A/HRC/34/51 homelessness, was a reasonable remedy in the case of mortgage or rent default or whether it was consistent with State obligations to respect the right to adequate housing. It is hoped that the issue will be subject to consideration and clarification by the Committee and other human rights bodies in future cases. In the Special Rapporteur’s view, the all too common practice of depriving people of their homes as a remedy for outstanding mortgage or rental arrears should be subject to more rigorous human rights review than it has received to date from domestic courts and international human rights bodies. C. Business and human rights 62. Emerging norms for business and human rights and increased attention to corporate social responsibility offer additional avenues through which to pursue enhanced accountability and effective remedies for violations of human rights linked to the financialization of housing. 63. A leading framework for the human rights responsibilities of business enterprises is the Guiding Principles on Business and Human Rights: Implementing the United Nations “Protect, Respect and Remedy” Framework. It is grounded in three pillars: (a) the obligation of States to protect against human rights abuses committed by companies; (b) the responsibility of business enterprises to respect human rights, and thus avoid causing or contributing to adverse human rights impacts; and (c) the obligation of States to provide victims with access to effective remedies when rights are breached. A similar framework is applied in the ten principles of the United Nations Global Compact, the first two of which commit businesses to support and respect the protection of internationally proclaimed human rights and to refrain from complicity in human rights abuses.73 The Principles for Responsible Investment, launched in 2006 by the United Nations Environment Programme Finance Initiative and the Global Compact, provide a voluntary framework for the incorporation of environmental, social and governance issues into decision-making and ownership practices. Over 1,200 investment institutions have become signatories, with approximately US$ 45 trillion assets under management. 74 64. Despite the growing attention to the importance of business and human rights and despite the fact that housing represents the largest global business sector, very little attention has been paid to the obligations of business enterprises and financial corporations operating in the real estate and housing sector with respect to the right to adequate housing. The “Practical guide to ESG integration for equity investing”, for example, makes no reference to human rights in relation to investments in housing and other real estate. The International Organization of Securities Commissions, whose members regulate more than 95 per cent of the world’s capital markets, has not addressed the central role that human rights in general and the right to housing in particular should play in the regulation of capital markets.75 65. Decisions made by global financial corporations, institutions and private equity firms regarding access to credit, foreclosures and development priorities have a direct impact on homelessness, displacement and access to affordable housing. The adoption of progressive policies with respect to corporate social responsibility by investors in housing 73 74 75 18 See www.unglobalcompact.org/what-is-gc/mission/principles/principle-1. See www.unglobalcompact.org/take-action/action/responsible-investment. See Tajinder Singh, Deputy Secretary General of the International Organization of Securities Commission, “IOSCO initiatives and the challenges going forward”, remarks to the Annual General Meeting and Conference of the International Council of Securities Associations, Stockholm, 23 May 2016. Available from www.iosco.org/library/speeches/pdf/20160523-Tajinder-Singh.pdf.