Smiths Group Ends Conglomerate Era With Major Asset Sale, Shares Surge

The Open-ended Intergovernmental Working Group (OEIGWG) is holding its eleventh session in Geneva to discuss the elaboration of an international legally binding treaty on business and human rights, focusing on regulating transnational corporations' activities to guarantee justice and protect people and the environment from corporate abuses. The International Federation for Human Rights (FIDH) and its partners have expressed strong support for a robust treaty with solid provisions on prevention, liability, and access to justice, emphasizing the urgent need due to ongoing human rights violations and climate threats. The United Kingdom reaffirmed its commitment to the UN Guiding Principles on Business and Human Rights and highlighted ongoing reviews and assessments aimed at enhancing responsible business conduct, including mandatory human rights and environmental due diligence. These efforts reflect a global push toward stronger corporate accountability frameworks to ensure respect for human rights across global supply chains. Meanwhile, in the UK, traditional conglomerates are continuing to dismantle, exemplified by Smiths Group's major disposals to focus on core businesses, signaling a shift in corporate strategy and governance within the British industrial landscape. This trend illustrates broader economic restructuring amid calls for responsible business practices and regulatory oversight at the international level.