A/HRC/4/99 page 18 VI. CONCLUDING REMARKS 63. The Special Representative noted the impact of the deepening and expansion of capital markets and the complexity of human rights issues that have arisen thereby. One result is that financial institutions have emerged at the forefront of debate over human rights and the role of the private sector. The Special Representative said if the Human Rights Council agreed to extend his mandate by one year, he would continue to study private and public financial institutions, including export credit agencies. He highlighted the fact that he has submitted a report to the Human Rights Council specifically on human rights impact assessments, and summarized his view on HRIAs by suggesting that ESIAs have an “inside-out” perspective in which a company tried to figure out its impacts, whereas an HRIA starts with the rights of people and communities and relates these to proposed corporate activity. But at this point, he suggested, the distinction is largely hypothetical, as almost no companies have conducted fully fledged HRIAs and only one has made public even a summary of such an assessment. Very little is known about how these work on the ground. He also stressed the importance of moving past the voluntary vs. mandatory debate, and instead continuing to examine the nature of the commitments that companies make and holding them to account for those commitments. On an operational basis, the concept of corporate spheres of influence cannot be disentangled from State duties, because the corporate sphere expands by default when States fail to fulfil their duties, potentially leading to strategic gaming by States, which we must resist. This critical nexus requires greater attention, he concluded. Finally, the Special Representative suggested that if his mandate is extended, he would return to many of the participants for recommendations and support. 64. Ibrahim Wani thanked all participants on behalf of the High Commissioner, and closed the consultation.