On Thursday night, LexisNexis, in conjunction with the Atlantic Council, a nonpartisan group that promotes transatlantic cooperation, unveiled the first draft of a set of principles that will help global businesses, law firms, nongovernmental organizations, and other institutions promote and abide by the rule of law.

The six “Global Rule of Law Business Principles” [PDF] present ways that businesses can help strengthen the international rule of law, and in turn reap the social and economic benefits of a stronger and more orderly legal system. The United Nations Global Compact, a strategic initiative for businesses that seek to reflect UN values of sustainability and inclusivity in their work, has agreed to work with LexisNexis and the Atlantic Council to build on and propagate these principles.

The principles were generated with input from international governments, law firms, and businesses, including a survey of law departments and firms conducted by ALM Legal Intelligence.

Michael Walsh, CEO of LexisNexis Legal and Professional, told CorpCounsel.com at the New York launch event for the draft principles that he believes business has a “significant role” to play in promoting international rule of law.

“Companies are major large actors globally, and they can have significant influence on the advancement of rule of law around the globe,” he said.

The six draft principles are:

  1. We will support fair process of legal redress, access to justice, and access to the law.
  2. We will support the sanctity of contracts and property rights, both for real property and intellectual property
  3. We will implement fair and ethical business practices subject to local laws and customs.
  4. We will not engage in bribery or support corruption.
  5. We will encourage the protection of human rights.
  6. We will advocate on behalf of the Global Rule of Law Business Principles and track and report on our organization’s adherence to those principles.

Walsh emphasized the scope of rule of law issues around the world, explaining that an estimated four billion people today do not live under the protection of the rule of law. The lack of well-delineated and enforced laws impacts businesses as well, he noted, citing the example of failure to protect intellectual property in the United States, which he said costs the country an estimated 375,000 jobs each year.

“That translates into something like 16 billion dollars of earnings lost,” Walsh said. “So the rule of law is a meaty and tangible issue, and the more we advance it, the more we advance society’s interests, and the more we advance business’ interests.”

The launch of the draft principles coincided with the presentation of the first-ever “LexisNexis Rule of Law Awards” to three individuals: UN Secretary-General Ban Ki-moon, former President of Ireland Mary Robinson, and former President of the American Bar Association Laurel Bellows, each of whom has significantly advanced the rule of law and awareness of its importance around the world.

In their acceptance speeches, all three stressed the potential for businesses to become effective promoters and beneficiaries of rule of law.

“Societies without a predictable legal framework are societies where people do not invest in their future or the future of their country,” said the secretary-general. “Businesses do better when the world does better.”