THE Securities and Exchange Commission (SEC) and United Nations Children’s Fund (UNICEF) have urged companies in the Philippines to integrate children’s rights into their corporate sustainability strategies, as a study shows this aspect has been overlooked.
“Investing in the Future: Why Do Children Matter in the Public Listed Companies Sustainability Reports”, found that around 80 public companies in the Philippines rarely “explicitly” address children’s rights, often overlooked in due diligence and stakeholder engagement processes.
It noted that 85% of companies failed to identify children and pregnant women in their reports on environmental risks and indicators.
Companies address child labor but often overlook broader children’s rights, the study stated.
It also revealed that companies tend to consider children’s rights only when they are directly affected, such as being consumers; relevant regulations exist; or when there are advanced reporting frameworks.
On the other hand, the study showed that companies are compliant with child labor laws and equal opportunity and non-discrimination policies and support the United Nations Sustainable Development Goals and corporate social responsibility programs benefiting children and families.
“Recognizing children’s rights in the Philippines in corporate sustainability practices is a win-win for both businesses and the government,” said Carmen Gonzalez Ortiz, UNICEF Philippines Chief of Private Sector Fundraising and Partnerships.
“Companies promote sustainable practices to achieve their triple bottom line, while the government investments in children help build an equitable and sustainable future for generations to come,” she added.
The study also presented the following recommendations:
* For companies: Integrate child rights into due diligence, impact assessments, and core business practices, including family-friendly and child-safeguarding policies
* For investors: Invest in companies that have strong commitment to children’s rights through their policies and practices
* For government agencies and regulators: Strengthen regulations to protect child rights, encourage comprehensive disclosures, and provide resources and training for child rights reporting
* For development organizations: Capacitate companies and government in developing child rights policies, focus on high-risk industries, and conduct further studies on child rights integration.
Company operations must also include participation, protection from harm, responsible marketing and environmental impacts in expanding their scope of children’s rights, the study said.
SEC Commissioner Rogelio Quevedo said integrating children’s rights and business principles into the companies’ corporate sustainability strategies will help eliminate “exploitative practices, promote family-friendly policies, and foster environments where children can thrive.”
“The SEC remains committed to reforms that improve transparency, accountability, and responsible business conduct,” Quevedo said. (GMA Integrated News)
