USA: Draft bill introduced in Congress that would require U.S. companies to provide information regarding human rights risks & impacts

Author: International Corporate Accountability Roundtable, Published on: 12 July 2019

"ICAR welcomes the introduction of the Corporate Human Rights Risk Assessment, Prevention, and Mitigation Act of 2019," 11 July 2019

...[A] discussion draft of the Corporate Human Rights Risk Assessment, Prevention, and Mitigation Act of 2019 was introduced, a landmark piece of legislation that would require U.S. companies to provide critical information regarding their human rights risks and impacts to investors and consumers. Under the Bill, publicly listed companies that file an annual report with the U.S. Securities and Exchange Commission (SEC) are required to conduct an annual assessment of the human rights risks and impacts in their operations and throughout their value chains, rank those risks on their severity of harm to the rights holder, and disclose the process and results of their assessment, as well as any actions the company has taken to avoid, mitigate, or remediate the identified risks or impacts. "... The bill is the first in the United States to require broad scale human rights information disclosure...“The SEC has a responsibility to the public and investors to ensure relevant business information is readily accessible and standardized, so that investors can make informed decisions. This bill moves to close a gap that left investors vulnerable to unidentified risks that is fully consistent with the SEC’s mandate,” said Alison Friedman, Executive Director of the International Corporate Accountability Roundtable.

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