Key Challenges

• The neoliberal economic order and the current form of capitalism exacerbate inequality in all forms — between genders, races, Global North and Global South nations — and concentrates wealth and power in the hands of a few; 
• This system operates on the basis of an extractivist, growth and profit model that drives the climate crisis and often actively subverts this crisis via misinformation and regulatory interference, to continue to maximize profits at the cost of people and planet. 
• Capitalism’s strengthening of private ownership combined with systems of oppression that are able to take advantage of land, water and natural resources as well as labor has enabled the formation of private sector entities that are monoliths; the largest of which are valued higher than several countries’ annual budgets. These multinational or transnational entities have not only money and resources but also have international law and trade law on their side, and are able to use borders to bypass paying taxes, increase profit margins at the cost of labor rights or environmental protections, and in short, are able to commit human rights violations with total impunity.

The expansion of corporate power in intergovernmental spaces such as the United Nations is widely evidenced — from an observer seat for the International Chamber of Commerce and the presence of the International Organization of Employers in the binding treaty negotiations, to the recognition of 'business and private sector' both as an equal stakeholder in the nine Major Groups and other Stakeholders (MGoS) for sustainable development as well as in every conference, roundtable, advisory group defined as a ‘multistakeholder’ space. 

Key Principles

What then should guide private sector actors who see to engage in multilateral and intergovernmental spaces while respecting human rights? Key principles include:

• The human rights agenda, including gender equality and labor rights, are non-negotiable and indivisible. 
• Accountability and reparations for human rights and environmental obligations are essential. 
• The climate crisis is real and there is no time to wait for interim solutions.
• The feminist movement is intersectional, and showing support for gender equality means support for other movements too.
• The private sector, particularly large transnational corporations, are not the gold standard for transformation.