Private Initiatives for Corporate Responsibility: An Analysis
Voluntary initiatives in the area of corporate responsibility have been among the major trends in international business in recent years. Business surveys show that most large OECD-based multinational enterprises have participated in this trend in one way or another. These initiatives involve, first, the issuance of codes of corporate conduct setting forth commitments in such areas as labour relations, environmental management, human rights, consumer protection, disclosure and fighting corruption. These codes are often backed up by management systems that help firms respect their commitments in their dayto- day operations. More recent developments include work on management, reporting and auditing standards and of the emergence of supporting institutions (e.g. professional societies, consulting and auditing services). This paper analyses the results of a fact-finding project on business approaches to corporate responsibility ...
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