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1 Jul 2014

Anna Triponel & Caroline Rees, Shift

The Rising Tide of Human Rights Reporting Requirements

...UK’s Financial Reporting Council (FRC) published guidance on the standards for corporate reporting that were introduced...in the revised UK Companies Act...[with] the explicit inclusion of a requirement for human rights reporting...Since…[the endorsement of] the Guiding Principles on Business and Human Rights, we have seen a clear trend...calling for...greater transparency of companies’ human rights risk management...The UK Companies Act...requires...companies to reflect on whether providing human rights information to its shareholders is necessary for an understanding of their business…[T]he FRC explicitly recognizes that “[t]here can be a strong relationship between the development, performance, position or future prospects” of a company and human rights, “particularly over the longer term”...Shift together with the global audit and advisory firm Mazars, is facilitating the Reporting and Assurance Frameworks Initiative [that] aims to develop a…set of guidance frameworks…on what good reporting on human rights in line with the UN Guiding Principles would look like...