​NBIM, UNICEF launch disclosure code for companies around child rights online

Norges Bank Investment Management (NBIM) has launched a set of disclosure recommendations and guidance, alongside UNICEF, to help companies report on children’s rights online, completing work initiated last summer.

Carine Smith Ihenacho, chief governance and compliance officer at NBIM, which manages the NOK19trn (€1.6trn) Norwegian Government Pension Fund Global (GPFG), said: “This guidance provides practical support for companies that want to show the efforts they are making to respect children’s rights in the digital sphere.”

NBIM, which has previously worked with the UN children’s charity in other areas, such as food retailers and the footwear and garment industry, said the guidelines were the result of close collaboration with companies and civil society organisations.

The recommended disclosures include, for example, a description of how a company embeds child rights in the digital environment into ongoing human rights due diligence, and another to describe material impacts on child rights by a company’s digital products, services or business activities, including how children might interact with those services.

NBIM said an analysis of 195 corporate reports by UNICEF and the non-profit Business for Social Responsibility showed that less than a third contained meaningful information about children’s rights online, while children represented over 30% of the world’s population, and faced growing risks of exploitation, surveillance, harmful content, and discrimination online.

“Respecting children’s rights is an integral part of good corporate practice, whilst mismanagement of children’s rights can have adverse business implications and result in heightened reputational and litigation risk,” NBIM said.

It also said corporate transparency could reduce risks and shareholder concerns.

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