More and more is expected of business in societies all around the world. Put simply, every board of directors needs to understand how their company relates to wider society both in terms of positive and negative impacts. Last month at the World Economic Forum in Davos, we launched a Guidance Note for Boards on emerging director duties relating to expected stakeholders (https://www.ihrb.org/news/guidance-note-for-boards-and-ihrb-john-morrison-davos-world-economic-forum-2022).

In contexts such as the Russian invasion of Ukraine, it is even more important that company directors take this perspective, not just in OECD member countries but in emerging economies too: SMEs as well as major international companies.

John Morrison's presentation makes the case for a business' "social licence to operate" as a modern interpretation of social contract theory. He will take the issue of economic sanctions as one of these key issues, and within this the provision of 'public goods' (e.g. food, water, health) and essential services (e.g. security, agriculture, healthcare, energy, finance, internet). This is both an issue of enhanced human rights due diligence (as understood under the United Nations Guiding Principles on Business and Human Rights) as well as the culture in the boardroom.