Investors expect tech giants to do more to respect human rights

People all over the world rely on the services of tech giants to exercise their basic human rights. But the tech giants are also involved in the spread of hate speech, misinformation, electoral manipulation, and other severe threats, all with negative impacts on human rights. This causes concern to many, including a growing number of investors who by funding or lending money to the tech giants may be contributing to human rights abuses.

Among the concerned investors is the National Swedish Pension Funds. In 2020, the Council on Ethics of the National Swedish Pension Funds published a report that contains investors’ expectations of the tech giants. One of these expectations is that tech giants ‘should have policies for engaging constructively with policymakers and regulators on human rights and be transparent about those policies or guidelines’.

Broader discussion on fundamental human rights

The expectations are primarily directed at the boards of tech giants and intended to serve as a platform for dialogue on human rights between investors and tech giants. The Council of Ethics has teamed up with other international investors including the Church of England and Hermes. On the basis of the report they have entered into dialogue with a number of tech giants.

‘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. Our goal is for the report to be a platform for that work’ (John Howchin, Secretary-General of the Council on Ethics).

In recent years the Institute has collaborated with a number of investors on human rights.

‘Investors have a responsibility to respect human rights and address human rights abuses. It is important that they use their leverage on the tech giants and other companies’ (Eva Grambye, Deputy Executive Director at the Institute).