2.3 State ownership and practice for supporting the business sector
Principle 4 concerns the business activities of stateowned enterprises and enterprises that receive economic support or other services from state agencies:
4. States should take additional steps to protect against human rights abuses by business enterprises that are owned or controlled by the State, or that receive substantial support and services from State agencies such as export credit agencies and official investment insurance or guarantee agencies, including, where appropriate, by requiring human rights due diligence.
Conditions for government support for business promotion and private sector development section, [page 23]:
“The state is responsible for exercising due diligence when it provides significant economic support or other types of benefits to the business sector. This particularly affects the Norwegian Export Credit Guarantee Agency (GIEK), Export Credit Norway, Innovation Norway, Norad and the Foreign Service. The expectation that companies will observe a high standard of CSR reduces the risk that those that receive credit, loans or other financial support fail to respond correctly in difficult situations, which would affect Norway’s credibility and reputation as well as that of the company concerned. Responsible business conduct also constitutes a competitive advantage.”
Due diligence by GIEK, Export Credit Norway and Innovation Norway [page 24]:
GIEK and Export Credit Norway often provide financing for the same projects, and have established formal cooperation on CSR. The cooperation includes human rights due diligence based on the expectations of export credit institutions set by the UN Guiding Principles, and is an integrated part of GIEK’s and Export Credit Norway’s loan and guarantee activities.