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9 Apr 2014

Audrey Gaughran of Amnesty International in Righting Finance

Financial power: Behind the lack of remedy for corporations’ human rights abuses

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…Amnesty International has been working on…the right to effective remedy in cases of corporate-related human rights abuses...[We]…repeatedly found ourselves confronting the way companies exercised political power to the detriment of the right to remedy…[Corporate] influence on the right to remedy often began at a very early stage in the investment process – when companies influenced, behind the scenes, the laws and regulations that would govern their investments in developing economies…The need for foreign direct investment (FDI) can leave developing countries relatively powerless in their dealings with corporate interests...International financial institutions (IFIs) such as the International Monetary Fund (IMF) and the World Bank have played a key role in promoting investor-friendly regulatory environments in…particularly developing countries…IFIs prescriptions… have included reducing or removing regulations that protect the environment and human rights…

Part of the following timelines

BHP lawsuit (re Papua New Guinea)

Union Carbide/Dow lawsuit (re Bhopal, filed in India)

Union Carbide/Dow lawsuit (re Bhopal, filed in the US)