...the main thrust of the interface between human rights and business has been changing over the years. In my view, this evolution can be analysed in terms of three broad eras each with a distinct thrust: the 'business or human rights' era, the 'business and human rights' (BHR) era and the 'business of human rights' era...The three eras now exist in parallel with a change in the dominant theme. For example, while currently the BHR era is dominating the scene, there may still be some voices vouching for the business or human rights era. Second, although the third era – the business of human rights – is still in its infancy, I expect this to gain traction and perhaps become more dominant in coming years...I think both CSR and BHR – and even RBC (responsible business conduct) – share the common starting point of corporations having responsibilities beyond their shareholders. However, key differences exist regarding the normative basis of corporate responsibilities, the nature and extent of these responsibilities, the process of identifying individuals and communities to whom responsi- bilities are owed, and the modus operandi of enforcing corporate responsibilities in cases of noncompliance...

The validity of the shareholder primacy model too has been contested on legal, normative and practical grounds,10 and not many corporations would now claim – at least publicly – that their sole objective is to maximise profits irrespective of any adverse impact on society. Consequently, the business or human rights era has lost much of its steam, though traces of it can still be seen...

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