Converged Approach in Regulation for Socialising Business Corporations

TLDR: In this paper, the authors present how the implementation of CSR principles in corporations can be an alternative to a global code of conduct for socialising TNCs, which is a reaction to this need; it assists the shift of the market centered focus of global regulatory framework initiatives to "people centered" concerns.

Abstract: The prolonged attempt to create a global code for TNCs was ultimately unsuccessful, yet the simultaneous rise of global frameworks and guidelines by various private bodies highlight the need for monitoring of the performance of TNCs in addition to evaluation of their accountability practice. But none of the current frameworks and guidelines has been successful in laying down a clear way forward for the creation of an accepted global code of conduct for TNCs. The corporate social responsibility movement is a reaction to this need; it assists the shift of the market centered focus of global regulatory framework initiatives to ‘people centered’ (as opposed to country-centered) concerns. Accordingly, the core CSR principles urge that TNCs must not only be compliant but also responsible to their wider stakeholders and the environment. This chapter presents how the implementation of CSR principles in corporations can be an alternative to a global code of conduct for socialising TNCs.