BIC Companies in Colombia: a light in the implementation of the Interamerican Standards in Human Rights and Business

Abstract

Since the 1990s, Latin American countries have been conditioned to the neoliberal economic dynamics that radiate all spheres of these societies and that, thanks to the phenomenon of globalization, the gaps between countries of the "North" and the South have deepened ".  In this context, the countries of the region face different socio-political, economic, and cultural problems on a daily basis that hinder the guarantee and protection of human rights, particularly when these prerogatives are threatened or violated by “private actors”, more specifically, by companies. However, today there is a little light to improve this situation in Latin American countries, which is promoted by the Inter-American System for the protection of Human Rights: the recommendations of the REDESCA report on Business and Human Rights, which highlights the need to strengthen liability regimes within each state, as well as to promote initiatives that favor companies that are socially responsible and respectful of human rights and the environment. Thus, this article presents an example that may mean a change in Colombia from the structure and purpose of commercial companies, that is, the so-called “BIC Companies”, which propose a break with the neoliberal paradigm by promoting a new generation of companies that report benefits for society and the environment, beyond the economic interest of their shareholders.