What are the international standards on corporate social responsibility?

Corporate social responsibility (CSR) is a concept that holds businesses accountable for their involvement in social, environmental, and ethical issues. As the world becomes increasingly interconnected, standards of CSR are becoming increasingly important in international law. The UN Global Compact, which is the world’s largest international corporate responsibility initiative, advocates for 10 core principles related to human rights, labor, the environment, and anti-corruption. These principles are based on international standards related to the Universal Declaration of Human Rights, the International Labor Organization, and other related conventions. The Global Compact calls for businesses to support these international standards and take action on them. The OECD Guidelines for Multinational Enterprises also provide a set of principles for companies operating in different countries. The guidelines cover a variety of areas, including human rights, labor rights, environmental protection, consumer protection, and anti-corruption. Adherence to these guidelines is voluntary, but companies are encouraged to sign the Guidelines, as they are expected to meet their standards. The European Union has also developed an international standard in the form of the Corporate Social Responsibility Directive, which requires companies doing business in the EU to consider the impacts their activities have on society, and report on them. In South Carolina, businesses are encouraged to meet the standards of the Global Compact or OECD Guidelines as a way to ensure their corporate social responsibility. Additionally, South Carolina businesses may use the EU Directive as a guide for improving their accountability.

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What are the international standards on corporate social responsibility?

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