What business should know about the OECD guidelines

Extracted 31AUG2011 from http://www.ethicalcorp.com/governance-regulation/what-business-should-know-ab...

At the OECD ministerial meeting earlier this year when the new Guidelines for Multinational Enterprises were adopted, governments, trade unions and civil society clearly laid out their expectations of business.

Their message is simple: in order for enterprises to act in accordance with society’s wishes and promote sustainable development, they must do all that is necessary to prevent harmful social and environmental impacts...

There is clarification that the guidelines apply to all sectors of the economy, including the financial sector. And there is a new recommendation that enterprises promote a free and open internet.

Perhaps the biggest improvement though is the requirement that business conduct risk-based due diligence for almost all aspects of their operations, including their supply chains and other business relationships...