Human Rights Due Diligence by Corporate Creditors in Sovereign Debt Restructurings – A Great Missing Link

IF 2.3 Q3 BUSINESS

Business and Human Rights Journal Pub Date : 2023-06-01 DOI:10.1017/bhj.2023.31

J. P. Bohoslavsky, Francisco J. Cantamutto, Lucas Castiglioni

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Abstract

Abstract This article studies human rights due diligence by private corporate creditors in the context of sovereign debt restructurings. First, the legal bases of this specific due diligence are presented and systematized. Then, by providing empirical statistical evidence, the article analyses whether haircuts applied by creditors across countries regularly consider the social and economic human rights situation of the debtor countries in question, as part of creditors’ due diligence. Also, the main characteristics of bond markets that contribute to understanding the asymmetric power relationship between private lenders and sovereign borrowers are described. Finally, Argentina’s latest debt restructurings are studied in depth to determine whether human rights were taken into account when agreeing on the size of haircuts. From quantitative and qualitative data, this article concludes that the haircuts agreed by creditors are regularly not sensitive to the social and economic human rights situation of debtor populations or to the impact that debt agreements could have on them.

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主权债务重组中企业债权人的人权尽职调查——一个重要的缺失环节

摘要本文研究主权债务重组背景下私营企业债权人的人权尽职调查。首先，对这一具体尽职调查的法律依据进行了阐述和梳理。然后，通过提供经验统计证据，本文分析了各国债权人是否定期考虑有关债务国的社会和经济人权状况，作为债权人尽职调查的一部分。此外，本文还描述了债券市场的主要特征，这些特征有助于理解私人贷款人和主权借款人之间的不对称权力关系。最后，对阿根廷最近的债务重组进行了深入研究，以确定在商定减值幅度时是否考虑到了人权问题。从数量和质量数据来看，本文的结论是，债权人商定的削发通常不顾及债务人人口的社会和经济人权状况，也不顾及债务协议可能对他们产生的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Business and Human Rights Journal LAW-

CiteScore

3.30

自引率

13.60%

发文量

期刊介绍： The Business and Human Rights Journal (BHRJ) provides an authoritative platform for scholarly debate on all issues concerning the intersection of business and human rights in an open, critical and interdisciplinary manner. It seeks to advance the academic discussion on business and human rights as well as promote concern for human rights in business practice. BHRJ strives for the broadest possible scope, authorship and readership. Its scope encompasses interface of any type of business enterprise with human rights, environmental rights, labour rights and the collective rights of vulnerable groups. The Editors welcome theoretical, empirical and policy / reform-oriented perspectives and encourage submissions from academics and practitioners in all global regions and all relevant disciplines. A dialogue beyond academia is fostered as peer-reviewed articles are published alongside shorter ‘Developments in the Field’ items that include policy, legal and regulatory developments, as well as case studies and insight pieces.