The Influence of Global Business Regulation: Beyond Good Corporate Conduct

Abstract

uring the last three decades, the theory and practice of global business regulation, loosely defined as limits imposed on the behavior of economic actors contained in rules and standards, has proliferated substantially. Today there are a vast number of different codes of conduct, management standards, certifi-cation schemes, reporting guidelines, eco-labels, or more general behavioral norms operating at the global level. Regulations are targeted toward transnational corporations (TNCs) 1 but in many cases also influence smaller enterprises along the supply chain. Some forms of business regulation emanate from individual firms or business associations; others are institutionalized among a greater number of actors, often including NGOs and public agencies. A recent study of the Organization for Economic Cooperation and Development (OECD) surveys 246 codes of conduct, defined as “commitments voluntarily made by the companies, associations or other entities, which put forth standards and principles for conduct of business activities in the marketplace ” (OECD 2001: 3). Existing codes cover a wide variety of issue areas, including labor standards, environmental stewardship, consumer protection, and information disclosure. A majority of codes are still issued by companies (48 percent) and business associations (37 percent), but a substantive number already derive from a partnership of stakeholders (13 percent).

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