The Voluntary Principles on Security and Human Rights: Assessing impact on company behaviour in Colombia

Abstract

The debate over the use of legal regulation and voluntary initiatives for generating responsible business practices from companies operating abroad has raised concerns regarding the effectiveness of voluntary initiatives. A main argument against voluntary initiatives is that companies adopt them solely to boost corporate image, and that implementation has been limited. To provide insight into this debate, research was conducted on the Voluntary Principles on Security and Human Rights (VPs), an initiative in the extractive sector that focuses on safeguarding human rights. The research involved three case studies on companies operating in Colombia, including BHP Billiton, Occidental Petroleum and Talisman Energy. The findings of this research indicate that overall the initiative has generated some improvement in the way that companies manage potential security and human rights risks, providing evidence that companies are not adopting voluntary initiatives solely for the purpose of boosting public relations.