Companies are increasingly exploring how they can introduce third party expert input in order to promote constructive exchange on ESG issues, including human rights.
Third party experts can help companies better understand different perspectives, address conflicting goals and better integrate human rights into their policies, corporate strategy, risk management and reporting. As investors continue to require better human rights integration by their portfolio companies, expert input is becoming even more valuable.
In addition to their investors and internal stakeholders, companies are engaging with other external stakeholders such as human rights experts, NGOs, academia and civil society. Some companies go a step further to better equip themselves to address emerging human rights risks and set up Human Rights, Ethics Advisory Councils or Committees made up of such external stakeholders. In a previous Blog Post, we discuss steps Boards can take to address such risks, including by understanding the perspective of critical stakeholders.
Third party expert input on human rights: a trend to watch?