More than 90 percent of the world’s 2,000 most influential companies, including Amazon, BMW, Nestle, Rio Tinto, Pfizer, Shein, and Standard Chartered, are failing to meet societal expectations towards human rights, working conditions, and corporate ethics, according to a report released by the World Benchmarking Alliance.

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“The companies have resources and influence equivalent to some of the biggest countries, impacting more people than the populations of many nations. The fact that 90 percent of these companies are failing to act on fundamental social expectations shows the state of play of the private sector,” said Namit Agarwal, social transformation lead at the WBA, which tracks companies’ commitment to the UN Sustainable Development Goals.

“Demonstrating leadership in creating an equal, inclusive, and just world could significantly aid governments in eradicating poverty, reducing inequality, and ensuring access to decent work for all. Regulation, guidance, and external pressure are necessary to steer businesses in the right direction,” Agarwal added.

The WBA’s Social Benchmark assessed companies' commitment to “act ethically, provide and promote decent work, and respect human rights”.

At least 30 percent of companies scored between 0 and 2 out of a possible 20 points, with a clear “mismatch between what companies disclose on decent work and society’s expectations of them,” said the WBA, primarily funded by the European Union, Canada, the Netherlands, and Denmark.

While over 60 percent of companies disclose wage information, and around 45 percent report on working hours, only 29 percent monitor supplier workplace health and safety, according to the report.

Just 20 percent conduct human rights due diligence on supply chain partners, with only 4 percent committed to a living wage.

Regarding corporate responsibility, a mere 10 percent disclose tax payments and 9 percent outline engagement with stakeholders like employees and trade unions.

Moreover, only 5 percent of surveyed companies reveal their spending on corporate lobbying despite their significant economic influence.

In terms of industry sectors, apparel and footwear, ICT, and retail lead in meeting societal expectations, scoring between 28 to 33 percent, above the average of 23 percent.

Financial services rank lowest at 11 percent, followed by transportation at 14 percent and real estate at 16 percent.

Regionally, companies based in the Asia Pacific scored highest at 35 percent, with Europe at 33 percent and North America at 24 percent. The Middle East rated lowest at 11 percent.

The WBA emphasizes that private sector responsibility is crucial for achieving the UN Sustainable Development Goals and transforming the economic landscape to benefit the majority.

“Protest movements worldwide demonstrate the desire for an economic system that uplifts the majority, not the richest few. Achieving the Sustainable Development Goals demands socially responsible business conduct, respecting human rights, providing fair work conditions, acting ethically, and contributing positively to societies,” according to the WBA.