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Good afternoon. A pleasure to be with you. And join Liz and all of the hard work that she's put into the conference, along with the Oxford team.

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So there are obviously ambiguities and contradictions in considering the private sector in the context of peacebuilding.

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Quite often business is considered as a source of competition, extraction or even conflict.

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So I acknowledge that tension and the difficult questions and histories that underlie it.

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But here I'd like to consider business, as I'm not necessarily as a new actor, certainly, but as a positive actor for peace.

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And so doing, I'm drawing upon my consulting work with the centre for International Private Enterprise in Washington,

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DC, and with the UN Global Compact in New York.

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Across the world, the private sector is adopting higher standards of ethical conduct,

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along with greater scope of responsibility for social and environmental matters.

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Much of this is being driven by stakeholder expectations,

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including the workforce and the communities in which companies operate and the customers that they serve.

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Another driver includes the expectations of ESG, with a focus on environmental, social and governance outcomes.

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The ESG trend is also driven by harmonisation of sustainability standards and corporate reporting requirements.

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Companies are striving to incorporate ESG factors into their strategies, operations, and key performance indicators.

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Speaking of AI, this is a growth area in terms of developing the metrics and measurement for these kinds of factors.

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While there's been certainly some recent political pressure on ESG,

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the level of assets under management that takes ESG factors into account is really quite significant.

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And I quote, according to one policy, for those of us that still remember, it's PricewaterhouseCoopers.

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Asset managers globally are expected to increase their ESG related assets under management to U.S. dollars 33.9 trillion by 2026,

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up from U.S. 18.4 trillion in 2021.

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So again, in addition to standards for corporate responsibility,

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you see essentially the financial dividend for supporting environmental, social and governance.

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By that it means corporate governance factors. These developments can certainly contribute to the creation of stability and security more

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directly through the United Nations Global Compacts Transformational Governance Initiative,

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which we'll talk about in a few moments. Member companies are making express commitments to support SDG 16 on peace, justice and strong institutions.

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Since I know some of you do not follow business developments very closely and might not exactly know what the UN Global Compact does,

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although, of course, I've just followed a very distinguished member of Kofi Annan's team.

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Uh, I'd like to just say a few words. And it was in July of 2000 when UN Secretary General Kofi Annan put forth a vision of a, quote,

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a global compact of shared values and principles which would give a human face to the global market.

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Now, interestingly, this statement itself was born out of a conflict,

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indeed a crisis that took place in the state of Washington precipitated by this anti-globalization backlash.

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This happened at a World Trade Organisation meeting, and later the Headlines and Time magazine wrote, quote, this was the battle for Seattle.

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And perhaps somewhat surprisingly, a tariff setting body based in Geneva became a lightning rod for anti-globalization sentiment.

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Since then,

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the Global Compact has grown to become the world's largest corporate social responsibility initiative they refer to as a sustainability initiative.

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Indeed, it is a global movement that involves more than 20,000 companies and over 160 countries.

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It also involves, uh, several thousand non-business organisations.

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And in terms of accountability, which is something that was demanded by civil society every year.

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Each of those members must provide a very detailed and rigorous communication on progress,

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essentially a report outlining how their actions have supported the ten principles of the Global Compact.

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Although it's headquartered in New York, the UN Global Compact had the foresight to establish local networks around the world,

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which are all interdependent, and these then bring the message to the local business community.

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Host events, provide materials and so forth. And in fact, I might mention that the.

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The, uh, the UK local network is really a phenomenal institution.

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It's really worth looking at their website for the work that they do, um, including with some of the largest companies in the world.

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So, in short, the UN Global Compact calls on business to align their strategies and operations with ten principles on human rights,

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on labour, environment and anti-corruption.

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So overall, what you can see is that tries to support action and impact to shape the world we want.

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And those of you who follow you on activities will know that.

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That was the phraseology for the global survey that asks the question, what kind of world do we want?

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And based on those answers, a rigorous analysis was undertaken by the UN,

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which developed then the Sustainable Development Goals, the 17 goals, uh, of the SDGs.

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So today, I'd like to briefly comment on five themes that support this overall notion of a positive stance for the private sector in the peace space.

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First, private sector values, culture and trust.

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Second, business support for human rights. Third, the significance of corporate purpose.

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Fourth, the shared space between civil society and business.

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In other words, the role of justice defenders. And finally SDG 16 on transformation on governance.

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So as far as private sector values throughout the private sector, leaders are increasingly affirming values and shaping organisational culture.

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I was interested to find that in the United States,

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the national organisation Association of Corporate Directors characterises culture as a corporate asset and urges the board,

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the CEO and Syria and the senior management of the company to clarify foundational elements and values.

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In the UK, the Corporate Governance and Codes provides.

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The board should establish the company's purpose, values and strategy and satisfy itself that these and culture are aligned.

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All directors must act with integrity by example and promote the desired culture.

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So these improvements in corporate governance and compliance, along with business outcomes are being taken up by various sectors.

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There is a priority on transparency, integrity, accountability and in addition,

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shareholder engagement itself, which focuses on a shared sense of values between the company and community.

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So this is becoming ever more central to business conduct.

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Moreover, the commitment to values and to corporate culture really encourages a longer term time horizon,

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looking beyond the proverbial quarterly financial results to a long term sense of value creation.

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So this can encourage investment in human, social and natural capital.

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It also demands a rigorous assessment of risks and including, of course, the corporate reputation.

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This long term perspective can also lead to greater organisational resilience and commercial opportunities,

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and could also contribute to stability in operating environments as well as supply chain.

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So another key feature that can contribute to peace building is trust.

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Ensuring this consistent alignment between corporate values and corporate actions promotes trust in business relationships,

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whether with workers, customers, suppliers, or others.

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More broadly, it's interesting to find that this values driven approach itself can strengthen trust between business, government and civil society.

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Over several years, research performed by the Edelman Trust Barometer has found that business has

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maintained its position as the most trusted institution the company's CEO maintains.

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Quote, business must now be the stabilising force delivering tangible action results on society's most critical issues.

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Societal leadership is now a core function of business.

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The second point is on business support for human rights.

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The main driver behind really an entire movement for business and human rights has been the UN Guiding Principles for Business and Human Rights,

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developed with great care by Professor John Rugby of Harvard University.

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This became in 2011, the first globally authoritative statement about the responsibilities in this context of business and human rights.

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And so the UN GP's, as we call them for short, established three responsibilities and I think immediate you see the relevance to the piece context.

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First, the state duty to protect human rights.

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Second, the corporate responsibility to respect human rights, and third,

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the shared obligation to provide access to remedy for victims of business related human rights harms.

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So the UN GP's have been. Picked up by numerous other standards.

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The OECD was mentioned a few minutes ago. These also formed part of the OBC guidelines for multinational corporations.

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It's important to perhaps recognise the GP's do not prescribe any kind of package of legislation or fixed requirements,

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but rather sort of a mix of measures that states nation states determine on their own.

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But they want to ensure that the duty to prevent harm is addressed and that business, human or related human rights abuses have remedy.

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And in addition, one interesting development has been because of this remedy language.

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New mediation practices have come into play to, uh, settle disputes on these questions of business and human rights.

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Um, also, benchmarking is taking place.

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In other words, measuring different companies in different territories against their human rights practices,

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which clarify some of the industry risk and related issues.

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So we can see how some of these remedies and this whole perspective, both the prevention,

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the respect for rights and the mitigation of disputes can really contribute to peace.

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So, you know, GP's been taken up by governments, companies, civil society organisations and interestingly,

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multinational corporations passed some of these obligations to their supply chains.

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So that magnifies the impact.

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And in addition, there's increasing legislation and regulation, including at the EU level, um, due diligence in the supply chain.

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So there is very rigorous attention on exactly what is happening in the supply chain.

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So this has helped confer, well, at least address some of the problems of forced labour, of child labour, of human trafficking and of modern slavery.

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There's an annual forum on business and human rights held in Geneva.

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It is one of the largest events that is held at the United Nations, bringing together all sorts of stakeholders.

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So annually, that also creates an atmosphere of sharing best practices, uh, encouraging collaboration and joint problem solving.

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The implementation of the UN GP's, even though that's a separate initiative,

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also informs the human rights language contained in the UN Global Compact.

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Next, the significance of corporate purpose. Various initiatives seek to redefine the role of corporations in society.

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And one key idea pertains to this fundamental understanding of business purpose.

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In 2019, this was in the United States. The Business Roundtable organised effort for 181 of its members,

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all CEOs of major U.S. corporations, to adopt a statement on the purpose of the corporation.

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They declared that companies should serve not only their shareholders,

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but also and and also that point of maximising shareholder return, but also their stakeholders and deliver social benefits.

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And that statement garnered extraordinary attention across, uh, literally every single media outlet.

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It signalled some sort of change. In 2018, the British Academy launched an ambitious research and engagement program on the future of the corporation,

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led by Professor Colin Meyer, who was previously the dean of the business school here, uh, at Oxford.

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And now he's based at the at BSG at the Blavatnik School.

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It is divine,

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the purpose of the corporation and I quote profitably solving the problems of people and planet and not profiting from creating problems.

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Now, that is a very powerful conceptualisation. Of course, the company must make a profit.

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That is what it is. It is not an NGO. It is not a charity, is not civil society.

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It is a profit making enterprise.

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But here you have this sense of solve problems and don't contribute to problems.

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So again, I think there is a linkage to creating the kind of environment that is conducive to peace.

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The Academy's Principles for Purposeful Business examine accountability, input and implementation,

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as well as reforms related to corporate governance, regulation, ownership, measurement, performance, finance, and investment.

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So something perhaps worth having a look at in terms of arguing about the positive role of business in the peace space.

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Next, the shared space between civil society and business.

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So civil society actors as well as companies depend on legal and institutional frameworks that define the shared space where they operate.

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Civil society cannot flourish. Business cannot fried outside of these frameworks.

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There was a report published that involved several organisations, uh, called Shared Space Under Pressure.

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Business support for civic freedoms and human rights defenders.

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Quote successful sustainable business and investment environments require accountable governance bound by the.

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Rule of law. Such environments can only be maintained when the rights that define the shared space.

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Freedom of expression, assembly, association are respected and protected.

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These elements allow other human rights to be realised and importantly for business.

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They also foster innovation and entrepreneurship, offering that freedom to create value and generate both economic profit and social benefit.

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So the report, which is also cited in a project for the centre for International Private Enterprise on the notion of constructive capital.

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Holds that this had shared space is now under pressure literally around the world, and attacks on human rights defenders are increasing.

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Long standing democracies are backsliding.

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So among these trends, various stakeholders are calling on businesses to join forces with civil society in defending the shared space,

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essentially calling on business to be the voices and forces for civic freedoms and to help defend human rights defenders and justice defenders,

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whether it's in their own operations and supply chains or actually in a broader context.

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So you can see how this strategy for defending justice offers another avenue to promote peace and stability.

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FDA 16 the private sector offers support for the UN Sustainable Development Agenda and its 17 goals, and various ways.

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You're probably familiar with the charts that you have seen.

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Uh, with all the logos, I'm wearing a pin that has ESG, um, logos attached to it.

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Um, the charts are very colourful, and probably each of you has a favourite SDG that you focus on.

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They look something like this. So the one that I'm focusing at is SDG 16 peace, justice and Strong Institutions.

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And it's been fascinating to see how the business community has rallied around these SDGs and tried to match whatever

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the company may be involved with for the maximum benefit to support a particular SDG and also new collaborations.

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It could be added here also that that support can feed in to the ESG that I mentioned,

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environmental social governance factors, which then makes the company more attractive to investors.

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In 2020, on the 75th anniversary of the United Nations and the 20th anniversary of the Global Compact,

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the U.N. just the issued a statement from business leaders for renewed global cooperation.

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More than a thousand CEOs from companies in over 100 different countries demonstrated

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their support for the United Nations and global cooperations through peace,

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justice and strong institution. I think it might be worthwhile to make a little side note here about rule of law itself,

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because the Global Compact addresses questions of the rule of law and governance through its Action Platform on Peace,

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justice and Strong Institutions.

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A maintenance uh initiative began many years ago, long before the SDGs, to look at how business and the rule of law interrelate.

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And eventually this has emerged over time to transformational governance,

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which is a collaborative effort that is aligned with the ten principles of the UN Global Compact and the UN Sustainable Development Goals,

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particularly SD 16. I'd like to just mention a couple of the factors that feature in a definition of the rule of law.

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This comes from the World of Justice project, which does an amazing job of not only defining and researching rule of law,

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but actually measuring rule of law in countries around the world and benchmarking them and rating them.

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So for principles one, accountability.

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The government as well as private actors are accountable under law.

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Next, universal principle two just law.

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The law is clear. Public thrives, stable and is applied evenly.

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It ensures human rights as well as property, contract and procedural rights.

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Number three open government.

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The processes by which the law is adopted, administered, adjudicated,

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enforced are accessible, fair and efficient, and number four, accessible and impartial.

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Justice. Justice is delivered timely by competent, ethical and independent representatives and neutrals who are accessible,

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have resources and reflect the make up of the communities they serve.

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At the same time, the U.

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The World Justice Project and others have shown that there is a massive deficit, deficit and access to justice around the world.

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So this project, um, I'm finishing up now at this point, um, at SDG 16 and the private sector.

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So a business framework was developed that would help companies embrace transformational governance,

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which is a principles based approach calling on business to be more accountable,

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ethical, inclusive and transparent as a driver of responsible business,

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enhance ESG performance, and importantly, strengthen public institutions, laws and systems.

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It also shows how companies can actually take concrete measures to support each of the SDG elements, and also support cross-functional engagement.

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Online, you'll find a host of resources, including specific examples of what companies have done.

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This has been, um, developed further in, I think,

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Lab on Transformational Governance that was launched in 2022 with consultations from C-suite leaders,

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board members, corporate council and other experts helping identify risks,

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having dialogue with civil society and looking to how to demonstrate leadership,

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um, leadership, business leadership and time of crisis is just one example of the many, uh,

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pieces of research and literature that are available on the subject to help

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understand better transformational governance and the risks that can be addressed.

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Um, additional briefs, corporate boards and executive leadership, responsible government engagement, investing and transformational governance.

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And now looking at the formation of the Chief Legal Officers Coalition, a network, uh, for shared practices and peer learning.

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Another milestone which was just mentioned is this question of the summit of the future.

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So that is also going to be another opportunity to focus, um, SG 16 and what it could help accomplish.

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So there are various business opportunities to support, uh,

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the ten principles of the UN Global Compact to support Transformational Governance and also SDG 16 peace, justice and strong institutions.

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Thank you very much.