A basis for action

 

The most important considerations for individual companies when it comes to corporate responsibility are: firstly, whether to make their voluntary business principles explicit, then - what these should be, and finally, how to ensure that they are acted upon. Legal implications of individual company principles should also be considered, since empty promises or claims could expose the company to liability.

 

The principles themselves, and associated arrangements, are likely to be attuned to the needs and circumstances of the particular company influenced by its history, culture, geographical location, size, sector, and so on. In devising corporate responsibility principles, corporations may learn from the practice of other companies and from guidelines developed by national and international business associations. 

 

Codes, resolutions and declarations by governmental organizations can serve as useful benchmarks for companies in the conception of their formal principles.

 

Although ICC does not formally endorse any codes other than its own, the following list is provided for research and reference purposes:

• The Guidelines for Multinational Enterprises annexed to the Declaration on International Investment and Multinational Enterprises of the Organization for Economic Cooperation and Development (OECD) 
• The International Labour Organisation (ILO) Tripartite Declaration of Principles concerning Multinational Enterprises and Social Policy 
• The Universal Declaration of Human Rights (1948) (directed to "all organs of society") 
• The ILO Declaration on Fundamental Principles and Rights at Work (1998) 
• The Rio Declaration on Sustainable Development (1992)
• European Parliament resolution on "EU standards for European enterprises operating in developing countries: towards a European code of conduct" 

For more background on these initiatives, see Step 6 “Benchmark against selected external codes and standards”.

 

Another major initiative was launched by the United Nations Secretary General Kofi Annan in his speech at Davos in January 1999, inviting business to adopt universally agreed values in the areas of human rights, labour standards and environmental protection as a "Global Compact for the 21st Century".

 

The Global Compact (www.unglobalcompact.org) can play a useful role in promoting best corporate practice in response to the challenges of globalization, sustainable growth, and responsible business conduct.

 

ICC also believes that, whether formal or implied, business principles should reflect the values expressed in:

 

·         the ICC Business Charter for Sustainable Development,

·         the ICC Rules of Conduct to Combat Extortion and Bribery, 

·         the various ICC marketing and advertising codes.