report specifically on their operations and compliance with human rights principles, and be encouraged to conduct independent human rights compliance assessments of their operations and disclose findings in their annual corporate reports.71 63. Recommendations: To promote corporate transparency and accountability in relation to the human rights risks and impacts of business operations, the Commission recommends that: i. The Government revise existing and proposed corporate reporting requirements to make clear that the report or disclosure must include information on the company’s policies and processes for respecting human rights as well as the company’s human rights risks and impacts (whether or not these have a “human rights” label). Whether these requirements are mandatory or voluntary would depend on the company’s size and structure. ii. The Government promote the use by all companies of international non-financial reporting frameworks that include human rights criteria, such as the GRI Sustainability Reporting Framework and the UN Guiding Principles Reporting Framework iii. The Government take effective measures to ensure compliance with the improved reporting requirements Relevant Government bodies: SSM, Securities Commission and Bursa Malaysia (6) Develop standards and guidance for business conduct that respects human rights 64. Business participants consulted by the Commission have raised the need for the Government to articulate clear standards and expectations for what respecting human rights means for businesses. To do so, the Government may promote existing international standards, strengthen existing domestic standards, or develop new ones. 65. Notably, the Government is developing a Malaysian Standard on Social Responsibility based on the ISO 26000. The said Standard will also, like the ISO 26000, include a human rights chapter. 66. Recommendations. The Commission therefore recommends that: i. The Government strengthen ongoing initiatives to promote the adherence of businesses to international standards on responsible business conduct that have human rights criteria, such as the OECD Guidelines and the Global Compact principles. ii. The Government ensure that the Malaysian Standard on Social Responsibility, particularly its human rights chapter, provides adequate and effective guidance to businesses on how to22