THE IMPLEMENTATION OF RUGGIE'S PRINCIPLES IN BRAZIL: THE ROLE OF THE JUDICIAL REORGANIZATION AND BANKRUPTCY LAW AS AN INSTRUMENT OF HUMAN AND ECONOMIC PROTECTION

Abstract

The present analysis aims to study the implementation of the Guiding Principles on Business and Human Rights within the Brazilian legal system, with a focus on interpreting the Corporate Reorganization and Bankruptcy Law (LRJF) as an instrument of economic and human protection. The so-called Ruggie Principles, adopted by the United Nations (UN) and developed through the efforts of John Gerard Ruggie, are based on the triad "protect, respect, and remedy" as guiding maxims for corporate activity, aiming to ensure that companies operate ethically and sustainably, even in scenarios of financial crisis or economic restructuring. The importance of corporate governance and social responsibility is highlighted as paradigms present in the Brazilian model of judicial reorganization, emphasizing their role in mitigating impacts on creditors, workers, and other stakeholders. The LRJF is designed as a mechanism that balances the preservation of business activity and the protection of fundamental rights, preventing bankruptcies, stimulating the economy, and promoting sustainable practices. Additionally, the role of the State in overseeing reorganization and the requirement of due diligence by private actors are emphasized as fundamental for the effective implementation of practices aligned with the Ruggie Principles. To illustrate their concrete application, the development and outcomes of the judicial reorganization of Samarco S.A., a company involved in the Mariana/MG environmental disaster (2015), are examined. The case study clarifies how the LRJF can reconcile financial restructuring with socio-environmental commitments, enabling the fulfillment of creditor obligations while simultaneously protecting rights.