Swedish pension funds sets out expectations for tech giants on human rights
The Danish Institute for Human Rights has supported the Council on Ethics of the Swedish National Pension Funds in developing human rights expectations for tech giants. Based on the expectations the council has initiated engagement with tech giants on human rights together with a larger group of international investors.
Today, tech companies are integral to global society. Their platforms are used daily by billions of people. The internet, mobile phones and social media are part of the fabric of our everyday lives. With expert input from the Danish Institute for Human Rights, the Council on Ethics has identified what are reasonable human rights expectations of companies such as Facebook, Google (Alphabet) and Twitter.
“Tech giants’ human rights impacts are wide-ranging and include impacts linked to the gathering, use and commercialisation of personal data and content moderation. Risks to human rights are enshrined in tech giants’ business models, corporate governance and incentive structures. To counteract such risks, we recommend that human rights considerations are integrated into tech giants’ business strategies, policies and planning. It is therefore very positive to see Council on Ethics of the Swedish National Pension Funds send such a strong signal to the tech giants. Financial institutions have a responsibility to respect human rights and address human rights abuses and they should use their leverage towards the companies in their portfolio," says Eva Grambye, deputy executive director with the Danish Institute for Human Rights.
The purpose of the expectation document is to serve as a platform for the Council on Ethics and for other investors, to conduct a more constructive and effective dialogue with the tech sector regarding the companies’ responsibility for and impacts on human rights.
“We need a broader discussion on the corporate responsibility of tech companies and respect for fundamental human rights. It is still a relatively “young” sector that in a short time has grown rapidly and has a wide impact. With this, many difficult issues have followed. We do not have all the answers to these questions as it is in many ways a new playingfield we have in front of us, but we know from our experience of engaging with other sectors over the years that difficult questions can be addressed if you work in a structured way with the problems. Our goal is for this document to be a platform for that work. Not only for us and other investors but also for other stakeholders who are involved in the issues,” says John Howchin, Secretary-General of the Council on Ethics.
The expectations document is available for download here.