Article from www.weforum.org.
Amol Mehra, Executive Director, International Corporate Accountability Roundtable (ICAR)
Camille Gervais, Fellow, International Corporate Accountability Roundtable (ICAR)
Image: REUTERS/Fabian Bimmer
For too long, maximizing profit has been the market’s dominant narrative. Businesses have prioritized redistribution to shareholders and focused on financial bottom lines. They have treated human rights, environmental considerations and governance reforms as externalities.
Companies have roamed the world, extracting value from wherever they can, whatever the price – human or environmental. Oil and mining companies have flooded Africa and negotiated extractives concessions with little or no transparency; apparel companies have relocated production to jurisdictions to take advantage of lax labour laws; and banks have engaged in dangerous and predatory lending practices, leaving many deeply indebted.