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Environment Tech TV Video Dating Offers Jobs   Professional Guardian Sustainable Business  Blog Hubs Events Awards Jobs Become a member Directory About us A to Z          Burma: first steps for 	investment	 of western capitalFor the social impacts of international investment in Burma to be positive, companies need to align their interventions with international norms    Share   Tweet this   Email    
Sustainable Business  Blog Hubs Events Awards Jobs Become a member Directory About us A to Z          Burma: first steps for investment of western capitalFor the social impacts of international 	investment	 in Burma to be positive, companies need to align their interventions with international norms    Share   Tweet this   Email      John Morrison  Guardian Professional, Tuesday 31 July 2012 15.47 BS
to international norms. Burma is also a country where the human rights case for any business should be self-evident. If early conclusions about whether the social impacts of international 	investment	 are to be positive, then the work of business, civil society, governments and trade unions needs to start now.Burma's president Thein Sein and opposition leader Aung San Suu Kyi have both called fo
are to be positive, then the work of business, civil society, governments and trade unions needs to start now.Burma's president Thein Sein and opposition leader Aung San Suu Kyi have both called for 	investment	 into Burma. They recognise that business needs to be sustainable in both social and environmental terms. These are encouraging commitments. Now they need to be translated into tangible actions. Fo
Burma. They recognise that business needs to be sustainable in both social and environmental terms. These are encouraging commitments. Now they need to be translated into tangible actions. For this 	investment	 to be responsible, it must deliver value both for investors and the people of Burma, operate with respect for the rule of law and be accountable for its actions and impacts.A key measure of socia
in both social and environmental terms. These are encouraging commitments. Now they need to be translated into tangible actions. For this investment to be responsible, it must deliver value both for 	investors	 and the people of Burma, operate with respect for the rule of law and be accountable for its actions and impacts.A key measure of social sustainability in Burma will be the alignment of investmen
for investors and the people of Burma, operate with respect for the rule of law and be accountable for its actions and impacts.A key measure of social sustainability in Burma will be the alignment of 	investment	 with international standards, such as those of the United Nations, International Labour Organisation as well as multi-stakeholder approaches such as the Extractive Industries Transparency Initiativ
Industries Transparency Initiative (EITI). The United Nations Guiding Principles on Business and Human Rights, endorsed unanimously by the UN Human Rights Council in June 2011, are crucial to getting 	investment	 in Burma right. Both the European Union and the United States have made direct reference to the Guiding Principles when announcing their respective easing of sanctions. The US government has include
to the Guiding Principles when announcing their respective easing of sanctions. The US government has included the Guiding Principles as part of its new reporting requirements for US businesses 	investing	 in Burma. Moreover, the UN framework is a key part of the updated OECD Guidelines on Multinational Enterprises and other initiatives such as the ISO 26,000 social responsibility standard adopted las
– how much disclosure and reporting of social impacts is necessary when operating in countries experiencing the challenges currently faced by Burma?For many international companies considering 	investments	 in Burma, a huge challenge is how they will select their local business partners. Getting this right is critical to avoiding relationships with local businesses accused of having benefited fro
the sanctions years, many local businesses had no choice but to work with the government or the military. Many benefited from such ties. This places enormous importance not just on the due diligence 	investors	 need to undertake before selecting business partners, but also the accountability and transparency of these relationships over the months and years ahead.International companies that think they can b
can be secretive about their relationships in Burma, beyond the threshold justifiable by normal competitive requirements, are gravely mistaken and will be increasing the risk associated with their 	investments	 and operations. This is equally true in the context of other key challenges ahead for the country, such as issues relating to land appropriation and use, discrimination, labour rights, conflict an
for their human rights impacts. It is equally important that people have access to adequate remedies when rights abuses do occur. These points are critical in shaping a culture of sustainable 	investment	 in the country.John Morrison is executive director of the Institute for Human Rights and BusinessThis content is brought to you by Guardian Professional. Become a GSB member to get more stories lik