The International Business Leaders Forum has recently produced a new guide to aid understanding responsible business practices across the globe.
The nature, scope and speed of economic changes over recent years have presented companies and stakeholders with new strategic challenges. A growing number of companies are operating across national boundaries in a variety of arrangements resulting in economic activities beyond the capacities of any one national system. Multinational companies are expected to obey the laws both in home and host countries, and must often respond to societal expectations that are not codified. They straddle dozens of legal, regulatory and cultural environments.
Recognition of the fact that companies have a responsibility for their impact is now firmly established but there is still a gap in understanding what the international community expects of business in this area. The number of initiatives and standards relevant to corporate responsibility has increased rapidly over the last 15 years and there is now a plethora of guidelines available to business.
Companies no longer wonder whether to use such tools; they wonder about which ones to use, and in what combination.
The document aims to provide a user-friendly, balanced and impartial guide to help businesses to navigate their way through this maze.
Document is available here: International Initiatives to Promote Responsible Business (.pdf)